HB LOGIC: 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 LOGIC
Largest movements
- Cash +€36,552
up €36,552 (+18.6%), from €196,783 to €233,334
mainly Net result for the year (+€35,736) and Receivables within one year (+€9,001)
- Receivables within one year -€9,001
down €9,001 (-57.4%), from €15,672 to €6,671
of which Trade receivables: -€12,948
- Reserves +€35,700
up €35,700 (+10.8%), from €329,887 to €365,587
of which Distributable reserves: +€35,700
- Trade debts -€4,241
down €4,241 (-79.7%), from €5,323 to €1,082
- Gross operating margin -€40,850
down €40,850 (-46.2%), from €88,424 to €47,574
- Taxes -€11,055
down €11,055 (-42.2%), from €26,216 to €15,161
- Depreciation -€2,802
down €2,802 (-64.3%), from €4,361 to €1,559
- Financial income -€2,350
down €2,350 (-25.4%), from €9,270 to €6,920
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €352,275 | €380,571 | +€28,296 | +8.0% |
| Fixed assets | 21/28 | €6,463 | €4,904 | -€1,559 | -24.1% |
| Tangible fixed assets | 22/27 | €6,463 | €4,904 | -€1,559 | -24.1% |
| Furniture and vehicles | 24 | €1,891 | €1,293 | -€598 | -31.6% |
| Other tangible fixed assets | 26 | €4,572 | €3,611 | -€961 | -21.0% |
| Current assets | 29/58 | €345,812 | €375,667 | +€29,855 | +8.6% |
| Amounts receivable within one year | 40/41 | €15,672 | €6,671 | -€9,001 | -57.4% |
| Trade receivables | 40 | €12,948 | - | -€12,948 | |
| Other amounts receivable | 41 | €2,724 | €6,671 | +€3,947 | +145% |
| Current investments | 50/53 | €133,357 | €135,662 | +€2,305 | +1.7% |
| Cash at bank and in hand | 54/58 | €196,783 | €233,334 | +€36,552 | +18.6% |
| Total equity and liabilities | 10/49 | €352,275 | €380,571 | +€28,296 | +8.0% |
| Equity | 10/15 | €337,659 | €373,395 | +€35,736 | +10.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €329,887 | €365,587 | +€35,700 | +10.8% |
| Non-distributable reserves | 130/1 | €8,087 | €8,087 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,087 | €8,087 | = | 0.0% |
| Distributable reserves | 133 | €321,800 | €357,500 | +€35,700 | +11.1% |
| Profit (loss) carried forward | 14 | €1,572 | €1,608 | +€36 | +2.3% |
| Amounts payable | 17/49 | €14,616 | €7,176 | -€7,439 | -50.9% |
| Amounts payable within one year | 42/48 | €14,616 | €7,176 | -€7,439 | -50.9% |
| Trade debts | 44 | €5,323 | €1,082 | -€4,241 | -79.7% |
| Suppliers | 440/4 | €5,323 | €1,082 | -€4,241 | -79.7% |
| Taxes, remuneration and social security | 45 | €9,292 | €6,094 | -€3,198 | -34.4% |
| Taxes | 450/3 | €9,292 | €2,540 | -€6,752 | -72.7% |
| Remuneration and social security | 454/9 | - | €3,554 | +€3,554 | |
| Non-recurring operating income | 76A | - | €12,397 | +€12,397 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,361 | €1,559 | -€2,802 | -64.3% |
| Other operating charges | 640/8 | €748 | €1,362 | +€614 | +82.1% |
| Gross operating margin | 9900 | €88,424 | €47,574 | -€40,850 | -46.2% |
| Operating profit (loss) | 9901 | €83,315 | €44,653 | -€38,662 | -46.4% |
| Financial income | 75/76B | €9,270 | €6,920 | -€2,350 | -25.4% |
| Recurring financial income | 75 | €9,270 | €6,920 | -€2,350 | -25.4% |
| Financial charges | 65/66B | €45 | €676 | +€631 | +1,397% |
| Recurring financial charges | 65 | €45 | €676 | +€631 | +1,397% |
| Profit (loss) for the period before taxes | 9903 | €92,540 | €50,897 | -€41,643 | -45.0% |
| Income taxes | 67/77 | €26,216 | €15,161 | -€11,055 | -42.2% |
| Profit (loss) for the period | 9904 | €66,324 | €35,736 | -€30,588 | -46.1% |
| Profit (loss) for the period to be appropriated | 9905 | €66,324 | €35,736 | -€30,588 | -46.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.