HBM: 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.
HBM
Largest movements
- Tangible fixed assets +€66,855
up €66,855 (+53.1%), from €125,975 to €192,831
of which Furniture and vehicles: +€74,220
- Current investments -€31,527
no longer reported in 2025 (was €31,527)
- Cash -€16,587
down €16,587 (-15.2%), from €109,411 to €92,825
mainly Investment in fixed assets (net) (-€83,287) and Other debts (-€28,571)
- Receivables within one year +€10,970
up €10,970 (+58.1%), from €18,889 to €29,859
of which Trade receivables: +€12,590
- Reserves +€57,843
up €57,843 (+28.6%), from €202,135 to €259,978
- Other debts -€28,571
no longer reported in 2025 (was €28,571)
- Tax, wage and social debts +€9,772
up €9,772 (+27.9%), from €34,969 to €44,740
- Current portion of long-term debt -€8,521
no longer reported in 2025 (was €8,521)
- Gross operating margin +€36,054
up €36,054 (+61.1%), from €59,045 to €95,099
- Taxes +€9,940
up €9,940 (+59.0%), from €16,844 to €26,783
- Depreciation +€9,067
up €9,067 (+123%), from €7,365 to €16,431
- Financial income +€7,912
up €7,912 (+1,403%), from €564 to €8,476
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 | €286,983 | €317,308 | +€30,324 | +10.6% |
| Fixed assets | 21/28 | €125,975 | €192,831 | +€66,855 | +53.1% |
| Tangible fixed assets | 22/27 | €125,975 | €192,831 | +€66,855 | +53.1% |
| Land and buildings | 22 | €125,975 | €118,611 | -€7,365 | -5.8% |
| Furniture and vehicles | 24 | €0 | €74,220 | +€74,220 | |
| Current assets | 29/58 | €161,008 | €124,477 | -€36,531 | -22.7% |
| Amounts receivable within one year | 40/41 | €18,889 | €29,859 | +€10,970 | +58.1% |
| Trade receivables | 40 | €15,240 | €27,830 | +€12,590 | +82.6% |
| Other amounts receivable | 41 | €3,649 | €2,029 | -€1,620 | -44.4% |
| Current investments | 50/53 | €31,527 | - | -€31,527 | |
| Cash at bank and in hand | 54/58 | €109,411 | €92,825 | -€16,587 | -15.2% |
| Deferred charges and accrued income | 490/1 | €1,181 | €1,793 | +€613 | +51.9% |
| Total equity and liabilities | 10/49 | €286,983 | €317,308 | +€30,324 | +10.6% |
| Equity | 10/15 | €214,535 | €272,378 | +€57,843 | +27.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €202,135 | €259,978 | +€57,843 | +28.6% |
| Distributable reserves | 133 | €202,135 | €259,978 | +€57,843 | +28.6% |
| Amounts payable | 17/49 | €72,448 | €44,929 | -€27,519 | -38.0% |
| Amounts payable within one year | 42/48 | €72,448 | €44,929 | -€27,519 | -38.0% |
| Current portion of amounts payable after more than one year | 42 | €8,521 | - | -€8,521 | |
| Trade debts | 44 | €387 | €189 | -€198 | -51.2% |
| Suppliers | 440/4 | €387 | €189 | -€198 | -51.2% |
| Taxes, remuneration and social security | 45 | €34,969 | €44,740 | +€9,772 | +27.9% |
| Taxes | 450/3 | €34,969 | €44,740 | +€9,772 | +27.9% |
| Other amounts payable | 47/48 | €28,571 | - | -€28,571 | |
| Non-recurring operating income | 76A | - | €5,500 | +€5,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,365 | €16,431 | +€9,067 | +123% |
| Other operating charges | 640/8 | €1,845 | €2,370 | +€525 | +28.5% |
| Gross operating margin | 9900 | €59,045 | €95,099 | +€36,054 | +61.1% |
| Operating profit (loss) | 9901 | €49,835 | €76,297 | +€26,462 | +53.1% |
| Financial income | 75/76B | €564 | €8,476 | +€7,912 | +1,403% |
| Recurring financial income | 75 | €564 | €8,476 | +€7,912 | +1,403% |
| Financial charges | 65/66B | €795 | €147 | -€648 | -81.5% |
| Recurring financial charges | 65 | €795 | €147 | -€648 | -81.5% |
| Profit (loss) for the period before taxes | 9903 | €49,604 | €84,626 | +€35,022 | +70.6% |
| Income taxes | 67/77 | €16,844 | €26,783 | +€9,940 | +59.0% |
| Profit (loss) for the period | 9904 | €32,761 | €57,843 | +€25,082 | +76.6% |
| Profit (loss) for the period to be appropriated | 9905 | €32,761 | €57,843 | +€25,082 | +76.6% |
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.