HBX: 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.
HBX
Largest movements
- Cash -€107,830
down €107,830 (-91.0%), from €118,550 to €10,720
mainly Other debts (-€130,622) and Current portion of long-term debt (-€18,974)
- Tangible fixed assets -€29,350
down €29,350 (-45.2%), from €64,884 to €35,534
- Receivables within one year -€5,919
down €5,919 (-29.2%), from €20,297 to €14,378
of which Trade receivables: -€19,393
- Other debts -€130,622
down €130,622 (-98.7%), from €132,276 to €1,654
- Profit (loss) carried forward +€29,014
up €29,014 (+167,516%), from €17 to €29,031
- Current portion of long-term debt -€18,974
down €18,974 (-66.5%), from €28,547 to €9,573
- Tax, wage and social debts -€11,447
down €11,447 (-79.2%), from €14,447 to €3,000
of which Taxes: -€11,447
- Debts after one year -€9,573
down €9,573 (-100%), from €9,573 to €0
- Gross operating margin -€76,721
down €76,721 (-53.1%), from €144,391 to €67,671
- Taxes -€15,910
down €15,910 (-65.6%), from €24,251 to €8,341
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 | €205,685 | €62,525 | -€143,160 | -69.6% |
| Fixed assets | 21/28 | €64,884 | €35,534 | -€29,350 | -45.2% |
| Tangible fixed assets | 22/27 | €64,884 | €35,534 | -€29,350 | -45.2% |
| Furniture and vehicles | 24 | €64,884 | €35,534 | -€29,350 | -45.2% |
| Current assets | 29/58 | €140,801 | €26,991 | -€113,810 | -80.8% |
| Amounts receivable within one year | 40/41 | €20,297 | €14,378 | -€5,919 | -29.2% |
| Trade receivables | 40 | €19,393 | €0 | -€19,393 | -100% |
| Other amounts receivable | 41 | €905 | €14,378 | +€13,473 | +1,489% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €118,550 | €10,720 | -€107,830 | -91.0% |
| Deferred charges and accrued income | 490/1 | €1,954 | €1,893 | -€61 | -3.1% |
| Total equity and liabilities | 10/49 | €205,685 | €62,525 | -€143,160 | -69.6% |
| Equity | 10/15 | €18,567 | €47,581 | +€29,014 | +156% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €17 | €29,031 | +€29,014 | +167,516% |
| Amounts payable | 17/49 | €187,118 | €14,944 | -€172,174 | -92.0% |
| Amounts payable after more than one year | 17 | €9,573 | €0 | -€9,573 | -100% |
| Financial debts | 170/4 | €9,573 | €0 | -€9,573 | -100% |
| Amounts payable within one year | 42/48 | €177,544 | €14,944 | -€162,601 | -91.6% |
| Current portion of amounts payable after more than one year | 42 | €28,547 | €9,573 | -€18,974 | -66.5% |
| Trade debts | 44 | €2,274 | €717 | -€1,558 | -68.5% |
| Suppliers | 440/4 | €2,274 | €717 | -€1,558 | -68.5% |
| Taxes, remuneration and social security | 45 | €14,447 | €3,000 | -€11,447 | -79.2% |
| Taxes | 450/3 | €14,447 | €3,000 | -€11,447 | -79.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €132,276 | €1,654 | -€130,622 | -98.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,500 | €29,350 | -€1,150 | -3.8% |
| Other operating charges | 640/8 | €387 | €607 | +€220 | +56.8% |
| Gross operating margin | 9900 | €144,391 | €67,671 | -€76,721 | -53.1% |
| Operating profit (loss) | 9901 | €113,504 | €37,713 | -€75,791 | -66.8% |
| Financial income | 75/76B | €48 | €234 | +€186 | +389% |
| Recurring financial income | 75 | €48 | €234 | +€186 | +389% |
| Financial charges | 65/66B | €783 | €592 | -€191 | -24.4% |
| Recurring financial charges | 65 | €783 | €592 | -€191 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | €112,768 | €37,355 | -€75,413 | -66.9% |
| Income taxes | 67/77 | €24,251 | €8,341 | -€15,910 | -65.6% |
| Profit (loss) for the period | 9904 | €88,517 | €29,014 | -€59,504 | -67.2% |
| Profit (loss) for the period to be appropriated | 9905 | €88,517 | €29,014 | -€59,504 | -67.2% |
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 16 October 2026 via checked.be.