HDW: 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.
HDW
Largest movements
- Cash +€13,656
up €13,656 (+154.7%), from €8,829 to €22,484
mainly Depreciation (+€8,740) and Net result for the year (+€8,362)
- Tangible fixed assets -€8,740
down €8,740 (-59.8%), from €14,610 to €5,870
- Receivables within one year -€5,855
down €5,855 (-17.9%), from €32,618 to €26,763
of which Trade receivables: -€6,533
- Stocks and contracts -€1,238
down €1,238 (-13.1%), from €9,476 to €8,238
of which Stocks: -€1,238
- Trade debts -€6,756
down €6,756 (-36.3%), from €18,618 to €11,863
- Reserves +€6,235
up €6,235 (+46.7%), from €13,360 to €19,595
of which Distributable reserves: +€6,235
- Debts after one year -€5,656
down €5,656 (-100.0%), from €5,656 to €0
- Other debts +€2,556
up €2,556 (+29.4%), from €8,696 to €11,251
- Profit (loss) carried forward +€2,127
up €2,127, from -€2,127 to €0
- Gross operating margin +€5,121
up €5,121 (+33.0%), from €15,514 to €20,635
- Taxes +€2,045
up €2,045, from €0 to €2,045
- Financial charges -€612
down €612 (-54.4%), from €1,126 to €514
- Other operating charges -€592
down €592 (-37.2%), from €1,591 to €1,000
- Financial income -€263
down €263 (-91.2%), from €288 to €25
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 | €65,852 | €63,671 | -€2,181 | -3.3% |
| Fixed assets | 21/28 | €14,610 | €5,870 | -€8,740 | -59.8% |
| Tangible fixed assets | 22/27 | €14,610 | €5,870 | -€8,740 | -59.8% |
| Furniture and vehicles | 24 | €14,610 | €5,870 | -€8,740 | -59.8% |
| Current assets | 29/58 | €51,242 | €57,800 | +€6,559 | +12.8% |
| Stocks and contracts in progress | 3 | €9,476 | €8,238 | -€1,238 | -13.1% |
| Stocks | 30/36 | €9,476 | €8,238 | -€1,238 | -13.1% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €32,618 | €26,763 | -€5,855 | -17.9% |
| Trade receivables | 40 | €30,691 | €24,158 | -€6,533 | -21.3% |
| Other amounts receivable | 41 | €1,927 | €2,605 | +€678 | +35.2% |
| Cash at bank and in hand | 54/58 | €8,829 | €22,484 | +€13,656 | +154.7% |
| Deferred charges and accrued income | 490/1 | €320 | €316 | -€4 | -1.3% |
| Total equity and liabilities | 10/49 | €65,852 | €63,671 | -€2,181 | -3.3% |
| Equity | 10/15 | €23,433 | €31,795 | +€8,362 | +35.7% |
| Contributions | 10/11 | €12,200 | €12,200 | = | 0.0% |
| Reserves | 13 | €13,360 | €19,595 | +€6,235 | +46.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €13,360 | €19,595 | +€6,235 | +46.7% |
| Profit (loss) carried forward | 14 | -€2,127 | €0 | +€2,127 | |
| Amounts payable | 17/49 | €42,419 | €31,876 | -€10,543 | -24.9% |
| Amounts payable after more than one year | 17 | €5,656 | €0 | -€5,656 | -100.0% |
| Financial debts | 170/4 | €5,656 | €0 | -€5,656 | -100.0% |
| Amounts payable within one year | 42/48 | €36,762 | €31,876 | -€4,887 | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €7,311 | €5,656 | -€1,654 | -22.6% |
| Trade debts | 44 | €18,618 | €11,863 | -€6,756 | -36.3% |
| Suppliers | 440/4 | €18,618 | €11,863 | -€6,756 | -36.3% |
| Advances received on contracts in progress | 46 | €1,088 | €0 | -€1,088 | -100.0% |
| Taxes, remuneration and social security | 45 | €1,050 | €3,105 | +€2,055 | +195.7% |
| Taxes | 450/3 | €1,050 | €3,105 | +€2,055 | +195.7% |
| Other amounts payable | 47/48 | €8,696 | €11,251 | +€2,556 | +29.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,740 | €8,740 | = | 0.0% |
| Other operating charges | 640/8 | €1,591 | €1,000 | -€592 | -37.2% |
| Gross operating margin | 9900 | €15,514 | €20,635 | +€5,121 | +33.0% |
| Operating profit (loss) | 9901 | €5,183 | €10,895 | +€5,713 | +110.2% |
| Financial income | 75/76B | €288 | €25 | -€263 | -91.2% |
| Recurring financial income | 75 | €288 | €25 | -€263 | -91.2% |
| Financial charges | 65/66B | €1,126 | €514 | -€612 | -54.4% |
| Recurring financial charges | 65 | €1,126 | €514 | -€612 | -54.4% |
| Profit (loss) for the period before taxes | 9903 | €4,345 | €10,407 | +€6,062 | +139.5% |
| Income taxes | 67/77 | €0 | €2,045 | +€2,045 | |
| Profit (loss) for the period | 9904 | €4,345 | €8,362 | +€4,018 | +92.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,345 | €8,362 | +€4,018 | +92.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.