HDW Belux: 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
HDW Belux
NACE 46.644, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€80,814
2024 · €1.0m-€958,506
Equity
€4.7m
2024 · €4.6m+€80,814
Cash
€148
2024 · €4,274-€4,126
Balance sheet total
€22.7m
2024 · €26.8m-€4.1m
Largest movements
Assets
- Stocks and contracts -€1.9m
down €1.9m (-13.1%), from €14.1m to €12.3m
of which Stocks: -€1.7m
- Receivables within one year -€1.8m
down €1.8m (-26.1%), from €6.8m to €5.0m
of which Trade receivables: -€1.8m
- Tangible fixed assets -€349,105
down €349,105 (-6.2%), from €5.6m to €5.3m
of which Plant, machinery and equipment: -€1.5m
Equity and liabilities
- Debts after one year -€10.0m
down €10.0m (-98.4%), from €10.2m to €159,965
of which Financial debts: -€10.0m
- Current portion of long-term debt +€10.0m
new in 2025: €10.0m
- Other debts -€4.6m
down €4.6m (-55.3%), from €8.2m to €3.7m
- Accrued charges and deferred income +€909,839
up €909,839 (+281%), from €323,424 to €1.2m
- Trade debts -€407,169
down €407,169 (-15.2%), from €2.7m to €2.3m
Income statement
- Turnover +€9.0m
up €9.0m (+39.6%), from €22.6m to €31.6m
- Goods and materials +€8.7m
up €8.7m (+48.1%), from €18.1m to €26.8m
of which Change in stocks: decrease (increase): +€6.8m
- Taxes -€367,187
down €367,187 (-89.2%), from €411,798 to €44,610
of which Taxes: -€366,309
- Services and other goods +€355,937
up €355,937 (+45.5%), from €782,502 to €1.1m
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
€1.0m
Turnover
+€9.0m
Other operating income
+€14,408
Goods and materials
-€8.7m
Services and other goods
-€355,937
Staff costs
-€243,528
Depreciation
-€64,482
Write-downs
-€159,040
Other operating charges
-€6,658
Other operating items
-€948,091
Financial income
+€260,151
Financial charges
-€106,746
Taxes
+€367,187
Result 2025
€80,814
raises the resultlowers the resultnot broken down further in the accounts
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
+€802,587
Investment
-€773,493
Financing
-€33,220
Cash 2024
€4,274
From operations (derived)
+€802,587
Net result for the year
+€80,814
Depreciation
+€1.1m
Stocks and contracts
+€1.9m
Receivables within one year
+€1.8m
Deferred charges and accrued income
+€103,899
Trade debts
-€407,169
Tax, wage and social debts
-€366,616
Advances received
+€317,067
Other debts
-€4.6m
Accrued charges and deferred income
+€909,839
Investment (derived)
-€773,493
Investment in fixed assets (net)
-€773,493
Financing
-€33,220
Debts after one year
-€10.0m
Current portion of long-term debt
+€10.0m
Short-term financial debts
+€9,980
Cash 2025
€148
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,789,805 | €22,734,419 | -€4.1m | -15.1% |
| Fixed assets | 21/28 | €5,660,216 | €5,336,987 | -€323,229 | -5.7% |
| Tangible fixed assets | 22/27 | €5,615,886 | €5,266,782 | -€349,105 | -6.2% |
| Land and buildings | 22 | - | €1,049,530 | +€1.0m | |
| Plant, machinery and equipment | 23 | €5,409,192 | €3,945,263 | -€1.5m | -27.1% |
| Furniture and vehicles | 24 | €198,154 | €222,783 | +€24,629 | +12.4% |
| Other tangible fixed assets | 26 | €8,540 | €49,206 | +€40,666 | +476% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €44,330 | €70,205 | +€25,876 | +58.4% |
| Other financial fixed assets | 284/8 | €44,330 | €70,205 | +€25,876 | +58.4% |
| Amounts receivable and cash guarantees | 285/8 | €44,330 | €70,205 | +€25,876 | +58.4% |
| Current assets | 29/58 | €21,129,590 | €17,397,432 | -€3.7m | -17.7% |
| Stocks and contracts in progress | 3 | €14,122,083 | €12,267,024 | -€1.9m | -13.1% |
| Stocks | 30/36 | €13,947,680 | €12,267,024 | -€1.7m | -12.0% |
| Goods purchased for resale | 34 | €13,947,680 | €12,267,024 | -€1.7m | -12.0% |
| Contracts in progress | 37 | €174,404 | €0 | -€174,404 | -100% |
| Amounts receivable within one year | 40/41 | €6,789,155 | €5,020,082 | -€1.8m | -26.1% |
| Trade receivables | 40 | €6,781,669 | €5,019,755 | -€1.8m | -26.0% |
| Other amounts receivable | 41 | €7,486 | €327 | -€7,159 | -95.6% |
| Cash at bank and in hand | 54/58 | €4,274 | €148 | -€4,126 | -96.5% |
| Deferred charges and accrued income | 490/1 | €214,077 | €110,178 | -€103,899 | -48.5% |
| Total equity and liabilities | 10/49 | €26,789,805 | €22,734,419 | -€4.1m | -15.1% |
| Equity | 10/15 | €4,648,952 | €4,729,766 | +€80,814 | +1.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,581,302 | €4,662,116 | +€80,814 | +1.8% |
| Amounts payable | 17/49 | €22,140,853 | €18,004,653 | -€4.1m | -18.7% |
| Amounts payable after more than one year | 17 | €10,203,165 | €159,965 | -€10.0m | -98.4% |
| Financial debts | 170/4 | €10,000,000 | €0 | -€10.0m | -100% |
| Other loans | 174 | €10,000,000 | €0 | -€10.0m | -100% |
| Other amounts payable | 178/9 | €203,165 | €159,965 | -€43,200 | -21.3% |
| Amounts payable within one year | 42/48 | €11,614,265 | €16,611,426 | +€5.0m | +43.0% |
| Current portion of amounts payable after more than one year | 42 | - | €10,000,000 | +€10.0m | |
| Financial debts | 43 | €0 | €9,980 | +€9,980 | |
| Other loans | 439 | €0 | €9,980 | +€9,980 | |
| Trade debts | 44 | €2,671,575 | €2,264,406 | -€407,169 | -15.2% |
| Suppliers | 440/4 | €2,671,575 | €2,264,406 | -€407,169 | -15.2% |
| Advances received on contracts in progress | 46 | €16,651 | €333,718 | +€317,067 | +1,904% |
| Taxes, remuneration and social security | 45 | €683,742 | €317,126 | -€366,616 | -53.6% |
| Taxes | 450/3 | €525,224 | €220,433 | -€304,790 | -58.0% |
| Remuneration and social security | 454/9 | €158,518 | €96,693 | -€61,825 | -39.0% |
| Other amounts payable | 47/48 | €8,242,297 | €3,686,196 | -€4.6m | -55.3% |
| Accrued charges and deferred income | 492/3 | €323,424 | €1,233,262 | +€909,839 | +281% |
| Operating income | 70/76A | €23,049,977 | €32,044,215 | +€9.0m | +39.0% |
| Turnover | 70 | €22,649,301 | €31,629,131 | +€9.0m | +39.6% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €0 | - | = | |
| Other operating income | 74 | €400,676 | €415,084 | +€14,408 | +3.6% |
| Operating charges | 60/66A | €21,028,774 | €31,502,111 | +€10.5m | +49.8% |
| Goods for resale, raw materials and consumables | 60 | €18,083,214 | €26,778,815 | +€8.7m | +48.1% |
| Purchases | 600/8 | €23,514,758 | €25,426,954 | +€1.9m | +8.1% |
| Change in stocks: decrease (increase) | 609 | -€5,431,543 | €1,351,861 | +€6.8m | |
| Services and other goods | 61 | €782,502 | €1,138,439 | +€355,937 | +45.5% |
| Remuneration, social security and pensions | 62 | €1,090,718 | €1,334,246 | +€243,528 | +22.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,032,240 | €1,096,722 | +€64,482 | +6.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €20,735 | €179,775 | +€159,040 | +767% |
| Other operating charges | 640/8 | €19,365 | €26,024 | +€6,658 | +34.4% |
| Non-recurring operating charges | 66A | - | €948,091 | +€948,091 | |
| Operating profit (loss) | 9901 | €2,021,203 | €542,104 | -€1.5m | -73.2% |
| Financial income | 75/76B | €68,781 | €328,932 | +€260,151 | +378% |
| Recurring financial income | 75 | €68,781 | €4,821 | -€63,960 | -93.0% |
| Income from financial fixed assets | 750 | €26,810 | €0 | -€26,810 | -100% |
| Other financial income | 752/9 | €41,971 | €4,821 | -€37,150 | -88.5% |
| Non-recurring financial income | 76B | €0 | €324,110 | +€324,110 | |
| Financial charges | 65/66B | €638,866 | €745,612 | +€106,746 | +16.7% |
| Recurring financial charges | 65 | €638,866 | €745,612 | +€106,746 | +16.7% |
| Debt charges | 650 | €635,676 | €738,034 | +€102,358 | +16.1% |
| Other financial charges | 652/9 | €3,191 | €7,578 | +€4,387 | +137% |
| Profit (loss) for the period before taxes | 9903 | €1,451,117 | €125,424 | -€1.3m | -91.4% |
| Income taxes | 67/77 | €411,798 | €44,610 | -€367,187 | -89.2% |
| Taxes | 670/3 | €411,798 | €45,489 | -€366,309 | -89.0% |
| Tax adjustments and reversals of tax provisions | 77 | - | €879 | +€879 | |
| Profit (loss) for the period | 9904 | €1,039,320 | €80,814 | -€958,506 | -92.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,039,320 | €80,814 | -€958,506 | -92.2% |
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 28 October 2026 via checked.be.