HDO ADVICE: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
HDO ADVICE
Largest movements
- Cash -€30,513
down €30,513 (-21.7%), from €140,395 to €109,882
mainly Contributions, distributions and other (-€55,000) and Tax, wage and social debts (-€11,155)
- Tangible fixed assets -€5,242
down €5,242 (-9.5%), from €55,244 to €50,003
of which Furniture and vehicles: -€4,579
- Profit (loss) carried forward -€32,742
down €32,742 (-24.4%), from €134,215 to €101,472
- Other debts +€16,894
up €16,894 (+661%), from €2,554 to €19,448
- Tax, wage and social debts -€11,155
down €11,155 (-67.1%), from €16,625 to €5,470
- Debts after one year -€7,367
down €7,367 (-31.8%), from €23,141 to €15,775
- Gross operating margin -€58,364
down €58,364 (-55.1%), from €105,946 to €47,582
- Taxes -€11,535
down €11,535 (-61.8%), from €18,671 to €7,137
- Financial income -€6,186
down €6,186 (-100.0%), from €6,187 to €1
of which Non-recurring financial income: -€6,187
- Other operating charges -€4,927
down €4,927 (-84.1%), from €5,855 to €928
- Depreciation +€2,371
up €2,371 (+17.6%), from €13,502 to €15,873
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €202,744 | €169,826 | -€32,918 | -16.2% |
| Fixed assets | 21/28 | €55,321 | €50,079 | -€5,242 | -9.5% |
| Tangible fixed assets | 22/27 | €55,244 | €50,003 | -€5,242 | -9.5% |
| Plant, machinery and equipment | 23 | €2,580 | €1,917 | -€663 | -25.7% |
| Furniture and vehicles | 24 | €52,664 | €48,085 | -€4,579 | -8.7% |
| Financial fixed assets | 28 | €76 | €76 | = | 0.0% |
| Current assets | 29/58 | €147,423 | €119,747 | -€27,676 | -18.8% |
| Amounts receivable within one year | 40/41 | €7,013 | €7,863 | +€850 | +12.1% |
| Trade receivables | 40 | €3,422 | - | -€3,422 | |
| Other amounts receivable | 41 | €3,591 | €7,863 | +€4,272 | +119% |
| Cash at bank and in hand | 54/58 | €140,395 | €109,882 | -€30,513 | -21.7% |
| Deferred charges and accrued income | 490/1 | €15 | €2,002 | +€1,987 | +13,667% |
| Total equity and liabilities | 10/49 | €202,744 | €169,826 | -€32,918 | -16.2% |
| Equity | 10/15 | €152,863 | €120,121 | -€32,742 | -21.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €48 | €48 | = | 0.0% |
| Distributable reserves | 133 | €48 | €48 | = | 0.0% |
| Profit (loss) carried forward | 14 | €134,215 | €101,472 | -€32,742 | -24.4% |
| Amounts payable | 17/49 | €49,881 | €49,705 | -€176 | -0.4% |
| Amounts payable after more than one year | 17 | €23,141 | €15,775 | -€7,367 | -31.8% |
| Financial debts | 170/4 | €23,141 | €15,775 | -€7,367 | -31.8% |
| Amounts payable within one year | 42/48 | €26,674 | €33,930 | +€7,256 | +27.2% |
| Current portion of amounts payable after more than one year | 42 | €7,040 | €7,367 | +€327 | +4.6% |
| Trade debts | 44 | €455 | €1,646 | +€1,191 | +262% |
| Suppliers | 440/4 | €455 | €1,646 | +€1,191 | +262% |
| Taxes, remuneration and social security | 45 | €16,625 | €5,470 | -€11,155 | -67.1% |
| Taxes | 450/3 | €16,625 | €5,470 | -€11,155 | -67.1% |
| Other amounts payable | 47/48 | €2,554 | €19,448 | +€16,894 | +661% |
| Accrued charges and deferred income | 492/3 | €65 | - | -€65 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,502 | €15,873 | +€2,371 | +17.6% |
| Other operating charges | 640/8 | €5,855 | €928 | -€4,927 | -84.1% |
| Gross operating margin | 9900 | €105,946 | €47,582 | -€58,364 | -55.1% |
| Operating profit (loss) | 9901 | €86,589 | €30,781 | -€55,808 | -64.5% |
| Financial income | 75/76B | €6,187 | €1 | -€6,186 | -100.0% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +9,000% |
| Non-recurring financial income | 76B | €6,187 | - | -€6,187 | |
| Financial charges | 65/66B | €1,716 | €1,387 | -€329 | -19.2% |
| Recurring financial charges | 65 | €1,716 | €1,387 | -€329 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €91,060 | €29,395 | -€61,665 | -67.7% |
| Income taxes | 67/77 | €18,671 | €7,137 | -€11,535 | -61.8% |
| Profit (loss) for the period | 9904 | €72,389 | €22,258 | -€50,131 | -69.3% |
| Profit (loss) for the period to be appropriated | 9905 | €72,389 | €22,258 | -€50,131 | -69.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.