HBX PARTNERS: 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 PARTNERS
Largest movements
- Receivables after one year -€180,820
no longer reported in 2025 (was €180,820)
- Cash -€36,306
down €36,306 (-72.6%), from €50,004 to €13,698
mainly Contributions, distributions and other (-€200,820) and Receivables within one year (-€25,504)
- Receivables within one year +€25,504
up €25,504 (+2,253%), from €1,132 to €26,636
of which Trade receivables: +€20,505
- Profit (loss) carried forward -€122,297
down €122,297 (-85.4%), from €143,122 to €20,824
- Reserves -€75,495
no longer reported in 2025 (was €75,495)
- Tax, wage and social debts +€5,441
up €5,441 (+429%), from €1,269 to €6,710
- Gross operating margin -€19,822
down €19,822 (-78.1%), from €25,393 to €5,571
- Taxes -€4,933
down €4,933 (-76.7%), from €6,433 to €1,501
- Other operating charges +€799
new in 2025: €799
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 | €232,286 | €40,334 | -€191,952 | -82.6% |
| Current assets | 29/58 | €232,286 | €40,334 | -€191,952 | -82.6% |
| Amounts receivable after more than one year | 29 | €180,820 | - | -€180,820 | |
| Other amounts receivable | 291 | €180,820 | - | -€180,820 | |
| Amounts receivable within one year | 40/41 | €1,132 | €26,636 | +€25,504 | +2,253% |
| Trade receivables | 40 | €65 | €20,570 | +€20,505 | +31,498% |
| Other amounts receivable | 41 | €1,067 | €6,066 | +€4,999 | +469% |
| Cash at bank and in hand | 54/58 | €50,004 | €13,698 | -€36,306 | -72.6% |
| Deferred charges and accrued income | 490/1 | €330 | - | -€330 | |
| Total equity and liabilities | 10/49 | €232,286 | €40,334 | -€191,952 | -82.6% |
| Equity | 10/15 | €231,017 | €33,224 | -€197,792 | -85.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €75,495 | - | -€75,495 | |
| Distributable reserves | 133 | €75,495 | - | -€75,495 | |
| Profit (loss) carried forward | 14 | €143,122 | €20,824 | -€122,297 | -85.4% |
| Amounts payable | 17/49 | €1,269 | €7,109 | +€5,840 | +460% |
| Amounts payable within one year | 42/48 | €1,269 | €7,109 | +€5,840 | +460% |
| Trade debts | 44 | - | €400 | +€400 | |
| Suppliers | 440/4 | - | €400 | +€400 | |
| Taxes, remuneration and social security | 45 | €1,269 | €6,710 | +€5,441 | +429% |
| Taxes | 450/3 | €1,269 | €6,710 | +€5,441 | +429% |
| Other operating charges | 640/8 | - | €799 | +€799 | |
| Gross operating margin | 9900 | €25,393 | €5,571 | -€19,822 | -78.1% |
| Operating profit (loss) | 9901 | €25,393 | €4,771 | -€20,621 | -81.2% |
| Financial charges | 65/66B | €134 | €243 | +€109 | +81.8% |
| Recurring financial charges | 65 | €134 | €243 | +€109 | +81.8% |
| Profit (loss) for the period before taxes | 9903 | €25,259 | €4,528 | -€20,731 | -82.1% |
| Income taxes | 67/77 | €6,433 | €1,501 | -€4,933 | -76.7% |
| Profit (loss) for the period | 9904 | €18,826 | €3,028 | -€15,798 | -83.9% |
| Profit (loss) for the period to be appropriated | 9905 | €18,826 | €3,028 | -€15,798 | -83.9% |
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 18 October 2026 via checked.be.