HBR CONSTRUCT: 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.
HBR CONSTRUCT
Largest movements
- Receivables within one year +€107,680
up €107,680 (+133.8%), from €80,479 to €188,160
of which Other amounts receivable: +€158,330
- Cash -€35,997
down €35,997 (-61.0%), from €59,011 to €23,014
mainly Receivables within one year (-€107,680) and Trade debts (-€13,100)
- Tangible fixed assets -€31,772
down €31,772 (-44.2%), from €71,870 to €40,099
of which Furniture and vehicles: -€25,246
- Profit (loss) carried forward +€52,864
up €52,864 (+39.9%), from €132,478 to €185,343
- Trade debts -€13,100
down €13,100 (-71.3%), from €18,369 to €5,269
- Gross operating margin -€68,759
down €68,759 (-35.5%), from €193,865 to €125,106
- Staff costs +€29,493
new in 2025: €29,493
- Taxes -€26,413
down €26,413 (-68.9%), from €38,363 to €11,950
- Depreciation +€12,709
up €12,709 (+59.8%), from €21,236 to €33,945
- Financial income +€5,581
up €5,581 (+2602.7%), from €214 to €5,795
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 | €213,226 | €254,550 | +€41,324 | +19.4% |
| Fixed assets | 21/28 | €71,870 | €40,099 | -€31,772 | -44.2% |
| Tangible fixed assets | 22/27 | €71,870 | €40,099 | -€31,772 | -44.2% |
| Plant, machinery and equipment | 23 | €7,590 | €1,063 | -€6,526 | -86.0% |
| Furniture and vehicles | 24 | €64,281 | €39,035 | -€25,246 | -39.3% |
| Current assets | 29/58 | €141,356 | €214,451 | +€73,095 | +51.7% |
| Amounts receivable within one year | 40/41 | €80,479 | €188,160 | +€107,680 | +133.8% |
| Trade receivables | 40 | €53,526 | €2,876 | -€50,650 | -94.6% |
| Other amounts receivable | 41 | €26,954 | €185,283 | +€158,330 | +587.4% |
| Cash at bank and in hand | 54/58 | €59,011 | €23,014 | -€35,997 | -61.0% |
| Deferred charges and accrued income | 490/1 | €1,865 | €3,277 | +€1,412 | +75.7% |
| Total equity and liabilities | 10/49 | €213,226 | €254,550 | +€41,324 | +19.4% |
| Equity | 10/15 | €142,478 | €195,343 | +€52,864 | +37.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €132,478 | €185,343 | +€52,864 | +39.9% |
| Amounts payable | 17/49 | €70,748 | €59,207 | -€11,541 | -16.3% |
| Amounts payable within one year | 42/48 | €70,739 | €59,207 | -€11,532 | -16.3% |
| Trade debts | 44 | €18,369 | €5,269 | -€13,100 | -71.3% |
| Suppliers | 440/4 | €18,369 | €5,269 | -€13,100 | -71.3% |
| Taxes, remuneration and social security | 45 | €52,370 | €53,938 | +€1,567 | +3.0% |
| Taxes | 450/3 | €39,192 | €50,313 | +€11,121 | +28.4% |
| Remuneration and social security | 454/9 | €13,178 | €3,624 | -€9,554 | -72.5% |
| Accrued charges and deferred income | 492/3 | €9 | - | -€9 | |
| Remuneration, social security and pensions | 62 | - | €29,493 | +€29,493 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,236 | €33,945 | +€12,709 | +59.8% |
| Other operating charges | 640/8 | €1,867 | €1,585 | -€283 | -15.1% |
| Gross operating margin | 9900 | €193,865 | €125,106 | -€68,759 | -35.5% |
| Operating profit (loss) | 9901 | €170,761 | €60,083 | -€110,678 | -64.8% |
| Financial income | 75/76B | €214 | €5,795 | +€5,581 | +2602.7% |
| Recurring financial income | 75 | €214 | €5,795 | +€5,581 | +2602.7% |
| Financial charges | 65/66B | €134 | €1,064 | +€930 | +693.3% |
| Recurring financial charges | 65 | €134 | €1,064 | +€930 | +693.3% |
| Profit (loss) for the period before taxes | 9903 | €170,842 | €64,814 | -€106,027 | -62.1% |
| Income taxes | 67/77 | €38,363 | €11,950 | -€26,413 | -68.9% |
| Profit (loss) for the period | 9904 | €132,478 | €52,864 | -€79,614 | -60.1% |
| Profit (loss) for the period to be appropriated | 9905 | €132,478 | €52,864 | -€79,614 | -60.1% |
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 5 October 2026 via checked.be.