HB MANAGEMENT: 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.
HB MANAGEMENT
Largest movements
- Receivables within one year +€112,060
up €112,060 (+289.1%), from €38,767 to €150,827
of which Other amounts receivable: +€79,990
- Tangible fixed assets +€19,364
up €19,364 (+1182.2%), from €1,638 to €21,002
- Deferred charges and accrued income -€12,320
down €12,320 (-98.6%), from €12,500 to €180
- Cash -€8,059
down €8,059 (-21.6%), from €37,298 to €29,239
mainly Receivables within one year (-€112,060) and Investment in fixed assets (net) (-€24,727)
- Profit (loss) carried forward +€57,757
up €57,757 (+160.5%), from €35,992 to €93,749
- Tax, wage and social debts +€27,286
up €27,286 (+160.3%), from €17,017 to €44,303
- Trade debts +€23,369
up €23,369 (+40.7%), from €57,484 to €80,852
- Other debts +€2,633
up €2,633 (+8.9%), from €29,711 to €32,344
- Gross operating margin +€31,842
up €31,842 (+65.3%), from €48,784 to €80,626
- Depreciation +€5,259
up €5,259 (+5046.8%), from €104 to €5,364
- Taxes +€4,483
up €4,483 (+36.7%), from €12,210 to €16,693
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 | €150,203 | €261,248 | +€111,045 | +73.9% |
| Fixed assets | 21/28 | €61,638 | €81,002 | +€19,364 | +31.4% |
| Tangible fixed assets | 22/27 | €1,638 | €21,002 | +€19,364 | +1182.2% |
| Furniture and vehicles | 24 | €1,638 | €21,002 | +€19,364 | +1182.2% |
| Financial fixed assets | 28 | €60,000 | €60,000 | = | 0.0% |
| Current assets | 29/58 | €88,565 | €180,246 | +€91,681 | +103.5% |
| Amounts receivable within one year | 40/41 | €38,767 | €150,827 | +€112,060 | +289.1% |
| Trade receivables | 40 | €38,472 | €70,542 | +€32,070 | +83.4% |
| Other amounts receivable | 41 | €295 | €80,285 | +€79,990 | +27110.7% |
| Cash at bank and in hand | 54/58 | €37,298 | €29,239 | -€8,059 | -21.6% |
| Deferred charges and accrued income | 490/1 | €12,500 | €180 | -€12,320 | -98.6% |
| Total equity and liabilities | 10/49 | €150,203 | €261,248 | +€111,045 | +73.9% |
| Equity | 10/15 | €45,992 | €103,749 | +€57,757 | +125.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,992 | €93,749 | +€57,757 | +160.5% |
| Amounts payable | 17/49 | €104,211 | €157,499 | +€53,287 | +51.1% |
| Amounts payable within one year | 42/48 | €104,211 | €157,499 | +€53,287 | +51.1% |
| Trade debts | 44 | €57,484 | €80,852 | +€23,369 | +40.7% |
| Suppliers | 440/4 | €57,484 | €80,852 | +€23,369 | +40.7% |
| Taxes, remuneration and social security | 45 | €17,017 | €44,303 | +€27,286 | +160.3% |
| Taxes | 450/3 | €17,017 | €44,303 | +€27,286 | +160.3% |
| Other amounts payable | 47/48 | €29,711 | €32,344 | +€2,633 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104 | €5,364 | +€5,259 | +5046.8% |
| Other operating charges | 640/8 | €387 | €539 | +€152 | +39.3% |
| Gross operating margin | 9900 | €48,784 | €80,626 | +€31,842 | +65.3% |
| Operating profit (loss) | 9901 | €48,292 | €74,723 | +€26,431 | +54.7% |
| Financial charges | 65/66B | €90 | €273 | +€182 | +201.9% |
| Recurring financial charges | 65 | €90 | €273 | +€182 | +201.9% |
| Profit (loss) for the period before taxes | 9903 | €48,202 | €74,450 | +€26,248 | +54.5% |
| Income taxes | 67/77 | €12,210 | €16,693 | +€4,483 | +36.7% |
| Profit (loss) for the period | 9904 | €35,992 | €57,757 | +€21,765 | +60.5% |
| Profit (loss) for the period to be appropriated | 9905 | €35,992 | €57,757 | +€21,765 | +60.5% |
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 12 October 2026 via checked.be.