HLB PROJECTS: 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.
HLB PROJECTS
Largest movements
- Cash -€57,439
down €57,439 (-39.5%), from €145,536 to €88,098
mainly Contributions, distributions and other (-€150,000) and Receivables within one year (-€3,331)
- Receivables within one year +€3,331
up €3,331 (+26.3%), from €12,652 to €15,983
of which Trade receivables: +€3,346
- Tangible fixed assets -€2,406
down €2,406 (-42.0%), from €5,726 to €3,320
of which Furniture and vehicles: -€2,496
- Reserves -€99,908
down €99,908 (-65.1%), from €153,577 to €53,669
- Other debts +€42,563
up €42,563 (+23815.4%), from €179 to €42,742
- Gross operating margin -€6,661
down €6,661 (-8.7%), from €76,968 to €70,307
- Depreciation +€1,025
up €1,025 (+47.0%), from €2,181 to €3,206
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 | €164,758 | €108,724 | -€56,034 | -34.0% |
| Fixed assets | 21/28 | €5,726 | €3,320 | -€2,406 | -42.0% |
| Tangible fixed assets | 22/27 | €5,726 | €3,320 | -€2,406 | -42.0% |
| Plant, machinery and equipment | 23 | €443 | €533 | +€89 | +20.2% |
| Furniture and vehicles | 24 | €5,283 | €2,787 | -€2,496 | -47.2% |
| Current assets | 29/58 | €159,032 | €105,404 | -€53,628 | -33.7% |
| Amounts receivable within one year | 40/41 | €12,652 | €15,983 | +€3,331 | +26.3% |
| Trade receivables | 40 | €12,637 | €15,983 | +€3,346 | +26.5% |
| Other amounts receivable | 41 | €15 | - | -€15 | |
| Cash at bank and in hand | 54/58 | €145,536 | €88,098 | -€57,439 | -39.5% |
| Deferred charges and accrued income | 490/1 | €844 | €1,323 | +€480 | +56.8% |
| Total equity and liabilities | 10/49 | €164,758 | €108,724 | -€56,034 | -34.0% |
| Equity | 10/15 | €155,577 | €55,669 | -€99,908 | -64.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €153,577 | €53,669 | -€99,908 | -65.1% |
| Distributable reserves | 133 | €153,577 | €53,669 | -€99,908 | -65.1% |
| Amounts payable | 17/49 | €9,181 | €53,055 | +€43,874 | +477.9% |
| Amounts payable within one year | 42/48 | €9,181 | €53,055 | +€43,874 | +477.9% |
| Trade debts | 44 | €1,168 | €1,815 | +€647 | +55.4% |
| Suppliers | 440/4 | €1,168 | €1,815 | +€647 | +55.4% |
| Taxes, remuneration and social security | 45 | €7,835 | €8,499 | +€664 | +8.5% |
| Taxes | 450/3 | €7,835 | €8,499 | +€664 | +8.5% |
| Other amounts payable | 47/48 | €179 | €42,742 | +€42,563 | +23815.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,181 | €3,206 | +€1,025 | +47.0% |
| Other operating charges | 640/8 | €1,747 | €1,426 | -€321 | -18.4% |
| Gross operating margin | 9900 | €76,968 | €70,307 | -€6,661 | -8.7% |
| Operating profit (loss) | 9901 | €73,040 | €65,675 | -€7,364 | -10.1% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €172 | €162 | -€10 | -5.9% |
| Recurring financial charges | 65 | €172 | €162 | -€10 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €72,868 | €65,514 | -€7,354 | -10.1% |
| Income taxes | 67/77 | €16,019 | €15,422 | -€598 | -3.7% |
| Profit (loss) for the period | 9904 | €56,848 | €50,092 | -€6,756 | -11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €56,848 | €50,092 | -€6,756 | -11.9% |
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 12 October 2026 via checked.be.