HZD CONSULT: 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.
HZD CONSULT
Largest movements
- Cash +€69,660
up €69,660 (+89.2%), from €78,077 to €147,738
mainly Other debts (+€160,434) and Net result for the year (+€105,276)
- Tangible fixed assets -€21,303
down €21,303 (-5.8%), from €368,812 to €347,509
- Receivables within one year -€8,217
down €8,217 (-78.6%), from €10,450 to €2,233
of which Trade receivables: -€9,979
- Other debts +€160,434
up €160,434 (+362.9%), from €44,205 to €204,638
- Profit (loss) carried forward -€85,007
down €85,007 (-77.1%), from €110,283 to €25,276
- Debts after one year -€23,862
down €23,862 (-32.8%), from €72,682 to €48,819
- Tax, wage and social debts -€11,595
down €11,595 (-70.7%), from €16,390 to €4,795
of which Taxes: -€11,595
- Gross operating margin +€16,134
up €16,134 (+11.1%), from €145,415 to €161,549
- Taxes -€4,448
down €4,448 (-13.6%), from €32,657 to €28,209
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 | €457,454 | €497,480 | +€40,026 | +8.7% |
| Fixed assets | 21/28 | €368,927 | €347,509 | -€21,418 | -5.8% |
| Intangible fixed assets | 21 | €115 | €0 | -€115 | -100.0% |
| Tangible fixed assets | 22/27 | €368,812 | €347,509 | -€21,303 | -5.8% |
| Land and buildings | 22 | €368,812 | €347,509 | -€21,303 | -5.8% |
| Current assets | 29/58 | €88,527 | €149,971 | +€61,444 | +69.4% |
| Amounts receivable within one year | 40/41 | €10,450 | €2,233 | -€8,217 | -78.6% |
| Trade receivables | 40 | €10,431 | €452 | -€9,979 | -95.7% |
| Other amounts receivable | 41 | €19 | €1,781 | +€1,762 | +9324.4% |
| Cash at bank and in hand | 54/58 | €78,077 | €147,738 | +€69,660 | +89.2% |
| Total equity and liabilities | 10/49 | €457,454 | €497,480 | +€40,026 | +8.7% |
| Equity | 10/15 | €300,372 | €215,365 | -€85,007 | -28.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €171,490 | €171,490 | = | 0.0% |
| Distributable reserves | 133 | €171,490 | €171,490 | = | 0.0% |
| Profit (loss) carried forward | 14 | €110,283 | €25,276 | -€85,007 | -77.1% |
| Amounts payable | 17/49 | €157,082 | €282,115 | +€125,033 | +79.6% |
| Amounts payable after more than one year | 17 | €72,682 | €48,819 | -€23,862 | -32.8% |
| Financial debts | 170/4 | €72,682 | €48,819 | -€23,862 | -32.8% |
| Amounts payable within one year | 42/48 | €84,400 | €233,295 | +€148,895 | +176.4% |
| Current portion of amounts payable after more than one year | 42 | €23,505 | €23,862 | +€358 | +1.5% |
| Trade debts | 44 | €301 | €0 | -€301 | -100.0% |
| Suppliers | 440/4 | €301 | €0 | -€301 | -100.0% |
| Taxes, remuneration and social security | 45 | €16,390 | €4,795 | -€11,595 | -70.7% |
| Taxes | 450/3 | €14,160 | €2,565 | -€11,595 | -81.9% |
| Remuneration and social security | 454/9 | €2,230 | €2,230 | = | 0.0% |
| Other amounts payable | 47/48 | €44,205 | €204,638 | +€160,434 | +362.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,822 | €26,031 | +€209 | +0.8% |
| Other operating charges | 640/8 | €472 | €487 | +€15 | +3.2% |
| Gross operating margin | 9900 | €145,415 | €161,549 | +€16,134 | +11.1% |
| Operating profit (loss) | 9901 | €119,121 | €135,031 | +€15,910 | +13.4% |
| Financial charges | 65/66B | €1,883 | €1,546 | -€337 | -17.9% |
| Recurring financial charges | 65 | €1,883 | €1,546 | -€337 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €117,238 | €133,485 | +€16,248 | +13.9% |
| Income taxes | 67/77 | €32,657 | €28,209 | -€4,448 | -13.6% |
| Profit (loss) for the period | 9904 | €84,580 | €105,276 | +€20,695 | +24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €84,580 | €105,276 | +€20,695 | +24.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 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.