HDO Consultancy: 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 Consultancy
Largest movements
- Tangible fixed assets +€32,662
up €32,662 (+12.7%), from €257,948 to €290,610
of which Furniture and vehicles: +€33,150
- Cash -€12,531
down €12,531 (-11.4%), from €110,352 to €97,821
mainly Investment in fixed assets (net) (-€34,246) and Debts after one year (-€33,688)
- Reserves +€76,220
up €76,220 (+59.7%), from €127,775 to €203,996
- Debts after one year -€33,688
down €33,688 (-24.1%), from €139,908 to €106,219
- Tax, wage and social debts -€20,765
down €20,765 (-34.1%), from €60,874 to €40,109
- Gross operating margin -€21,179
down €21,179 (-15.1%), from €140,112 to €118,933
- Taxes -€13,422
down €13,422 (-37.2%), from €36,061 to €22,639
- Financial charges +€5,713
up €5,713 (+68.4%), from €8,354 to €14,067
- Other operating charges -€4,486
down €4,486 (-50.4%), from €8,908 to €4,422
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 | €370,701 | €394,640 | +€23,939 | +6.5% |
| Fixed assets | 21/28 | €257,948 | €290,610 | +€32,662 | +12.7% |
| Tangible fixed assets | 22/27 | €257,948 | €290,610 | +€32,662 | +12.7% |
| Plant, machinery and equipment | 23 | €2,621 | €2,133 | -€488 | -18.6% |
| Furniture and vehicles | 24 | €0 | €33,150 | +€33,150 | |
| Leasing and similar rights | 25 | €255,327 | €255,327 | = | 0.0% |
| Current assets | 29/58 | €112,752 | €104,029 | -€8,723 | -7.7% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €110,352 | €97,821 | -€12,531 | -11.4% |
| Deferred charges and accrued income | 490/1 | €2,400 | €6,209 | +€3,808 | +159% |
| Total equity and liabilities | 10/49 | €370,701 | €394,640 | +€23,939 | +6.5% |
| Equity | 10/15 | €130,775 | €206,996 | +€76,220 | +58.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €127,775 | €203,996 | +€76,220 | +59.7% |
| Distributable reserves | 133 | €127,775 | €203,996 | +€76,220 | +59.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €239,925 | €187,644 | -€52,281 | -21.8% |
| Amounts payable after more than one year | 17 | €139,908 | €106,219 | -€33,688 | -24.1% |
| Financial debts | 170/4 | €139,908 | €106,219 | -€33,688 | -24.1% |
| Amounts payable within one year | 42/48 | €100,017 | €81,425 | -€18,593 | -18.6% |
| Current portion of amounts payable after more than one year | 42 | €32,383 | €33,688 | +€1,306 | +4.0% |
| Trade debts | 44 | €914 | €1,471 | +€558 | +61.1% |
| Suppliers | 440/4 | €914 | €1,471 | +€558 | +61.1% |
| Taxes, remuneration and social security | 45 | €60,874 | €40,109 | -€20,765 | -34.1% |
| Taxes | 450/3 | €60,874 | €40,109 | -€20,765 | -34.1% |
| Other amounts payable | 47/48 | €5,847 | €6,156 | +€309 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,372 | €1,584 | +€212 | +15.5% |
| Other operating charges | 640/8 | €8,908 | €4,422 | -€4,486 | -50.4% |
| Gross operating margin | 9900 | €140,112 | €118,933 | -€21,179 | -15.1% |
| Operating profit (loss) | 9901 | €129,831 | €112,927 | -€16,904 | -13.0% |
| Financial income | 75/76B | €2 | €0 | -€2 | -100% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -100% |
| Financial charges | 65/66B | €8,354 | €14,067 | +€5,713 | +68.4% |
| Recurring financial charges | 65 | €8,354 | €14,067 | +€5,713 | +68.4% |
| Profit (loss) for the period before taxes | 9903 | €121,479 | €98,859 | -€22,620 | -18.6% |
| Income taxes | 67/77 | €36,061 | €22,639 | -€13,422 | -37.2% |
| Profit (loss) for the period | 9904 | €85,418 | €76,220 | -€9,198 | -10.8% |
| Profit (loss) for the period to be appropriated | 9905 | €85,418 | €76,220 | -€9,198 | -10.8% |
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.