HBS: 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.
HBS
Largest movements
- Cash -€136,008
down €136,008 (-56.7%), from €239,862 to €103,854
mainly Receivables within one year (-€107,580) and Trade debts (-€62,471)
- Receivables within one year +€107,580
up €107,580 (+12.6%), from €854,592 to €962,172
of which Trade receivables: +€94,009
- Trade debts -€62,471
down €62,471 (-48.2%), from €129,511 to €67,039
- Gross operating margin -€30,062
down €30,062 (-28.4%), from €105,729 to €75,667
- Other operating charges -€25,355
down €25,355 (-40.9%), from €61,961 to €36,606
- Financial charges +€22,169
up €22,169 (+1257.4%), from €1,763 to €23,932
of which Non-recurring financial charges: +€17,000
- Depreciation -€21,935
down €21,935 (-92.9%), from €23,617 to €1,682
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 | €5,036,307 | €4,988,706 | -€47,601 | -0.9% |
| Fixed assets | 21/28 | €3,923,558 | €3,904,876 | -€18,682 | -0.5% |
| Tangible fixed assets | 22/27 | €3,064,558 | €3,062,876 | -€1,682 | -0.1% |
| Land and buildings | 22 | €3,064,558 | €3,062,876 | -€1,682 | -0.1% |
| Financial fixed assets | 28 | €859,000 | €842,000 | -€17,000 | -2.0% |
| Current assets | 29/58 | €1,112,749 | €1,083,830 | -€28,920 | -2.6% |
| Amounts receivable within one year | 40/41 | €854,592 | €962,172 | +€107,580 | +12.6% |
| Trade receivables | 40 | €202,402 | €296,411 | +€94,009 | +46.4% |
| Other amounts receivable | 41 | €652,190 | €665,761 | +€13,571 | +2.1% |
| Cash at bank and in hand | 54/58 | €239,862 | €103,854 | -€136,008 | -56.7% |
| Deferred charges and accrued income | 490/1 | €18,296 | €17,804 | -€492 | -2.7% |
| Total equity and liabilities | 10/49 | €5,036,307 | €4,988,706 | -€47,601 | -0.9% |
| Equity | 10/15 | €911,129 | €924,288 | +€13,159 | +1.4% |
| Contributions | 10/11 | €196,973 | €196,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Outside capital | 11 | €135,000 | €135,000 | = | 0.0% |
| Share premium | 1100/10 | €135,000 | €135,000 | = | 0.0% |
| Revaluation surpluses | 12 | €2,110,785 | €2,110,785 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,396,630 | -€1,383,471 | +€13,159 | +0.9% |
| Amounts payable | 17/49 | €4,125,178 | €4,064,418 | -€60,761 | -1.5% |
| Amounts payable within one year | 42/48 | €4,125,178 | €4,064,418 | -€60,761 | -1.5% |
| Trade debts | 44 | €129,511 | €67,039 | -€62,471 | -48.2% |
| Suppliers | 440/4 | €129,511 | €67,039 | -€62,471 | -48.2% |
| Advances received on contracts in progress | 46 | €8,000 | - | -€8,000 | |
| Taxes, remuneration and social security | 45 | €17 | €1,432 | +€1,415 | +8460.5% |
| Taxes | 450/3 | €17 | €1,432 | +€1,415 | +8460.5% |
| Other amounts payable | 47/48 | €3,987,651 | €3,995,947 | +€8,295 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,617 | €1,682 | -€21,935 | -92.9% |
| Other operating charges | 640/8 | €61,961 | €36,606 | -€25,355 | -40.9% |
| Non-recurring operating charges | 66A | - | €291 | +€291 | |
| Gross operating margin | 9900 | €105,729 | €75,667 | -€30,062 | -28.4% |
| Operating profit (loss) | 9901 | €20,152 | €37,088 | +€16,936 | +84.0% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €1,763 | €23,932 | +€22,169 | +1257.4% |
| Recurring financial charges | 65 | €1,763 | €6,932 | +€5,169 | +293.2% |
| Non-recurring financial charges | 66B | - | €17,000 | +€17,000 | |
| Profit (loss) for the period before taxes | 9903 | €18,389 | €13,159 | -€5,230 | -28.4% |
| Profit (loss) for the period | 9904 | €18,389 | €13,159 | -€5,230 | -28.4% |
| Profit (loss) for the period to be appropriated | 9905 | €18,389 | €13,159 | -€5,230 | -28.4% |
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 7 October 2026 via checked.be.