H.R.B.D.: 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.R.B.D.
Largest movements
- Receivables after one year +€81,043
new in 2025: €81,043
- Cash +€70,679
up €70,679 (+161%), from €43,913 to €114,593
mainly Debts after one year (+€80,373) and Current investments (+€35,971)
- Current investments -€35,971
no longer reported in 2025 (was €35,971)
- Tangible fixed assets -€8,719
down €8,719 (-21.9%), from €39,729 to €31,010
of which Land and buildings: -€6,854
- Debts after one year +€80,373
new in 2025: €80,373
- Profit (loss) carried forward +€24,287
up €24,287 (+157%), from €15,434 to €39,720
- Gross operating margin +€9,718
up €9,718 (+52.2%), from -€18,611 to -€8,892
- Financial income +€6,143
up €6,143 (+15.8%), from €38,929 to €45,072
of which Non-recurring financial income: +€3,100
- Depreciation -€1,274
down €1,274 (-12.7%), from €9,993 to €8,719
- Financial charges +€564
up €564 (+591%), from €95 to €659
- Other operating charges +€426
up €426 (+45.4%), from €938 to €1,364
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 | €119,927 | €227,863 | +€107,935 | +90.0% |
| Fixed assets | 21/28 | €39,729 | €31,010 | -€8,719 | -21.9% |
| Tangible fixed assets | 22/27 | €39,729 | €31,010 | -€8,719 | -21.9% |
| Land and buildings | 22 | €20,562 | €13,708 | -€6,854 | -33.3% |
| Furniture and vehicles | 24 | €8,769 | €8,642 | -€127 | -1.4% |
| Other tangible fixed assets | 26 | €10,398 | €8,660 | -€1,737 | -16.7% |
| Current assets | 29/58 | €80,199 | €196,853 | +€116,654 | +145% |
| Amounts receivable after more than one year | 29 | - | €81,043 | +€81,043 | |
| Other amounts receivable | 291 | - | €81,043 | +€81,043 | |
| Current investments | 50/53 | €35,971 | - | -€35,971 | |
| Cash at bank and in hand | 54/58 | €43,913 | €114,593 | +€70,679 | +161% |
| Deferred charges and accrued income | 490/1 | €314 | €1,217 | +€903 | +287% |
| Total equity and liabilities | 10/49 | €119,927 | €227,863 | +€107,935 | +90.0% |
| Equity | 10/15 | €98,839 | €123,126 | +€24,287 | +24.6% |
| Contributions | 10/11 | €50,600 | €50,600 | = | 0.0% |
| Reserves | 13 | €32,805 | €32,805 | = | 0.0% |
| Tax-exempt reserves | 132 | €27,745 | €27,745 | = | 0.0% |
| Distributable reserves | 133 | €5,060 | €5,060 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,434 | €39,720 | +€24,287 | +157% |
| Amounts payable | 17/49 | €21,088 | €104,737 | +€83,649 | +397% |
| Amounts payable after more than one year | 17 | - | €80,373 | +€80,373 | |
| Other amounts payable | 178/9 | - | €80,373 | +€80,373 | |
| Amounts payable within one year | 42/48 | €21,088 | €23,466 | +€2,378 | +11.3% |
| Trade debts | 44 | €1,658 | €1,779 | +€121 | +7.3% |
| Suppliers | 440/4 | €1,658 | €1,779 | +€121 | +7.3% |
| Taxes, remuneration and social security | 45 | - | €1,151 | +€1,151 | |
| Taxes | 450/3 | - | €1,151 | +€1,151 | |
| Other amounts payable | 47/48 | €19,430 | €20,536 | +€1,105 | +5.7% |
| Accrued charges and deferred income | 492/3 | - | €898 | +€898 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,993 | €8,719 | -€1,274 | -12.7% |
| Other operating charges | 640/8 | €938 | €1,364 | +€426 | +45.4% |
| Gross operating margin | 9900 | -€18,611 | -€8,892 | +€9,718 | +52.2% |
| Operating profit (loss) | 9901 | -€29,541 | -€18,975 | +€10,566 | +35.8% |
| Financial income | 75/76B | €38,929 | €45,072 | +€6,143 | +15.8% |
| Recurring financial income | 75 | €38,929 | €3,043 | -€35,886 | -92.2% |
| Non-recurring financial income | 76B | €38,929 | €42,029 | +€3,100 | +8.0% |
| Financial charges | 65/66B | €95 | €659 | +€564 | +591% |
| Recurring financial charges | 65 | €95 | €659 | +€564 | +591% |
| Profit (loss) for the period before taxes | 9903 | €9,292 | €25,438 | +€16,146 | +174% |
| Income taxes | 67/77 | €1,273 | €1,151 | -€122 | -9.6% |
| Profit (loss) for the period | 9904 | €8,019 | €24,287 | +€16,267 | +203% |
| Profit (loss) for the period to be appropriated | 9905 | €8,019 | €24,287 | +€16,267 | +203% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.