HDB STABLES: 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.
HDB STABLES
Largest movements
- Cash -€10,237
down €10,237 (-86.7%), from €11,811 to €1,574
mainly Trade debts (-€14,911) and Stocks and contracts (-€5,765)
- Stocks and contracts +€5,765
up €5,765 (+64.1%), from €8,988 to €14,753
- Deferred charges and accrued income +€2,030
up €2,030 (+351.2%), from €578 to €2,609
- Receivables within one year +€1,028
up €1,028 (+6.4%), from €16,165 to €17,193
of which Other amounts receivable: +€686
- Trade debts -€14,911
down €14,911 (-86.2%), from €17,306 to €2,395
- Profit (loss) carried forward +€5,791
no longer reported in 2025 (was -€5,791)
- Reserves +€4,822
new in 2025: €4,822
- Other debts +€1,460
up €1,460 (+293.7%), from €497 to €1,957
- Tax, wage and social debts +€1,147
up €1,147 (+17.1%), from €6,694 to €7,841
of which Remuneration and social security: +€1,400
- Other operating charges -€4,326
down €4,326 (-44.3%), from €9,755 to €5,430
- Taxes +€1,187
new in 2025: €1,187
- Gross operating margin -€256
down €256 (-1.5%), from €17,638 to €17,382
- Financial income -€224
down €224 (-55.0%), from €408 to €184
- Financial charges -€203
down €203 (-79.0%), from €257 to €54
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 | €48,706 | €47,016 | -€1,691 | -3.5% |
| Fixed assets | 21/28 | €11,165 | €10,887 | -€277 | -2.5% |
| Tangible fixed assets | 22/27 | €1,110 | €833 | -€277 | -25.0% |
| Other tangible fixed assets | 26 | €1,110 | €833 | -€277 | -25.0% |
| Financial fixed assets | 28 | €10,054 | €10,054 | = | 0.0% |
| Current assets | 29/58 | €37,542 | €36,129 | -€1,413 | -3.8% |
| Stocks and contracts in progress | 3 | €8,988 | €14,753 | +€5,765 | +64.1% |
| Stocks | 30/36 | €8,988 | €14,753 | +€5,765 | +64.1% |
| Amounts receivable within one year | 40/41 | €16,165 | €17,193 | +€1,028 | +6.4% |
| Trade receivables | 40 | €15,997 | €16,339 | +€342 | +2.1% |
| Other amounts receivable | 41 | €168 | €854 | +€686 | +409.8% |
| Cash at bank and in hand | 54/58 | €11,811 | €1,574 | -€10,237 | -86.7% |
| Deferred charges and accrued income | 490/1 | €578 | €2,609 | +€2,030 | +351.2% |
| Total equity and liabilities | 10/49 | €48,706 | €47,016 | -€1,691 | -3.5% |
| Equity | 10/15 | €24,209 | €34,822 | +€10,613 | +43.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | - | €4,822 | +€4,822 | |
| Distributable reserves | 133 | - | €4,822 | +€4,822 | |
| Profit (loss) carried forward | 14 | -€5,791 | - | +€5,791 | |
| Amounts payable | 17/49 | €24,498 | €12,194 | -€12,304 | -50.2% |
| Amounts payable within one year | 42/48 | €24,498 | €12,194 | -€12,304 | -50.2% |
| Trade debts | 44 | €17,306 | €2,395 | -€14,911 | -86.2% |
| Suppliers | 440/4 | €17,306 | €2,395 | -€14,911 | -86.2% |
| Taxes, remuneration and social security | 45 | €6,694 | €7,841 | +€1,147 | +17.1% |
| Taxes | 450/3 | €6,694 | €6,441 | -€253 | -3.8% |
| Remuneration and social security | 454/9 | - | €1,400 | +€1,400 | |
| Other amounts payable | 47/48 | €497 | €1,957 | +€1,460 | +293.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €276 | €277 | +€2 | +0.5% |
| Other operating charges | 640/8 | €9,755 | €5,430 | -€4,326 | -44.3% |
| Non-recurring operating charges | 66A | - | €4 | +€4 | |
| Gross operating margin | 9900 | €17,638 | €17,382 | -€256 | -1.5% |
| Operating profit (loss) | 9901 | €7,607 | €11,671 | +€4,064 | +53.4% |
| Financial income | 75/76B | €408 | €184 | -€224 | -55.0% |
| Recurring financial income | 75 | €408 | €184 | -€224 | -55.0% |
| Financial charges | 65/66B | €257 | €54 | -€203 | -79.0% |
| Recurring financial charges | 65 | €257 | €54 | -€203 | -79.0% |
| Profit (loss) for the period before taxes | 9903 | €7,759 | €11,801 | +€4,042 | +52.1% |
| Income taxes | 67/77 | - | €1,187 | +€1,187 | |
| Profit (loss) for the period | 9904 | €7,759 | €10,613 | +€2,855 | +36.8% |
| Profit (loss) for the period to be appropriated | 9905 | €7,759 | €10,613 | +€2,855 | +36.8% |
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 7 October 2026 via checked.be.