HubR: what changed
HubR
Largest movements
- Financial fixed assets +€373,441
up €373,441 (+11.0%), from €3.4m to €3.8m
- Receivables within one year -€184,991
down €184,991 (-62.1%), from €297,891 to €112,900
of which Other amounts receivable: -€223,445
- Cash +€65,213
up €65,213 (+82.7%), from €78,885 to €144,098
mainly Net result for the year (+€405,280) and Receivables within one year (+€184,991)
- Reserves +€405,280
up €405,280 (+28.0%), from €1.4m to €1.9m
of which Distributable reserves: +€266,350
- Debts after one year -€170,336
down €170,336 (-11.3%), from €1.5m to €1.3m
of which Other amounts payable: -€122,360
- Trade debts +€73,430
up €73,430 (+222%), from €33,102 to €106,532
- Current portion of long-term debt -€48,853
down €48,853 (-15.3%), from €319,550 to €270,697
- Financial income -€188,088
down €188,088 (-38.3%), from €490,911 to €302,823
- Staff costs +€55,171
up €55,171 (+199%), from €27,748 to €82,919
- Gross operating margin +€46,359
up €46,359 (+17.7%), from €262,158 to €308,517
- Depreciation +€17,358
up €17,358 (+60.9%), from €28,483 to €45,841
- Financial charges -€13,271
down €13,271 (-24.7%), from €53,631 to €40,360
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,910,721 | €4,165,361 | +€254,640 | +6.5% |
| Formation expenses | 20 | - | €13,099 | +€13,099 | |
| Fixed assets | 21/28 | €3,530,404 | €3,889,668 | +€359,264 | +10.2% |
| Intangible fixed assets | 21 | €26,462 | €41,157 | +€14,695 | +55.5% |
| Tangible fixed assets | 22/27 | €117,159 | €88,288 | -€28,871 | -24.6% |
| Furniture and vehicles | 24 | €117,159 | €83,653 | -€33,506 | -28.6% |
| Other tangible fixed assets | 26 | - | €4,635 | +€4,635 | |
| Financial fixed assets | 28 | €3,386,782 | €3,760,223 | +€373,441 | +11.0% |
| Current assets | 29/58 | €380,317 | €262,594 | -€117,723 | -31.0% |
| Amounts receivable within one year | 40/41 | €297,891 | €112,900 | -€184,991 | -62.1% |
| Trade receivables | 40 | €52,059 | €90,513 | +€38,454 | +73.9% |
| Other amounts receivable | 41 | €245,832 | €22,387 | -€223,445 | -90.9% |
| Cash at bank and in hand | 54/58 | €78,885 | €144,098 | +€65,213 | +82.7% |
| Deferred charges and accrued income | 490/1 | €3,541 | €5,596 | +€2,054 | +58.0% |
| Total equity and liabilities | 10/49 | €3,910,721 | €4,165,361 | +€254,640 | +6.5% |
| Equity | 10/15 | €1,976,847 | €2,382,127 | +€405,280 | +20.5% |
| Contributions | 10/11 | €530,000 | €530,000 | = | 0.0% |
| Reserves | 13 | €1,446,847 | €1,852,127 | +€405,280 | +28.0% |
| Tax-exempt reserves | 132 | - | €138,930 | +€138,930 | |
| Distributable reserves | 133 | €1,446,847 | €1,713,197 | +€266,350 | +18.4% |
| Amounts payable | 17/49 | €1,933,873 | €1,783,234 | -€150,640 | -7.8% |
| Amounts payable after more than one year | 17 | €1,509,657 | €1,339,321 | -€170,336 | -11.3% |
| Financial debts | 170/4 | €857,297 | €809,321 | -€47,976 | -5.6% |
| Other amounts payable | 178/9 | €652,360 | €530,000 | -€122,360 | -18.8% |
| Amounts payable within one year | 42/48 | €400,346 | €428,275 | +€27,929 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €319,550 | €270,697 | -€48,853 | -15.3% |
| Trade debts | 44 | €33,102 | €106,532 | +€73,430 | +222% |
| Suppliers | 440/4 | €33,102 | €106,532 | +€73,430 | +222% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €46,380 | €17,143 | -€29,236 | -63.0% |
| Taxes | 450/3 | €37,439 | €10,259 | -€27,180 | -72.6% |
| Remuneration and social security | 454/9 | €8,941 | €6,885 | -€2,056 | -23.0% |
| Other amounts payable | 47/48 | €1,314 | €33,903 | +€32,589 | +2,480% |
| Accrued charges and deferred income | 492/3 | €23,871 | €15,638 | -€8,233 | -34.5% |
| Remuneration, social security and pensions | 62 | €27,748 | €82,919 | +€55,171 | +199% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,483 | €45,841 | +€17,358 | +60.9% |
| Other operating charges | 640/8 | €2,241 | €2,644 | +€404 | +18.0% |
| Gross operating margin | 9900 | €262,158 | €308,517 | +€46,359 | +17.7% |
| Operating profit (loss) | 9901 | €203,686 | €177,112 | -€26,574 | -13.0% |
| Financial income | 75/76B | €490,911 | €302,823 | -€188,088 | -38.3% |
| Recurring financial income | 75 | €490,911 | €302,823 | -€188,088 | -38.3% |
| Financial charges | 65/66B | €53,631 | €40,360 | -€13,271 | -24.7% |
| Recurring financial charges | 65 | €53,631 | €40,360 | -€13,271 | -24.7% |
| Profit (loss) for the period before taxes | 9903 | €640,966 | €439,574 | -€201,391 | -31.4% |
| Income taxes | 67/77 | €36,803 | €34,295 | -€2,509 | -6.8% |
| Profit (loss) for the period | 9904 | €604,162 | €405,280 | -€198,883 | -32.9% |
| Transfer to tax-exempt reserves | 689 | - | €138,930 | +€138,930 | |
| Profit (loss) for the period to be appropriated | 9905 | €604,162 | €266,350 | -€337,813 | -55.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.