HSBG: 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.
HSBG
Largest movements
- Tangible fixed assets -€1.1m
down €1.1m (-84.5%), from €1.3m to €207,333
of which Plant, machinery and equipment: -€1.1m
- Stocks and contracts -€224,388
down €224,388 (-100%), from €224,388 to €0
- Cash +€224,256
up €224,256 (+29.5%), from €758,940 to €983,196
mainly Investment in fixed assets (net) (+€1.1m) and Other debts (+€613,145)
- Current investments -€218,198
down €218,198 (-31.2%), from €700,065 to €481,868
- Receivables within one year +€75,051
up €75,051 (+230%), from €32,686 to €107,738
of which Other amounts receivable: +€38,174
- Reserves -€946,484
down €946,484 (-75.7%), from €1.3m to €304,211
of which Distributable reserves: -€688,000
- Contributions -€923,774
down €923,774 (-69.7%), from €1.3m to €401,226
- Other debts +€613,145
up €613,145 (+139%), from €440,838 to €1.1m
- Gross operating margin -€380,304
down €380,304 (-75.2%), from €505,952 to €125,647
- Depreciation -€87,107
down €87,107 (-48.3%), from €180,232 to €93,125
- Taxes -€51,944
down €51,944 (-95.0%), from €54,661 to €2,717
- Staff costs -€38,228
down €38,228 (-52.7%), from €72,495 to €34,267
- Financial charges +€16,717
up €16,717, from -€11,964 to €4,753
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,073,038 | €1,782,821 | -€1.3m | -42.0% |
| Fixed assets | 21/28 | €1,352,683 | €207,333 | -€1.1m | -84.7% |
| Intangible fixed assets | 21 | €16,474 | €0 | -€16,474 | -100% |
| Tangible fixed assets | 22/27 | €1,336,209 | €207,333 | -€1.1m | -84.5% |
| Land and buildings | 22 | €177,614 | €173,842 | -€3,772 | -2.1% |
| Plant, machinery and equipment | 23 | €1,097,612 | €0 | -€1.1m | -100% |
| Furniture and vehicles | 24 | €2,627 | €0 | -€2,627 | -100% |
| Other tangible fixed assets | 26 | €58,357 | €33,491 | -€24,866 | -42.6% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €1,720,355 | €1,575,488 | -€144,867 | -8.4% |
| Stocks and contracts in progress | 3 | €224,388 | €0 | -€224,388 | -100% |
| Stocks | 30/36 | €224,388 | €0 | -€224,388 | -100% |
| Amounts receivable within one year | 40/41 | €32,686 | €107,738 | +€75,051 | +230% |
| Trade receivables | 40 | €29,856 | €66,733 | +€36,877 | +124% |
| Other amounts receivable | 41 | €2,831 | €41,005 | +€38,174 | +1,349% |
| Current investments | 50/53 | €700,065 | €481,868 | -€218,198 | -31.2% |
| Cash at bank and in hand | 54/58 | €758,940 | €983,196 | +€224,256 | +29.5% |
| Deferred charges and accrued income | 490/1 | €4,275 | €2,687 | -€1,589 | -37.2% |
| Total equity and liabilities | 10/49 | €3,073,038 | €1,782,821 | -€1.3m | -42.0% |
| Equity | 10/15 | €2,575,695 | €705,437 | -€1.9m | -72.6% |
| Contributions | 10/11 | €1,325,000 | €401,226 | -€923,774 | -69.7% |
| Capital | 10 | €1,325,000 | €401,226 | -€923,774 | -69.7% |
| Issued capital | 100 | €1,325,000 | €401,226 | -€923,774 | -69.7% |
| Reserves | 13 | €1,250,695 | €304,211 | -€946,484 | -75.7% |
| Non-distributable reserves | 130/1 | €250,857 | €7,830 | -€243,027 | -96.9% |
| Legal reserve | 130 | €25,857 | €7,830 | -€18,027 | -69.7% |
| Own shares acquired | 1312 | €225,000 | €0 | -€225,000 | -100% |
| Tax-exempt reserves | 132 | €20,435 | €4,978 | -€15,457 | -75.6% |
| Distributable reserves | 133 | €979,403 | €291,403 | -€688,000 | -70.2% |
| Provisions and deferred taxes | 16 | €928 | €638 | -€290 | -31.2% |
| Deferred taxes | 168 | €928 | €638 | -€290 | -31.2% |
| Amounts payable | 17/49 | €496,416 | €1,076,745 | +€580,330 | +117% |
| Amounts payable within one year | 42/48 | €496,416 | €1,076,745 | +€580,330 | +117% |
| Trade debts | 44 | €30,303 | €22,762 | -€7,541 | -24.9% |
| Suppliers | 440/4 | €30,303 | €22,762 | -€7,541 | -24.9% |
| Taxes, remuneration and social security | 45 | €25,275 | €0 | -€25,275 | -100% |
| Taxes | 450/3 | €10,075 | €0 | -€10,075 | -100% |
| Remuneration and social security | 454/9 | €15,200 | €0 | -€15,200 | -100% |
| Other amounts payable | 47/48 | €440,838 | €1,053,984 | +€613,145 | +139% |
| Remuneration, social security and pensions | 62 | €72,495 | €34,267 | -€38,228 | -52.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €180,232 | €93,125 | -€87,107 | -48.3% |
| Other operating charges | 640/8 | €18,852 | €19,356 | +€504 | +2.7% |
| Gross operating margin | 9900 | €505,952 | €125,647 | -€380,304 | -75.2% |
| Operating profit (loss) | 9901 | €234,373 | -€21,101 | -€255,474 | |
| Financial income | 75/76B | €12,991 | €22,547 | +€9,555 | +73.6% |
| Recurring financial income | 75 | €12,991 | €22,547 | +€9,555 | +73.6% |
| Financial charges | 65/66B | -€11,964 | €4,753 | +€16,717 | |
| Recurring financial charges | 65 | -€11,964 | €4,753 | +€16,717 | |
| Profit (loss) for the period before taxes | 9903 | €259,328 | -€3,308 | -€262,635 | |
| Transfer from deferred taxes | 780 | €290 | €290 | = | 0.0% |
| Income taxes | 67/77 | €54,661 | €2,717 | -€51,944 | -95.0% |
| Profit (loss) for the period | 9904 | €204,956 | -€5,735 | -€210,691 | |
| Transfer from tax-exempt reserves | 789 | €563 | €563 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €205,519 | -€5,172 | -€210,691 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.