HB PROJECTS: 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 PROJECTS
Largest movements
- Receivables within one year +€70,252
up €70,252 (+107.9%), from €65,085 to €135,337
of which Other amounts receivable: +€47,143
- Receivables after one year -€20,160
down €20,160 (-15.9%), from €126,558 to €106,399
- Reserves +€297,482
up €297,482 (+47.2%), from €630,655 to €928,137
of which Distributable reserves: +€297,482
- Debts after one year -€189,433
down €189,433 (-39.6%), from €478,007 to €288,574
- Trade debts -€38,609
down €38,609 (-55.8%), from €69,151 to €30,542
- Tax, wage and social debts -€25,387
down €25,387 (-35.5%), from €71,440 to €46,052
- Gross operating margin +€68,067
up €68,067 (+27.9%), from €243,961 to €312,028
- Financial income +€59,673
up €59,673 (+73.7%), from €80,924 to €140,598
- Taxes +€27,266
up €27,266 (+45.8%), from €59,499 to €86,764
- Depreciation -€7,020
down €7,020 (-13.6%), from €51,474 to €44,455
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.
Cash bridge derived
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 | €1,747,140 | €1,792,599 | +€45,460 | +2.6% |
| Fixed assets | 21/28 | €1,545,874 | €1,547,784 | +€1,909 | +0.1% |
| Tangible fixed assets | 22/27 | €693,232 | €695,142 | +€1,909 | +0.3% |
| Land and buildings | 22 | €690,434 | €693,241 | +€2,807 | +0.4% |
| Plant, machinery and equipment | 23 | €447 | €130 | -€317 | -70.9% |
| Furniture and vehicles | 24 | €2,351 | €1,770 | -€581 | -24.7% |
| Financial fixed assets | 28 | €852,642 | €852,642 | = | 0.0% |
| Current assets | 29/58 | €201,265 | €244,816 | +€43,550 | +21.6% |
| Amounts receivable after more than one year | 29 | €126,558 | €106,399 | -€20,160 | -15.9% |
| Other amounts receivable | 291 | €126,558 | €106,399 | -€20,160 | -15.9% |
| Amounts receivable within one year | 40/41 | €65,085 | €135,337 | +€70,252 | +107.9% |
| Trade receivables | 40 | €45,284 | €68,392 | +€23,109 | +51.0% |
| Other amounts receivable | 41 | €19,801 | €66,944 | +€47,143 | +238.1% |
| Current investments | 50/53 | €2,037 | - | -€2,037 | |
| Cash at bank and in hand | 54/58 | €6,010 | €1,498 | -€4,511 | -75.1% |
| Deferred charges and accrued income | 490/1 | €1,575 | €1,582 | +€7 | +0.4% |
| Total equity and liabilities | 10/49 | €1,747,140 | €1,792,599 | +€45,460 | +2.6% |
| Equity | 10/15 | €1,084,388 | €1,381,870 | +€297,482 | +27.4% |
| Contributions | 10/11 | €318,600 | €318,600 | = | 0.0% |
| Reserves | 13 | €630,655 | €928,137 | +€297,482 | +47.2% |
| Tax-exempt reserves | 132 | €43,579 | €43,579 | = | 0.0% |
| Distributable reserves | 133 | €587,075 | €884,558 | +€297,482 | +50.7% |
| Profit (loss) carried forward | 14 | €135,133 | €135,133 | = | 0.0% |
| Amounts payable | 17/49 | €662,752 | €410,730 | -€252,023 | -38.0% |
| Amounts payable after more than one year | 17 | €478,007 | €288,574 | -€189,433 | -39.6% |
| Financial debts | 170/4 | €478,007 | €288,574 | -€189,433 | -39.6% |
| Amounts payable within one year | 42/48 | €184,746 | €122,156 | -€62,590 | -33.9% |
| Current portion of amounts payable after more than one year | 42 | €44,156 | €45,562 | +€1,406 | +3.2% |
| Trade debts | 44 | €69,151 | €30,542 | -€38,609 | -55.8% |
| Suppliers | 440/4 | €69,151 | €30,542 | -€38,609 | -55.8% |
| Taxes, remuneration and social security | 45 | €71,440 | €46,052 | -€25,387 | -35.5% |
| Taxes | 450/3 | €71,440 | €46,052 | -€25,387 | -35.5% |
| Non-recurring operating income | 76A | €24,362 | €6,952 | -€17,411 | -71.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,474 | €44,455 | -€7,020 | -13.6% |
| Other operating charges | 640/8 | €7,803 | €6,578 | -€1,225 | -15.7% |
| Gross operating margin | 9900 | €243,961 | €312,028 | +€68,067 | +27.9% |
| Operating profit (loss) | 9901 | €184,683 | €260,995 | +€76,312 | +41.3% |
| Financial income | 75/76B | €80,924 | €140,598 | +€59,673 | +73.7% |
| Recurring financial income | 75 | €80,924 | €140,598 | +€59,673 | +73.7% |
| Financial charges | 65/66B | €19,193 | €17,346 | -€1,847 | -9.6% |
| Recurring financial charges | 65 | €19,193 | €17,346 | -€1,847 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €246,415 | €384,247 | +€137,832 | +55.9% |
| Income taxes | 67/77 | €59,499 | €86,764 | +€27,266 | +45.8% |
| Profit (loss) for the period | 9904 | €186,916 | €297,482 | +€110,566 | +59.2% |
| Profit (loss) for the period to be appropriated | 9905 | €186,916 | €297,482 | +€110,566 | +59.2% |
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 10 October 2026 via checked.be.