HLD Projects: 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.
HLD Projects
Largest movements
- Cash +€30,995
up €30,995 (+38.9%), from €79,703 to €110,698
mainly Net result for the year (+€39,578) and Tax, wage and social debts (+€5,201)
- Tangible fixed assets +€5,392
up €5,392 (+140%), from €3,841 to €9,233
- Profit (loss) carried forward +€39,578
up €39,578 (+83.8%), from €47,219 to €86,797
- Trade debts -€8,807
down €8,807 (-76.4%), from €11,526 to €2,719
- Tax, wage and social debts +€5,201
up €5,201 (+21.5%), from €24,191 to €29,392
of which Taxes: +€12,726
- Gross operating margin -€9,231
down €9,231 (-13.9%), from €66,172 to €56,941
- Taxes -€3,140
down €3,140 (-20.4%), from €15,366 to €12,226
- Depreciation +€2,167
up €2,167 (+131%), from €1,658 to €3,825
- Other operating charges -€750
down €750 (-46.4%), from €1,617 to €867
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 | €84,035 | €120,970 | +€36,935 | +44.0% |
| Fixed assets | 21/28 | €3,939 | €9,331 | +€5,392 | +137% |
| Tangible fixed assets | 22/27 | €3,841 | €9,233 | +€5,392 | +140% |
| Furniture and vehicles | 24 | €3,841 | €9,233 | +€5,392 | +140% |
| Financial fixed assets | 28 | €98 | €98 | = | 0.0% |
| Current assets | 29/58 | €80,096 | €111,639 | +€31,543 | +39.4% |
| Amounts receivable within one year | 40/41 | €393 | €940 | +€547 | +139% |
| Trade receivables | 40 | - | €98 | +€98 | |
| Other amounts receivable | 41 | €393 | €842 | +€449 | +114% |
| Cash at bank and in hand | 54/58 | €79,703 | €110,698 | +€30,995 | +38.9% |
| Total equity and liabilities | 10/49 | €84,035 | €120,970 | +€36,935 | +44.0% |
| Equity | 10/15 | €48,219 | €87,797 | +€39,578 | +82.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,219 | €86,797 | +€39,578 | +83.8% |
| Amounts payable | 17/49 | €35,816 | €33,172 | -€2,644 | -7.4% |
| Amounts payable within one year | 42/48 | €35,816 | €33,172 | -€2,644 | -7.4% |
| Trade debts | 44 | €11,526 | €2,719 | -€8,807 | -76.4% |
| Suppliers | 440/4 | €11,526 | €2,719 | -€8,807 | -76.4% |
| Taxes, remuneration and social security | 45 | €24,191 | €29,392 | +€5,201 | +21.5% |
| Taxes | 450/3 | €16,666 | €29,392 | +€12,726 | +76.4% |
| Remuneration and social security | 454/9 | €7,525 | - | -€7,525 | |
| Other amounts payable | 47/48 | €99 | €1,061 | +€962 | +972% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,658 | €3,825 | +€2,167 | +131% |
| Other operating charges | 640/8 | €1,617 | €867 | -€750 | -46.4% |
| Gross operating margin | 9900 | €66,172 | €56,941 | -€9,231 | -13.9% |
| Operating profit (loss) | 9901 | €62,897 | €52,249 | -€10,648 | -16.9% |
| Financial charges | 65/66B | €312 | €444 | +€132 | +42.3% |
| Recurring financial charges | 65 | €312 | €444 | +€132 | +42.3% |
| Profit (loss) for the period before taxes | 9903 | €62,585 | €51,804 | -€10,781 | -17.2% |
| Income taxes | 67/77 | €15,366 | €12,226 | -€3,140 | -20.4% |
| Profit (loss) for the period | 9904 | €47,219 | €39,578 | -€7,641 | -16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €47,219 | €39,578 | -€7,641 | -16.2% |
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 25 October 2026 via checked.be.