HB-Group: 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-Group
Largest movements
- Tangible fixed assets +€51,619
up €51,619 (+29.7%), from €173,737 to €225,356
of which Furniture and vehicles: +€30,484
- Receivables within one year +€25,554
up €25,554 (+25.5%), from €100,247 to €125,801
of which Trade receivables: +€46,923
- Cash -€14,223
down €14,223 (-59.1%), from €24,074 to €9,851
mainly Investment in fixed assets (net) (-€97,912) and Contributions, distributions and other (-€60,000)
- Other debts +€27,447
up €27,447 (+54.9%), from €50,000 to €77,447
- Reserves +€26,056
up €26,056 (+17.3%), from €150,910 to €176,966
- Trade debts +€10,832
up €10,832 (+85.3%), from €12,698 to €23,530
- Short-term financial debts -€5,052
down €5,052 (-66.7%), from €7,580 to €2,527
- Debts after one year +€3,815
up €3,815 (+8.1%), from €46,993 to €50,808
- Gross operating margin +€73,252
up €73,252 (+79.1%), from €92,600 to €165,852
- Taxes +€12,188
up €12,188 (+105%), from €11,661 to €23,849
- Depreciation +€3,486
up €3,486 (+8.1%), from €42,807 to €46,293
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 | €304,382 | €368,293 | +€63,912 | +21.0% |
| Fixed assets | 21/28 | €173,737 | €225,356 | +€51,619 | +29.7% |
| Tangible fixed assets | 22/27 | €173,737 | €225,356 | +€51,619 | +29.7% |
| Plant, machinery and equipment | 23 | €61,942 | €83,653 | +€21,711 | +35.1% |
| Furniture and vehicles | 24 | €111,091 | €141,575 | +€30,484 | +27.4% |
| Other tangible fixed assets | 26 | €704 | €128 | -€576 | -81.8% |
| Current assets | 29/58 | €130,644 | €142,937 | +€12,293 | +9.4% |
| Amounts receivable within one year | 40/41 | €100,247 | €125,801 | +€25,554 | +25.5% |
| Trade receivables | 40 | €42,566 | €89,489 | +€46,923 | +110% |
| Other amounts receivable | 41 | €57,681 | €36,312 | -€21,369 | -37.0% |
| Cash at bank and in hand | 54/58 | €24,074 | €9,851 | -€14,223 | -59.1% |
| Deferred charges and accrued income | 490/1 | €6,323 | €7,285 | +€962 | +15.2% |
| Total equity and liabilities | 10/49 | €304,382 | €368,293 | +€63,912 | +21.0% |
| Equity | 10/15 | €160,910 | €186,966 | +€26,056 | +16.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €150,910 | €176,966 | +€26,056 | +17.3% |
| Distributable reserves | 133 | €150,910 | €176,966 | +€26,056 | +17.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €143,472 | €181,328 | +€37,856 | +26.4% |
| Amounts payable after more than one year | 17 | €46,993 | €50,808 | +€3,815 | +8.1% |
| Financial debts | 170/4 | €46,993 | €50,808 | +€3,815 | +8.1% |
| Amounts payable within one year | 42/48 | €96,479 | €130,207 | +€33,728 | +35.0% |
| Current portion of amounts payable after more than one year | 42 | €25,687 | €26,234 | +€547 | +2.1% |
| Financial debts | 43 | €7,580 | €2,527 | -€5,052 | -66.7% |
| Other loans | 439 | €7,580 | €2,527 | -€5,052 | -66.7% |
| Trade debts | 44 | €12,698 | €23,530 | +€10,832 | +85.3% |
| Suppliers | 440/4 | €12,698 | €23,530 | +€10,832 | +85.3% |
| Taxes, remuneration and social security | 45 | €513 | €468 | -€45 | -8.8% |
| Taxes | 450/3 | €513 | €468 | -€45 | -8.8% |
| Other amounts payable | 47/48 | €50,000 | €77,447 | +€27,447 | +54.9% |
| Accrued charges and deferred income | 492/3 | - | €312 | +€312 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,807 | €46,293 | +€3,486 | +8.1% |
| Other operating charges | 640/8 | €3,767 | €4,029 | +€263 | +7.0% |
| Non-recurring operating charges | 66A | €2,492 | €1,846 | -€646 | -25.9% |
| Gross operating margin | 9900 | €92,600 | €165,852 | +€73,252 | +79.1% |
| Operating profit (loss) | 9901 | €43,535 | €113,684 | +€70,149 | +161% |
| Financial income | 75/76B | €2,082 | €1,006 | -€1,076 | -51.7% |
| Recurring financial income | 75 | €2,082 | €1,006 | -€1,076 | -51.7% |
| Financial charges | 65/66B | €3,844 | €4,785 | +€941 | +24.5% |
| Recurring financial charges | 65 | €3,844 | €4,785 | +€941 | +24.5% |
| Profit (loss) for the period before taxes | 9903 | €41,773 | €109,905 | +€68,132 | +163% |
| Income taxes | 67/77 | €11,661 | €23,849 | +€12,188 | +105% |
| Profit (loss) for the period | 9904 | €30,112 | €86,056 | +€55,944 | +186% |
| Profit (loss) for the period to be appropriated | 9905 | €30,112 | €86,056 | +€55,944 | +186% |
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.