HDS Construct: 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 Construct
Largest movements
- Receivables within one year -€7,332
down €7,332 (-51.4%), from €14,259 to €6,927
of which Trade receivables: -€8,533
- Cash +€7,013
up €7,013 (+74.8%), from €9,377 to €16,390
mainly Depreciation (+€11,088) and Receivables within one year (+€7,332)
- Tangible fixed assets -€6,825
down €6,825 (-19.2%), from €35,638 to €28,813
of which Furniture and vehicles: -€4,460
- Debts after one year -€7,472
down €7,472 (-85.6%), from €8,733 to €1,261
- Other debts -€3,688
down €3,688 (-32.2%), from €11,460 to €7,772
- Reserves +€2,687
up €2,687 (+12.1%), from €22,181 to €24,868
- Tax, wage and social debts +€1,710
up €1,710 (+32.1%), from €5,329 to €7,039
of which Taxes: +€1,610
- Short-term financial debts -€1,243
down €1,243 (-100%), from €1,243 to €0
- Write-downs +€12,654
new in 2025: €12,654
- Gross operating margin +€5,440
up €5,440 (+20.0%), from €27,214 to €32,653
- Taxes +€1,001
up €1,001 (+25.7%), from €3,890 to €4,890
- Financial charges -€751
down €751 (-60.1%), from €1,251 to €500
of which Non-recurring financial charges: -€530
- Depreciation +€547
up €547 (+5.2%), from €10,541 to €11,088
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 | €59,274 | €52,130 | -€7,145 | -12.1% |
| Fixed assets | 21/28 | €35,638 | €28,813 | -€6,825 | -19.2% |
| Tangible fixed assets | 22/27 | €35,638 | €28,813 | -€6,825 | -19.2% |
| Plant, machinery and equipment | 23 | €6,110 | €3,744 | -€2,366 | -38.7% |
| Furniture and vehicles | 24 | €29,529 | €25,069 | -€4,460 | -15.1% |
| Current assets | 29/58 | €23,636 | €23,317 | -€319 | -1.4% |
| Amounts receivable within one year | 40/41 | €14,259 | €6,927 | -€7,332 | -51.4% |
| Trade receivables | 40 | €12,654 | €4,121 | -€8,533 | -67.4% |
| Other amounts receivable | 41 | €1,605 | €2,806 | +€1,201 | +74.8% |
| Cash at bank and in hand | 54/58 | €9,377 | €16,390 | +€7,013 | +74.8% |
| Total equity and liabilities | 10/49 | €59,274 | €52,130 | -€7,145 | -12.1% |
| Equity | 10/15 | €25,181 | €27,868 | +€2,687 | +10.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €22,181 | €24,868 | +€2,687 | +12.1% |
| Distributable reserves | 133 | €22,181 | €24,868 | +€2,687 | +12.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €34,093 | €24,262 | -€9,831 | -28.8% |
| Amounts payable after more than one year | 17 | €8,733 | €1,261 | -€7,472 | -85.6% |
| Financial debts | 170/4 | €8,733 | €1,261 | -€7,472 | -85.6% |
| Amounts payable within one year | 42/48 | €25,360 | €23,001 | -€2,360 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €7,328 | €7,472 | +€143 | +2.0% |
| Financial debts | 43 | €1,243 | €0 | -€1,243 | -100% |
| Credit institutions | 430/8 | €1,243 | €0 | -€1,243 | -100% |
| Trade debts | 44 | €0 | €718 | +€718 | |
| Suppliers | 440/4 | €0 | €718 | +€718 | |
| Taxes, remuneration and social security | 45 | €5,329 | €7,039 | +€1,710 | +32.1% |
| Taxes | 450/3 | €3,129 | €4,739 | +€1,610 | +51.5% |
| Remuneration and social security | 454/9 | €2,200 | €2,300 | +€100 | +4.5% |
| Other amounts payable | 47/48 | €11,460 | €7,772 | -€3,688 | -32.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,541 | €11,088 | +€547 | +5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €12,654 | +€12,654 | |
| Other operating charges | 640/8 | €1,222 | €835 | -€387 | -31.7% |
| Gross operating margin | 9900 | €27,214 | €32,653 | +€5,440 | +20.0% |
| Operating profit (loss) | 9901 | €15,451 | €8,076 | -€7,374 | -47.7% |
| Financial charges | 65/66B | €1,251 | €500 | -€751 | -60.1% |
| Recurring financial charges | 65 | €721 | €500 | -€221 | -30.7% |
| Non-recurring financial charges | 66B | €530 | - | -€530 | |
| Profit (loss) for the period before taxes | 9903 | €14,200 | €7,577 | -€6,623 | -46.6% |
| Income taxes | 67/77 | €3,890 | €4,890 | +€1,001 | +25.7% |
| Profit (loss) for the period | 9904 | €10,310 | €2,687 | -€7,623 | -73.9% |
| Profit (loss) for the period to be appropriated | 9905 | €10,310 | €2,687 | -€7,623 | -73.9% |
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 13 October 2026 via checked.be.