HBDG: 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.
HBDG
Largest movements
- Receivables within one year -€16,724
down €16,724 (-100.0%), from €16,724 to €0
- Tangible fixed assets -€15,468
down €15,468 (-3.6%), from €426,388 to €410,921
- Debts after one year -€23,040
down €23,040 (-6.5%), from €352,537 to €329,497
- Trade debts -€15,775
down €15,775 (-92.0%), from €17,149 to €1,374
- Other debts +€4,750
up €4,750 (+9.5%), from €49,803 to €54,553
- Other operating charges -€3,877
down €3,877 (-48.3%), from €8,035 to €4,158
- Gross operating margin +€1,709
up €1,709 (+6.8%), from €25,030 to €26,739
- Financial charges -€502
down €502 (-5.6%), from €8,977 to €8,475
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 | €446,693 | €415,814 | -€30,880 | -6.9% |
| Fixed assets | 21/28 | €426,388 | €410,921 | -€15,468 | -3.6% |
| Tangible fixed assets | 22/27 | €426,388 | €410,921 | -€15,468 | -3.6% |
| Land and buildings | 22 | €426,388 | €410,921 | -€15,468 | -3.6% |
| Current assets | 29/58 | €20,305 | €4,893 | -€15,412 | -75.9% |
| Amounts receivable within one year | 40/41 | €16,724 | €0 | -€16,724 | -100.0% |
| Trade receivables | 40 | €16,724 | €0 | -€16,724 | -100.0% |
| Cash at bank and in hand | 54/58 | €3,581 | €3,068 | -€513 | -14.3% |
| Deferred charges and accrued income | 490/1 | - | €1,825 | +€1,825 | |
| Total equity and liabilities | 10/49 | €446,693 | €415,814 | -€30,880 | -6.9% |
| Equity | 10/15 | €2,113 | €752 | -€1,360 | -64.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€97,887 | -€99,248 | -€1,360 | -1.4% |
| Amounts payable | 17/49 | €444,580 | €415,061 | -€29,519 | -6.6% |
| Amounts payable after more than one year | 17 | €352,537 | €329,497 | -€23,040 | -6.5% |
| Financial debts | 170/4 | €352,537 | €329,497 | -€23,040 | -6.5% |
| Amounts payable within one year | 42/48 | €89,471 | €80,863 | -€8,608 | -9.6% |
| Current portion of amounts payable after more than one year | 42 | €22,519 | €24,936 | +€2,417 | +10.7% |
| Trade debts | 44 | €17,149 | €1,374 | -€15,775 | -92.0% |
| Suppliers | 440/4 | €17,149 | €1,374 | -€15,775 | -92.0% |
| Other amounts payable | 47/48 | €49,803 | €54,553 | +€4,750 | +9.5% |
| Accrued charges and deferred income | 492/3 | €2,573 | €4,701 | +€2,128 | +82.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,468 | €15,468 | = | 0.0% |
| Other operating charges | 640/8 | €8,035 | €4,158 | -€3,877 | -48.3% |
| Gross operating margin | 9900 | €25,030 | €26,739 | +€1,709 | +6.8% |
| Operating profit (loss) | 9901 | €1,528 | €7,114 | +€5,586 | +365.6% |
| Financial income | 75/76B | €41 | €0 | -€41 | -100.0% |
| Recurring financial income | 75 | €41 | €0 | -€41 | -100.0% |
| Financial charges | 65/66B | €8,977 | €8,475 | -€502 | -5.6% |
| Recurring financial charges | 65 | €8,977 | €8,475 | -€502 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | -€7,408 | -€1,360 | +€6,047 | +81.6% |
| Profit (loss) for the period | 9904 | -€7,408 | -€1,360 | +€6,047 | +81.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,408 | -€1,360 | +€6,047 | +81.6% |
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.