HTB: 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.
HTB
Largest movements
- Receivables within one year +€122,858
up €122,858 (+77.9%), from €157,733 to €280,591
of which Other amounts receivable: +€75,063
- Current investments +€77,047
up €77,047 (+53.1%), from €145,000 to €222,046
- Tangible fixed assets -€30,798
down €30,798 (-13.9%), from €221,473 to €190,675
of which Land and buildings: -€18,588
- Stocks and contracts -€19,172
down €19,172 (-36.7%), from €52,284 to €33,112
- Cash -€9,502
down €9,502 (-14.1%), from €67,328 to €57,825
mainly Receivables within one year (-€122,858) and Contributions, distributions and other (-€88,000)
- Reserves +€138,276
up €138,276 (+29.3%), from €472,481 to €610,757
- Tax, wage and social debts +€19,426
up €19,426 (+67.5%), from €28,769 to €48,195
- Debts after one year -€15,354
down €15,354 (-18.6%), from €82,439 to €67,085
- Current portion of long-term debt +€14,782
up €14,782 (+73.6%), from €20,077 to €34,859
- Gross operating margin +€149,964
up €149,964 (+66.8%), from €224,475 to €374,439
- Taxes +€46,121
up €46,121 (+79.9%), from €57,727 to €103,848
- Depreciation +€13,696
up €13,696 (+47.0%), from €29,127 to €42,824
- Other operating charges -€10,226
down €10,226 (-77.8%), from €13,145 to €2,918
- Write-downs +€9,477
no longer reported in 2025 (was -€9,477)
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 | €649,621 | €792,711 | +€143,090 | +22.0% |
| Fixed assets | 21/28 | €221,473 | €190,675 | -€30,798 | -13.9% |
| Tangible fixed assets | 22/27 | €221,473 | €190,675 | -€30,798 | -13.9% |
| Land and buildings | 22 | €107,997 | €89,409 | -€18,588 | -17.2% |
| Plant, machinery and equipment | 23 | €11,817 | €10,186 | -€1,631 | -13.8% |
| Furniture and vehicles | 24 | €101,660 | €91,080 | -€10,579 | -10.4% |
| Current assets | 29/58 | €428,148 | €602,036 | +€173,888 | +40.6% |
| Stocks and contracts in progress | 3 | €52,284 | €33,112 | -€19,172 | -36.7% |
| Stocks | 30/36 | €52,284 | €33,112 | -€19,172 | -36.7% |
| Amounts receivable within one year | 40/41 | €157,733 | €280,591 | +€122,858 | +77.9% |
| Trade receivables | 40 | €157,733 | €205,528 | +€47,795 | +30.3% |
| Other amounts receivable | 41 | - | €75,063 | +€75,063 | |
| Current investments | 50/53 | €145,000 | €222,046 | +€77,047 | +53.1% |
| Cash at bank and in hand | 54/58 | €67,328 | €57,825 | -€9,502 | -14.1% |
| Deferred charges and accrued income | 490/1 | €5,804 | €8,461 | +€2,658 | +45.8% |
| Total equity and liabilities | 10/49 | €649,621 | €792,711 | +€143,090 | +22.0% |
| Equity | 10/15 | €492,759 | €631,034 | +€138,276 | +28.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €472,481 | €610,757 | +€138,276 | +29.3% |
| Distributable reserves | 133 | €472,481 | €610,757 | +€138,276 | +29.3% |
| Profit (loss) carried forward | 14 | €7,878 | €7,878 | = | 0.0% |
| Amounts payable | 17/49 | €156,863 | €161,677 | +€4,814 | +3.1% |
| Amounts payable after more than one year | 17 | €82,439 | €67,085 | -€15,354 | -18.6% |
| Financial debts | 170/4 | €82,439 | €67,085 | -€15,354 | -18.6% |
| Amounts payable within one year | 42/48 | €73,740 | €93,908 | +€20,168 | +27.4% |
| Current portion of amounts payable after more than one year | 42 | €20,077 | €34,859 | +€14,782 | +73.6% |
| Trade debts | 44 | €17,718 | €10,854 | -€6,864 | -38.7% |
| Suppliers | 440/4 | €17,718 | €10,854 | -€6,864 | -38.7% |
| Taxes, remuneration and social security | 45 | €28,769 | €48,195 | +€19,426 | +67.5% |
| Taxes | 450/3 | €28,769 | €48,195 | +€19,426 | +67.5% |
| Other amounts payable | 47/48 | €7,177 | - | -€7,177 | |
| Accrued charges and deferred income | 492/3 | €684 | €684 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,127 | €42,824 | +€13,696 | +47.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€9,477 | - | +€9,477 | |
| Other operating charges | 640/8 | €13,145 | €2,918 | -€10,226 | -77.8% |
| Gross operating margin | 9900 | €224,475 | €374,439 | +€149,964 | +66.8% |
| Operating profit (loss) | 9901 | €191,680 | €328,696 | +€137,017 | +71.5% |
| Financial income | 75/76B | €2,130 | €9,412 | +€7,282 | +342.0% |
| Recurring financial income | 75 | €2,130 | €9,412 | +€7,282 | +342.0% |
| Financial charges | 65/66B | €7,238 | €7,985 | +€747 | +10.3% |
| Recurring financial charges | 65 | €7,238 | €7,985 | +€747 | +10.3% |
| Profit (loss) for the period before taxes | 9903 | €186,571 | €330,123 | +€143,552 | +76.9% |
| Income taxes | 67/77 | €57,727 | €103,848 | +€46,121 | +79.9% |
| Profit (loss) for the period | 9904 | €128,844 | €226,276 | +€97,432 | +75.6% |
| Profit (loss) for the period to be appropriated | 9905 | €128,844 | €226,276 | +€97,432 | +75.6% |
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 11 October 2026 via checked.be.