HF CONSTRUCT: 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.
HF CONSTRUCT
Largest movements
- Cash +€26,702
up €26,702 (+30.5%), from €87,512 to €114,214
mainly Net result for the year (+€43,623) and Other debts (+€41,432)
- Other debts +€41,432
new in 2025: €41,432
- Tax, wage and social debts -€6,692
down €6,692 (-25.7%), from €26,038 to €19,346
of which Remuneration and social security: -€3,450
- Trade debts -€6,182
down €6,182 (-53.2%), from €11,631 to €5,449
- Gross operating margin -€6,609
down €6,609 (-8.9%), from €74,412 to €67,803
- Taxes -€1,375
down €1,375 (-6.8%), from €20,157 to €18,782
- Financial charges -€1,191
down €1,191 (-65.0%), from €1,832 to €641
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 | €316,769 | €344,011 | +€27,242 | +8.6% |
| Fixed assets | 21/28 | €8,399 | €4,240 | -€4,159 | -49.5% |
| Intangible fixed assets | 21 | €4,029 | €2,244 | -€1,785 | -44.3% |
| Tangible fixed assets | 22/27 | €4,370 | €1,996 | -€2,374 | -54.3% |
| Plant, machinery and equipment | 23 | €1,141 | €1,546 | +€405 | +35.5% |
| Furniture and vehicles | 24 | €3,229 | €449 | -€2,780 | -86.1% |
| Current assets | 29/58 | €308,370 | €339,771 | +€31,401 | +10.2% |
| Amounts receivable within one year | 40/41 | €95,858 | €99,294 | +€3,436 | +3.6% |
| Trade receivables | 40 | €24,130 | €28,062 | +€3,932 | +16.3% |
| Other amounts receivable | 41 | €71,728 | €71,232 | -€496 | -0.7% |
| Current investments | 50/53 | €125,000 | €126,264 | +€1,264 | +1.0% |
| Cash at bank and in hand | 54/58 | €87,512 | €114,214 | +€26,702 | +30.5% |
| Total equity and liabilities | 10/49 | €316,769 | €344,011 | +€27,242 | +8.6% |
| Equity | 10/15 | €271,902 | €271,213 | -€689 | -0.3% |
| Contributions | 10/11 | €50,257 | €50,257 | -€0 | 0.0% |
| Reserves | 13 | €221,645 | €220,956 | -€689 | -0.3% |
| Distributable reserves | 133 | €221,645 | €220,956 | -€689 | -0.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €44,867 | €72,798 | +€27,931 | +62.3% |
| Amounts payable within one year | 42/48 | €44,867 | €72,151 | +€27,284 | +60.8% |
| Current portion of amounts payable after more than one year | 42 | €7,198 | €5,925 | -€1,273 | -17.7% |
| Trade debts | 44 | €11,631 | €5,449 | -€6,182 | -53.2% |
| Suppliers | 440/4 | €11,631 | €5,449 | -€6,182 | -53.2% |
| Taxes, remuneration and social security | 45 | €26,038 | €19,346 | -€6,692 | -25.7% |
| Taxes | 450/3 | €19,138 | €15,896 | -€3,242 | -16.9% |
| Remuneration and social security | 454/9 | €6,900 | €3,450 | -€3,450 | -50.0% |
| Other amounts payable | 47/48 | - | €41,432 | +€41,432 | |
| Accrued charges and deferred income | 492/3 | - | €647 | +€647 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,048 | €5,074 | +€26 | +0.5% |
| Other operating charges | 640/8 | €1,317 | €1,488 | +€171 | +13.0% |
| Gross operating margin | 9900 | €74,412 | €67,803 | -€6,609 | -8.9% |
| Operating profit (loss) | 9901 | €68,047 | €61,241 | -€6,806 | -10.0% |
| Financial income | 75/76B | €1,655 | €1,806 | +€151 | +9.1% |
| Recurring financial income | 75 | €1,655 | €1,806 | +€151 | +9.1% |
| Financial charges | 65/66B | €1,832 | €641 | -€1,191 | -65.0% |
| Recurring financial charges | 65 | €1,832 | €641 | -€1,191 | -65.0% |
| Profit (loss) for the period before taxes | 9903 | €67,870 | €62,405 | -€5,465 | -8.1% |
| Income taxes | 67/77 | €20,157 | €18,782 | -€1,375 | -6.8% |
| Profit (loss) for the period | 9904 | €47,713 | €43,623 | -€4,090 | -8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €47,713 | €43,623 | -€4,090 | -8.6% |
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 13 October 2026 via checked.be.