H.L.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.L.B.
Largest movements
- Receivables within one year +€62,041
up €62,041 (+16.2%), from €383,787 to €445,828
of which Other amounts receivable: +€71,351
- Tangible fixed assets -€34,200
down €34,200 (-17.9%), from €190,926 to €156,726
of which Land and buildings: -€33,198
- Cash +€13,896
up €13,896 (+3.4%), from €402,930 to €416,826
mainly Other debts (+€303,041) and Depreciation (+€36,680)
- Other debts +€303,041
new in 2025: €303,041
- Reserves -€273,770
down €273,770 (-32.0%), from €856,290 to €582,520
of which Distributable reserves: -€273,770
- Gross operating margin +€34,029
up €34,029 (+67.4%), from €50,471 to €84,500
- Taxes +€10,738
up €10,738 (+988%), from €1,087 to €11,825
- Depreciation -€6,445
down €6,445 (-14.9%), from €43,125 to €36,680
- Financial income +€2,224
up €2,224 (+43.6%), from €5,102 to €7,326
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 | €983,046 | €1,021,046 | +€37,999 | +3.9% |
| Fixed assets | 21/28 | €191,174 | €156,974 | -€34,200 | -17.9% |
| Tangible fixed assets | 22/27 | €190,926 | €156,726 | -€34,200 | -17.9% |
| Land and buildings | 22 | €189,227 | €156,030 | -€33,198 | -17.5% |
| Furniture and vehicles | 24 | €1,698 | €696 | -€1,002 | -59.0% |
| Financial fixed assets | 28 | €248 | €248 | = | 0.0% |
| Current assets | 29/58 | €791,873 | €864,072 | +€72,199 | +9.1% |
| Amounts receivable within one year | 40/41 | €383,787 | €445,828 | +€62,041 | +16.2% |
| Trade receivables | 40 | €17,029 | €7,719 | -€9,310 | -54.7% |
| Other amounts receivable | 41 | €366,758 | €438,109 | +€71,351 | +19.5% |
| Cash at bank and in hand | 54/58 | €402,930 | €416,826 | +€13,896 | +3.4% |
| Deferred charges and accrued income | 490/1 | €5,156 | €1,418 | -€3,738 | -72.5% |
| Total equity and liabilities | 10/49 | €983,046 | €1,021,046 | +€37,999 | +3.9% |
| Equity | 10/15 | €918,290 | €644,520 | -€273,770 | -29.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €856,290 | €582,520 | -€273,770 | -32.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €850,090 | €576,320 | -€273,770 | -32.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €31,808 | €31,808 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €31,808 | €31,808 | = | 0.0% |
| Pensions and similar obligations | 160 | €31,808 | €31,808 | = | 0.0% |
| Amounts payable | 17/49 | €32,948 | €344,718 | +€311,769 | +946% |
| Amounts payable within one year | 42/48 | €32,948 | €340,718 | +€307,769 | +934% |
| Trade debts | 44 | €2,932 | €1,085 | -€1,847 | -63.0% |
| Suppliers | 440/4 | €2,932 | €1,085 | -€1,847 | -63.0% |
| Taxes, remuneration and social security | 45 | €30,016 | €36,592 | +€6,576 | +21.9% |
| Taxes | 450/3 | €25,516 | €33,667 | +€8,151 | +31.9% |
| Remuneration and social security | 454/9 | €4,500 | €2,925 | -€1,575 | -35.0% |
| Other amounts payable | 47/48 | - | €303,041 | +€303,041 | |
| Accrued charges and deferred income | 492/3 | - | €4,000 | +€4,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,125 | €36,680 | -€6,445 | -14.9% |
| Other operating charges | 640/8 | €13,297 | €13,774 | +€478 | +3.6% |
| Gross operating margin | 9900 | €50,471 | €84,500 | +€34,029 | +67.4% |
| Operating profit (loss) | 9901 | -€5,951 | €34,046 | +€39,997 | |
| Financial income | 75/76B | €5,102 | €7,326 | +€2,224 | +43.6% |
| Recurring financial income | 75 | €5,102 | €7,326 | +€2,224 | +43.6% |
| Financial charges | 65/66B | €116 | €277 | +€161 | +139% |
| Recurring financial charges | 65 | €116 | €277 | +€161 | +139% |
| Profit (loss) for the period before taxes | 9903 | -€965 | €41,095 | +€42,060 | |
| Income taxes | 67/77 | €1,087 | €11,825 | +€10,738 | +988% |
| Profit (loss) for the period | 9904 | -€2,052 | €29,271 | +€31,323 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,052 | €29,271 | +€31,323 |
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 1 November 2026 via checked.be.