HOBEX: 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.
HOBEX
Largest movements
- Cash -€73,519
down €73,519 (-17.5%), from €419,586 to €346,067
mainly Debts after one year (-€88,169) and Tax, wage and social debts (-€48,499)
- Tangible fixed assets -€66,636
down €66,636 (-3.3%), from €2.0m to €1.9m
of which Other tangible fixed assets: -€66,234
- Financial fixed assets +€35,340
up €35,340 (+15.0%), from €235,017 to €270,357
- Debts after one year -€88,169
down €88,169 (-15.1%), from €584,734 to €496,564
- Tax, wage and social debts -€48,499
down €48,499 (-74.8%), from €64,811 to €16,312
- Reserves +€46,384
up €46,384 (+2.2%), from €2.1m to €2.1m
of which Distributable reserves: +€50,173
- Taxes -€34,339
down €34,339 (-63.6%), from €54,018 to €19,680
- Gross operating margin +€7,550
up €7,550 (+4.7%), from €159,822 to €167,371
- Financial charges -€1,979
down €1,979 (-7.7%), from €25,813 to €23,834
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 | €2,910,350 | €2,824,577 | -€85,772 | -2.9% |
| Fixed assets | 21/28 | €2,240,003 | €2,208,707 | -€31,296 | -1.4% |
| Tangible fixed assets | 22/27 | €2,004,986 | €1,938,350 | -€66,636 | -3.3% |
| Plant, machinery and equipment | 23 | €3,894 | €3,491 | -€403 | -10.3% |
| Other tangible fixed assets | 26 | €2,001,092 | €1,934,859 | -€66,234 | -3.3% |
| Financial fixed assets | 28 | €235,017 | €270,357 | +€35,340 | +15.0% |
| Current assets | 29/58 | €670,347 | €615,871 | -€54,476 | -8.1% |
| Amounts receivable within one year | 40/41 | €198 | €19,241 | +€19,043 | +9603.1% |
| Trade receivables | 40 | €198 | €11,979 | +€11,780 | +5940.7% |
| Other amounts receivable | 41 | - | €7,263 | +€7,263 | |
| Current investments | 50/53 | €250,563 | €250,563 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €419,586 | €346,067 | -€73,519 | -17.5% |
| Total equity and liabilities | 10/49 | €2,910,350 | €2,824,577 | -€85,772 | -2.9% |
| Equity | 10/15 | €2,120,238 | €2,166,622 | +€46,384 | +2.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,100,238 | €2,146,622 | +€46,384 | +2.2% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €96,368 | €92,579 | -€3,789 | -3.9% |
| Distributable reserves | 133 | €2,001,869 | €2,052,042 | +€50,173 | +2.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €32,123 | €30,860 | -€1,263 | -3.9% |
| Deferred taxes | 168 | €32,123 | €30,860 | -€1,263 | -3.9% |
| Amounts payable | 17/49 | €757,989 | €627,096 | -€130,893 | -17.3% |
| Amounts payable after more than one year | 17 | €584,734 | €496,564 | -€88,169 | -15.1% |
| Financial debts | 170/4 | €584,734 | €496,564 | -€88,169 | -15.1% |
| Amounts payable within one year | 42/48 | €173,255 | €115,291 | -€57,964 | -33.5% |
| Current portion of amounts payable after more than one year | 42 | €83,113 | €87,368 | +€4,254 | +5.1% |
| Trade debts | 44 | €6,981 | €1,261 | -€5,720 | -81.9% |
| Suppliers | 440/4 | €6,981 | €1,261 | -€5,720 | -81.9% |
| Taxes, remuneration and social security | 45 | €64,811 | €16,312 | -€48,499 | -74.8% |
| Taxes | 450/3 | €64,811 | €16,312 | -€48,499 | -74.8% |
| Other amounts payable | 47/48 | €18,350 | €10,350 | -€8,000 | -43.6% |
| Accrued charges and deferred income | 492/3 | - | €15,241 | +€15,241 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,595 | €66,636 | +€41 | +0.1% |
| Other operating charges | 640/8 | €13,788 | €14,153 | +€365 | +2.6% |
| Gross operating margin | 9900 | €159,822 | €167,371 | +€7,550 | +4.7% |
| Operating profit (loss) | 9901 | €79,439 | €86,582 | +€7,143 | +9.0% |
| Financial income | 75/76B | €2,628 | €2,052 | -€576 | -21.9% |
| Recurring financial income | 75 | €2,628 | €2,052 | -€576 | -21.9% |
| Financial charges | 65/66B | €25,813 | €23,834 | -€1,979 | -7.7% |
| Recurring financial charges | 65 | €25,813 | €23,834 | -€1,979 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €56,254 | €64,800 | +€8,546 | +15.2% |
| Transfer from deferred taxes | 780 | €767 | €1,263 | +€496 | +64.6% |
| Income taxes | 67/77 | €54,018 | €19,680 | -€34,339 | -63.6% |
| Profit (loss) for the period | 9904 | €3,003 | €46,384 | +€43,381 | +1444.5% |
| Transfer from tax-exempt reserves | 789 | €2,302 | €3,789 | +€1,488 | +64.6% |
| Profit (loss) for the period to be appropriated | 9905 | €5,305 | €50,173 | +€44,868 | +845.8% |
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 6 October 2026 via checked.be.