HDS: 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.
HDS
Largest movements
- Cash -€61,917
down €61,917 (-55.4%), from €111,846 to €49,929
mainly Receivables within one year (-€30,854) and Tax, wage and social debts (-€24,167)
- Receivables within one year +€30,854
up €30,854 (+97.2%), from €31,738 to €62,592
of which Trade receivables: +€17,854
- Tangible fixed assets -€13,544
down €13,544 (-3.5%), from €387,762 to €374,218
of which Furniture and vehicles: -€11,435
- Reserves +€28,000
up €28,000 (+17.3%), from €161,860 to €189,860
of which Distributable reserves: +€28,000
- Tax, wage and social debts -€24,167
down €24,167 (-49.9%), from €48,395 to €24,228
of which Taxes: -€23,255
- Other debts -€23,500
no longer reported in 2025 (was €23,500)
- Debts after one year -€21,187
down €21,187 (-37.9%), from €55,926 to €34,739
- Gross operating margin -€46,600
down €46,600 (-36.4%), from €128,134 to €81,534
- Taxes -€20,191
down €20,191 (-63.7%), from €31,691 to €11,500
- Financial charges +€8,317
up €8,317 (+1,178%), from €706 to €9,023
- Depreciation +€6,743
up €6,743 (+27.2%), from €24,781 to €31,524
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 | €535,604 | €491,414 | -€44,190 | -8.3% |
| Fixed assets | 21/28 | €387,762 | €374,218 | -€13,544 | -3.5% |
| Tangible fixed assets | 22/27 | €387,762 | €374,218 | -€13,544 | -3.5% |
| Land and buildings | 22 | €354,813 | €349,855 | -€4,958 | -1.4% |
| Plant, machinery and equipment | 23 | €7,701 | €10,550 | +€2,849 | +37.0% |
| Furniture and vehicles | 24 | €25,248 | €13,813 | -€11,435 | -45.3% |
| Current assets | 29/58 | €147,842 | €117,196 | -€30,646 | -20.7% |
| Stocks and contracts in progress | 3 | €4,258 | €4,675 | +€417 | +9.8% |
| Stocks | 30/36 | €4,258 | €4,675 | +€417 | +9.8% |
| Amounts receivable within one year | 40/41 | €31,738 | €62,592 | +€30,854 | +97.2% |
| Trade receivables | 40 | €15,488 | €33,342 | +€17,854 | +115% |
| Other amounts receivable | 41 | €16,250 | €29,250 | +€13,000 | +80.0% |
| Cash at bank and in hand | 54/58 | €111,846 | €49,929 | -€61,917 | -55.4% |
| Total equity and liabilities | 10/49 | €535,604 | €491,414 | -€44,190 | -8.3% |
| Equity | 10/15 | €360,700 | €389,953 | +€29,253 | +8.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €161,860 | €189,860 | +€28,000 | +17.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €160,000 | €188,000 | +€28,000 | +17.5% |
| Profit (loss) carried forward | 14 | €186,440 | €187,693 | +€1,253 | +0.7% |
| Amounts payable | 17/49 | €174,904 | €101,461 | -€73,443 | -42.0% |
| Amounts payable after more than one year | 17 | €55,926 | €34,739 | -€21,187 | -37.9% |
| Financial debts | 170/4 | €55,926 | €34,739 | -€21,187 | -37.9% |
| Amounts payable within one year | 42/48 | €118,978 | €66,722 | -€52,256 | -43.9% |
| Current portion of amounts payable after more than one year | 42 | €37,800 | €37,800 | = | 0.0% |
| Trade debts | 44 | €9,283 | €4,694 | -€4,589 | -49.4% |
| Suppliers | 440/4 | €9,283 | €4,694 | -€4,589 | -49.4% |
| Taxes, remuneration and social security | 45 | €48,395 | €24,228 | -€24,167 | -49.9% |
| Taxes | 450/3 | €47,415 | €24,160 | -€23,255 | -49.0% |
| Remuneration and social security | 454/9 | €980 | €68 | -€912 | -93.1% |
| Other amounts payable | 47/48 | €23,500 | - | -€23,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,781 | €31,524 | +€6,743 | +27.2% |
| Other operating charges | 640/8 | €387 | €400 | +€13 | +3.4% |
| Gross operating margin | 9900 | €128,134 | €81,534 | -€46,600 | -36.4% |
| Operating profit (loss) | 9901 | €102,966 | €49,610 | -€53,356 | -51.8% |
| Financial income | 75/76B | €587 | €166 | -€421 | -71.7% |
| Recurring financial income | 75 | €587 | €166 | -€421 | -71.7% |
| Financial charges | 65/66B | €706 | €9,023 | +€8,317 | +1,178% |
| Recurring financial charges | 65 | €706 | €9,023 | +€8,317 | +1,178% |
| Profit (loss) for the period before taxes | 9903 | €102,847 | €40,753 | -€62,094 | -60.4% |
| Income taxes | 67/77 | €31,691 | €11,500 | -€20,191 | -63.7% |
| Profit (loss) for the period | 9904 | €71,156 | €29,253 | -€41,903 | -58.9% |
| Profit (loss) for the period to be appropriated | 9905 | €71,156 | €29,253 | -€41,903 | -58.9% |
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 14 October 2026 via checked.be.