HDT: 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.
What changed
HDT
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€139,998
2024 · -€50,477+€190,475
Equity
€2.3m
2024 · €2.2m+€139,998
Cash
€100,418
2024 · €29,491+€70,927
Balance sheet total
€10.6m
2024 · €5.9m+€4.6m
Largest movements
Assets
- Financial fixed assets +€4.9m
up €4.9m (+253%), from €1.9m to €6.8m
of which Companies linked by participating interests: +€4.9m
- Receivables within one year -€120,638
down €120,638 (-31.3%), from €385,776 to €265,138
of which Trade receivables: -€71,894
Equity and liabilities
- Debts after one year +€3.0m
up €3.0m (+132%), from €2.3m to €5.3m
of which Financial debts: +€2.9m
- Current portion of long-term debt +€1.6m
up €1.6m (+133%), from €1.2m to €2.9m
- Other debts -€146,299
down €146,299 (-67.2%), from €217,573 to €71,274
- Profit (loss) carried forward +€139,998
up €139,998 (+12.1%), from €1.2m to €1.3m
Income statement
- Services and other goods -€191,155
down €191,155 (-39.5%), from €483,577 to €292,422
- Taxes +€38,381
new in 2025: €38,381
- Financial charges -€15,920
down €15,920 (-12.1%), from €131,329 to €115,409
- Turnover +€14,521
up €14,521 (+2.3%), from €624,297 to €638,818
- Financial income +€10,753
up €10,753 (+201%), from €5,345 to €16,098
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.
Result 2024
-€50,477
Turnover
+€14,521
Other operating income
-€92
Goods and materials
-€1,532
Services and other goods
+€191,155
Depreciation
-€1,313
Other operating charges
-€556
Financial income
+€10,753
Financial charges
+€15,920
Taxes
-€38,381
Result 2025
€139,998
raises the resultlowers the result
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.
From operations
+€299,326
Investment
-€4.9m
Financing
+€4.6m
Cash 2024
€29,491
From operations (derived)
+€299,326
Net result for the year
+€139,998
Depreciation
+€60,664
Receivables after one year
+€102,000
Receivables within one year
+€120,638
Smaller working-capital items
+€8,923
Tax, wage and social debts
+€13,402
Other debts
-€146,299
Investment (derived)
-€4.9m
Investment in fixed assets (net)
-€4.9m
Financing
+€4.6m
Debts after one year
+€3.0m
Current portion of long-term debt
+€1.6m
Cash 2025
€100,418
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,928,673 | €10,578,250 | +€4.6m | +78.4% |
| Fixed assets | 21/28 | €5,034,689 | €9,847,403 | +€4.8m | +95.6% |
| Tangible fixed assets | 22/27 | €3,112,317 | €3,070,894 | -€41,422 | -1.3% |
| Land and buildings | 22 | €2,448,692 | €2,407,270 | -€41,422 | -1.7% |
| Other tangible fixed assets | 26 | €663,625 | €663,625 | = | 0.0% |
| Financial fixed assets | 28 | €1,922,372 | €6,776,508 | +€4.9m | +253% |
| Affiliated companies | 280/1 | €1,922,372 | €1,922,372 | = | 0.0% |
| Participating interests | 280 | €1,922,372 | €1,922,372 | = | 0.0% |
| Companies linked by participating interests | 282/3 | - | €4,853,836 | +€4.9m | |
| Participating interests | 282 | - | €4,853,836 | +€4.9m | |
| Other financial fixed assets | 284/8 | - | €300 | +€300 | |
| Amounts receivable and cash guarantees | 285/8 | - | €300 | +€300 | |
| Current assets | 29/58 | €893,985 | €730,848 | -€163,137 | -18.2% |
| Amounts receivable after more than one year | 29 | €442,500 | €340,500 | -€102,000 | -23.1% |
| Other amounts receivable | 291 | €442,500 | €340,500 | -€102,000 | -23.1% |
| Amounts receivable within one year | 40/41 | €385,776 | €265,138 | -€120,638 | -31.3% |
| Trade receivables | 40 | €233,393 | €161,499 | -€71,894 | -30.8% |
| Other amounts receivable | 41 | €152,383 | €103,639 | -€48,744 | -32.0% |
| Cash at bank and in hand | 54/58 | €29,491 | €100,418 | +€70,927 | +240% |
| Deferred charges and accrued income | 490/1 | €36,217 | €24,791 | -€11,426 | -31.5% |
| Total equity and liabilities | 10/49 | €5,928,673 | €10,578,250 | +€4.6m | +78.4% |
| Equity | 10/15 | €2,188,335 | €2,328,333 | +€139,998 | +6.4% |
| Contributions | 10/11 | €419,500 | €419,500 | = | 0.0% |
| Capital | 10 | €419,500 | €419,500 | = | 0.0% |
| Issued capital | 100 | €419,500 | €419,500 | = | 0.0% |
| Reserves | 13 | €613,574 | €613,574 | = | 0.0% |
| Non-distributable reserves | 130/1 | €41,950 | €41,950 | = | 0.0% |
| Legal reserve | 130 | €41,950 | €41,950 | = | 0.0% |
| Tax-exempt reserves | 132 | €62,248 | €62,248 | = | 0.0% |
| Distributable reserves | 133 | €509,377 | €509,377 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,155,260 | €1,295,258 | +€139,998 | +12.1% |
| Amounts payable | 17/49 | €3,740,338 | €8,249,918 | +€4.5m | +121% |
| Amounts payable after more than one year | 17 | €2,272,157 | €5,275,509 | +€3.0m | +132% |
| Financial debts | 170/4 | €1,622,939 | €4,518,802 | +€2.9m | +178% |
| Credit institutions | 173 | €632,758 | €414,785 | -€217,973 | -34.4% |
| Other loans | 174 | €990,181 | €4,104,017 | +€3.1m | +314% |
| Other amounts payable | 178/9 | €649,218 | €756,707 | +€107,489 | +16.6% |
| Amounts payable within one year | 42/48 | €1,466,837 | €2,972,884 | +€1.5m | +103% |
| Current portion of amounts payable after more than one year | 42 | €1,238,847 | €2,880,473 | +€1.6m | +133% |
| Trade debts | 44 | €10,231 | €7,547 | -€2,683 | -26.2% |
| Suppliers | 440/4 | €10,231 | €7,547 | -€2,683 | -26.2% |
| Taxes, remuneration and social security | 45 | €186 | €13,589 | +€13,402 | +7,189% |
| Taxes | 450/3 | €186 | €13,589 | +€13,402 | +7,189% |
| Other amounts payable | 47/48 | €217,573 | €71,274 | -€146,299 | -67.2% |
| Accrued charges and deferred income | 492/3 | €1,344 | €1,525 | +€181 | +13.5% |
| Operating income | 70/76A | €624,571 | €639,001 | +€14,430 | +2.3% |
| Turnover | 70 | €624,297 | €638,818 | +€14,521 | +2.3% |
| Other operating income | 74 | €275 | €183 | -€92 | -33.3% |
| Operating charges | 60/66A | €549,064 | €361,311 | -€187,753 | -34.2% |
| Goods for resale, raw materials and consumables | 60 | €3,114 | €4,646 | +€1,532 | +49.2% |
| Purchases | 600/8 | €3,114 | €4,646 | +€1,532 | +49.2% |
| Services and other goods | 61 | €483,577 | €292,422 | -€191,155 | -39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,351 | €60,664 | +€1,313 | +2.2% |
| Other operating charges | 640/8 | €3,023 | €3,579 | +€556 | +18.4% |
| Operating profit (loss) | 9901 | €75,507 | €277,690 | +€202,183 | +268% |
| Financial income | 75/76B | €5,345 | €16,098 | +€10,753 | +201% |
| Recurring financial income | 75 | €5,345 | €16,098 | +€10,753 | +201% |
| Income from current assets | 751 | €5,345 | €16,098 | +€10,753 | +201% |
| Other financial income | 752/9 | - | €0 | +€0 | |
| Financial charges | 65/66B | €131,329 | €115,409 | -€15,920 | -12.1% |
| Recurring financial charges | 65 | €131,329 | €115,409 | -€15,920 | -12.1% |
| Debt charges | 650 | €130,574 | €114,686 | -€15,888 | -12.2% |
| Other financial charges | 652/9 | €755 | €723 | -€32 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | -€50,477 | €178,379 | +€228,856 | |
| Income taxes | 67/77 | - | €38,381 | +€38,381 | |
| Taxes | 670/3 | - | €38,381 | +€38,381 | |
| Profit (loss) for the period | 9904 | -€50,477 | €139,998 | +€190,475 | |
| Profit (loss) for the period to be appropriated | 9905 | -€50,477 | €139,998 | +€190,475 |
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 19 October 2026 via checked.be.