HBS: 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
HBS
NACE 41.001, General construction of residential buildings
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€90,801
2024 · -€2.9m+€2.8m
Equity
€181,827
2024 · €272,628-€90,801
Cash
€879,345
2024 · €2.1m-€1.3m
Balance sheet total
€3.8m
2024 · €5.8m-€1.9m
Largest movements
Assets
- Cash -€1.3m
down €1.3m (-58.8%), from €2.1m to €879,345
mainly Other debts (-€1.5m) and Trade debts (-€1.1m)
- Receivables within one year -€557,930
down €557,930 (-21.0%), from €2.7m to €2.1m
of which Other amounts receivable: -€406,835
- Tangible fixed assets -€117,971
down €117,971 (-18.8%), from €627,148 to €509,176
of which Other tangible fixed assets: -€80,092
Equity and liabilities
- Other debts -€1.5m
down €1.5m (-68.5%), from €2.2m to €686,131
- Trade debts -€1.1m
down €1.1m (-46.2%), from €2.4m to €1.3m
- Provisions +€733,193
new in 2025: €733,193
- Profit (loss) carried forward -€90,801
down €90,801 (-4.7%), from -€2.0m to -€2.0m
Income statement
- Turnover -€3.6m
down €3.6m (-33.3%), from €10.9m to €7.3m
- Goods and materials -€3.6m
down €3.6m (-44.0%), from €8.1m to €4.5m
of which Purchases: -€3.5m
- Provisions +€733,193
new in 2025: €733,193
- Services and other goods -€307,714
down €307,714 (-18.5%), from €1.7m to €1.4m
- Write-downs -€142,106
down €142,106, from €106,445 to -€35,661
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.
Result 2024
-€2.9m
Turnover
-€3.6m
Other operating income
-€40,421
Goods and materials
+€3.6m
Services and other goods
+€307,714
Staff costs
+€78,110
Depreciation
+€11,880
Write-downs
+€142,106
Provisions
-€733,193
Other operating charges
-€2,082
Other operating items
+€3.0m
Financial income
+€10,466
Financial charges
+€89,211
Taxes
-€160
Result 2025
-€90,801
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.
From operations
-€1.3m
Investment
-€5,725
Financing
€0
Cash 2024
€2.1m
From operations (derived)
-€1.3m
Net result for the year
-€90,801
Depreciation
+€122,997
Stocks and contracts
+€15,197
Receivables within one year
+€557,930
Deferred charges and accrued income
-€5,064
Provisions
+€733,193
Trade debts
-€1.1m
Tax, wage and social debts
+€3,039
Advances received
+€17,505
Other debts
-€1.5m
Investment (derived)
-€5,725
Investment in fixed assets (net)
-€5,725
Cash 2025
€879,345
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,776,239 | €3,833,658 | -€1.9m | -33.6% |
| Fixed assets | 21/28 | €630,833 | €513,561 | -€117,271 | -18.6% |
| Tangible fixed assets | 22/27 | €627,148 | €509,176 | -€117,971 | -18.8% |
| Land and buildings | 22 | €2,200 | €2,200 | = | 0.0% |
| Plant, machinery and equipment | 23 | €28,838 | €15,174 | -€13,664 | -47.4% |
| Furniture and vehicles | 24 | €66,614 | €42,398 | -€24,216 | -36.4% |
| Other tangible fixed assets | 26 | €529,496 | €449,404 | -€80,092 | -15.1% |
| Financial fixed assets | 28 | €3,685 | €4,385 | +€700 | +19.0% |
| Other financial fixed assets | 284/8 | €3,685 | €4,385 | +€700 | +19.0% |
| Amounts receivable and cash guarantees | 285/8 | €3,685 | €4,385 | +€700 | +19.0% |
| Current assets | 29/58 | €5,145,406 | €3,320,097 | -€1.8m | -35.5% |
| Stocks and contracts in progress | 3 | €310,958 | €295,761 | -€15,197 | -4.9% |
| Stocks | 30/36 | €100,036 | €111,325 | +€11,289 | +11.3% |
| Raw materials and consumables | 30/31 | €100,036 | €111,325 | +€11,289 | +11.3% |
| Contracts in progress | 37 | €210,922 | €184,436 | -€26,486 | -12.6% |
| Amounts receivable within one year | 40/41 | €2,662,255 | €2,104,324 | -€557,930 | -21.0% |
| Trade receivables | 40 | €2,133,670 | €1,982,574 | -€151,096 | -7.1% |
| Other amounts receivable | 41 | €528,585 | €121,751 | -€406,835 | -77.0% |
| Cash at bank and in hand | 54/58 | €2,136,591 | €879,345 | -€1.3m | -58.8% |
| Deferred charges and accrued income | 490/1 | €35,601 | €40,665 | +€5,064 | +14.2% |
| Total equity and liabilities | 10/49 | €5,776,239 | €3,833,658 | -€1.9m | -33.6% |
| Equity | 10/15 | €272,628 | €181,827 | -€90,801 | -33.3% |
| Contributions | 10/11 | €1,766,486 | €1,766,486 | = | 0.0% |
| Capital | 10 | €1,766,486 | €1,766,486 | = | 0.0% |
| Issued capital | 100 | €1,766,486 | €1,766,486 | = | 0.0% |
| Reserves | 13 | €456,438 | €456,438 | = | 0.0% |
| Non-distributable reserves | 130/1 | €26,649 | €26,649 | = | 0.0% |
| Legal reserve | 130 | €26,649 | €26,649 | = | 0.0% |
| Distributable reserves | 133 | €429,789 | €429,789 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,950,295 | -€2,041,096 | -€90,801 | -4.7% |
| Provisions and deferred taxes | 16 | - | €733,193 | +€733,193 | |
| Provisions for liabilities and charges | 160/5 | - | €733,193 | +€733,193 | |
| Pensions and similar obligations | 160 | - | €133,193 | +€133,193 | |
| Other liabilities and charges | 164/5 | - | €600,000 | +€600,000 | |
| Amounts payable | 17/49 | €5,503,610 | €2,918,638 | -€2.6m | -47.0% |
| Amounts payable within one year | 42/48 | €5,503,610 | €2,918,638 | -€2.6m | -47.0% |
| Trade debts | 44 | €2,405,559 | €1,293,908 | -€1.1m | -46.2% |
| Suppliers | 440/4 | €2,405,559 | €1,293,908 | -€1.1m | -46.2% |
| Advances received on contracts in progress | 46 | €677,685 | €695,190 | +€17,505 | +2.6% |
| Taxes, remuneration and social security | 45 | €240,369 | €243,409 | +€3,039 | +1.3% |
| Taxes | 450/3 | €140,151 | €138,394 | -€1,757 | -1.3% |
| Remuneration and social security | 454/9 | €100,218 | €105,014 | +€4,796 | +4.8% |
| Other amounts payable | 47/48 | €2,179,997 | €686,131 | -€1.5m | -68.5% |
| Operating income | 70/76A | €8,867,494 | €8,200,957 | -€666,537 | -7.5% |
| Turnover | 70 | €10,927,266 | €7,290,168 | -€3.6m | -33.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€2,283,856 | -€109,937 | +€2.2m | +95.2% |
| Own construction capitalised | 72 | €39,159 | - | -€39,159 | |
| Other operating income | 74 | €84,689 | €44,268 | -€40,421 | -47.7% |
| Non-recurring operating income | 76A | €100,235 | €976,458 | +€876,223 | +874.2% |
| Operating charges | 60/66A | €11,636,744 | €8,263,589 | -€3.4m | -29.0% |
| Goods for resale, raw materials and consumables | 60 | €8,105,793 | €4,535,245 | -€3.6m | -44.0% |
| Purchases | 600/8 | €8,080,836 | €4,546,534 | -€3.5m | -43.7% |
| Change in stocks: decrease (increase) | 609 | €24,956 | -€11,289 | -€36,245 | |
| Services and other goods | 61 | €1,663,345 | €1,355,631 | -€307,714 | -18.5% |
| Remuneration, social security and pensions | 62 | €1,618,972 | €1,540,862 | -€78,110 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,876 | €122,997 | -€11,880 | -8.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €106,445 | -€35,661 | -€142,106 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €733,193 | +€733,193 | |
| Other operating charges | 640/8 | €7,312 | €9,394 | +€2,082 | +28.5% |
| Non-recurring operating charges | 66A | - | €1,928 | +€1,928 | |
| Operating profit (loss) | 9901 | -€2,769,250 | -€62,632 | +€2.7m | +97.7% |
| Financial income | 75/76B | €10,647 | €21,112 | +€10,466 | +98.3% |
| Recurring financial income | 75 | €10,647 | €21,112 | +€10,466 | +98.3% |
| Other financial income | 752/9 | €10,647 | €21,112 | +€10,466 | +98.3% |
| Financial charges | 65/66B | €136,553 | €47,341 | -€89,211 | -65.3% |
| Recurring financial charges | 65 | €136,553 | €47,341 | -€89,211 | -65.3% |
| Debt charges | 650 | €136,553 | €8,917 | -€127,636 | -93.5% |
| Other financial charges | 652/9 | - | €38,425 | +€38,425 | |
| Profit (loss) for the period before taxes | 9903 | -€2,895,156 | -€88,861 | +€2.8m | +96.9% |
| Income taxes | 67/77 | €1,780 | €1,940 | +€160 | +9.0% |
| Taxes | 670/3 | €1,780 | €1,940 | +€160 | +9.0% |
| Profit (loss) for the period | 9904 | -€2,896,936 | -€90,801 | +€2.8m | +96.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,896,936 | -€90,801 | +€2.8m | +96.9% |
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 9 October 2026 via checked.be.