HBR: 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.
HBR
Largest movements
- Receivables within one year -€10,839
down €10,839 (-46.3%), from €23,412 to €12,573
- Cash -€7,004
down €7,004 (-48.1%), from €14,546 to €7,542
mainly Short-term financial debts (-€6,000) and Other debts (-€5,771)
- Short-term financial debts -€6,000
down €6,000 (-7.4%), from €81,000 to €75,000
- Other debts -€5,771
down €5,771 (-17.3%), from €33,319 to €27,548
- Trade debts -€4,744
down €4,744 (-42.1%), from €11,268 to €6,524
- Other operating charges -€17,017
down €17,017 (-94.6%), from €17,994 to €977
- Financial charges +€4,267
up €4,267 (+102.3%), from €4,170 to €8,438
- Gross operating margin -€3,630
down €3,630 (-29.0%), from €12,538 to €8,908
- Write-downs +€385
new in 2025: €385
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 | €158,804 | €140,442 | -€18,362 | -11.6% |
| Fixed assets | 21/28 | €1,614 | €1,062 | -€552 | -34.2% |
| Tangible fixed assets | 22/27 | €1,614 | €1,062 | -€552 | -34.2% |
| Plant, machinery and equipment | 23 | €1,614 | €1,062 | -€552 | -34.2% |
| Current assets | 29/58 | €157,190 | €139,380 | -€17,810 | -11.3% |
| Stocks and contracts in progress | 3 | €119,129 | €119,162 | +€33 | 0.0% |
| Stocks | 30/36 | €119,129 | €119,162 | +€33 | 0.0% |
| Amounts receivable within one year | 40/41 | €23,412 | €12,573 | -€10,839 | -46.3% |
| Trade receivables | 40 | €23,412 | €12,573 | -€10,839 | -46.3% |
| Cash at bank and in hand | 54/58 | €14,546 | €7,542 | -€7,004 | -48.1% |
| Deferred charges and accrued income | 490/1 | €104 | €103 | -€1 | -0.5% |
| Total equity and liabilities | 10/49 | €158,804 | €140,442 | -€18,362 | -11.6% |
| Equity | 10/15 | €30,652 | €29,209 | -€1,443 | -4.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €12,052 | €10,609 | -€1,443 | -12.0% |
| Non-distributable reserves | 130/1 | €252 | €252 | = | 0.0% |
| Reserves not available under the articles | 1311 | €252 | €252 | = | 0.0% |
| Distributable reserves | 133 | €11,800 | €10,357 | -€1,443 | -12.2% |
| Amounts payable | 17/49 | €128,152 | €111,233 | -€16,919 | -13.2% |
| Amounts payable within one year | 42/48 | €128,152 | €111,233 | -€16,919 | -13.2% |
| Financial debts | 43 | €81,000 | €75,000 | -€6,000 | -7.4% |
| Credit institutions | 430/8 | €81,000 | €75,000 | -€6,000 | -7.4% |
| Trade debts | 44 | €11,268 | €6,524 | -€4,744 | -42.1% |
| Suppliers | 440/4 | €11,268 | €6,524 | -€4,744 | -42.1% |
| Taxes, remuneration and social security | 45 | €2,564 | €2,161 | -€404 | -15.7% |
| Taxes | 450/3 | €2,564 | €2,161 | -€404 | -15.7% |
| Other amounts payable | 47/48 | €33,319 | €27,548 | -€5,771 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €552 | €552 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €385 | +€385 | |
| Other operating charges | 640/8 | €17,994 | €977 | -€17,017 | -94.6% |
| Gross operating margin | 9900 | €12,538 | €8,908 | -€3,630 | -29.0% |
| Operating profit (loss) | 9901 | -€6,008 | €6,994 | +€13,002 | |
| Financial charges | 65/66B | €4,170 | €8,438 | +€4,267 | +102.3% |
| Recurring financial charges | 65 | €4,170 | €8,438 | +€4,267 | +102.3% |
| Profit (loss) for the period before taxes | 9903 | -€10,179 | -€1,443 | +€8,735 | +85.8% |
| Profit (loss) for the period | 9904 | -€10,179 | -€1,443 | +€8,735 | +85.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,179 | -€1,443 | +€8,735 | +85.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.