HB Distribution: 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 Distribution
Largest movements
- Cash +€63,365
up €63,365 (+22.3%), from €283,616 to €346,981
mainly Depreciation (+€115,655) and Tax, wage and social debts (+€57,129)
- Tangible fixed assets -€26,199
down €26,199 (-14.2%), from €184,202 to €158,003
of which Plant, machinery and equipment: -€40,658
- Stocks and contracts +€14,046
up €14,046 (+479%), from €2,932 to €16,978
- Reserves +€200,000
up €200,000 (+10,753%), from €1,860 to €201,860
of which Distributable reserves: +€200,000
- Profit (loss) carried forward -€170,679
down €170,679 (-62.8%), from €271,929 to €101,250
- Tax, wage and social debts +€57,129
up €57,129 (+39.5%), from €144,675 to €201,804
of which Remuneration and social security: +€39,215
- Trade debts +€20,427
up €20,427 (+5.1%), from €401,736 to €422,163
- Current portion of long-term debt -€19,473
down €19,473 (-58.4%), from €33,358 to €13,885
- Gross operating margin +€551,756
up €551,756 (+39.4%), from €1.4m to €2.0m
- Staff costs +€470,527
up €470,527 (+38.0%), from €1.2m to €1.7m
- Financial income -€66,250
no longer reported in 2025 (was €66,250)
of which Non-recurring financial income: -€65,782
- Depreciation +€21,177
up €21,177 (+22.4%), from €94,478 to €115,655
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 | €1,241,219 | €1,314,825 | +€73,606 | +5.9% |
| Fixed assets | 21/28 | €184,202 | €158,003 | -€26,199 | -14.2% |
| Tangible fixed assets | 22/27 | €184,202 | €158,003 | -€26,199 | -14.2% |
| Plant, machinery and equipment | 23 | €89,313 | €48,654 | -€40,658 | -45.5% |
| Furniture and vehicles | 24 | €51,788 | €70,806 | +€19,018 | +36.7% |
| Other tangible fixed assets | 26 | €43,101 | €38,543 | -€4,558 | -10.6% |
| Current assets | 29/58 | €1,057,018 | €1,156,823 | +€99,805 | +9.4% |
| Stocks and contracts in progress | 3 | €2,932 | €16,978 | +€14,046 | +479% |
| Stocks | 30/36 | €2,932 | €16,978 | +€14,046 | +479% |
| Amounts receivable within one year | 40/41 | €751,763 | €762,592 | +€10,829 | +1.4% |
| Trade receivables | 40 | €718,935 | €671,199 | -€47,736 | -6.6% |
| Other amounts receivable | 41 | €32,828 | €91,393 | +€58,565 | +178% |
| Cash at bank and in hand | 54/58 | €283,616 | €346,981 | +€63,365 | +22.3% |
| Deferred charges and accrued income | 490/1 | €18,707 | €30,272 | +€11,565 | +61.8% |
| Total equity and liabilities | 10/49 | €1,241,219 | €1,314,825 | +€73,606 | +5.9% |
| Equity | 10/15 | €292,389 | €321,710 | +€29,321 | +10.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €201,860 | +€200,000 | +10,753% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €200,000 | +€200,000 | |
| Profit (loss) carried forward | 14 | €271,929 | €101,250 | -€170,679 | -62.8% |
| Amounts payable | 17/49 | €948,830 | €993,116 | +€44,285 | +4.7% |
| Amounts payable after more than one year | 17 | €18,643 | €23,909 | +€5,266 | +28.2% |
| Financial debts | 170/4 | €18,643 | €23,909 | +€5,266 | +28.2% |
| Amounts payable within one year | 42/48 | €911,086 | €969,207 | +€58,121 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €33,358 | €13,885 | -€19,473 | -58.4% |
| Financial debts | 43 | €297,562 | €316,588 | +€19,026 | +6.4% |
| Credit institutions | 430/8 | €22,562 | €32,226 | +€9,664 | +42.8% |
| Other loans | 439 | €275,000 | €284,362 | +€9,362 | +3.4% |
| Trade debts | 44 | €401,736 | €422,163 | +€20,427 | +5.1% |
| Suppliers | 440/4 | €401,736 | €422,163 | +€20,427 | +5.1% |
| Taxes, remuneration and social security | 45 | €144,675 | €201,804 | +€57,129 | +39.5% |
| Taxes | 450/3 | €29,459 | €47,373 | +€17,914 | +60.8% |
| Remuneration and social security | 454/9 | €115,216 | €154,431 | +€39,215 | +34.0% |
| Other amounts payable | 47/48 | €33,755 | €14,767 | -€18,988 | -56.3% |
| Accrued charges and deferred income | 492/3 | €19,101 | - | -€19,101 | |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €1,239,639 | €1,710,166 | +€470,527 | +38.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,478 | €115,655 | +€21,177 | +22.4% |
| Other operating charges | 640/8 | €27,868 | €24,478 | -€3,390 | -12.2% |
| Non-recurring operating charges | 66A | €18,417 | €12,859 | -€5,558 | -30.2% |
| Gross operating margin | 9900 | €1,401,458 | €1,953,214 | +€551,756 | +39.4% |
| Operating profit (loss) | 9901 | €21,055 | €90,056 | +€69,001 | +328% |
| Financial income | 75/76B | €66,250 | - | -€66,250 | |
| Recurring financial income | 75 | €467 | - | -€467 | |
| Non-recurring financial income | 76B | €65,782 | - | -€65,782 | |
| Financial charges | 65/66B | €40,736 | €33,656 | -€7,080 | -17.4% |
| Recurring financial charges | 65 | €40,736 | €33,656 | -€7,080 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €46,568 | €56,400 | +€9,831 | +21.1% |
| Income taxes | 67/77 | €22,871 | €27,079 | +€4,208 | +18.4% |
| Profit (loss) for the period | 9904 | €23,698 | €29,321 | +€5,623 | +23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €23,698 | €29,321 | +€5,623 | +23.7% |
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 20 October 2026 via checked.be.