HB'Fisc: 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'Fisc
Largest movements
- Receivables within one year +€306,480
up €306,480 (+161%), from €190,561 to €497,041
of which Other amounts receivable: +€272,520
- Current investments -€150,000
down €150,000 (-85.7%), from €175,000 to €25,000
- Tangible fixed assets +€65,047
up €65,047 (+196%), from €33,168 to €98,216
of which Land and buildings: +€69,191
- Cash -€33,170
down €33,170 (-47.2%), from €70,281 to €37,111
mainly Receivables within one year (-€306,480) and Investment in fixed assets (net) (-€80,014)
- Deferred charges and accrued income +€11,569
up €11,569 (+1,332%), from €869 to €12,438
- Reserves +€170,846
up €170,846 (+51.4%), from €332,562 to €503,408
- Debts after one year +€30,250
new in 2025: €30,250
- Tax, wage and social debts -€8,518
down €8,518 (-7.2%), from €117,693 to €109,175
- Gross operating margin +€28,150
up €28,150 (+14.1%), from €200,032 to €228,182
- Financial income +€11,853
up €11,853 (+407%), from €2,915 to €14,768
- Taxes +€5,512
up €5,512 (+12.4%), from €44,455 to €49,967
- Financial charges +€4,471
up €4,471 (+628%), from €712 to €5,184
of which Non-recurring financial charges: +€4,511
- Depreciation +€2,731
up €2,731 (+22.3%), from €12,236 to €14,967
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 | €487,195 | €687,121 | +€199,926 | +41.0% |
| Fixed assets | 21/28 | €50,484 | €115,531 | +€65,047 | +129% |
| Tangible fixed assets | 22/27 | €33,168 | €98,216 | +€65,047 | +196% |
| Land and buildings | 22 | - | €69,191 | +€69,191 | |
| Plant, machinery and equipment | 23 | €1,988 | €1,423 | -€565 | -28.4% |
| Furniture and vehicles | 24 | €31,181 | €27,602 | -€3,579 | -11.5% |
| Financial fixed assets | 28 | €17,315 | €17,315 | = | 0.0% |
| Current assets | 29/58 | €436,711 | €571,590 | +€134,879 | +30.9% |
| Amounts receivable within one year | 40/41 | €190,561 | €497,041 | +€306,480 | +161% |
| Trade receivables | 40 | €89,025 | €122,985 | +€33,960 | +38.1% |
| Other amounts receivable | 41 | €101,536 | €374,056 | +€272,520 | +268% |
| Current investments | 50/53 | €175,000 | €25,000 | -€150,000 | -85.7% |
| Cash at bank and in hand | 54/58 | €70,281 | €37,111 | -€33,170 | -47.2% |
| Deferred charges and accrued income | 490/1 | €869 | €12,438 | +€11,569 | +1,332% |
| Total equity and liabilities | 10/49 | €487,195 | €687,121 | +€199,926 | +41.0% |
| Equity | 10/15 | €352,562 | €523,408 | +€170,846 | +48.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €332,562 | €503,408 | +€170,846 | +51.4% |
| Distributable reserves | 133 | €332,562 | €503,408 | +€170,846 | +51.4% |
| Amounts payable | 17/49 | €134,633 | €163,713 | +€29,080 | +21.6% |
| Amounts payable after more than one year | 17 | - | €30,250 | +€30,250 | |
| Financial debts | 170/4 | - | €30,250 | +€30,250 | |
| Amounts payable within one year | 42/48 | €134,633 | €133,463 | -€1,170 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €10,269 | €12,058 | +€1,789 | +17.4% |
| Trade debts | 44 | €6,671 | €12,229 | +€5,559 | +83.3% |
| Suppliers | 440/4 | €6,671 | €12,229 | +€5,559 | +83.3% |
| Taxes, remuneration and social security | 45 | €117,693 | €109,175 | -€8,518 | -7.2% |
| Taxes | 450/3 | €117,693 | €109,175 | -€8,518 | -7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,236 | €14,967 | +€2,731 | +22.3% |
| Other operating charges | 640/8 | €520 | €1,986 | +€1,465 | +282% |
| Gross operating margin | 9900 | €200,032 | €228,182 | +€28,150 | +14.1% |
| Operating profit (loss) | 9901 | €187,275 | €211,229 | +€23,954 | +12.8% |
| Financial income | 75/76B | €2,915 | €14,768 | +€11,853 | +407% |
| Recurring financial income | 75 | €2,915 | €14,768 | +€11,853 | +407% |
| Financial charges | 65/66B | €712 | €5,184 | +€4,471 | +628% |
| Recurring financial charges | 65 | €712 | €673 | -€40 | -5.6% |
| Non-recurring financial charges | 66B | - | €4,511 | +€4,511 | |
| Profit (loss) for the period before taxes | 9903 | €189,478 | €220,813 | +€31,335 | +16.5% |
| Income taxes | 67/77 | €44,455 | €49,967 | +€5,512 | +12.4% |
| Profit (loss) for the period | 9904 | €145,023 | €170,846 | +€25,823 | +17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €145,023 | €170,846 | +€25,823 | +17.8% |
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 29 October 2026 via checked.be.