HDTHERM: 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.
HDTHERM
Largest movements
- Cash +€35,806
up €35,806 (+17.5%), from €204,722 to €240,528
mainly Depreciation (+€35,230) and Net result for the year (+€33,185)
- Tangible fixed assets -€33,800
down €33,800 (-11.2%), from €301,303 to €267,503
of which Furniture and vehicles: -€31,829
- Receivables within one year -€9,851
down €9,851 (-25.3%), from €38,946 to €29,095
of which Other amounts receivable: -€14,020
- Debts after one year -€39,000
down €39,000 (-55.6%), from €70,085 to €31,085
of which Financial debts: -€25,205
- Profit (loss) carried forward +€33,185
up €33,185 (+8.3%), from €397,620 to €430,805
- Tax, wage and social debts +€10,690
up €10,690 (+85.2%), from €12,542 to €23,232
of which Taxes: +€11,549
- Trade debts -€9,102
down €9,102 (-53.9%), from €16,896 to €7,794
- Gross operating margin +€31,832
up €31,832 (+16.6%), from €192,291 to €224,123
- Staff costs +€9,585
up €9,585 (+10.5%), from €91,507 to €101,092
- Financial charges +€8,909
up €8,909 (+198.2%), from €4,496 to €13,405
- Taxes +€4,327
up €4,327 (+11.7%), from €37,030 to €41,357
- Other operating charges -€3,025
down €3,025 (-65.2%), from €4,637 to €1,612
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 | €547,821 | €539,976 | -€7,845 | -1.4% |
| Fixed assets | 21/28 | €304,153 | €270,353 | -€33,800 | -11.1% |
| Tangible fixed assets | 22/27 | €301,303 | €267,503 | -€33,800 | -11.2% |
| Land and buildings | 22 | €193,410 | €191,920 | -€1,490 | -0.8% |
| Plant, machinery and equipment | 23 | €6,026 | €4,726 | -€1,300 | -21.6% |
| Furniture and vehicles | 24 | €101,681 | €69,852 | -€31,829 | -31.3% |
| Leasing and similar rights | 25 | €186 | €1,005 | +€819 | +440.3% |
| Financial fixed assets | 28 | €2,850 | €2,850 | = | 0.0% |
| Current assets | 29/58 | €243,668 | €269,623 | +€25,955 | +10.7% |
| Amounts receivable within one year | 40/41 | €38,946 | €29,095 | -€9,851 | -25.3% |
| Trade receivables | 40 | €17,132 | €21,301 | +€4,169 | +24.3% |
| Other amounts receivable | 41 | €21,814 | €7,794 | -€14,020 | -64.3% |
| Cash at bank and in hand | 54/58 | €204,722 | €240,528 | +€35,806 | +17.5% |
| Total equity and liabilities | 10/49 | €547,821 | €539,976 | -€7,845 | -1.4% |
| Equity | 10/15 | €405,680 | €438,865 | +€33,185 | +8.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Share premium | 1100/10 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €397,620 | €430,805 | +€33,185 | +8.3% |
| Amounts payable | 17/49 | €142,141 | €101,111 | -€41,030 | -28.9% |
| Amounts payable after more than one year | 17 | €70,085 | €31,085 | -€39,000 | -55.6% |
| Financial debts | 170/4 | €49,319 | €24,114 | -€25,205 | -51.1% |
| Trade debts | 175 | €20,766 | €6,971 | -€13,795 | -66.4% |
| Amounts payable within one year | 42/48 | €72,056 | €70,026 | -€2,030 | -2.8% |
| Current portion of amounts payable after more than one year | 42 | €42,618 | €39,000 | -€3,618 | -8.5% |
| Trade debts | 44 | €16,896 | €7,794 | -€9,102 | -53.9% |
| Suppliers | 440/4 | €16,896 | €7,794 | -€9,102 | -53.9% |
| Taxes, remuneration and social security | 45 | €12,542 | €23,232 | +€10,690 | +85.2% |
| Taxes | 450/3 | - | €11,549 | +€11,549 | |
| Remuneration and social security | 454/9 | €12,542 | €11,683 | -€859 | -6.8% |
| Remuneration, social security and pensions | 62 | €91,507 | €101,092 | +€9,585 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,202 | €35,230 | +€28 | +0.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €108 | +€108 | |
| Other operating charges | 640/8 | €4,637 | €1,612 | -€3,025 | -65.2% |
| Gross operating margin | 9900 | €192,291 | €224,123 | +€31,832 | +16.6% |
| Operating profit (loss) | 9901 | €60,945 | €86,081 | +€25,136 | +41.2% |
| Financial income | 75/76B | €1,021 | €1,866 | +€845 | +82.8% |
| Recurring financial income | 75 | €1,021 | €1,866 | +€845 | +82.8% |
| Financial charges | 65/66B | €4,496 | €13,405 | +€8,909 | +198.2% |
| Recurring financial charges | 65 | €4,496 | €13,405 | +€8,909 | +198.2% |
| Profit (loss) for the period before taxes | 9903 | €57,470 | €74,542 | +€17,072 | +29.7% |
| Income taxes | 67/77 | €37,030 | €41,357 | +€4,327 | +11.7% |
| Profit (loss) for the period | 9904 | €20,440 | €33,185 | +€12,745 | +62.4% |
| Profit (loss) for the period to be appropriated | 9905 | €20,440 | €33,185 | +€12,745 | +62.4% |
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 3 October 2026 via checked.be.