HBKM: 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.
HBKM
Largest movements
- Cash +€271,596
new in 2025: €271,596
mainly Net result for the year (+€183,202) and Current investments (+€161,207)
- Current investments -€161,207
no longer reported in 2025 (was €161,207)
- Receivables within one year +€84,657
new in 2025: €84,657
- Tangible fixed assets -€6,833
down €6,833 (-26.6%), from €25,707 to €18,874
- Profit (loss) carried forward +€183,202
up €183,202 (+127%), from €144,208 to €327,410
- Tax, wage and social debts +€12,564
up €12,564 (+39.1%), from €32,100 to €44,664
- Gross operating margin +€47,530
up €47,530 (+23.8%), from €199,405 to €246,935
- Taxes +€11,200
up €11,200 (+24.7%), from €45,300 to €56,500
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 | €187,892 | €378,743 | +€190,851 | +102% |
| Fixed assets | 21/28 | €25,707 | €18,874 | -€6,833 | -26.6% |
| Tangible fixed assets | 22/27 | €25,707 | €18,874 | -€6,833 | -26.6% |
| Furniture and vehicles | 24 | €25,707 | €18,874 | -€6,833 | -26.6% |
| Current assets | 29/58 | €162,185 | €359,869 | +€197,684 | +122% |
| Amounts receivable within one year | 40/41 | - | €84,657 | +€84,657 | |
| Trade receivables | 40 | - | €84,657 | +€84,657 | |
| Current investments | 50/53 | €161,207 | - | -€161,207 | |
| Cash at bank and in hand | 54/58 | - | €271,596 | +€271,596 | |
| Deferred charges and accrued income | 490/1 | €978 | €3,616 | +€2,638 | +270% |
| Total equity and liabilities | 10/49 | €187,892 | €378,743 | +€190,851 | +102% |
| Equity | 10/15 | €147,208 | €330,410 | +€183,202 | +124% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €144,208 | €327,410 | +€183,202 | +127% |
| Amounts payable | 17/49 | €40,684 | €48,332 | +€7,649 | +18.8% |
| Amounts payable within one year | 42/48 | €40,684 | €48,332 | +€7,649 | +18.8% |
| Trade debts | 44 | €2,196 | €453 | -€1,743 | -79.4% |
| Suppliers | 440/4 | €2,196 | €453 | -€1,743 | -79.4% |
| Taxes, remuneration and social security | 45 | €32,100 | €44,664 | +€12,564 | +39.1% |
| Taxes | 450/3 | €32,100 | €44,664 | +€12,564 | +39.1% |
| Other amounts payable | 47/48 | €6,388 | €3,216 | -€3,172 | -49.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,457 | €6,833 | -€1,624 | -19.2% |
| Other operating charges | 640/8 | €1,364 | €315 | -€1,049 | -76.9% |
| Gross operating margin | 9900 | €199,405 | €246,935 | +€47,530 | +23.8% |
| Operating profit (loss) | 9901 | €189,584 | €239,788 | +€50,203 | +26.5% |
| Financial income | 75/76B | €15 | - | -€15 | |
| Recurring financial income | 75 | €15 | - | -€15 | |
| Financial charges | 65/66B | €91 | €85 | -€6 | -6.5% |
| Recurring financial charges | 65 | €91 | €85 | -€6 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €189,508 | €239,702 | +€50,194 | +26.5% |
| Income taxes | 67/77 | €45,300 | €56,500 | +€11,200 | +24.7% |
| Profit (loss) for the period | 9904 | €144,208 | €183,202 | +€38,994 | +27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €144,208 | €183,202 | +€38,994 | +27.0% |
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 16 October 2026 via checked.be.