HBP: 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.
What changed
HBP
NACE 68.110, Buying and selling of own real estate
financial year 31-12-2025 compared with 31-12-2024filed annual accounts (NBB)
Net result for the year
€303,476
31-12-2024 · €340,393-€36,917
Equity
€3.8m
31-12-2024 · €3.8m+€19,573
Cash
€1.2m
31-12-2024 · €466,701+€774,492
Balance sheet total
€10.3m
31-12-2024 · €8.7m+€1.6m
Largest movements
Assets
- Stocks and contracts +€817,020
up €817,020 (+16.9%), from €4.8m to €5.6m
- Cash +€774,492
up €774,492 (+166%), from €466,701 to €1.2m
mainly Short-term financial debts (+€1.5m) and Net result for the year (+€303,476)
- Receivables within one year -€112,976
down €112,976 (-3.4%), from €3.3m to €3.2m
of which Other amounts receivable: -€60,940
- Tangible fixed assets +€106,145
up €106,145 (+315%), from €33,675 to €139,820
Equity and liabilities
- Short-term financial debts +€1.5m
up €1.5m (+44.9%), from €3.4m to €5.0m
Income statement
- Gross operating margin -€136,617
down €136,617 (-15.8%), from €867,311 to €730,694
- Financial charges -€49,568
down €49,568 (-14.9%), from €332,831 to €283,263
- Depreciation +€20,181
up €20,181 (+298%), from €6,772 to €26,953
From the 31-12-2024 result to the 31-12-2025 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.
Result 31-12-2024
€340,393
Gross operating margin
-€136,617
Staff costs
-€4,340
Depreciation
-€20,181
Other operating charges
+€3,374
Other operating items
+€80,000
Financial income
-€7,756
Financial charges
+€49,568
Taxes
-€965
Result 31-12-2025
€303,476
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€259,709
Investment
-€131,036
Financing
+€1.2m
Cash 31-12-2024
€466,701
From operations (derived)
-€259,709
Net result for the year
+€303,476
Depreciation
+€26,953
Stocks and contracts
-€817,020
Receivables within one year
+€112,976
Trade debts
+€49,050
Tax, wage and social debts
+€32,980
Other debts
+€31,876
Investment (derived)
-€131,036
Investment in fixed assets (net)
-€131,036
Financing
+€1.2m
Debts after one year
-€92,831
Current portion of long-term debt
+€4,737
Short-term financial debts
+€1.5m
Contributions, distributions and other
-€283,903
Cash 31-12-2025
€1.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,672,786 | €10,255,405 | +€1.6m | +18.2% |
| Fixed assets | 21/28 | €47,922 | €152,005 | +€104,083 | +217% |
| Tangible fixed assets | 22/27 | €33,675 | €139,820 | +€106,145 | +315% |
| Furniture and vehicles | 24 | €33,675 | €139,820 | +€106,145 | +315% |
| Financial fixed assets | 28 | €14,247 | €12,185 | -€2,062 | -14.5% |
| Current assets | 29/58 | €8,624,864 | €10,103,400 | +€1.5m | +17.1% |
| Stocks and contracts in progress | 3 | €4,825,699 | €5,642,719 | +€817,020 | +16.9% |
| Stocks | 30/36 | €4,825,699 | €5,642,719 | +€817,020 | +16.9% |
| Amounts receivable within one year | 40/41 | €3,319,016 | €3,206,040 | -€112,976 | -3.4% |
| Trade receivables | 40 | €102,388 | €50,352 | -€52,036 | -50.8% |
| Other amounts receivable | 41 | €3,216,628 | €3,155,688 | -€60,940 | -1.9% |
| Cash at bank and in hand | 54/58 | €466,701 | €1,241,193 | +€774,492 | +166% |
| Deferred charges and accrued income | 490/1 | €13,448 | €13,448 | = | 0.0% |
| Total equity and liabilities | 10/49 | €8,672,786 | €10,255,405 | +€1.6m | +18.2% |
| Equity | 10/15 | €3,776,761 | €3,796,334 | +€19,573 | +0.5% |
| Contributions | 10/11 | €525,000 | €525,000 | = | 0.0% |
| Capital | 10 | €525,000 | €525,000 | = | 0.0% |
| Issued capital | 100 | €525,000 | €525,000 | = | 0.0% |
| Reserves | 13 | €3,251,761 | €3,271,334 | +€19,573 | +0.6% |
| Non-distributable reserves | 130/1 | €52,500 | €52,500 | = | 0.0% |
| Legal reserve | 130 | €52,500 | €52,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €126,300 | €126,300 | = | 0.0% |
| Distributable reserves | 133 | €3,072,961 | €3,092,534 | +€19,573 | +0.6% |
| Amounts payable | 17/49 | €4,896,025 | €6,459,071 | +€1.6m | +31.9% |
| Amounts payable after more than one year | 17 | €212,569 | €119,738 | -€92,831 | -43.7% |
| Financial debts | 170/4 | €212,569 | €119,738 | -€92,831 | -43.7% |
| Amounts payable within one year | 42/48 | €4,683,456 | €6,339,333 | +€1.7m | +35.4% |
| Current portion of amounts payable after more than one year | 42 | €87,136 | €91,873 | +€4,737 | +5.4% |
| Financial debts | 43 | €3,420,800 | €4,958,034 | +€1.5m | +44.9% |
| Credit institutions | 430/8 | €3,420,800 | €4,958,034 | +€1.5m | +44.9% |
| Trade debts | 44 | €125,688 | €174,738 | +€49,050 | +39.0% |
| Suppliers | 440/4 | €125,688 | €174,738 | +€49,050 | +39.0% |
| Taxes, remuneration and social security | 45 | €219,283 | €252,263 | +€32,980 | +15.0% |
| Taxes | 450/3 | €206,557 | €240,464 | +€33,907 | +16.4% |
| Remuneration and social security | 454/9 | €12,726 | €11,799 | -€927 | -7.3% |
| Other amounts payable | 47/48 | €830,549 | €862,425 | +€31,876 | +3.8% |
| Non-recurring operating income | 76A | €50,000 | €8,264 | -€41,736 | -83.5% |
| Remuneration, social security and pensions | 62 | €63,658 | €67,998 | +€4,340 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,772 | €26,953 | +€20,181 | +298% |
| Other operating charges | 640/8 | €3,543 | €169 | -€3,374 | -95.2% |
| Non-recurring operating charges | 66A | €80,000 | - | -€80,000 | |
| Gross operating margin | 9900 | €867,311 | €730,694 | -€136,617 | -15.8% |
| Operating profit (loss) | 9901 | €713,338 | €635,574 | -€77,764 | -10.9% |
| Financial income | 75/76B | €104,501 | €96,745 | -€7,756 | -7.4% |
| Recurring financial income | 75 | €104,501 | €96,745 | -€7,756 | -7.4% |
| Financial charges | 65/66B | €332,831 | €283,263 | -€49,568 | -14.9% |
| Recurring financial charges | 65 | €332,831 | €283,263 | -€49,568 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €485,008 | €449,056 | -€35,952 | -7.4% |
| Income taxes | 67/77 | €144,615 | €145,580 | +€965 | +0.7% |
| Profit (loss) for the period | 9904 | €340,393 | €303,476 | -€36,917 | -10.8% |
| Transfer to tax-exempt reserves | 689 | €126,300 | - | -€126,300 | |
| Profit (loss) for the period to be appropriated | 9905 | €214,093 | €303,476 | +€89,383 | +41.7% |
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 13 October 2026 via checked.be.