H-SB: 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-SB
Largest movements
- Tangible fixed assets +€61,569
up €61,569 (+4.9%), from €1.3m to €1.3m
of which Furniture and vehicles: +€132,070
- Cash +€47,060
up €47,060 (+241%), from €19,533 to €66,594
mainly Depreciation (+€301,207) and Debts after one year (+€100,055)
- Debts after one year +€100,055
up €100,055 (+60.2%), from €166,196 to €266,251
- Reserves +€90,158
up €90,158 (+11.3%), from €798,215 to €888,373
- Other debts -€50,969
no longer reported in 2025 (was €50,969)
- Gross operating margin -€42,694
down €42,694 (-7.4%), from €580,329 to €537,635
- Staff costs -€38,730
down €38,730 (-35.7%), from €108,514 to €69,784
- Depreciation +€31,845
up €31,845 (+11.8%), from €269,362 to €301,207
- Taxes -€8,589
down €8,589 (-29.5%), from €29,115 to €20,526
- Financial income +€8,456
up €8,456 (+136%), from €6,229 to €14,685
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 | €1,541,344 | €1,672,464 | +€131,119 | +8.5% |
| Fixed assets | 21/28 | €1,263,267 | €1,326,687 | +€63,420 | +5.0% |
| Tangible fixed assets | 22/27 | €1,252,362 | €1,313,931 | +€61,569 | +4.9% |
| Plant, machinery and equipment | 23 | €1,147,048 | €1,085,020 | -€62,028 | -5.4% |
| Furniture and vehicles | 24 | €73,164 | €205,233 | +€132,070 | +181% |
| Other tangible fixed assets | 26 | €32,151 | €23,678 | -€8,473 | -26.4% |
| Financial fixed assets | 28 | €10,905 | €12,756 | +€1,851 | +17.0% |
| Current assets | 29/58 | €278,077 | €345,776 | +€67,699 | +24.3% |
| Amounts receivable after more than one year | 29 | €5,481 | €4,891 | -€590 | -10.8% |
| Other amounts receivable | 291 | €5,481 | €4,891 | -€590 | -10.8% |
| Amounts receivable within one year | 40/41 | €232,766 | €249,181 | +€16,415 | +7.1% |
| Trade receivables | 40 | €128,158 | €157,111 | +€28,953 | +22.6% |
| Other amounts receivable | 41 | €104,608 | €92,071 | -€12,538 | -12.0% |
| Cash at bank and in hand | 54/58 | €19,533 | €66,594 | +€47,060 | +241% |
| Deferred charges and accrued income | 490/1 | €20,296 | €25,110 | +€4,814 | +23.7% |
| Total equity and liabilities | 10/49 | €1,541,344 | €1,672,464 | +€131,119 | +8.5% |
| Equity | 10/15 | €998,215 | €1,088,373 | +€90,158 | +9.0% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €798,215 | €888,373 | +€90,158 | +11.3% |
| Distributable reserves | 133 | €798,215 | €888,373 | +€90,158 | +11.3% |
| Amounts payable | 17/49 | €543,129 | €584,090 | +€40,961 | +7.5% |
| Amounts payable after more than one year | 17 | €166,196 | €266,251 | +€100,055 | +60.2% |
| Financial debts | 170/4 | €166,196 | €266,251 | +€100,055 | +60.2% |
| Amounts payable within one year | 42/48 | €376,933 | €317,839 | -€59,094 | -15.7% |
| Current portion of amounts payable after more than one year | 42 | €123,843 | €127,422 | +€3,579 | +2.9% |
| Financial debts | 43 | €92,777 | €87,134 | -€5,643 | -6.1% |
| Credit institutions | 430/8 | €92,777 | €87,134 | -€5,643 | -6.1% |
| Trade debts | 44 | €79,038 | €81,119 | +€2,081 | +2.6% |
| Suppliers | 440/4 | €79,038 | €81,119 | +€2,081 | +2.6% |
| Taxes, remuneration and social security | 45 | €30,306 | €22,164 | -€8,142 | -26.9% |
| Taxes | 450/3 | €16,247 | €19,130 | +€2,883 | +17.7% |
| Remuneration and social security | 454/9 | €14,059 | €3,034 | -€11,024 | -78.4% |
| Other amounts payable | 47/48 | €50,969 | - | -€50,969 | |
| Non-recurring operating income | 76A | - | €3,500 | +€3,500 | |
| Remuneration, social security and pensions | 62 | €108,514 | €69,784 | -€38,730 | -35.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €269,362 | €301,207 | +€31,845 | +11.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,850 | €15,545 | -€3,305 | -17.5% |
| Other operating charges | 640/8 | €20,658 | €25,512 | +€4,854 | +23.5% |
| Non-recurring operating charges | 66A | €2,365 | - | -€2,365 | |
| Gross operating margin | 9900 | €580,329 | €537,635 | -€42,694 | -7.4% |
| Operating profit (loss) | 9901 | €160,581 | €125,587 | -€34,993 | -21.8% |
| Financial income | 75/76B | €6,229 | €14,685 | +€8,456 | +136% |
| Recurring financial income | 75 | €6,229 | €14,685 | +€8,456 | +136% |
| Financial charges | 65/66B | €28,418 | €29,589 | +€1,171 | +4.1% |
| Recurring financial charges | 65 | €28,418 | €29,589 | +€1,171 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €138,392 | €110,684 | -€27,708 | -20.0% |
| Income taxes | 67/77 | €29,115 | €20,526 | -€8,589 | -29.5% |
| Profit (loss) for the period | 9904 | €109,277 | €90,158 | -€19,119 | -17.5% |
| Profit (loss) for the period to be appropriated | 9905 | €109,277 | €90,158 | -€19,119 | -17.5% |
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 15 October 2026 via checked.be.