HDS INVEST: what changed
What changed
HDS INVEST
NACE 68.110, Buying and selling of own real estate
filed annual accounts (NBB)
Net result for the year
€94,885
2024 · -€88,361+€183,246
Equity
-€330,281
2024 · -€425,166+€94,885
Cash
€4,167
2024 · €170,512-€166,345
Balance sheet total
€2.3m
2024 · €1.8m+€487,054
Largest movements
Assets
- Stocks and contracts +€729,776
up €729,776 (+158%), from €461,289 to €1.2m
- Cash -€166,345
down €166,345 (-97.6%), from €170,512 to €4,167
mainly Stocks and contracts (-€729,776) and Debts after one year (-€61,197)
- Tangible fixed assets -€65,740
down €65,740 (-6.2%), from €1.1m to €993,106
of which Land and buildings: -€105,995
Equity and liabilities
- Short-term financial debts +€382,500
up €382,500 (+85.0%), from €450,000 to €832,500
- Profit (loss) carried forward +€94,885
up €94,885 (+14.9%), from -€635,166 to -€540,281
- Other debts +€63,812
up €63,812 (+9.9%), from €641,794 to €705,606
- Debts after one year -€61,197
down €61,197 (-6.4%), from €950,492 to €889,296
Income statement
- Gross operating margin +€197,488
up €197,488 (+159%), from €124,360 to €321,849
- Financial charges +€16,326
up €16,326 (+20.1%), from €81,147 to €97,473
- Other operating charges -€4,961
down €4,961 (-24.9%), from €19,940 to €14,980
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€88,361
Gross operating margin
+€197,488
Depreciation
-€2,600
Other operating charges
+€4,961
Financial income
-€246
Financial charges
-€16,326
Taxes
-€32
Result 2025
€94,885
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€429,784
Investment
-€48,661
Financing
+€312,101
Cash 2024
€170,512
From operations (derived)
-€429,784
Net result for the year
+€94,885
Depreciation
+€114,494
Stocks and contracts
-€729,776
Receivables within one year
+€5,261
Deferred charges and accrued income
+€5,283
Trade debts
+€16,971
Smaller working-capital items
-€714
Other debts
+€63,812
Investment (derived)
-€48,661
Investment in fixed assets (net)
-€48,661
Financing
+€312,101
Debts after one year
-€61,197
Current portion of long-term debt
-€9,203
Short-term financial debts
+€382,500
Cash 2025
€4,167
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,763,020 | €2,250,074 | +€487,054 | +27.6% |
| Fixed assets | 21/28 | €1,058,939 | €993,106 | -€65,833 | -6.2% |
| Tangible fixed assets | 22/27 | €1,058,846 | €993,106 | -€65,740 | -6.2% |
| Land and buildings | 22 | €1,053,963 | €947,968 | -€105,995 | -10.1% |
| Plant, machinery and equipment | 23 | €177 | €117 | -€60 | -34.1% |
| Furniture and vehicles | 24 | €1,202 | €42,393 | +€41,191 | +3,428% |
| Other tangible fixed assets | 26 | €3,505 | €2,629 | -€876 | -25.0% |
| Financial fixed assets | 28 | €93 | - | -€93 | |
| Current assets | 29/58 | €704,081 | €1,256,968 | +€552,887 | +78.5% |
| Stocks and contracts in progress | 3 | €461,289 | €1,191,065 | +€729,776 | +158% |
| Stocks | 30/36 | €461,289 | €1,191,065 | +€729,776 | +158% |
| Amounts receivable within one year | 40/41 | €66,269 | €61,007 | -€5,261 | -7.9% |
| Trade receivables | 40 | €11,596 | €5,227 | -€6,369 | -54.9% |
| Other amounts receivable | 41 | €54,673 | €55,780 | +€1,108 | +2.0% |
| Cash at bank and in hand | 54/58 | €170,512 | €4,167 | -€166,345 | -97.6% |
| Deferred charges and accrued income | 490/1 | €6,012 | €729 | -€5,283 | -87.9% |
| Total equity and liabilities | 10/49 | €1,763,020 | €2,250,074 | +€487,054 | +27.6% |
| Equity | 10/15 | -€425,166 | -€330,281 | +€94,885 | +22.3% |
| Contributions | 10/11 | €210,000 | €210,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€635,166 | -€540,281 | +€94,885 | +14.9% |
| Amounts payable | 17/49 | €2,188,186 | €2,580,355 | +€392,169 | +17.9% |
| Amounts payable after more than one year | 17 | €950,492 | €889,296 | -€61,197 | -6.4% |
| Financial debts | 170/4 | €950,492 | €889,296 | -€61,197 | -6.4% |
| Amounts payable within one year | 42/48 | €1,231,108 | €1,684,934 | +€453,826 | +36.9% |
| Current portion of amounts payable after more than one year | 42 | €117,532 | €108,329 | -€9,203 | -7.8% |
| Financial debts | 43 | €450,000 | €832,500 | +€382,500 | +85.0% |
| Credit institutions | 430/8 | €450,000 | €832,500 | +€382,500 | +85.0% |
| Trade debts | 44 | €16,482 | €33,453 | +€16,971 | +103% |
| Suppliers | 440/4 | €16,482 | €33,453 | +€16,971 | +103% |
| Taxes, remuneration and social security | 45 | €5,300 | €5,045 | -€254 | -4.8% |
| Taxes | 450/3 | €5,300 | €5,045 | -€254 | -4.8% |
| Other amounts payable | 47/48 | €641,794 | €705,606 | +€63,812 | +9.9% |
| Accrued charges and deferred income | 492/3 | €6,586 | €6,126 | -€460 | -7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,894 | €114,494 | +€2,600 | +2.3% |
| Other operating charges | 640/8 | €19,940 | €14,980 | -€4,961 | -24.9% |
| Gross operating margin | 9900 | €124,360 | €321,849 | +€197,488 | +159% |
| Operating profit (loss) | 9901 | -€7,474 | €192,374 | +€199,849 | |
| Financial income | 75/76B | €261 | €15 | -€246 | -94.2% |
| Recurring financial income | 75 | €261 | €15 | -€246 | -94.2% |
| Financial charges | 65/66B | €81,147 | €97,473 | +€16,326 | +20.1% |
| Recurring financial charges | 65 | €81,147 | €97,473 | +€16,326 | +20.1% |
| Profit (loss) for the period before taxes | 9903 | -€88,361 | €94,917 | +€183,277 | |
| Income taxes | 67/77 | - | €32 | +€32 | |
| Profit (loss) for the period | 9904 | -€88,361 | €94,885 | +€183,246 | |
| Profit (loss) for the period to be appropriated | 9905 | -€88,361 | €94,885 | +€183,246 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.