H.B.N.: 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.
H.B.N.
Largest movements
- Stocks and contracts +€256,640
up €256,640 (+13.2%), from €1.9m to €2.2m
- Receivables within one year -€112,294
down €112,294 (-62.0%), from €181,217 to €68,923
of which Other amounts receivable: -€74,484
- Other debts +€317,179
up €317,179 (+215%), from €147,235 to €464,415
- Debts after one year -€129,328
down €129,328 (-63.9%), from €202,271 to €72,943
- Profit (loss) carried forward -€86,287
down €86,287 (-45.8%), from €188,423 to €102,136
- Trade debts +€48,080
up €48,080 (+14.0%), from €342,931 to €391,012
- Advances received -€44,598
no longer reported in 2025 (was €44,598)
- Gross operating margin -€225,155
down €225,155 (-86.6%), from €260,128 to €34,973
- Taxes -€24,207
down €24,207 (-95.3%), from €25,392 to €1,185
- Staff costs -€16,058
down €16,058 (-27.9%), from €57,473 to €41,415
- Other operating charges -€15,530
down €15,530 (-39.1%), from €39,750 to €24,220
- Depreciation +€14,474
up €14,474 (+82.3%), from €17,585 to €32,059
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 | €2,295,862 | €2,441,993 | +€146,130 | +6.4% |
| Fixed assets | 21/28 | €121,959 | €135,669 | +€13,710 | +11.2% |
| Tangible fixed assets | 22/27 | €119,463 | €133,173 | +€13,710 | +11.5% |
| Plant, machinery and equipment | 23 | €232 | - | -€232 | |
| Furniture and vehicles | 24 | €23,840 | €4,150 | -€19,690 | -82.6% |
| Other tangible fixed assets | 26 | €95,392 | €129,023 | +€33,632 | +35.3% |
| Financial fixed assets | 28 | €2,496 | €2,496 | = | 0.0% |
| Current assets | 29/58 | €2,173,903 | €2,306,324 | +€132,421 | +6.1% |
| Stocks and contracts in progress | 3 | €1,948,828 | €2,205,467 | +€256,640 | +13.2% |
| Stocks | 30/36 | €1,948,828 | €2,205,467 | +€256,640 | +13.2% |
| Amounts receivable within one year | 40/41 | €181,217 | €68,923 | -€112,294 | -62.0% |
| Trade receivables | 40 | €37,810 | - | -€37,810 | |
| Other amounts receivable | 41 | €143,407 | €68,923 | -€74,484 | -51.9% |
| Cash at bank and in hand | 54/58 | €25,482 | €31,933 | +€6,451 | +25.3% |
| Deferred charges and accrued income | 490/1 | €18,376 | - | -€18,376 | |
| Total equity and liabilities | 10/49 | €2,295,862 | €2,441,993 | +€146,130 | +6.4% |
| Equity | 10/15 | €1,503,777 | €1,417,489 | -€86,287 | -5.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Contributions outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Other | 1109/19 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,296,762 | €1,296,762 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €77,040 | €77,040 | = | 0.0% |
| Distributable reserves | 133 | €1,217,862 | €1,217,862 | = | 0.0% |
| Profit (loss) carried forward | 14 | €188,423 | €102,136 | -€86,287 | -45.8% |
| Amounts payable | 17/49 | €792,086 | €1,024,503 | +€232,418 | +29.3% |
| Amounts payable after more than one year | 17 | €202,271 | €72,943 | -€129,328 | -63.9% |
| Financial debts | 170/4 | €202,271 | €72,943 | -€129,328 | -63.9% |
| Amounts payable within one year | 42/48 | €589,814 | €951,560 | +€361,746 | +61.3% |
| Current portion of amounts payable after more than one year | 42 | - | €29,328 | +€29,328 | |
| Financial debts | 43 | €464 | - | -€464 | |
| Credit institutions | 430/8 | €464 | - | -€464 | |
| Trade debts | 44 | €342,931 | €391,012 | +€48,080 | +14.0% |
| Suppliers | 440/4 | €342,931 | €391,012 | +€48,080 | +14.0% |
| Advances received on contracts in progress | 46 | €44,598 | - | -€44,598 | |
| Taxes, remuneration and social security | 45 | €54,586 | €66,806 | +€12,220 | +22.4% |
| Taxes | 450/3 | €41,749 | €51,431 | +€9,683 | +23.2% |
| Remuneration and social security | 454/9 | €12,837 | €15,375 | +€2,537 | +19.8% |
| Other amounts payable | 47/48 | €147,235 | €464,415 | +€317,179 | +215% |
| Remuneration, social security and pensions | 62 | €57,473 | €41,415 | -€16,058 | -27.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,585 | €32,059 | +€14,474 | +82.3% |
| Other operating charges | 640/8 | €39,750 | €24,220 | -€15,530 | -39.1% |
| Gross operating margin | 9900 | €260,128 | €34,973 | -€225,155 | -86.6% |
| Operating profit (loss) | 9901 | €145,321 | -€62,720 | -€208,041 | |
| Financial income | 75/76B | €155 | €1 | -€154 | -99.7% |
| Recurring financial income | 75 | €155 | €1 | -€154 | -99.7% |
| Financial charges | 65/66B | €30,976 | €22,383 | -€8,593 | -27.7% |
| Recurring financial charges | 65 | €30,976 | €22,383 | -€8,593 | -27.7% |
| Profit (loss) for the period before taxes | 9903 | €114,500 | -€85,102 | -€199,602 | |
| Income taxes | 67/77 | €25,392 | €1,185 | -€24,207 | -95.3% |
| Profit (loss) for the period | 9904 | €89,108 | -€86,287 | -€175,395 | |
| Profit (loss) for the period to be appropriated | 9905 | €89,108 | -€86,287 | -€175,395 |
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 24 October 2026 via checked.be.