HDP-Construct: what changed
Two fiscal 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.
HDP-Construct
Largest movements
- Stocks and contracts -€608,440
down €608,440 (-57.5%), from €1.1m to €448,979
- Receivables within one year -€389,032
down €389,032 (-99.0%), from €392,983 to €3,952
of which Trade receivables: -€375,694
- Cash -€98,596
down €98,596 (-51.1%), from €192,809 to €94,212
mainly Advances received (-€748,467) and Trade debts (-€490,463)
- Advances received -€748,467
down €748,467 (-100.0%), from €748,467 to €0
- Trade debts -€490,463
down €490,463 (-99.7%), from €492,175 to €1,712
- Short-term financial debts +€63,750
up €63,750, from €0 to €63,750
- Debts after one year +€60,000
up €60,000 (+14.1%), from €425,000 to €485,000
- Gross operating margin +€25,988
up €25,988, from -€9,095 to €16,894
- Taxes +€2,696
new in 2025: €2,696
- Financial charges -€442
down €442 (-88.5%), from €500 to €58
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.
Cash bridge derived
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 | €1,643,395 | €549,407 | -€1.1m | -66.6% |
| Current assets | 29/58 | €1,643,395 | €549,407 | -€1.1m | -66.6% |
| Stocks and contracts in progress | 3 | €1,057,420 | €448,979 | -€608,440 | -57.5% |
| Stocks | 30/36 | €1,057,420 | €448,979 | -€608,440 | -57.5% |
| Amounts receivable within one year | 40/41 | €392,983 | €3,952 | -€389,032 | -99.0% |
| Trade receivables | 40 | €375,694 | €0 | -€375,694 | -100.0% |
| Other amounts receivable | 41 | €17,289 | €3,952 | -€13,338 | -77.1% |
| Cash at bank and in hand | 54/58 | €192,809 | €94,212 | -€98,596 | -51.1% |
| Deferred charges and accrued income | 490/1 | €183 | €2,263 | +€2,080 | +1133.8% |
| Total equity and liabilities | 10/49 | €1,643,395 | €549,407 | -€1.1m | -66.6% |
| Equity | 10/15 | -€22,247 | -€8,251 | +€13,995 | +62.9% |
| Contributions | 10/11 | €3,750 | €3,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,997 | -€12,001 | +€13,995 | +53.8% |
| Amounts payable | 17/49 | €1,665,642 | €557,658 | -€1.1m | -66.5% |
| Amounts payable after more than one year | 17 | €425,000 | €485,000 | +€60,000 | +14.1% |
| Financial debts | 170/4 | €425,000 | €485,000 | +€60,000 | +14.1% |
| Amounts payable within one year | 42/48 | €1,240,642 | €72,658 | -€1.2m | -94.1% |
| Financial debts | 43 | €0 | €63,750 | +€63,750 | |
| Credit institutions | 430/8 | €0 | €63,750 | +€63,750 | |
| Trade debts | 44 | €492,175 | €1,712 | -€490,463 | -99.7% |
| Suppliers | 440/4 | €492,175 | €1,712 | -€490,463 | -99.7% |
| Advances received on contracts in progress | 46 | €748,467 | €0 | -€748,467 | -100.0% |
| Taxes, remuneration and social security | 45 | €0 | €2,980 | +€2,980 | |
| Taxes | 450/3 | €0 | €2,980 | +€2,980 | |
| Other amounts payable | 47/48 | €0 | €4,215 | +€4,215 | |
| Other operating charges | 640/8 | €241 | €144 | -€96 | -40.1% |
| Gross operating margin | 9900 | -€9,095 | €16,894 | +€25,988 | |
| Operating profit (loss) | 9901 | -€9,335 | €16,749 | +€26,085 | |
| Financial income | 75/76B | €1 | €0 | -€1 | -100.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100.0% |
| Financial charges | 65/66B | €500 | €58 | -€442 | -88.5% |
| Recurring financial charges | 65 | €500 | €58 | -€442 | -88.5% |
| Profit (loss) for the period before taxes | 9903 | -€9,834 | €16,692 | +€26,526 | |
| Income taxes | 67/77 | - | €2,696 | +€2,696 | |
| Profit (loss) for the period | 9904 | -€9,834 | €13,995 | +€23,829 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,834 | €13,995 | +€23,829 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.