diff --git a/hledger-lib/Hledger/Data/Dates.hs b/hledger-lib/Hledger/Data/Dates.hs
index 6c4a7a959..163003cdc 100644
--- a/hledger-lib/Hledger/Data/Dates.hs
+++ b/hledger-lib/Hledger/Data/Dates.hs
@@ -63,6 +63,7 @@ module Hledger.Data.Dates (
   spanIntersect,
   spansIntersect,
   spanDefaultsFrom,
+  spanValidDefaultsFrom,
   spanExtend,
   spanUnion,
   spansUnion,
@@ -348,10 +349,43 @@ spanIntersect (DateSpan b1 e1) (DateSpan b2 e2) = DateSpan (laterDefinite b1 b2)
 
 -- | Fill any unspecified dates in the first span with the dates from
 -- the second one (if specified there). Sort of a one-way spanIntersect.
+-- This one can create an invalid span that'll always be empty.
+--
+-- >>> :{
+--  DateSpan (Just $ Exact $ fromGregorian 2024 1 1) Nothing
+--  `spanDefaultsFrom`
+--  DateSpan (Just $ Exact $ fromGregorian 2024 1 1) (Just $ Exact $ fromGregorian 2024 1 2)
+-- :}
+-- DateSpan 2024-01-01
+--
+-- >>> :{
+--  DateSpan (Just $ Exact $ fromGregorian 2025 1 1) Nothing
+--  `spanDefaultsFrom`
+--  DateSpan (Just $ Exact $ fromGregorian 2024 1 1) (Just $ Exact $ fromGregorian 2024 1 2)
+-- :}
+-- DateSpan 2025-01-01..2024-01-01
+--
+spanDefaultsFrom :: DateSpan -> DateSpan -> DateSpan
 spanDefaultsFrom (DateSpan a1 b1) (DateSpan a2 b2) = DateSpan a b
     where a = if isJust a1 then a1 else a2
           b = if isJust b1 then b1 else b2
 
+-- | A smarter version of spanDefaultsFrom that avoids creating invalid
+-- spans ending before they begin. Kept separate for now to reduce risk.
+--
+-- >>> :{
+--  DateSpan (Just $ Exact $ fromGregorian 2025 1 1) Nothing
+--  `spanValidDefaultsFrom`
+--  DateSpan (Just $ Exact $ fromGregorian 2024 1 1) (Just $ Exact $ fromGregorian 2024 1 2)
+-- :}
+-- DateSpan 2025-01-01..
+--
+spanValidDefaultsFrom :: DateSpan -> DateSpan -> DateSpan
+spanValidDefaultsFrom s1 s2 =
+  case s1 `spanDefaultsFrom` s2 of
+    DateSpan b e | b >= e -> s1
+    s -> s
+
 -- | Calculate the union of two datespans.
 -- If either span is open-ended, the union will be too.
 --
diff --git a/hledger-lib/Hledger/Data/PeriodicTransaction.hs b/hledger-lib/Hledger/Data/PeriodicTransaction.hs
index d73e8a7d7..77e165d4f 100644
--- a/hledger-lib/Hledger/Data/PeriodicTransaction.hs
+++ b/hledger-lib/Hledger/Data/PeriodicTransaction.hs
@@ -215,7 +215,7 @@ runPeriodicTransaction verbosetags PeriodicTransaction{..} requestedspan =
     alltxnspans = splitSpan adjust ptinterval span'
       where
         -- If the PT does not specify  start or end dates, we take them from the requestedspan.
-        span' = ptspan `spanDefaultsFrom` requestedspan
+        span' = ptspan `spanValidDefaultsFrom` requestedspan
         -- Unless the PT specified a start date explicitly, we will adjust the start date to the previous interval boundary.
         adjust = isNothing $ spanStart span'
 
diff --git a/hledger-lib/Hledger/Reports/MultiBalanceReport.hs b/hledger-lib/Hledger/Reports/MultiBalanceReport.hs
index c8b6b7fd9..9573abcbf 100644
--- a/hledger-lib/Hledger/Reports/MultiBalanceReport.hs
+++ b/hledger-lib/Hledger/Reports/MultiBalanceReport.hs
@@ -390,7 +390,7 @@ generatePeriodicReport makeRow treeAmt flatAmt ropts colspans acct =
     PeriodicReport colspans (buildAndSort acct) totalsrow
   where
     -- Build report rows and sort them
-    buildAndSort = dbg5 "generatePeriodicReport buildAndSort" . case accountlistmode_ ropts of {}
+    buildAndSort = dbg5 "generatePeriodicReport buildAndSort" . case accountlistmode_ ropts of
         ALTree | sort_amount_ ropts -> buildRows . sortTreeByAmount
         ALFlat | sort_amount_ ropts -> sortFlatByAmount . buildRows
         _                           -> buildRows . sortAccountTreeByDeclaration
diff --git a/hledger-lib/Hledger/Reports/ReportOptions.hs b/hledger-lib/Hledger/Reports/ReportOptions.hs
index 01fb0d3b2..654436b4d 100644
--- a/hledger-lib/Hledger/Reports/ReportOptions.hs
+++ b/hledger-lib/Hledger/Reports/ReportOptions.hs
@@ -793,9 +793,8 @@ reportSpanHelper bothdates j ReportSpec{_rsQuery=query, _rsReportOpts=ropts} =
     pricespan = dbg3 "pricespan" . DateSpan Nothing $ case value_ ropts of
         Just (AtEnd _) -> fmap (Exact . addDays 1) . maximumMay . map pddate $ jpricedirectives j
         _              -> Nothing
-    -- If the requested span is open-ended, close it using the journal's start and end dates.
-    -- This can still be the null (open) span if the journal is empty.
-    requestedspan' = dbg3 "requestedspan'" $ requestedspan `spanDefaultsFrom` (journalspan `spanExtend` pricespan)
+    -- If the requested span has open ends, fill those with the journal's start and/or end dates, if possible.
+    requestedspan' = dbg3 "requestedspan'" $ requestedspan `spanValidDefaultsFrom` (journalspan `spanExtend` pricespan)
     -- The list of interval spans enclosing the requested span.
     -- This list can be empty if the journal was empty,
     -- or if hledger-ui has added its special date:-tomorrow to the query
diff --git a/hledger/Hledger/Cli/Commands/Run.hs b/hledger/Hledger/Cli/Commands/Run.hs
index 4fe780a13..405957ed8 100644
--- a/hledger/Hledger/Cli/Commands/Run.hs
+++ b/hledger/Hledger/Cli/Commands/Run.hs
@@ -256,7 +256,7 @@ withJournalCached defaultJournalOverride cliopts cmd = do
               -- could use 'forecastPeriod') or to the journal end date (as
               -- forecast transactions are never generated before journal end
               -- unless specifically requested).
-              Just forecastspan -> forecastspan `spanDefaultsFrom` reportspan_ iopts
+              Just forecastspan -> forecastspan `spanValidDefaultsFrom` reportspan_ iopts
         -- Read stdin, or if we read it alread, use a cache
         -- readStdin :: InputOpts -> ExceptT String IO Journal
         readStdin = do
diff --git a/hledger/test/balance/balance-multiperiod.test b/hledger/test/balance/balance-multiperiod.test
index 3e087c6b4..f02fe6516 100644
--- a/hledger/test/balance/balance-multiperiod.test
+++ b/hledger/test/balance/balance-multiperiod.test
@@ -232,3 +232,23 @@ Balance changes in 2014-01-10..2014-03-09:
  explicit report period ||                     10                       0 
 ------------------------++------------------------------------------------
                         ||                     10                     100 
+
+# ** 19. The historical balances are shown here even though the report period contains no postings. (#2403)
+<
+2024-01-01
+  (a)     1000
+
+$ hledger -f - bal -NHY -b 2025
+Ending balances (historical) in 2025:
+
+   || 2025-12-31 
+===++============
+ a ||       1000 
+
+# ** 20. Without -H, no balance changes are shown here, even with -E.
+# Should it show zero for each of the pre-report-period accounts ?
+$ hledger -f - bal -NY -b 2025
+Balance changes in 2025:
+
+  || 2025 
+==++======
diff --git a/hledger/test/close.test b/hledger/test/close.test
index 3e567e281..5641c050e 100644
--- a/hledger/test/close.test
+++ b/hledger/test/close.test
@@ -235,9 +235,10 @@ $ hledger -f- close
 >=
 
 # ** 16. "override the closing date ... by specifying a report period, where last day of the report period will be the closing date"
+# With no data to close in the period, this is currently giving an error. XXX
 $ hledger -f- close -e 100000-01-01
-> /99999-12-31 closing balances/
->=
+>2 /Error: balanceDataPeriodEnds: expected initial span to have an end date/
+>=1
 
 # ** 17. close (and print) should add trailing decimal marks when needed to posting amounts and costs.
 <