HLB: 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.
HLB
Largest movements
- Receivables within one year +€28,256
up €28,256 (+15.7%), from €180,525 to €208,781
of which Other amounts receivable: +€22,240
- Cash -€4,160
down €4,160 (-88.0%), from €4,724 to €565
mainly Receivables within one year (-€28,256) and Debts after one year (-€6,208)
- Profit (loss) carried forward +€29,388
up €29,388 (+20.9%), from €140,515 to €169,903
- Trade debts +€6,429
up €6,429 (+53.2%), from €12,077 to €18,506
- Debts after one year -€6,208
down €6,208 (-100.0%), from €6,208 to €0
- Tax, wage and social debts -€5,343
down €5,343 (-29.2%), from €18,285 to €12,942
- Gross operating margin +€10,685
up €10,685 (+27.9%), from €38,253 to €48,938
- Taxes +€3,933
up €3,933 (+44.4%), from €8,865 to €12,798
- Write-downs +€2,201
new in 2026: €2,201
- Financial charges +€1,142
up €1,142 (+87.6%), from €1,303 to €2,445
- Other operating charges +€541
up €541 (+41.2%), from €1,314 to €1,855
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €185,521 | €209,572 | +€24,051 | +13.0% |
| Fixed assets | 21/28 | €272 | €19 | -€253 | -92.9% |
| Tangible fixed assets | 22/27 | €272 | €19 | -€253 | -92.9% |
| Plant, machinery and equipment | 23 | €272 | €19 | -€253 | -92.9% |
| Current assets | 29/58 | €185,249 | €209,553 | +€24,304 | +13.1% |
| Amounts receivable within one year | 40/41 | €180,525 | €208,781 | +€28,256 | +15.7% |
| Trade receivables | 40 | €3,103 | €9,119 | +€6,016 | +193.8% |
| Other amounts receivable | 41 | €177,422 | €199,662 | +€22,240 | +12.5% |
| Cash at bank and in hand | 54/58 | €4,724 | €565 | -€4,160 | -88.0% |
| Deferred charges and accrued income | 490/1 | - | €207 | +€207 | |
| Total equity and liabilities | 10/49 | €185,521 | €209,572 | +€24,051 | +13.0% |
| Equity | 10/15 | €142,515 | €171,903 | +€29,388 | +20.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €140,515 | €169,903 | +€29,388 | +20.9% |
| Amounts payable | 17/49 | €43,006 | €37,669 | -€5,337 | -12.4% |
| Amounts payable after more than one year | 17 | €6,208 | €0 | -€6,208 | -100.0% |
| Financial debts | 170/4 | €6,208 | €0 | -€6,208 | -100.0% |
| Amounts payable within one year | 42/48 | €36,798 | €37,669 | +€871 | +2.4% |
| Current portion of amounts payable after more than one year | 42 | €6,436 | €6,208 | -€228 | -3.5% |
| Trade debts | 44 | €12,077 | €18,506 | +€6,429 | +53.2% |
| Suppliers | 440/4 | €12,077 | €18,506 | +€6,429 | +53.2% |
| Taxes, remuneration and social security | 45 | €18,285 | €12,942 | -€5,343 | -29.2% |
| Taxes | 450/3 | €18,285 | €12,942 | -€5,343 | -29.2% |
| Other amounts payable | 47/48 | €0 | €13 | +€13 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €378 | €253 | -€125 | -33.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,201 | +€2,201 | |
| Other operating charges | 640/8 | €1,314 | €1,855 | +€541 | +41.2% |
| Gross operating margin | 9900 | €38,253 | €48,938 | +€10,685 | +27.9% |
| Operating profit (loss) | 9901 | €36,561 | €44,630 | +€8,069 | +22.1% |
| Financial income | 75/76B | €0 | €1 | +€1 | +150.0% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +150.0% |
| Financial charges | 65/66B | €1,303 | €2,445 | +€1,142 | +87.6% |
| Recurring financial charges | 65 | €1,303 | €2,445 | +€1,142 | +87.6% |
| Profit (loss) for the period before taxes | 9903 | €35,258 | €42,186 | +€6,927 | +19.6% |
| Income taxes | 67/77 | €8,865 | €12,798 | +€3,933 | +44.4% |
| Profit (loss) for the period | 9904 | €26,393 | €29,388 | +€2,995 | +11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €26,393 | €29,388 | +€2,995 | +11.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.