HDV 2.0: 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.
HDV 2.0
Largest movements
- Cash +€4,294
up €4,294 (+6.4%), from €67,560 to €71,854
mainly Net result for the year (+€6,815) and Depreciation (+€4,339)
- Intangible fixed assets -€3,000
down €3,000 (-10.8%), from €27,663 to €24,663
- Other debts -€11,937
down €11,937 (-34.1%), from €35,000 to €23,063
- Reserves +€5,000
up €5,000 (+33.3%), from €15,000 to €20,000
- Trade debts +€3,841
up €3,841 (+27.1%), from €14,166 to €18,007
- Advances received +€2,026
new in 2025: €2,026
- Accrued charges and deferred income -€2,000
no longer reported in 2025 (was €2,000)
- Gross operating margin -€14,020
down €14,020 (-7.4%), from €190,424 to €176,404
- Staff costs +€5,538
up €5,538 (+3.6%), from €153,491 to €159,029
- Taxes -€5,057
down €5,057 (-63.1%), from €8,014 to €2,957
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 | €107,426 | €106,488 | -€938 | -0.9% |
| Formation expenses | 20 | €805 | €135 | -€670 | -83.2% |
| Fixed assets | 21/28 | €31,004 | €27,335 | -€3,669 | -11.8% |
| Intangible fixed assets | 21 | €27,663 | €24,663 | -€3,000 | -10.8% |
| Tangible fixed assets | 22/27 | €2,560 | €1,892 | -€669 | -26.1% |
| Plant, machinery and equipment | 23 | €2,560 | €1,892 | -€669 | -26.1% |
| Financial fixed assets | 28 | €780 | €780 | = | 0.0% |
| Current assets | 29/58 | €75,617 | €79,017 | +€3,400 | +4.5% |
| Stocks and contracts in progress | 3 | €4,575 | €4,863 | +€288 | +6.3% |
| Stocks | 30/36 | €4,575 | €4,863 | +€288 | +6.3% |
| Amounts receivable within one year | 40/41 | €886 | - | -€886 | |
| Trade receivables | 40 | €886 | - | -€886 | |
| Cash at bank and in hand | 54/58 | €67,560 | €71,854 | +€4,294 | +6.4% |
| Deferred charges and accrued income | 490/1 | €2,596 | €2,300 | -€296 | -11.4% |
| Total equity and liabilities | 10/49 | €107,426 | €106,488 | -€938 | -0.9% |
| Equity | 10/15 | €30,963 | €37,929 | +€6,965 | +22.5% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €15,000 | €20,000 | +€5,000 | +33.3% |
| Distributable reserves | 133 | €15,000 | €20,000 | +€5,000 | +33.3% |
| Profit (loss) carried forward | 14 | €8,963 | €10,929 | +€1,965 | +21.9% |
| Amounts payable | 17/49 | €76,463 | €68,559 | -€7,904 | -10.3% |
| Amounts payable within one year | 42/48 | €74,463 | €68,559 | -€5,904 | -7.9% |
| Trade debts | 44 | €14,166 | €18,007 | +€3,841 | +27.1% |
| Suppliers | 440/4 | €14,166 | €18,007 | +€3,841 | +27.1% |
| Advances received on contracts in progress | 46 | - | €2,026 | +€2,026 | |
| Taxes, remuneration and social security | 45 | €25,297 | €25,463 | +€166 | +0.7% |
| Taxes | 450/3 | €4,197 | €9,097 | +€4,900 | +117% |
| Remuneration and social security | 454/9 | €21,100 | €16,366 | -€4,734 | -22.4% |
| Other amounts payable | 47/48 | €35,000 | €23,063 | -€11,937 | -34.1% |
| Accrued charges and deferred income | 492/3 | €2,000 | - | -€2,000 | |
| Remuneration, social security and pensions | 62 | €153,491 | €159,029 | +€5,538 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,986 | €4,339 | +€1,353 | +45.3% |
| Other operating charges | 640/8 | €98 | €745 | +€648 | +663% |
| Gross operating margin | 9900 | €190,424 | €176,404 | -€14,020 | -7.4% |
| Operating profit (loss) | 9901 | €33,850 | €12,291 | -€21,558 | -63.7% |
| Financial income | 75/76B | €14 | €38 | +€23 | +164% |
| Recurring financial income | 75 | €14 | €38 | +€23 | +164% |
| Financial charges | 65/66B | €1,887 | €2,556 | +€670 | +35.5% |
| Recurring financial charges | 65 | €1,887 | €2,556 | +€670 | +35.5% |
| Profit (loss) for the period before taxes | 9903 | €31,977 | €9,773 | -€22,205 | -69.4% |
| Income taxes | 67/77 | €8,014 | €2,957 | -€5,057 | -63.1% |
| Profit (loss) for the period | 9904 | €23,963 | €6,815 | -€17,148 | -71.6% |
| Profit (loss) for the period to be appropriated | 9905 | €23,963 | €6,815 | -€17,148 | -71.6% |
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 20 October 2026 via checked.be.