HDX: 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.
HDX
Largest movements
- Intangible fixed assets +€32,000
new in 2025: €32,000
- Deferred charges and accrued income +€7,724
up €7,724 (+253%), from €3,051 to €10,775
- Receivables within one year +€6,618
up €6,618 (+40.3%), from €16,427 to €23,045
of which Trade receivables: +€6,056
- Cash +€3,834
up €3,834 (+100%), from €3,822 to €7,656
mainly Net result for the year (+€33,751) and Other debts (+€15,295)
- Tangible fixed assets +€3,552
new in 2025: €3,552
- Profit (loss) carried forward +€33,751
up €33,751 (+23.2%), from -€145,544 to -€111,793
- Other debts +€15,295
up €15,295 (+14.5%), from €105,384 to €120,679
- Trade debts -€11,546
down €11,546 (-19.7%), from €58,678 to €47,132
- Tax, wage and social debts +€8,063
up €8,063 (+291%), from €2,772 to €10,835
of which Taxes: +€5,632
- Accrued charges and deferred income +€4,738
up €4,738 (+16,626%), from €29 to €4,767
- Other operating charges -€44,731
down €44,731 (-94.5%), from €47,313 to €2,582
- Staff costs +€14,101
up €14,101 (+44.2%), from €31,886 to €45,988
- Depreciation +€9,679
new in 2025: €9,679
- Gross operating margin -€1,244
down €1,244 (-1.3%), from €93,314 to €92,069
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 | €29,378 | €79,680 | +€50,302 | +171% |
| Fixed assets | 21/28 | - | €35,552 | +€35,552 | |
| Intangible fixed assets | 21 | - | €32,000 | +€32,000 | |
| Tangible fixed assets | 22/27 | - | €3,552 | +€3,552 | |
| Plant, machinery and equipment | 23 | - | €3,552 | +€3,552 | |
| Current assets | 29/58 | €29,378 | €44,128 | +€14,750 | +50.2% |
| Stocks and contracts in progress | 3 | €6,078 | €2,653 | -€3,426 | -56.4% |
| Stocks | 30/36 | €6,078 | €2,653 | -€3,426 | -56.4% |
| Amounts receivable within one year | 40/41 | €16,427 | €23,045 | +€6,618 | +40.3% |
| Trade receivables | 40 | €7,598 | €13,653 | +€6,056 | +79.7% |
| Other amounts receivable | 41 | €8,829 | €9,391 | +€562 | +6.4% |
| Cash at bank and in hand | 54/58 | €3,822 | €7,656 | +€3,834 | +100% |
| Deferred charges and accrued income | 490/1 | €3,051 | €10,775 | +€7,724 | +253% |
| Total equity and liabilities | 10/49 | €29,378 | €79,680 | +€50,302 | +171% |
| Equity | 10/15 | -€137,484 | -€103,733 | +€33,751 | +24.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€145,544 | -€111,793 | +€33,751 | +23.2% |
| Amounts payable | 17/49 | €166,863 | €183,413 | +€16,550 | +9.9% |
| Amounts payable within one year | 42/48 | €166,834 | €178,646 | +€11,812 | +7.1% |
| Trade debts | 44 | €58,678 | €47,132 | -€11,546 | -19.7% |
| Suppliers | 440/4 | €58,678 | €47,132 | -€11,546 | -19.7% |
| Taxes, remuneration and social security | 45 | €2,772 | €10,835 | +€8,063 | +291% |
| Taxes | 450/3 | €69 | €5,701 | +€5,632 | +8,135% |
| Remuneration and social security | 454/9 | €2,703 | €5,134 | +€2,430 | +89.9% |
| Other amounts payable | 47/48 | €105,384 | €120,679 | +€15,295 | +14.5% |
| Accrued charges and deferred income | 492/3 | €29 | €4,767 | +€4,738 | +16,626% |
| Remuneration, social security and pensions | 62 | €31,886 | €45,988 | +€14,101 | +44.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €9,679 | +€9,679 | |
| Other operating charges | 640/8 | €47,313 | €2,582 | -€44,731 | -94.5% |
| Gross operating margin | 9900 | €93,314 | €92,069 | -€1,244 | -1.3% |
| Operating profit (loss) | 9901 | €14,114 | €33,821 | +€19,706 | +140% |
| Financial income | 75/76B | €1 | €19 | +€18 | +3,270% |
| Recurring financial income | 75 | €1 | €19 | +€18 | +3,270% |
| Financial charges | 65/66B | €530 | €88 | -€442 | -83.4% |
| Recurring financial charges | 65 | €530 | €88 | -€442 | -83.4% |
| Profit (loss) for the period before taxes | 9903 | €13,585 | €33,751 | +€20,166 | +148% |
| Profit (loss) for the period | 9904 | €13,585 | €33,751 | +€20,166 | +148% |
| Profit (loss) for the period to be appropriated | 9905 | €13,585 | €33,751 | +€20,166 | +148% |
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 26 October 2026 via checked.be.