HHD NV: what changed
Two fiscal 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.
HHD NV
Largest movements
- Receivables within one year -€1.6m
down €1.6m (-92.0%), from €1.7m to €135,947
of which Other amounts receivable: -€1.6m
- Profit (loss) carried forward -€1.5m
down €1.5m (-91.0%), from €1.6m to €147,907
- Tax, wage and social debts -€47,276
down €47,276 (-34.0%), from €139,082 to €91,807
of which Remuneration and social security: -€27,971
- Short-term financial debts +€35,077
new in 2025: €35,077
- Gross operating margin +€193,495
up €193,495 (+23.3%), from €828,882 to €1.0m
- Staff costs +€150,826
up €150,826 (+20.9%), from €722,312 to €873,138
- Financial income -€34,245
down €34,245 (-81.3%), from €42,102 to €7,856
- Depreciation +€17,685
up €17,685 (+33.2%), from €53,330 to €71,015
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.
Cash bridge derived
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 | €1,981,554 | €450,242 | -€1.5m | -77.3% |
| Fixed assets | 21/28 | €246,670 | €253,095 | +€6,425 | +2.6% |
| Tangible fixed assets | 22/27 | €221,351 | €238,395 | +€17,044 | +7.7% |
| Plant, machinery and equipment | 23 | €1,207 | €3,529 | +€2,323 | +192.5% |
| Furniture and vehicles | 24 | €189,400 | €210,146 | +€20,746 | +11.0% |
| Other tangible fixed assets | 26 | €30,744 | €24,720 | -€6,024 | -19.6% |
| Financial fixed assets | 28 | €25,319 | €14,700 | -€10,619 | -41.9% |
| Current assets | 29/58 | €1,734,884 | €197,147 | -€1.5m | -88.6% |
| Amounts receivable within one year | 40/41 | €1,690,178 | €135,947 | -€1.6m | -92.0% |
| Trade receivables | 40 | €24 | €41 | +€17 | +72.0% |
| Other amounts receivable | 41 | €1,690,154 | €135,906 | -€1.6m | -92.0% |
| Cash at bank and in hand | 54/58 | €29,159 | €27,322 | -€1,838 | -6.3% |
| Deferred charges and accrued income | 490/1 | €15,546 | €33,878 | +€18,332 | +117.9% |
| Total equity and liabilities | 10/49 | €1,981,554 | €450,242 | -€1.5m | -77.3% |
| Equity | 10/15 | €1,788,803 | €287,871 | -€1.5m | -83.9% |
| Contributions | 10/11 | €126,000 | €126,000 | = | 0.0% |
| Capital | 10 | €126,000 | €126,000 | = | 0.0% |
| Issued capital | 100 | €126,000 | €126,000 | = | 0.0% |
| Reserves | 13 | €13,964 | €13,964 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,600 | €12,600 | = | 0.0% |
| Legal reserve | 130 | €12,600 | €12,600 | = | 0.0% |
| Distributable reserves | 133 | €1,364 | €1,364 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,648,840 | €147,907 | -€1.5m | -91.0% |
| Amounts payable | 17/49 | €192,750 | €162,371 | -€30,379 | -15.8% |
| Amounts payable within one year | 42/48 | €192,750 | €162,371 | -€30,379 | -15.8% |
| Financial debts | 43 | - | €35,077 | +€35,077 | |
| Credit institutions | 430/8 | - | €35,077 | +€35,077 | |
| Trade debts | 44 | €50,041 | €35,488 | -€14,553 | -29.1% |
| Suppliers | 440/4 | €50,041 | €35,488 | -€14,553 | -29.1% |
| Advances received on contracts in progress | 46 | €3,627 | €0 | -€3,627 | -100.0% |
| Taxes, remuneration and social security | 45 | €139,082 | €91,807 | -€47,276 | -34.0% |
| Taxes | 450/3 | €25,603 | €6,298 | -€19,305 | -75.4% |
| Remuneration and social security | 454/9 | €113,479 | €85,508 | -€27,971 | -24.6% |
| Remuneration, social security and pensions | 62 | €722,312 | €873,138 | +€150,826 | +20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,330 | €71,015 | +€17,685 | +33.2% |
| Other operating charges | 640/8 | €1,347 | €4,619 | +€3,272 | +243.0% |
| Non-recurring operating charges | 66A | €0 | €1,520 | +€1,520 | |
| Gross operating margin | 9900 | €828,882 | €1,022,376 | +€193,495 | +23.3% |
| Operating profit (loss) | 9901 | €51,893 | €72,084 | +€20,191 | +38.9% |
| Financial income | 75/76B | €42,102 | €7,856 | -€34,245 | -81.3% |
| Recurring financial income | 75 | €42,102 | €7,856 | -€34,245 | -81.3% |
| Financial charges | 65/66B | €3,568 | €5,460 | +€1,892 | +53.0% |
| Recurring financial charges | 65 | €3,568 | €5,460 | +€1,892 | +53.0% |
| Profit (loss) for the period before taxes | 9903 | €90,427 | €74,480 | -€15,947 | -17.6% |
| Income taxes | 67/77 | €29,446 | €25,413 | -€4,032 | -13.7% |
| Profit (loss) for the period | 9904 | €60,981 | €49,067 | -€11,914 | -19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €60,981 | €49,067 | -€11,914 | -19.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.