HBGRO: 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.
HBGRO
Largest movements
- Receivables within one year +€112,849
up €112,849 (+486%), from €23,238 to €136,087
of which Trade receivables: +€93,813
- Tangible fixed assets +€32,308
up €32,308 (+37.2%), from €86,733 to €119,041
of which Plant, machinery and equipment: +€91,929
- Trade debts +€67,718
up €67,718 (+114%), from €59,451 to €127,168
- Profit (loss) carried forward +€59,783
up €59,783 (+52.8%), from -€113,276 to -€53,493
- Debts after one year +€32,603
up €32,603 (+105%), from €30,980 to €63,583
- Tax, wage and social debts -€26,988
down €26,988 (-94.8%), from €28,477 to €1,489
of which Remuneration and social security: -€22,793
- Current portion of long-term debt +€23,927
up €23,927 (+110%), from €21,666 to €45,594
- Gross operating margin +€101,513
up €101,513 (+193%), from €52,609 to €154,122
- Staff costs +€13,707
up €13,707 (+30.6%), from €44,740 to €58,447
- Depreciation -€9,022
down €9,022 (-29.9%), from €30,156 to €21,134
- Financial charges +€8,304
up €8,304 (+157%), from €5,303 to €13,607
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 | €110,052 | €255,409 | +€145,357 | +132% |
| Fixed assets | 21/28 | €86,783 | €119,176 | +€32,393 | +37.3% |
| Tangible fixed assets | 22/27 | €86,733 | €119,041 | +€32,308 | +37.2% |
| Plant, machinery and equipment | 23 | €19,717 | €111,645 | +€91,929 | +466% |
| Furniture and vehicles | 24 | €67,016 | €7,395 | -€59,621 | -89.0% |
| Financial fixed assets | 28 | €50 | €135 | +€85 | +170% |
| Current assets | 29/58 | €23,268 | €136,233 | +€112,965 | +485% |
| Amounts receivable within one year | 40/41 | €23,238 | €136,087 | +€112,849 | +486% |
| Trade receivables | 40 | €17,389 | €111,202 | +€93,813 | +539% |
| Other amounts receivable | 41 | €5,849 | €24,885 | +€19,036 | +325% |
| Cash at bank and in hand | 54/58 | €30 | €146 | +€116 | +386% |
| Total equity and liabilities | 10/49 | €110,052 | €255,409 | +€145,357 | +132% |
| Equity | 10/15 | -€107,076 | -€47,293 | +€59,783 | +55.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | - | -€6,200 | |
| Share premium | 1100/10 | €6,200 | - | -€6,200 | |
| Profit (loss) carried forward | 14 | -€113,276 | -€53,493 | +€59,783 | +52.8% |
| Amounts payable | 17/49 | €217,128 | €302,702 | +€85,574 | +39.4% |
| Amounts payable after more than one year | 17 | €30,980 | €63,583 | +€32,603 | +105% |
| Financial debts | 170/4 | €30,980 | €63,583 | +€32,603 | +105% |
| Amounts payable within one year | 42/48 | €186,148 | €239,053 | +€52,905 | +28.4% |
| Current portion of amounts payable after more than one year | 42 | €21,666 | €45,594 | +€23,927 | +110% |
| Financial debts | 43 | €18,253 | €512 | -€17,741 | -97.2% |
| Credit institutions | 430/8 | €18,253 | - | -€18,253 | |
| Other loans | 439 | - | €512 | +€512 | |
| Trade debts | 44 | €59,451 | €127,168 | +€67,718 | +114% |
| Suppliers | 440/4 | €59,451 | €127,168 | +€67,718 | +114% |
| Taxes, remuneration and social security | 45 | €28,477 | €1,489 | -€26,988 | -94.8% |
| Taxes | 450/3 | €4,195 | €0 | -€4,195 | -100% |
| Remuneration and social security | 454/9 | €24,282 | €1,489 | -€22,793 | -93.9% |
| Other amounts payable | 47/48 | €58,301 | €64,290 | +€5,989 | +10.3% |
| Accrued charges and deferred income | 492/3 | - | €66 | +€66 | |
| Non-recurring operating income | 76A | - | €29,907 | +€29,907 | |
| Remuneration, social security and pensions | 62 | €44,740 | €58,447 | +€13,707 | +30.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,156 | €21,134 | -€9,022 | -29.9% |
| Other operating charges | 640/8 | €1,773 | €2,549 | +€777 | +43.8% |
| Gross operating margin | 9900 | €52,609 | €154,122 | +€101,513 | +193% |
| Operating profit (loss) | 9901 | -€24,060 | €71,992 | +€96,052 | |
| Financial income | 75/76B | €0 | €1,398 | +€1,398 | +325,072% |
| Recurring financial income | 75 | €0 | €1,398 | +€1,398 | +325,072% |
| Financial charges | 65/66B | €5,303 | €13,607 | +€8,304 | +157% |
| Recurring financial charges | 65 | €5,303 | €13,607 | +€8,304 | +157% |
| Profit (loss) for the period before taxes | 9903 | -€29,362 | €59,783 | +€89,145 | |
| Profit (loss) for the period | 9904 | -€29,362 | €59,783 | +€89,145 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,362 | €59,783 | +€89,145 |
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 20 October 2026 via checked.be.