HBLR: 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.
HBLR
Largest movements
- Receivables within one year -€26,525
down €26,525 (-17.0%), from €155,885 to €129,360
of which Other amounts receivable: -€38,608
- Cash +€5,668
up €5,668 (+93.5%), from €6,063 to €11,731
mainly Receivables within one year (+€26,525) and Net result for the year (+€18,250)
- Debts after one year -€39,692
down €39,692 (-96.3%), from €41,231 to €1,540
- Profit (loss) carried forward +€18,250
up €18,250 (+36.2%), from €50,454 to €68,704
- Accrued charges and deferred income +€5,584
up €5,584 (+1557.2%), from €359 to €5,943
- Tax, wage and social debts -€4,548
down €4,548 (-79.6%), from €5,713 to €1,165
of which Taxes: -€4,948
- Gross operating margin +€59,195
up €59,195, from -€12,550 to €46,645
- Other operating charges +€13,019
up €13,019 (+153.0%), from €8,508 to €21,527
- Financial charges +€2,721
up €2,721 (+82.6%), from €3,296 to €6,017
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 | €257,648 | €235,208 | -€22,439 | -8.7% |
| Fixed assets | 21/28 | €4,200 | €2,617 | -€1,583 | -37.7% |
| Tangible fixed assets | 22/27 | €1,200 | €367 | -€833 | -69.4% |
| Furniture and vehicles | 24 | €1,200 | €367 | -€833 | -69.4% |
| Financial fixed assets | 28 | €3,000 | €2,250 | -€750 | -25.0% |
| Current assets | 29/58 | €253,448 | €232,591 | -€20,857 | -8.2% |
| Stocks and contracts in progress | 3 | €91,500 | €91,500 | = | 0.0% |
| Stocks | 30/36 | €91,500 | €91,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €155,885 | €129,360 | -€26,525 | -17.0% |
| Trade receivables | 40 | €4,613 | €16,697 | +€12,083 | +261.9% |
| Other amounts receivable | 41 | €151,272 | €112,663 | -€38,608 | -25.5% |
| Cash at bank and in hand | 54/58 | €6,063 | €11,731 | +€5,668 | +93.5% |
| Total equity and liabilities | 10/49 | €257,648 | €235,208 | -€22,439 | -8.7% |
| Equity | 10/15 | €65,454 | €83,704 | +€18,250 | +27.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,454 | €68,704 | +€18,250 | +36.2% |
| Amounts payable | 17/49 | €192,194 | €151,505 | -€40,689 | -21.2% |
| Amounts payable after more than one year | 17 | €41,231 | €1,540 | -€39,692 | -96.3% |
| Financial debts | 170/4 | €41,231 | €1,540 | -€39,692 | -96.3% |
| Amounts payable within one year | 42/48 | €150,604 | €144,022 | -€6,582 | -4.4% |
| Trade debts | 44 | €7,867 | €6,054 | -€1,812 | -23.0% |
| Suppliers | 440/4 | €7,867 | €6,054 | -€1,812 | -23.0% |
| Taxes, remuneration and social security | 45 | €5,713 | €1,165 | -€4,548 | -79.6% |
| Taxes | 450/3 | €5,113 | €165 | -€4,948 | -96.8% |
| Remuneration and social security | 454/9 | €600 | €1,000 | +€400 | +66.7% |
| Other amounts payable | 47/48 | €137,024 | €136,803 | -€222 | -0.2% |
| Accrued charges and deferred income | 492/3 | €359 | €5,943 | +€5,584 | +1557.2% |
| Non-recurring operating income | 76A | - | €75,000 | +€75,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €833 | €833 | = | 0.0% |
| Other operating charges | 640/8 | €8,508 | €21,527 | +€13,019 | +153.0% |
| Gross operating margin | 9900 | -€12,550 | €46,645 | +€59,195 | |
| Operating profit (loss) | 9901 | -€21,891 | €24,285 | +€46,176 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €3,296 | €6,017 | +€2,721 | +82.6% |
| Recurring financial charges | 65 | €3,296 | €6,017 | +€2,721 | +82.6% |
| Profit (loss) for the period before taxes | 9903 | -€25,187 | €18,268 | +€43,455 | |
| Income taxes | 67/77 | €147 | €18 | -€129 | -87.7% |
| Profit (loss) for the period | 9904 | -€25,334 | €18,250 | +€43,584 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,334 | €18,250 | +€43,584 |
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 1 October 2026 via checked.be.