HDW CONSULT: 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.
HDW CONSULT
Largest movements
- Receivables after one year -€49,323
down €49,323 (-100%), from €49,323 to €0
- Financial fixed assets +€24,067
up €24,067 (+15.0%), from €160,102 to €184,168
- Receivables within one year +€15,048
up €15,048 (+76,696%), from €20 to €15,067
of which Trade receivables: +€15,000
- Other debts +€37,668
up €37,668 (+313%), from €12,043 to €49,712
- Reserves -€36,615
down €36,615 (-15.5%), from €236,903 to €200,288
of which Distributable reserves: -€36,615
- Debts after one year -€10,948
down €10,948 (-35.4%), from €30,948 to €20,000
- Profit (loss) carried forward +€4,657
up €4,657 (+24.1%), from -€19,333 to -€14,676
- Gross operating margin +€17,592
up €17,592, from -€6,237 to €11,355
- Financial charges -€2,391
down €2,391 (-65.1%), from €3,671 to €1,280
- Financial income +€1,347
up €1,347 (+35.4%), from €3,803 to €5,150
- Taxes +€1,153
up €1,153, from €0 to €1,153
- Depreciation -€798
down €798 (-9.9%), from €8,059 to €7,261
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 | €286,092 | €278,130 | -€7,963 | -2.8% |
| Fixed assets | 21/28 | €228,485 | €252,468 | +€23,983 | +10.5% |
| Tangible fixed assets | 22/27 | €68,383 | €68,299 | -€84 | -0.1% |
| Land and buildings | 22 | €61,532 | €58,209 | -€3,324 | -5.4% |
| Plant, machinery and equipment | 23 | €1,291 | €680 | -€612 | -47.4% |
| Furniture and vehicles | 24 | €5,559 | €9,411 | +€3,851 | +69.3% |
| Financial fixed assets | 28 | €160,102 | €184,168 | +€24,067 | +15.0% |
| Current assets | 29/58 | €57,608 | €25,662 | -€31,946 | -55.5% |
| Amounts receivable after more than one year | 29 | €49,323 | €0 | -€49,323 | -100% |
| Trade receivables | 290 | €49,323 | €0 | -€49,323 | -100% |
| Amounts receivable within one year | 40/41 | €20 | €15,067 | +€15,048 | +76,696% |
| Trade receivables | 40 | €0 | €15,000 | +€15,000 | |
| Other amounts receivable | 41 | €20 | €67 | +€48 | +243% |
| Cash at bank and in hand | 54/58 | €2,953 | €4,640 | +€1,687 | +57.1% |
| Deferred charges and accrued income | 490/1 | €5,312 | €5,954 | +€643 | +12.1% |
| Total equity and liabilities | 10/49 | €286,092 | €278,130 | -€7,963 | -2.8% |
| Equity | 10/15 | €223,770 | €191,811 | -€31,958 | -14.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €236,903 | €200,288 | -€36,615 | -15.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €235,043 | €198,428 | -€36,615 | -15.6% |
| Profit (loss) carried forward | 14 | -€19,333 | -€14,676 | +€4,657 | +24.1% |
| Amounts payable | 17/49 | €62,323 | €86,318 | +€23,996 | +38.5% |
| Amounts payable after more than one year | 17 | €30,948 | €20,000 | -€10,948 | -35.4% |
| Financial debts | 170/4 | €30,948 | €20,000 | -€10,948 | -35.4% |
| Amounts payable within one year | 42/48 | €30,604 | €66,318 | +€35,714 | +117% |
| Current portion of amounts payable after more than one year | 42 | €11,501 | €10,948 | -€552 | -4.8% |
| Financial debts | 43 | €236 | €221 | -€15 | -6.4% |
| Credit institutions | 430/8 | €236 | €221 | -€15 | -6.4% |
| Trade debts | 44 | €3,943 | €2,671 | -€1,272 | -32.3% |
| Suppliers | 440/4 | €3,943 | €2,671 | -€1,272 | -32.3% |
| Taxes, remuneration and social security | 45 | €2,881 | €2,766 | -€115 | -4.0% |
| Taxes | 450/3 | €2,881 | €2,766 | -€115 | -4.0% |
| Other amounts payable | 47/48 | €12,043 | €49,712 | +€37,668 | +313% |
| Accrued charges and deferred income | 492/3 | €770 | €0 | -€770 | -100% |
| Remuneration, social security and pensions | 62 | €1,885 | €1,728 | -€157 | -8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,059 | €7,261 | -€798 | -9.9% |
| Other operating charges | 640/8 | €387 | €427 | +€40 | +10.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€6,237 | €11,355 | +€17,592 | |
| Operating profit (loss) | 9901 | -€16,569 | €1,939 | +€18,508 | |
| Financial income | 75/76B | €3,803 | €5,150 | +€1,347 | +35.4% |
| Recurring financial income | 75 | €3,803 | €5,150 | +€1,347 | +35.4% |
| Financial charges | 65/66B | €3,671 | €1,280 | -€2,391 | -65.1% |
| Recurring financial charges | 65 | €3,671 | €1,280 | -€2,391 | -65.1% |
| Profit (loss) for the period before taxes | 9903 | -€16,436 | €5,810 | +€22,246 | |
| Income taxes | 67/77 | €0 | €1,153 | +€1,153 | |
| Profit (loss) for the period | 9904 | -€16,436 | €4,657 | +€21,093 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,436 | €4,657 | +€21,093 |
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 16 October 2026 via checked.be.