HDTD: what changed
Two fiscal 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.
HDTD
Largest movements
- Current investments -€150,000
down €150,000 (-100.0%), from €150,000 to €0
- Cash -€39,060
down €39,060 (-46.6%), from €83,752 to €44,693
mainly Contributions, distributions and other (-€314,700) and Tax, wage and social debts (-€41,480)
- Receivables within one year -€24,212
down €24,212 (-67.6%), from €35,839 to €11,627
of which Other amounts receivable: -€23,233
- Tangible fixed assets +€17,321
up €17,321 (+64.9%), from €26,702 to €44,023
of which Other tangible fixed assets: +€12,690
- Deferred charges and accrued income +€15,196
up €15,196 (+23.1%), from €65,832 to €81,028
- Reserves -€139,200
down €139,200 (-44.2%), from €314,760 to €175,560
- Tax, wage and social debts -€41,480
down €41,480 (-96.0%), from €43,200 to €1,720
- Gross operating margin +€34,402
up €34,402 (+17.7%), from €194,203 to €228,605
- Taxes +€8,098
up €8,098 (+18.4%), from €44,058 to €52,156
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.
Cash bridge derived
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 | €362,126 | €181,371 | -€180,756 | -49.9% |
| Fixed assets | 21/28 | €26,702 | €44,023 | +€17,321 | +64.9% |
| Tangible fixed assets | 22/27 | €26,702 | €44,023 | +€17,321 | +64.9% |
| Plant, machinery and equipment | 23 | €2,933 | €2,632 | -€301 | -10.3% |
| Furniture and vehicles | 24 | €12,911 | €17,842 | +€4,932 | +38.2% |
| Other tangible fixed assets | 26 | €10,859 | €23,549 | +€12,690 | +116.9% |
| Current assets | 29/58 | €335,424 | €137,347 | -€198,076 | -59.1% |
| Amounts receivable within one year | 40/41 | €35,839 | €11,627 | -€24,212 | -67.6% |
| Trade receivables | 40 | €989 | €10 | -€979 | -99.0% |
| Other amounts receivable | 41 | €34,850 | €11,617 | -€23,233 | -66.7% |
| Current investments | 50/53 | €150,000 | €0 | -€150,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €83,752 | €44,693 | -€39,060 | -46.6% |
| Deferred charges and accrued income | 490/1 | €65,832 | €81,028 | +€15,196 | +23.1% |
| Total equity and liabilities | 10/49 | €362,126 | €181,371 | -€180,756 | -49.9% |
| Equity | 10/15 | €317,844 | €178,568 | -€139,276 | -43.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €314,760 | €175,560 | -€139,200 | -44.2% |
| Distributable reserves | 133 | €314,760 | €175,560 | -€139,200 | -44.2% |
| Profit (loss) carried forward | 14 | €84 | €7 | -€76 | -91.2% |
| Amounts payable | 17/49 | €44,282 | €2,803 | -€41,479 | -93.7% |
| Amounts payable within one year | 42/48 | €44,282 | €2,803 | -€41,479 | -93.7% |
| Trade debts | 44 | €1,082 | €1,083 | +€1 | +0.1% |
| Suppliers | 440/4 | €1,082 | €1,083 | +€1 | +0.1% |
| Taxes, remuneration and social security | 45 | €43,200 | €1,720 | -€41,480 | -96.0% |
| Taxes | 450/3 | €43,200 | €1,720 | -€41,480 | -96.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,405 | €4,264 | +€1,858 | +77.3% |
| Other operating charges | 640/8 | - | €400 | +€400 | |
| Gross operating margin | 9900 | €194,203 | €228,605 | +€34,402 | +17.7% |
| Operating profit (loss) | 9901 | €191,798 | €223,941 | +€32,144 | +16.8% |
| Financial income | 75/76B | €2,479 | €3,789 | +€1,310 | +52.8% |
| Recurring financial income | 75 | €2,479 | €3,789 | +€1,310 | +52.8% |
| Financial charges | 65/66B | €135 | €150 | +€15 | +11.1% |
| Recurring financial charges | 65 | €135 | €150 | +€15 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €194,142 | €227,580 | +€33,438 | +17.2% |
| Income taxes | 67/77 | €44,058 | €52,156 | +€8,098 | +18.4% |
| Profit (loss) for the period | 9904 | €150,084 | €175,424 | +€25,340 | +16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €150,084 | €175,424 | +€25,340 | +16.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.