HBX: 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.
HBX
Largest movements
- Receivables within one year +€5,313
up €5,313 (+114.6%), from €4,635 to €9,948
of which Trade receivables: +€5,155
- Deferred charges and accrued income +€4,135
up €4,135 (+263.2%), from €1,571 to €5,706
- Cash +€4,108
up €4,108 (+215.8%), from €1,904 to €6,013
mainly Net result for the year (+€14,445) and Tax, wage and social debts (+€5,504)
- Tangible fixed assets -€500
down €500 (-51.4%), from €973 to €473
of which Plant, machinery and equipment: -€285
- Reserves +€12,397
new in 2025: €12,397
- Other debts -€7,492
down €7,492 (-97.7%), from €7,671 to €179
- Tax, wage and social debts +€5,504
up €5,504 (+43542.7%), from €13 to €5,516
- Profit (loss) carried forward +€2,049
no longer reported in 2025 (was -€2,049)
- Trade debts +€599
up €599 (+24.5%), from €2,447 to €3,047
- Gross operating margin +€25,043
up €25,043, from -€6,867 to €18,176
- Taxes +€3,115
up €3,115 (+24641.9%), from €13 to €3,127
- Depreciation +€469
up €469 (+1496.4%), from €31 to €500
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 | €9,083 | €22,139 | +€13,057 | +143.8% |
| Fixed assets | 21/28 | €973 | €473 | -€500 | -51.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €973 | €473 | -€500 | -51.4% |
| Plant, machinery and equipment | 23 | €554 | €269 | -€285 | -51.4% |
| Furniture and vehicles | 24 | €418 | €203 | -€215 | -51.4% |
| Current assets | 29/58 | €8,110 | €21,667 | +€13,557 | +167.2% |
| Amounts receivable within one year | 40/41 | €4,635 | €9,948 | +€5,313 | +114.6% |
| Trade receivables | 40 | €3,920 | €9,075 | +€5,155 | +131.5% |
| Other amounts receivable | 41 | €714 | €873 | +€158 | +22.2% |
| Cash at bank and in hand | 54/58 | €1,904 | €6,013 | +€4,108 | +215.8% |
| Deferred charges and accrued income | 490/1 | €1,571 | €5,706 | +€4,135 | +263.2% |
| Total equity and liabilities | 10/49 | €9,083 | €22,139 | +€13,057 | +143.8% |
| Equity | 10/15 | -€1,049 | €13,397 | +€14,445 | |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | - | €12,397 | +€12,397 | |
| Distributable reserves | 133 | - | €12,397 | +€12,397 | |
| Profit (loss) carried forward | 14 | -€2,049 | - | +€2,049 | |
| Amounts payable | 17/49 | €10,131 | €8,742 | -€1,389 | -13.7% |
| Amounts payable within one year | 42/48 | €10,131 | €8,742 | -€1,389 | -13.7% |
| Trade debts | 44 | €2,447 | €3,047 | +€599 | +24.5% |
| Suppliers | 440/4 | €2,447 | €3,047 | +€599 | +24.5% |
| Taxes, remuneration and social security | 45 | €13 | €5,516 | +€5,504 | +43542.7% |
| Taxes | 450/3 | €13 | €5,516 | +€5,504 | +43542.7% |
| Other amounts payable | 47/48 | €7,671 | €179 | -€7,492 | -97.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31 | €500 | +€469 | +1496.4% |
| Gross operating margin | 9900 | -€6,867 | €18,176 | +€25,043 | |
| Operating profit (loss) | 9901 | -€6,899 | €17,676 | +€24,575 | |
| Financial charges | 65/66B | €73 | €103 | +€30 | +41.3% |
| Recurring financial charges | 65 | €73 | €103 | +€30 | +41.3% |
| Profit (loss) for the period before taxes | 9903 | -€6,972 | €17,573 | +€24,545 | |
| Income taxes | 67/77 | €13 | €3,127 | +€3,115 | +24641.9% |
| Profit (loss) for the period | 9904 | -€6,984 | €14,445 | +€21,430 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,984 | €14,445 | +€21,430 |
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 3 October 2026 via checked.be.