HB MANAGEMENT: what changed
HB MANAGEMENT
Largest movements
- Tangible fixed assets +€370,609
up €370,609 (+2,787%), from €13,300 to €383,909
of which Land and buildings: +€368,860
- Cash -€44,862
down €44,862 (-32.3%), from €138,940 to €94,079
mainly Investment in fixed assets (net) (-€374,747) and Contributions, distributions and other (-€188,000)
- Receivables within one year -€16,527
down €16,527 (-10.0%), from €165,410 to €148,883
of which Other amounts receivable: -€20,525
- Debts after one year +€266,000
new in 2025: €266,000
- Other debts +€125,600
new in 2025: €125,600
- Tax, wage and social debts -€72,838
down €72,838 (-98.6%), from €73,838 to €1,000
of which Taxes: -€72,838
- Short-term financial debts +€36,000
new in 2025: €36,000
- Reserves -€30,522
down €30,522 (-7.8%), from €391,233 to €360,710
- Financial income +€40,135
up €40,135 (+83.5%), from €48,051 to €88,186
- Gross operating margin -€33,281
down €33,281 (-23.8%), from €139,831 to €106,550
- Taxes -€10,500
down €10,500 (-27.9%), from €37,614 to €27,115
- Depreciation +€1,991
up €1,991 (+92.7%), from €2,148 to €4,138
- Other operating charges +€1,567
up €1,567 (+2,528%), from €62 to €1,629
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €513,856 | €818,922 | +€305,066 | +59.4% |
| Fixed assets | 21/28 | €197,790 | €568,399 | +€370,609 | +187% |
| Tangible fixed assets | 22/27 | €13,300 | €383,909 | +€370,609 | +2,787% |
| Land and buildings | 22 | - | €368,860 | +€368,860 | |
| Plant, machinery and equipment | 23 | - | €3,530 | +€3,530 | |
| Furniture and vehicles | 24 | €13,300 | €11,519 | -€1,781 | -13.4% |
| Financial fixed assets | 28 | €184,490 | €184,490 | = | 0.0% |
| Current assets | 29/58 | €316,066 | €250,523 | -€65,543 | -20.7% |
| Amounts receivable within one year | 40/41 | €165,410 | €148,883 | -€16,527 | -10.0% |
| Trade receivables | 40 | - | €3,997 | +€3,997 | |
| Other amounts receivable | 41 | €165,410 | €144,885 | -€20,525 | -12.4% |
| Cash at bank and in hand | 54/58 | €138,940 | €94,079 | -€44,862 | -32.3% |
| Deferred charges and accrued income | 490/1 | €11,716 | €7,562 | -€4,154 | -35.5% |
| Total equity and liabilities | 10/49 | €513,856 | €818,922 | +€305,066 | +59.4% |
| Equity | 10/15 | €393,733 | €363,210 | -€30,522 | -7.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €391,233 | €360,710 | -€30,522 | -7.8% |
| Distributable reserves | 133 | €391,233 | €360,710 | -€30,522 | -7.8% |
| Amounts payable | 17/49 | €120,124 | €455,712 | +€335,588 | +279% |
| Amounts payable after more than one year | 17 | - | €266,000 | +€266,000 | |
| Financial debts | 170/4 | - | €266,000 | +€266,000 | |
| Amounts payable within one year | 42/48 | €120,124 | €189,712 | +€69,588 | +57.9% |
| Current portion of amounts payable after more than one year | 42 | €44,456 | €22,000 | -€22,456 | -50.5% |
| Financial debts | 43 | - | €36,000 | +€36,000 | |
| Credit institutions | 430/8 | - | €36,000 | +€36,000 | |
| Trade debts | 44 | €1,829 | €5,111 | +€3,282 | +179% |
| Suppliers | 440/4 | €1,829 | €5,111 | +€3,282 | +179% |
| Taxes, remuneration and social security | 45 | €73,838 | €1,000 | -€72,838 | -98.6% |
| Taxes | 450/3 | €72,838 | - | -€72,838 | |
| Remuneration and social security | 454/9 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 47/48 | - | €125,600 | +€125,600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,148 | €4,138 | +€1,991 | +92.7% |
| Other operating charges | 640/8 | €62 | €1,629 | +€1,567 | +2,528% |
| Gross operating margin | 9900 | €139,831 | €106,550 | -€33,281 | -23.8% |
| Operating profit (loss) | 9901 | €137,622 | €100,783 | -€36,839 | -26.8% |
| Financial income | 75/76B | €48,051 | €88,186 | +€40,135 | +83.5% |
| Recurring financial income | 75 | €48,051 | €88,186 | +€40,135 | +83.5% |
| Financial charges | 65/66B | €2,847 | €4,376 | +€1,529 | +53.7% |
| Recurring financial charges | 65 | €2,847 | €4,376 | +€1,529 | +53.7% |
| Profit (loss) for the period before taxes | 9903 | €182,826 | €184,593 | +€1,767 | +1.0% |
| Income taxes | 67/77 | €37,614 | €27,115 | -€10,500 | -27.9% |
| Profit (loss) for the period | 9904 | €145,212 | €157,478 | +€12,266 | +8.4% |
| Profit (loss) for the period to be appropriated | 9905 | €145,212 | €157,478 | +€12,266 | +8.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.