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 -€191,267
down €191,267 (-75.0%), from €254,963 to €63,696
mainly Investment in fixed assets (net) (-€176,488) and Net result for the year (-€159,822)
- Receivables within one year -€95,176
down €95,176 (-47.4%), from €200,885 to €105,710
of which Other amounts receivable: -€112,050
- Stocks and contracts +€16,498
new in 2025: €16,498
- Revaluation surpluses -€356,250
down €356,250 (-37.5%), from €950,000 to €593,750
- Reserves +€356,250
up €356,250 (+18,377%), from €1,939 to €358,189
of which Distributable reserves: +€356,250
- Profit (loss) carried forward -€144,915
down €144,915 (-83.0%), from -€174,563 to -€319,477
- Other debts -€98,206
down €98,206 (-57.6%), from €170,603 to €72,397
- Provisions -€35,000
down €35,000 (-100%), from €35,000 to €0
- Write-downs -€100,000
no longer reported in 2025 (was €100,000)
- Gross operating margin -€85,570
down €85,570 (-33.9%), from €252,512 to €166,941
- Depreciation +€25,851
up €25,851 (+15.6%), from €166,122 to €191,974
- Staff costs -€7,524
down €7,524 (-42.9%), from €17,528 to €10,004
- Taxes -€5,888
down €5,888 (-49.5%), from €11,893 to €6,005
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 | €1,558,571 | €1,273,141 | -€285,430 | -18.3% |
| Fixed assets | 21/28 | €1,102,722 | €1,087,237 | -€15,485 | -1.4% |
| Tangible fixed assets | 22/27 | €1,083,632 | €1,068,147 | -€15,485 | -1.4% |
| Land and buildings | 22 | €1,023,158 | €1,002,671 | -€20,488 | -2.0% |
| Plant, machinery and equipment | 23 | €58,162 | €52,954 | -€5,208 | -9.0% |
| Furniture and vehicles | 24 | €2,312 | €1,668 | -€644 | -27.9% |
| Other tangible fixed assets | 26 | - | €10,855 | +€10,855 | |
| Financial fixed assets | 28 | €19,090 | €19,090 | = | 0.0% |
| Current assets | 29/58 | €455,848 | €185,903 | -€269,945 | -59.2% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | - | €16,498 | +€16,498 | |
| Stocks | 30/36 | - | €16,498 | +€16,498 | |
| Amounts receivable within one year | 40/41 | €200,885 | €105,710 | -€95,176 | -47.4% |
| Trade receivables | 40 | €10,056 | €26,931 | +€16,875 | +168% |
| Other amounts receivable | 41 | €190,829 | €78,779 | -€112,050 | -58.7% |
| Cash at bank and in hand | 54/58 | €254,963 | €63,696 | -€191,267 | -75.0% |
| Total equity and liabilities | 10/49 | €1,558,571 | €1,273,141 | -€285,430 | -18.3% |
| Equity | 10/15 | €783,576 | €638,661 | -€144,915 | -18.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €950,000 | €593,750 | -€356,250 | -37.5% |
| Reserves | 13 | €1,939 | €358,189 | +€356,250 | +18,377% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,939 | €358,189 | +€356,250 | +18,377% |
| Profit (loss) carried forward | 14 | -€174,563 | -€319,477 | -€144,915 | -83.0% |
| Provisions and deferred taxes | 16 | €35,000 | €0 | -€35,000 | -100% |
| Provisions for liabilities and charges | 160/5 | €35,000 | €0 | -€35,000 | -100% |
| Major repairs and maintenance | 162 | €35,000 | €0 | -€35,000 | -100% |
| Amounts payable | 17/49 | €739,995 | €634,479 | -€105,515 | -14.3% |
| Amounts payable after more than one year | 17 | €389,352 | €358,096 | -€31,256 | -8.0% |
| Financial debts | 170/4 | €389,352 | €358,096 | -€31,256 | -8.0% |
| Amounts payable within one year | 42/48 | €328,492 | €224,442 | -€104,050 | -31.7% |
| Current portion of amounts payable after more than one year | 42 | €47,256 | €47,256 | = | 0.0% |
| Trade debts | 44 | €92,501 | €82,269 | -€10,232 | -11.1% |
| Suppliers | 440/4 | €92,501 | €82,269 | -€10,232 | -11.1% |
| Advances received on contracts in progress | 46 | €2,005 | €6,405 | +€4,400 | +219% |
| Taxes, remuneration and social security | 45 | €16,127 | €16,115 | -€12 | -0.1% |
| Taxes | 450/3 | €2,920 | €6,005 | +€3,085 | +106% |
| Remuneration and social security | 454/9 | €13,207 | €10,109 | -€3,097 | -23.5% |
| Other amounts payable | 47/48 | €170,603 | €72,397 | -€98,206 | -57.6% |
| Accrued charges and deferred income | 492/3 | €22,150 | €51,941 | +€29,791 | +134% |
| Non-recurring operating income | 76A | €0 | €11,598 | +€11,598 | |
| Remuneration, social security and pensions | 62 | €17,528 | €10,004 | -€7,524 | -42.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €166,122 | €191,974 | +€25,851 | +15.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €100,000 | - | -€100,000 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€35,000 | -€35,000 | = | 0.0% |
| Other operating charges | 640/8 | €100,452 | €105,027 | +€4,575 | +4.6% |
| Non-recurring operating charges | 66A | - | €26,679 | +€26,679 | |
| Gross operating margin | 9900 | €252,512 | €166,941 | -€85,570 | -33.9% |
| Operating profit (loss) | 9901 | -€96,590 | -€131,741 | -€35,151 | -36.4% |
| Financial income | 75/76B | - | €815 | +€815 | |
| Recurring financial income | 75 | - | €115 | +€115 | |
| Non-recurring financial income | 76B | - | €700 | +€700 | |
| Financial charges | 65/66B | €19,149 | €22,889 | +€3,741 | +19.5% |
| Recurring financial charges | 65 | €19,149 | €18,726 | -€423 | -2.2% |
| Non-recurring financial charges | 66B | - | €4,164 | +€4,164 | |
| Profit (loss) for the period before taxes | 9903 | -€115,739 | -€153,816 | -€38,077 | -32.9% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €11,893 | €6,005 | -€5,888 | -49.5% |
| Profit (loss) for the period | 9904 | -€127,632 | -€159,822 | -€32,189 | -25.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€127,632 | -€159,822 | -€32,189 | -25.2% |
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 18 October 2026 via checked.be.