HLDR: 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.
HLDR
Largest movements
- Receivables within one year +€36,203
up €36,203 (+145%), from €25,024 to €61,227
of which Other amounts receivable: +€58,051
- Cash +€8,032
up €8,032 (+21.8%), from €36,814 to €44,846
mainly Tax, wage and social debts (+€27,831) and Net result for the year (+€23,417)
- Tangible fixed assets -€2,619
down €2,619 (-28.2%), from €9,293 to €6,674
of which Furniture and vehicles: -€1,872
- Tax, wage and social debts +€27,831
up €27,831 (+177%), from €15,711 to €43,542
- Profit (loss) carried forward +€23,417
up €23,417, from -€10,432 to €12,984
- Trade debts -€3,472
down €3,472 (-70.2%), from €4,943 to €1,471
- Other debts -€2,328
no longer reported in 2025 (was €2,328)
- Accrued charges and deferred income -€1,928
down €1,928 (-54.6%), from €3,527 to €1,600
- Gross operating margin +€33,515
up €33,515 (+434%), from €7,721 to €41,236
- Taxes +€10,806
up €10,806 (+2,087%), from €518 to €11,323
- Other operating charges +€2,304
up €2,304 (+93.4%), from €2,468 to €4,772
- Financial income +€1,110
new in 2025: €1,110
- Financial charges -€1,003
down €1,003 (-82.3%), from €1,219 to €216
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 | €71,483 | €113,124 | +€41,641 | +58.3% |
| Fixed assets | 21/28 | €9,293 | €6,674 | -€2,619 | -28.2% |
| Tangible fixed assets | 22/27 | €9,293 | €6,674 | -€2,619 | -28.2% |
| Land and buildings | 22 | €4,161 | €3,652 | -€510 | -12.2% |
| Plant, machinery and equipment | 23 | €237 | - | -€237 | |
| Furniture and vehicles | 24 | €4,894 | €3,022 | -€1,872 | -38.3% |
| Current assets | 29/58 | €62,191 | €106,450 | +€44,260 | +71.2% |
| Amounts receivable within one year | 40/41 | €25,024 | €61,227 | +€36,203 | +145% |
| Trade receivables | 40 | €25,024 | €3,176 | -€21,848 | -87.3% |
| Other amounts receivable | 41 | - | €58,051 | +€58,051 | |
| Cash at bank and in hand | 54/58 | €36,814 | €44,846 | +€8,032 | +21.8% |
| Deferred charges and accrued income | 490/1 | €353 | €377 | +€25 | +6.9% |
| Total equity and liabilities | 10/49 | €71,483 | €113,124 | +€41,641 | +58.3% |
| Equity | 10/15 | €43,094 | €66,511 | +€23,417 | +54.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €52,527 | €52,527 | = | 0.0% |
| Distributable reserves | 133 | €52,527 | €52,527 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,432 | €12,984 | +€23,417 | |
| Amounts payable | 17/49 | €28,389 | €46,613 | +€18,224 | +64.2% |
| Amounts payable within one year | 42/48 | €24,862 | €45,013 | +€20,152 | +81.1% |
| Current portion of amounts payable after more than one year | 42 | €1,879 | - | -€1,879 | |
| Trade debts | 44 | €4,943 | €1,471 | -€3,472 | -70.2% |
| Suppliers | 440/4 | €4,943 | €1,471 | -€3,472 | -70.2% |
| Taxes, remuneration and social security | 45 | €15,711 | €43,542 | +€27,831 | +177% |
| Taxes | 450/3 | €15,711 | €43,542 | +€27,831 | +177% |
| Other amounts payable | 47/48 | €2,328 | - | -€2,328 | |
| Accrued charges and deferred income | 492/3 | €3,527 | €1,600 | -€1,928 | -54.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,817 | €2,619 | -€198 | -7.0% |
| Other operating charges | 640/8 | €2,468 | €4,772 | +€2,304 | +93.4% |
| Gross operating margin | 9900 | €7,721 | €41,236 | +€33,515 | +434% |
| Operating profit (loss) | 9901 | €2,437 | €33,846 | +€31,409 | +1,289% |
| Financial income | 75/76B | - | €1,110 | +€1,110 | |
| Recurring financial income | 75 | - | €1,110 | +€1,110 | |
| Financial charges | 65/66B | €1,219 | €216 | -€1,003 | -82.3% |
| Recurring financial charges | 65 | €1,219 | €216 | -€1,003 | -82.3% |
| Profit (loss) for the period before taxes | 9903 | €1,218 | €34,740 | +€33,522 | +2,753% |
| Income taxes | 67/77 | €518 | €11,323 | +€10,806 | +2,087% |
| Profit (loss) for the period | 9904 | €700 | €23,417 | +€22,717 | +3,246% |
| Profit (loss) for the period to be appropriated | 9905 | €700 | €23,417 | +€22,717 | +3,246% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.