HDWORX: 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.
HDWORX
Largest movements
- Receivables within one year -€53,313
down €53,313 (-75.8%), from €70,330 to €17,017
of which Trade receivables: -€51,903
- Tangible fixed assets -€6,248
down €6,248 (-17.2%), from €36,271 to €30,023
of which Leasing and similar rights: -€8,465
- Profit (loss) carried forward -€62,808
down €62,808, from €16,590 to -€46,219
- Trade debts +€29,960
up €29,960 (+208%), from €14,371 to €44,331
- Other debts -€20,179
down €20,179 (-98.3%), from €20,536 to €357
- Debts after one year -€5,119
down €5,119 (-22.4%), from €22,805 to €17,686
- Current portion of long-term debt -€2,334
down €2,334 (-28.5%), from €8,195 to €5,860
- Gross operating margin -€72,040
down €72,040, from €22,277 to -€49,763
- Depreciation -€5,911
down €5,911 (-37.6%), from €15,733 to €9,822
- Other operating charges +€2,054
up €2,054 (+275%), from €747 to €2,801
- Financial charges -€1,340
down €1,340 (-76.0%), from €1,763 to €423
- Taxes -€936
no longer reported in 2025 (was €936)
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 | €106,662 | €47,101 | -€59,561 | -55.8% |
| Fixed assets | 21/28 | €36,271 | €30,023 | -€6,248 | -17.2% |
| Tangible fixed assets | 22/27 | €36,271 | €30,023 | -€6,248 | -17.2% |
| Furniture and vehicles | 24 | €4,079 | €6,296 | +€2,217 | +54.4% |
| Leasing and similar rights | 25 | €32,192 | €23,726 | -€8,465 | -26.3% |
| Current assets | 29/58 | €70,391 | €17,078 | -€53,313 | -75.7% |
| Amounts receivable within one year | 40/41 | €70,330 | €17,017 | -€53,313 | -75.8% |
| Trade receivables | 40 | €68,496 | €16,593 | -€51,903 | -75.8% |
| Other amounts receivable | 41 | €1,834 | €424 | -€1,410 | -76.9% |
| Cash at bank and in hand | 54/58 | €61 | €61 | = | 0.0% |
| Total equity and liabilities | 10/49 | €106,662 | €47,101 | -€59,561 | -55.8% |
| Equity | 10/15 | €30,850 | -€31,959 | -€62,808 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,590 | -€46,219 | -€62,808 | |
| Amounts payable | 17/49 | €75,812 | €79,059 | +€3,247 | +4.3% |
| Amounts payable after more than one year | 17 | €22,805 | €17,686 | -€5,119 | -22.4% |
| Financial debts | 170/4 | €22,805 | €17,686 | -€5,119 | -22.4% |
| Amounts payable within one year | 42/48 | €53,007 | €61,373 | +€8,366 | +15.8% |
| Current portion of amounts payable after more than one year | 42 | €8,195 | €5,860 | -€2,334 | -28.5% |
| Financial debts | 43 | €8,969 | €9,889 | +€920 | +10.3% |
| Credit institutions | 430/8 | €8,969 | €9,889 | +€920 | +10.3% |
| Trade debts | 44 | €14,371 | €44,331 | +€29,960 | +208% |
| Suppliers | 440/4 | €14,371 | €44,331 | +€29,960 | +208% |
| Taxes, remuneration and social security | 45 | €936 | €936 | = | 0.0% |
| Taxes | 450/3 | €936 | €936 | = | 0.0% |
| Other amounts payable | 47/48 | €20,536 | €357 | -€20,179 | -98.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,733 | €9,822 | -€5,911 | -37.6% |
| Other operating charges | 640/8 | €747 | €2,801 | +€2,054 | +275% |
| Gross operating margin | 9900 | €22,277 | -€49,763 | -€72,040 | |
| Operating profit (loss) | 9901 | €5,797 | -€62,386 | -€68,183 | |
| Financial income | 75/76B | €4 | €1 | -€4 | -85.2% |
| Recurring financial income | 75 | €4 | €1 | -€4 | -85.2% |
| Financial charges | 65/66B | €1,763 | €423 | -€1,340 | -76.0% |
| Recurring financial charges | 65 | €1,763 | €423 | -€1,340 | -76.0% |
| Profit (loss) for the period before taxes | 9903 | €4,039 | -€62,808 | -€66,847 | |
| Income taxes | 67/77 | €936 | - | -€936 | |
| Profit (loss) for the period | 9904 | €3,103 | -€62,808 | -€65,911 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,103 | -€62,808 | -€65,911 |
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 23 October 2026 via checked.be.