HBD: what changed
Two fiscal 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.
HBD
Largest movements
- Current investments +€452,937
up €452,937 (+452.1%), from €100,193 to €553,130
- Cash -€76,557
down €76,557 (-88.7%), from €86,356 to €9,799
mainly Current investments (-€452,937) and Debts after one year (-€158,630)
- Financial fixed assets +€70,719
up €70,719 (+3.0%), from €2.4m to €2.4m
- Receivables within one year +€65,406
up €65,406 (+578.2%), from €11,312 to €76,718
of which Trade receivables: +€71,247
- Reserves +€610,558
up €610,558 (+149.9%), from €407,395 to €1.0m
- Debts after one year -€158,630
down €158,630 (-8.0%), from €2.0m to €1.8m
- Tax, wage and social debts +€33,013
up €33,013 (+227.3%), from €14,524 to €47,536
of which Taxes: +€33,013
- Gross operating margin +€299,982
up €299,982 (+203.0%), from €147,798 to €447,780
- Financial income +€153,836
up €153,836 (+111.8%), from €137,601 to €291,437
- Taxes +€76,252
up €76,252 (+280.7%), from €27,161 to €103,413
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 | €2,611,438 | €3,103,026 | +€491,588 | +18.8% |
| Fixed assets | 21/28 | €2,389,226 | €2,444,680 | +€55,454 | +2.3% |
| Tangible fixed assets | 22/27 | €25,532 | €10,267 | -€15,265 | -59.8% |
| Land and buildings | 22 | €3,773 | €2,653 | -€1,120 | -29.7% |
| Furniture and vehicles | 24 | €21,759 | €7,614 | -€14,146 | -65.0% |
| Financial fixed assets | 28 | €2,363,694 | €2,434,413 | +€70,719 | +3.0% |
| Current assets | 29/58 | €222,212 | €658,346 | +€436,134 | +196.3% |
| Amounts receivable after more than one year | 29 | €23,662 | €18,610 | -€5,052 | -21.4% |
| Other amounts receivable | 291 | €23,662 | €18,610 | -€5,052 | -21.4% |
| Amounts receivable within one year | 40/41 | €11,312 | €76,718 | +€65,406 | +578.2% |
| Trade receivables | 40 | - | €71,247 | +€71,247 | |
| Other amounts receivable | 41 | €11,312 | €5,471 | -€5,841 | -51.6% |
| Current investments | 50/53 | €100,193 | €553,130 | +€452,937 | +452.1% |
| Cash at bank and in hand | 54/58 | €86,356 | €9,799 | -€76,557 | -88.7% |
| Deferred charges and accrued income | 490/1 | €689 | €90 | -€599 | -86.9% |
| Total equity and liabilities | 10/49 | €2,611,438 | €3,103,026 | +€491,588 | +18.8% |
| Equity | 10/15 | €412,395 | €1,022,953 | +€610,558 | +148.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €407,395 | €1,017,953 | +€610,558 | +149.9% |
| Distributable reserves | 133 | €407,395 | €1,017,953 | +€610,558 | +149.9% |
| Amounts payable | 17/49 | €2,199,043 | €2,080,073 | -€118,970 | -5.4% |
| Amounts payable after more than one year | 17 | €1,983,354 | €1,824,723 | -€158,630 | -8.0% |
| Financial debts | 170/4 | €1,983,354 | €1,824,723 | -€158,630 | -8.0% |
| Amounts payable within one year | 42/48 | €215,611 | €243,272 | +€27,661 | +12.8% |
| Current portion of amounts payable after more than one year | 42 | €140,180 | €138,812 | -€1,367 | -1.0% |
| Trade debts | 44 | €4,443 | €459 | -€3,985 | -89.7% |
| Suppliers | 440/4 | €4,443 | €459 | -€3,985 | -89.7% |
| Taxes, remuneration and social security | 45 | €14,524 | €47,536 | +€33,013 | +227.3% |
| Taxes | 450/3 | €14,461 | €47,474 | +€33,013 | +228.3% |
| Remuneration and social security | 454/9 | €63 | €63 | = | 0.0% |
| Other amounts payable | 47/48 | €56,464 | €56,464 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €78 | €12,078 | +€12,000 | +15384.6% |
| Remuneration, social security and pensions | 62 | €3,370 | €3,616 | +€246 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,169 | €20,895 | +€1,726 | +9.0% |
| Other operating charges | 640/8 | €394 | €407 | +€13 | +3.4% |
| Gross operating margin | 9900 | €147,798 | €447,780 | +€299,982 | +203.0% |
| Operating profit (loss) | 9901 | €124,865 | €422,862 | +€297,997 | +238.7% |
| Financial income | 75/76B | €137,601 | €291,437 | +€153,836 | +111.8% |
| Recurring financial income | 75 | €137,601 | €291,437 | +€153,836 | +111.8% |
| Financial charges | 65/66B | €1,001 | €328 | -€673 | -67.2% |
| Recurring financial charges | 65 | €616 | €328 | -€288 | -46.8% |
| Non-recurring financial charges | 66B | €384 | - | -€384 | |
| Profit (loss) for the period before taxes | 9903 | €261,466 | €713,971 | +€452,506 | +173.1% |
| Income taxes | 67/77 | €27,161 | €103,413 | +€76,252 | +280.7% |
| Profit (loss) for the period | 9904 | €234,305 | €610,558 | +€376,253 | +160.6% |
| Profit (loss) for the period to be appropriated | 9905 | €234,305 | €610,558 | +€376,253 | +160.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.