HBSC: 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.
HBSC
Largest movements
- Cash -€197,900
down €197,900 (-60.7%), from €325,925 to €128,025
mainly Contributions, distributions and other (-€797,960) and Deferred charges and accrued income (-€19,993)
- Receivables within one year -€44,693
down €44,693 (-67.1%), from €66,593 to €21,900
- Deferred charges and accrued income +€19,993
up €19,993 (+19.2%), from €103,880 to €123,872
- Tangible fixed assets -€11,408
down €11,408 (-36.7%), from €31,051 to €19,643
- Reserves -€522,628
no longer reported in 2025 (was €522,628)
- Other debts +€275,332
new in 2025: €275,332
- Tax, wage and social debts +€11,452
new in 2025: €11,452
- Gross operating margin +€66,252
up €66,252 (+21.7%), from €305,162 to €371,415
- Taxes +€17,031
up €17,031 (+24.5%), from €69,421 to €86,452
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 | €527,448 | €293,439 | -€234,008 | -44.4% |
| Fixed assets | 21/28 | €31,051 | €19,643 | -€11,408 | -36.7% |
| Tangible fixed assets | 22/27 | €31,051 | €19,643 | -€11,408 | -36.7% |
| Furniture and vehicles | 24 | €31,051 | €19,643 | -€11,408 | -36.7% |
| Current assets | 29/58 | €496,397 | €273,796 | -€222,600 | -44.8% |
| Amounts receivable within one year | 40/41 | €66,593 | €21,900 | -€44,693 | -67.1% |
| Other amounts receivable | 41 | €66,593 | €21,900 | -€44,693 | -67.1% |
| Cash at bank and in hand | 54/58 | €325,925 | €128,025 | -€197,900 | -60.7% |
| Deferred charges and accrued income | 490/1 | €103,880 | €123,872 | +€19,993 | +19.2% |
| Total equity and liabilities | 10/49 | €527,448 | €293,439 | -€234,008 | -44.4% |
| Equity | 10/15 | €525,628 | €3,000 | -€522,628 | -99.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €522,628 | - | -€522,628 | |
| Distributable reserves | 133 | €522,628 | - | -€522,628 | |
| Amounts payable | 17/49 | €1,820 | €290,439 | +€288,619 | +15858.7% |
| Amounts payable within one year | 42/48 | €1,820 | €290,439 | +€288,619 | +15858.7% |
| Trade debts | 44 | €1,820 | €3,655 | +€1,835 | +100.8% |
| Suppliers | 440/4 | €1,820 | €3,655 | +€1,835 | +100.8% |
| Taxes, remuneration and social security | 45 | - | €11,452 | +€11,452 | |
| Taxes | 450/3 | - | €11,452 | +€11,452 | |
| Other amounts payable | 47/48 | - | €275,332 | +€275,332 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,320 | €12,024 | -€296 | -2.4% |
| Other operating charges | 640/8 | €391 | €799 | +€408 | +104.5% |
| Gross operating margin | 9900 | €305,162 | €371,415 | +€66,252 | +21.7% |
| Operating profit (loss) | 9901 | €292,452 | €358,593 | +€66,141 | +22.6% |
| Financial income | 75/76B | €3,192 | €3,333 | +€141 | +4.4% |
| Recurring financial income | 75 | €3,192 | €3,333 | +€141 | +4.4% |
| Financial charges | 65/66B | €77 | €141 | +€64 | +83.7% |
| Recurring financial charges | 65 | €77 | €141 | +€64 | +83.7% |
| Profit (loss) for the period before taxes | 9903 | €295,567 | €361,785 | +€66,217 | +22.4% |
| Income taxes | 67/77 | €69,421 | €86,452 | +€17,031 | +24.5% |
| Profit (loss) for the period | 9904 | €226,146 | €275,332 | +€49,186 | +21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €226,146 | €275,332 | +€49,186 | +21.7% |
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.