HB & PARTNERS: 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 & PARTNERS
Largest movements
- Current investments -€271,095
down €271,095 (-47.3%), from €572,690 to €301,595
- Tangible fixed assets +€150,834
up €150,834 (+16.2%), from €928,446 to €1.1m
of which Land and buildings: +€149,712
- Cash -€38,301
down €38,301 (-25.2%), from €152,166 to €113,865
mainly Investment in fixed assets (net) (-€194,445) and Trade debts (-€100,872)
- Trade debts -€100,872
down €100,872 (-95.8%), from €105,287 to €4,415
- Reserves -€40,814
down €40,814 (-2.7%), from €1.5m to €1.5m
- Gross operating margin +€20,782
up €20,782, from -€8,891 to €11,891
- Other operating charges -€18,301
down €18,301 (-30.4%), from €60,123 to €41,822
- Depreciation +€17,943
up €17,943 (+69.9%), from €25,667 to €43,611
- Financial charges +€9,666
up €9,666, from -€7,935 to €1,731
- Financial income +€8,195
up €8,195 (+31.2%), from €26,265 to €34,460
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 | €1,665,887 | €1,516,441 | -€149,446 | -9.0% |
| Fixed assets | 21/28 | €928,446 | €1,079,280 | +€150,834 | +16.2% |
| Tangible fixed assets | 22/27 | €928,446 | €1,079,280 | +€150,834 | +16.2% |
| Land and buildings | 22 | €928,175 | €1,077,887 | +€149,712 | +16.1% |
| Plant, machinery and equipment | 23 | €271 | €1,393 | +€1,122 | +414% |
| Current assets | 29/58 | €737,442 | €437,162 | -€300,280 | -40.7% |
| Amounts receivable within one year | 40/41 | €12,585 | €17,010 | +€4,425 | +35.2% |
| Trade receivables | 40 | - | €1,058 | +€1,058 | |
| Other amounts receivable | 41 | €12,585 | €15,952 | +€3,367 | +26.8% |
| Current investments | 50/53 | €572,690 | €301,595 | -€271,095 | -47.3% |
| Cash at bank and in hand | 54/58 | €152,166 | €113,865 | -€38,301 | -25.2% |
| Deferred charges and accrued income | 490/1 | - | €4,691 | +€4,691 | |
| Total equity and liabilities | 10/49 | €1,665,887 | €1,516,441 | -€149,446 | -9.0% |
| Equity | 10/15 | €1,544,980 | €1,504,166 | -€40,814 | -2.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €1,539,980 | €1,499,166 | -€40,814 | -2.7% |
| Distributable reserves | 133 | €1,539,980 | €1,499,166 | -€40,814 | -2.7% |
| Amounts payable | 17/49 | €120,907 | €12,275 | -€108,632 | -89.8% |
| Amounts payable within one year | 42/48 | €120,907 | €12,275 | -€108,632 | -89.8% |
| Trade debts | 44 | €105,287 | €4,415 | -€100,872 | -95.8% |
| Suppliers | 440/4 | €105,287 | €4,415 | -€100,872 | -95.8% |
| Taxes, remuneration and social security | 45 | €11,955 | €5,846 | -€6,109 | -51.1% |
| Taxes | 450/3 | €11,955 | €5,846 | -€6,109 | -51.1% |
| Other amounts payable | 47/48 | €3,666 | €2,014 | -€1,652 | -45.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,667 | €43,611 | +€17,943 | +69.9% |
| Other operating charges | 640/8 | €60,123 | €41,822 | -€18,301 | -30.4% |
| Gross operating margin | 9900 | -€8,891 | €11,891 | +€20,782 | |
| Operating profit (loss) | 9901 | -€94,682 | -€73,542 | +€21,140 | +22.3% |
| Financial income | 75/76B | €26,265 | €34,460 | +€8,195 | +31.2% |
| Recurring financial income | 75 | €26,265 | €34,460 | +€8,195 | +31.2% |
| Financial charges | 65/66B | -€7,935 | €1,731 | +€9,666 | |
| Recurring financial charges | 65 | -€7,935 | €1,731 | +€9,666 | |
| Profit (loss) for the period before taxes | 9903 | -€60,482 | -€40,814 | +€19,668 | +32.5% |
| Profit (loss) for the period | 9904 | -€60,482 | -€40,814 | +€19,668 | +32.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€60,482 | -€40,814 | +€19,668 | +32.5% |
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 26 October 2026 via checked.be.