HTB 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.
HTB PROJECTS
Largest movements
- Receivables within one year -€6,016
down €6,016 (-27.6%), from €21,810 to €15,794
of which Trade receivables: -€9,512
- Cash -€3,851
down €3,851 (-99.0%), from €3,891 to €40
mainly Trade debts (-€9,600) and Net result for the year (-€7,164)
- Tangible fixed assets +€3,554
up €3,554 (+16.5%), from €21,480 to €25,034
of which Furniture and vehicles: +€3,804
- Trade debts -€9,600
down €9,600 (-65.3%), from €14,705 to €5,106
- Reserves -€7,164
down €7,164 (-74.0%), from €9,682 to €2,518
- Debts after one year +€4,962
up €4,962 (+42.7%), from €11,630 to €16,591
- Short-term financial debts +€3,569
new in 2025: €3,569
- Current portion of long-term debt +€2,527
up €2,527 (+56.0%), from €4,511 to €7,038
- Write-downs +€15,005
new in 2025: €15,005
- Gross operating margin +€2,017
up €2,017 (+14.1%), from €14,306 to €16,323
- Taxes -€1,402
no longer reported in 2025 (was €1,402)
- Financial charges +€915
up €915 (+104%), from €877 to €1,792
- Depreciation -€762
down €762 (-16.7%), from €4,574 to €3,811
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.
Derived cash bridge
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 | €48,116 | €41,723 | -€6,393 | -13.3% |
| Formation expenses | 20 | €935 | €642 | -€293 | -31.3% |
| Fixed assets | 21/28 | €21,480 | €25,034 | +€3,554 | +16.5% |
| Tangible fixed assets | 22/27 | €21,480 | €25,034 | +€3,554 | +16.5% |
| Plant, machinery and equipment | 23 | €1,209 | €959 | -€250 | -20.7% |
| Furniture and vehicles | 24 | €20,271 | €24,075 | +€3,804 | +18.8% |
| Current assets | 29/58 | €25,701 | €16,046 | -€9,654 | -37.6% |
| Amounts receivable within one year | 40/41 | €21,810 | €15,794 | -€6,016 | -27.6% |
| Trade receivables | 40 | €20,525 | €11,013 | -€9,512 | -46.3% |
| Other amounts receivable | 41 | €1,285 | €4,781 | +€3,496 | +272% |
| Cash at bank and in hand | 54/58 | €3,891 | €40 | -€3,851 | -99.0% |
| Deferred charges and accrued income | 490/1 | - | €213 | +€213 | |
| Total equity and liabilities | 10/49 | €48,116 | €41,723 | -€6,393 | -13.3% |
| Equity | 10/15 | €12,182 | €5,018 | -€7,164 | -58.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €9,682 | €2,518 | -€7,164 | -74.0% |
| Distributable reserves | 133 | €9,682 | €2,518 | -€7,164 | -74.0% |
| Amounts payable | 17/49 | €35,934 | €36,705 | +€771 | +2.1% |
| Amounts payable after more than one year | 17 | €11,630 | €16,591 | +€4,962 | +42.7% |
| Financial debts | 170/4 | €11,630 | €16,591 | +€4,962 | +42.7% |
| Amounts payable within one year | 42/48 | €24,305 | €20,114 | -€4,191 | -17.2% |
| Current portion of amounts payable after more than one year | 42 | €4,511 | €7,038 | +€2,527 | +56.0% |
| Financial debts | 43 | - | €3,569 | +€3,569 | |
| Credit institutions | 430/8 | - | €3,569 | +€3,569 | |
| Trade debts | 44 | €14,705 | €5,106 | -€9,600 | -65.3% |
| Suppliers | 440/4 | €14,705 | €5,106 | -€9,600 | -65.3% |
| Taxes, remuneration and social security | 45 | €4,646 | €4,401 | -€245 | -5.3% |
| Taxes | 450/3 | €4,646 | €4,401 | -€245 | -5.3% |
| Other amounts payable | 47/48 | €442 | - | -€442 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,574 | €3,811 | -€762 | -16.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €15,005 | +€15,005 | |
| Other operating charges | 640/8 | €3,333 | €3,092 | -€241 | -7.2% |
| Gross operating margin | 9900 | €14,306 | €16,323 | +€2,017 | +14.1% |
| Operating profit (loss) | 9901 | €6,400 | -€5,585 | -€11,985 | |
| Financial income | 75/76B | - | €213 | +€213 | |
| Recurring financial income | 75 | - | €213 | +€213 | |
| Financial charges | 65/66B | €877 | €1,792 | +€915 | +104% |
| Recurring financial charges | 65 | €877 | €1,792 | +€915 | +104% |
| Profit (loss) for the period before taxes | 9903 | €5,523 | -€7,164 | -€12,687 | |
| Income taxes | 67/77 | €1,402 | - | -€1,402 | |
| Profit (loss) for the period | 9904 | €4,121 | -€7,164 | -€11,285 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,121 | -€7,164 | -€11,285 |
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 16 October 2026 via checked.be.