HB&co: 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.
HB&co
Largest movements
- Tangible fixed assets -€76,586
down €76,586 (-5.0%), from €1.5m to €1.5m
of which Land and buildings: -€60,360
- Cash +€34,316
up €34,316 (+60.9%), from €56,307 to €90,624
mainly Depreciation (+€122,813) and Net result for the year (+€51,337)
- Receivables within one year +€23,906
up €23,906 (+40.9%), from €58,483 to €82,389
of which Trade receivables: +€25,316
- Other debts -€68,166
down €68,166 (-73.7%), from €92,447 to €24,282
- Reserves +€51,330
up €51,330 (+33.7%), from €152,250 to €203,580
- Debts after one year -€43,438
down €43,438 (-3.9%), from €1.1m to €1.1m
of which Financial debts: -€117,125
- Trade debts +€26,364
up €26,364 (+188%), from €13,986 to €40,350
- Gross operating margin +€30,765
up €30,765 (+12.6%), from €243,342 to €274,108
- Depreciation +€9,114
up €9,114 (+8.0%), from €113,700 to €122,813
- Taxes +€7,410
up €7,410 (+48.1%), from €15,391 to €22,800
- Staff costs -€3,225
down €3,225 (-9.9%), from €32,724 to €29,499
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 | €1,654,631 | €1,627,454 | -€27,177 | -1.6% |
| Fixed assets | 21/28 | €1,531,027 | €1,454,441 | -€76,586 | -5.0% |
| Tangible fixed assets | 22/27 | €1,531,027 | €1,454,441 | -€76,586 | -5.0% |
| Land and buildings | 22 | €930,239 | €869,880 | -€60,360 | -6.5% |
| Plant, machinery and equipment | 23 | €600,787 | €584,561 | -€16,226 | -2.7% |
| Current assets | 29/58 | €123,604 | €173,013 | +€49,409 | +40.0% |
| Amounts receivable within one year | 40/41 | €58,483 | €82,389 | +€23,906 | +40.9% |
| Trade receivables | 40 | €55,388 | €80,703 | +€25,316 | +45.7% |
| Other amounts receivable | 41 | €3,096 | €1,686 | -€1,410 | -45.5% |
| Cash at bank and in hand | 54/58 | €56,307 | €90,624 | +€34,316 | +60.9% |
| Deferred charges and accrued income | 490/1 | €8,814 | - | -€8,814 | |
| Total equity and liabilities | 10/49 | €1,654,631 | €1,627,454 | -€27,177 | -1.6% |
| Equity | 10/15 | €262,369 | €313,705 | +€51,337 | +19.6% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Reserves | 13 | €152,250 | €203,580 | +€51,330 | +33.7% |
| Distributable reserves | 133 | €152,250 | €203,580 | +€51,330 | +33.7% |
| Profit (loss) carried forward | 14 | €119 | €125 | +€7 | +5.5% |
| Amounts payable | 17/49 | €1,392,262 | €1,313,749 | -€78,513 | -5.6% |
| Amounts payable after more than one year | 17 | €1,127,259 | €1,083,821 | -€43,438 | -3.9% |
| Financial debts | 170/4 | €1,078,530 | €961,406 | -€117,125 | -10.9% |
| Other amounts payable | 178/9 | €48,729 | €122,415 | +€73,686 | +151% |
| Amounts payable within one year | 42/48 | €237,490 | €198,011 | -€39,479 | -16.6% |
| Current portion of amounts payable after more than one year | 42 | €122,396 | €117,125 | -€5,272 | -4.3% |
| Trade debts | 44 | €13,986 | €40,350 | +€26,364 | +188% |
| Suppliers | 440/4 | €13,986 | €40,350 | +€26,364 | +188% |
| Taxes, remuneration and social security | 45 | €8,660 | €16,255 | +€7,595 | +87.7% |
| Taxes | 450/3 | €5,997 | €8,659 | +€2,662 | +44.4% |
| Remuneration and social security | 454/9 | €2,664 | €7,596 | +€4,932 | +185% |
| Other amounts payable | 47/48 | €92,447 | €24,282 | -€68,166 | -73.7% |
| Accrued charges and deferred income | 492/3 | €27,514 | €31,917 | +€4,404 | +16.0% |
| Remuneration, social security and pensions | 62 | €32,724 | €29,499 | -€3,225 | -9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,700 | €122,813 | +€9,114 | +8.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,869 | €5,480 | +€611 | +12.6% |
| Other operating charges | 640/8 | €19,504 | €19,108 | -€396 | -2.0% |
| Non-recurring operating charges | 66A | €1,843 | - | -€1,843 | |
| Gross operating margin | 9900 | €243,342 | €274,108 | +€30,765 | +12.6% |
| Operating profit (loss) | 9901 | €70,704 | €97,208 | +€26,504 | +37.5% |
| Financial charges | 65/66B | €23,466 | €23,071 | -€395 | -1.7% |
| Recurring financial charges | 65 | €23,466 | €23,071 | -€395 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | €47,238 | €74,137 | +€26,899 | +56.9% |
| Income taxes | 67/77 | €15,391 | €22,800 | +€7,410 | +48.1% |
| Profit (loss) for the period | 9904 | €31,847 | €51,337 | +€19,489 | +61.2% |
| Profit (loss) for the period to be appropriated | 9905 | €31,847 | €51,337 | +€19,489 | +61.2% |
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 25 October 2026 via checked.be.