H.D.B.: 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.D.B.
Largest movements
- Receivables within one year +€105,452
up €105,452 (+118.3%), from €89,115 to €194,567
of which Trade receivables: +€71,711
- Cash +€35,899
up €35,899 (+26.1%), from €137,422 to €173,321
mainly Depreciation (+€225,566) and Net result for the year (+€189,162)
- Tangible fixed assets -€34,619
down €34,619 (-4.4%), from €779,042 to €744,424
of which Furniture and vehicles: -€47,189
- Reserves +€139,681
up €139,681 (+22.9%), from €610,319 to €750,000
- Debts after one year -€60,841
down €60,841 (-32.5%), from €187,197 to €126,356
- Other debts +€48,393
up €48,393 (+403.0%), from €12,010 to €60,402
- Tax, wage and social debts -€23,702
down €23,702 (-58.4%), from €40,617 to €16,915
of which Taxes: -€27,359
- Trade debts +€16,426
up €16,426 (+80.2%), from €20,483 to €36,909
- Gross operating margin +€165,067
up €165,067 (+33.3%), from €496,356 to €661,424
- Staff costs +€62,116
up €62,116 (+61.8%), from €100,523 to €162,639
- Depreciation +€19,677
up €19,677 (+9.6%), from €205,889 to €225,566
- Taxes +€16,471
up €16,471 (+33.8%), from €48,750 to €65,221
- Financial income -€7,125
down €7,125 (-94.3%), from €7,553 to €429
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 | €1,019,252 | €1,131,044 | +€111,791 | +11.0% |
| Fixed assets | 21/28 | €779,694 | €747,575 | -€32,119 | -4.1% |
| Tangible fixed assets | 22/27 | €779,042 | €744,424 | -€34,619 | -4.4% |
| Plant, machinery and equipment | 23 | €31,616 | €32,626 | +€1,010 | +3.2% |
| Furniture and vehicles | 24 | €747,426 | €700,237 | -€47,189 | -6.3% |
| Other tangible fixed assets | 26 | - | €11,560 | +€11,560 | |
| Financial fixed assets | 28 | €652 | €3,152 | +€2,500 | +383.6% |
| Current assets | 29/58 | €239,559 | €383,468 | +€143,910 | +60.1% |
| Amounts receivable within one year | 40/41 | €89,115 | €194,567 | +€105,452 | +118.3% |
| Trade receivables | 40 | €60,220 | €131,931 | +€71,711 | +119.1% |
| Other amounts receivable | 41 | €28,895 | €62,637 | +€33,741 | +116.8% |
| Cash at bank and in hand | 54/58 | €137,422 | €173,321 | +€35,899 | +26.1% |
| Deferred charges and accrued income | 490/1 | €13,022 | €15,580 | +€2,559 | +19.6% |
| Total equity and liabilities | 10/49 | €1,019,252 | €1,131,044 | +€111,791 | +11.0% |
| Equity | 10/15 | €626,088 | €765,250 | +€139,162 | +22.2% |
| Contributions | 10/11 | €14,917 | €14,917 | = | 0.0% |
| Reserves | 13 | €610,319 | €750,000 | +€139,681 | +22.9% |
| Distributable reserves | 133 | €610,319 | €750,000 | +€139,681 | +22.9% |
| Profit (loss) carried forward | 14 | €852 | €333 | -€520 | -60.9% |
| Amounts payable | 17/49 | €393,165 | €365,794 | -€27,371 | -7.0% |
| Amounts payable after more than one year | 17 | €187,197 | €126,356 | -€60,841 | -32.5% |
| Financial debts | 170/4 | €187,197 | €126,356 | -€60,841 | -32.5% |
| Amounts payable within one year | 42/48 | €205,967 | €239,070 | +€33,103 | +16.1% |
| Current portion of amounts payable after more than one year | 42 | €132,783 | €124,843 | -€7,940 | -6.0% |
| Financial debts | 43 | €75 | - | -€75 | |
| Credit institutions | 430/8 | €75 | - | -€75 | |
| Trade debts | 44 | €20,483 | €36,909 | +€16,426 | +80.2% |
| Suppliers | 440/4 | €20,483 | €36,909 | +€16,426 | +80.2% |
| Taxes, remuneration and social security | 45 | €40,617 | €16,915 | -€23,702 | -58.4% |
| Taxes | 450/3 | €30,080 | €2,721 | -€27,359 | -91.0% |
| Remuneration and social security | 454/9 | €10,537 | €14,194 | +€3,657 | +34.7% |
| Other amounts payable | 47/48 | €12,010 | €60,402 | +€48,393 | +403.0% |
| Accrued charges and deferred income | 492/3 | - | €368 | +€368 | |
| Remuneration, social security and pensions | 62 | €100,523 | €162,639 | +€62,116 | +61.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €205,889 | €225,566 | +€19,677 | +9.6% |
| Other operating charges | 640/8 | €9,120 | €8,992 | -€127 | -1.4% |
| Gross operating margin | 9900 | €496,356 | €661,424 | +€165,067 | +33.3% |
| Operating profit (loss) | 9901 | €180,825 | €264,226 | +€83,401 | +46.1% |
| Financial income | 75/76B | €7,553 | €429 | -€7,125 | -94.3% |
| Recurring financial income | 75 | €7,553 | €429 | -€7,125 | -94.3% |
| Financial charges | 65/66B | €12,002 | €10,272 | -€1,730 | -14.4% |
| Recurring financial charges | 65 | €12,002 | €10,272 | -€1,730 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €176,376 | €254,383 | +€78,006 | +44.2% |
| Income taxes | 67/77 | €48,750 | €65,221 | +€16,471 | +33.8% |
| Profit (loss) for the period | 9904 | €127,626 | €189,162 | +€61,535 | +48.2% |
| Profit (loss) for the period to be appropriated | 9905 | €127,626 | €189,162 | +€61,535 | +48.2% |
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 10 October 2026 via checked.be.