HBS Belgium: 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.
HBS Belgium
Largest movements
- Cash -€14,659
down €14,659 (-41.7%), from €35,157 to €20,498
mainly Tax, wage and social debts (-€13,096) and Investment in fixed assets (net) (-€10,910)
- Tangible fixed assets +€7,103
up €7,103 (+165%), from €4,299 to €11,402
of which Furniture and vehicles: +€6,515
- Receivables within one year +€3,859
up €3,859 (+13.2%), from €29,284 to €33,143
of which Other amounts receivable: +€5,368
- Tax, wage and social debts -€13,096
down €13,096 (-37.9%), from €34,586 to €21,490
of which Taxes: -€16,596
- Trade debts +€9,504
up €9,504 (+66.5%), from €14,298 to €23,802
- Gross operating margin -€17,845
down €17,845 (-70.0%), from €25,504 to €7,659
- Taxes -€5,785
down €5,785 (-72.9%), from €7,936 to €2,152
- Depreciation +€2,292
up €2,292 (+151%), from €1,515 to €3,807
- Other operating charges +€787
new in 2025: €787
- Financial charges +€372
up €372 (+139%), from €268 to €641
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.
Derived cash bridge
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 | €68,740 | €65,043 | -€3,697 | -5.4% |
| Fixed assets | 21/28 | €4,299 | €11,402 | +€7,103 | +165% |
| Tangible fixed assets | 22/27 | €4,299 | €11,402 | +€7,103 | +165% |
| Plant, machinery and equipment | 23 | - | €588 | +€588 | |
| Furniture and vehicles | 24 | €4,299 | €10,813 | +€6,515 | +152% |
| Current assets | 29/58 | €64,442 | €53,642 | -€10,800 | -16.8% |
| Amounts receivable within one year | 40/41 | €29,284 | €33,143 | +€3,859 | +13.2% |
| Trade receivables | 40 | €29,284 | €27,776 | -€1,509 | -5.2% |
| Other amounts receivable | 41 | €0 | €5,368 | +€5,368 | |
| Cash at bank and in hand | 54/58 | €35,157 | €20,498 | -€14,659 | -41.7% |
| Total equity and liabilities | 10/49 | €68,740 | €65,043 | -€3,697 | -5.4% |
| Equity | 10/15 | €8,408 | €8,681 | +€273 | +3.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,408 | €6,681 | +€273 | +4.3% |
| Amounts payable | 17/49 | €60,332 | €56,362 | -€3,970 | -6.6% |
| Amounts payable within one year | 42/48 | €60,332 | €56,362 | -€3,970 | -6.6% |
| Trade debts | 44 | €14,298 | €23,802 | +€9,504 | +66.5% |
| Suppliers | 440/4 | €14,298 | €23,802 | +€9,504 | +66.5% |
| Taxes, remuneration and social security | 45 | €34,586 | €21,490 | -€13,096 | -37.9% |
| Taxes | 450/3 | €34,586 | €17,990 | -€16,596 | -48.0% |
| Remuneration and social security | 454/9 | - | €3,500 | +€3,500 | |
| Other amounts payable | 47/48 | €11,448 | €11,070 | -€378 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,515 | €3,807 | +€2,292 | +151% |
| Other operating charges | 640/8 | - | €787 | +€787 | |
| Gross operating margin | 9900 | €25,504 | €7,659 | -€17,845 | -70.0% |
| Operating profit (loss) | 9901 | €23,989 | €3,065 | -€20,924 | -87.2% |
| Financial income | 75/76B | €0 | €1 | +€0 | +84.8% |
| Recurring financial income | 75 | €0 | €1 | +€0 | +84.8% |
| Financial charges | 65/66B | €268 | €641 | +€372 | +139% |
| Recurring financial charges | 65 | €268 | €641 | +€372 | +139% |
| Profit (loss) for the period before taxes | 9903 | €23,721 | €2,425 | -€21,296 | -89.8% |
| Income taxes | 67/77 | €7,936 | €2,152 | -€5,785 | -72.9% |
| Profit (loss) for the period | 9904 | €15,785 | €273 | -€15,512 | -98.3% |
| Profit (loss) for the period to be appropriated | 9905 | €15,785 | €273 | -€15,512 | -98.3% |
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 1 November 2026 via checked.be.