HB Composite: what changed
Two fiscal 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 Composite
Largest movements
- Stocks and contracts +€744,184
new in 2025: €744,184
- Receivables within one year +€358,256
new in 2025: €358,256
of which Trade receivables: +€342,223
- Deferred charges and accrued income +€57,252
new in 2025: €57,252
- Cash +€46,945
up €46,945 (+1564817.7%), from €3 to €46,948
- Receivables after one year -€18,709
down €18,709 (-22.0%), from €85,118 to €66,409
of which Other amounts receivable: -€85,118
- Debts after one year +€582,003
up €582,003 (+9093.8%), from €6,400 to €588,403
- Trade debts +€530,677
new in 2025: €530,677
- Tax, wage and social debts +€46,166
new in 2025: €46,166
of which Remuneration and social security: +€38,528
- Reserves +€18,123
up €18,123 (+129.4%), from €14,000 to €32,123
of which Distributable reserves: +€18,123
- Accrued charges and deferred income +€13,325
up €13,325 (+3416.5%), from €390 to €13,715
- Gross operating margin +€155,858
up €155,858, from -€197 to €155,661
- Staff costs +€107,876
new in 2025: €107,876
- Financial charges +€22,661
up €22,661 (+47209.4%), from €48 to €22,709
- Taxes +€6,079
up €6,079 (+389.9%), from €1,559 to €7,638
- Financial income +€2,344
new in 2025: €2,344
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €85,121 | €1,276,083 | +€1.2m | +1399.1% |
| Fixed assets | 21/28 | - | €3,034 | +€3,034 | |
| Tangible fixed assets | 22/27 | - | €3,034 | +€3,034 | |
| Plant, machinery and equipment | 23 | - | €3,034 | +€3,034 | |
| Current assets | 29/58 | €85,121 | €1,273,049 | +€1.2m | +1395.6% |
| Amounts receivable after more than one year | 29 | €85,118 | €66,409 | -€18,709 | -22.0% |
| Trade receivables | 290 | - | €66,409 | +€66,409 | |
| Other amounts receivable | 291 | €85,118 | - | -€85,118 | |
| Stocks and contracts in progress | 3 | - | €744,184 | +€744,184 | |
| Stocks | 30/36 | - | €744,184 | +€744,184 | |
| Amounts receivable within one year | 40/41 | - | €358,256 | +€358,256 | |
| Trade receivables | 40 | - | €342,223 | +€342,223 | |
| Other amounts receivable | 41 | - | €16,033 | +€16,033 | |
| Cash at bank and in hand | 54/58 | €3 | €46,948 | +€46,945 | +1564817.7% |
| Deferred charges and accrued income | 490/1 | - | €57,252 | +€57,252 | |
| Total equity and liabilities | 10/49 | €85,121 | €1,276,083 | +€1.2m | +1399.1% |
| Equity | 10/15 | €78,331 | €97,123 | +€18,792 | +24.0% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €14,000 | €32,123 | +€18,123 | +129.4% |
| Non-distributable reserves | 130/1 | €14,000 | €14,000 | = | 0.0% |
| Legal reserve | 130 | €14,000 | €14,000 | = | 0.0% |
| Distributable reserves | 133 | - | €18,123 | +€18,123 | |
| Profit (loss) carried forward | 14 | -€669 | - | +€669 | |
| Amounts payable | 17/49 | €6,790 | €1,178,960 | +€1.2m | +17263.2% |
| Amounts payable after more than one year | 17 | €6,400 | €588,403 | +€582,003 | +9093.8% |
| Financial debts | 170/4 | €6,400 | €588,403 | +€582,003 | +9093.8% |
| Amounts payable within one year | 42/48 | - | €576,843 | +€576,843 | |
| Trade debts | 44 | - | €530,677 | +€530,677 | |
| Suppliers | 440/4 | - | €530,677 | +€530,677 | |
| Taxes, remuneration and social security | 45 | - | €46,166 | +€46,166 | |
| Taxes | 450/3 | - | €7,638 | +€7,638 | |
| Remuneration and social security | 454/9 | - | €38,528 | +€38,528 | |
| Accrued charges and deferred income | 492/3 | €390 | €13,715 | +€13,325 | +3416.5% |
| Remuneration, social security and pensions | 62 | - | €107,876 | +€107,876 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €292 | +€292 | |
| Other operating charges | 640/8 | €452 | €387 | -€65 | -14.3% |
| Non-recurring operating charges | 66A | - | €311 | +€311 | |
| Gross operating margin | 9900 | -€197 | €155,661 | +€155,858 | |
| Operating profit (loss) | 9901 | -€649 | €46,795 | +€47,444 | |
| Financial income | 75/76B | - | €2,344 | +€2,344 | |
| Recurring financial income | 75 | - | €2,344 | +€2,344 | |
| Financial charges | 65/66B | €48 | €22,709 | +€22,661 | +47209.4% |
| Recurring financial charges | 65 | €48 | €22,709 | +€22,661 | +47209.4% |
| Profit (loss) for the period before taxes | 9903 | -€697 | €26,430 | +€27,127 | |
| Income taxes | 67/77 | €1,559 | €7,638 | +€6,079 | +389.9% |
| Profit (loss) for the period | 9904 | -€2,256 | €18,792 | +€21,048 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,256 | €18,792 | +€21,048 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.