5H²O: what changed
Two fiscal 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.
5H²O
Largest movements
- Tangible fixed assets +€82,607
up €82,607 (+13.0%), from €633,934 to €716,541
of which Other tangible fixed assets: +€98,177
- Cash -€10,235
down €10,235 (-16.5%), from €62,115 to €51,880
mainly Investment in fixed assets (net) (-€124,033) and Net result for the year (-€23,456)
- Debts after one year +€72,181
up €72,181 (+24.4%), from €296,210 to €368,391
- Profit (loss) carried forward -€23,456
down €23,456 (-86.3%), from -€27,195 to -€50,651
- Current portion of long-term debt +€21,248
new in 2025: €21,248
- Gross operating margin +€30,011
up €30,011 (+900.7%), from €3,332 to €33,343
- Depreciation +€19,245
up €19,245 (+84.6%), from €22,750 to €41,995
- Financial charges +€7,859
up €7,859 (+144.7%), from €5,432 to €13,290
- Other operating charges -€831
down €831 (-35.4%), from €2,345 to €1,514
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 | €700,599 | €770,572 | +€69,973 | +10.0% |
| Formation expenses | 20 | €2,370 | €1,800 | -€569 | -24.0% |
| Fixed assets | 21/28 | €633,934 | €716,541 | +€82,607 | +13.0% |
| Tangible fixed assets | 22/27 | €633,934 | €716,541 | +€82,607 | +13.0% |
| Land and buildings | 22 | €316,089 | €300,520 | -€15,570 | -4.9% |
| Other tangible fixed assets | 26 | €317,845 | €416,021 | +€98,177 | +30.9% |
| Current assets | 29/58 | €64,296 | €52,231 | -€12,065 | -18.8% |
| Amounts receivable within one year | 40/41 | €570 | - | -€570 | |
| Trade receivables | 40 | €570 | - | -€570 | |
| Cash at bank and in hand | 54/58 | €62,115 | €51,880 | -€10,235 | -16.5% |
| Deferred charges and accrued income | 490/1 | €1,611 | €351 | -€1,260 | -78.2% |
| Total equity and liabilities | 10/49 | €700,599 | €770,572 | +€69,973 | +10.0% |
| Equity | 10/15 | -€7,195 | -€30,651 | -€23,456 | -326.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,195 | -€50,651 | -€23,456 | -86.3% |
| Amounts payable | 17/49 | €707,794 | €801,223 | +€93,429 | +13.2% |
| Amounts payable after more than one year | 17 | €296,210 | €368,391 | +€72,181 | +24.4% |
| Financial debts | 170/4 | €296,210 | €368,391 | +€72,181 | +24.4% |
| Amounts payable within one year | 42/48 | €411,585 | €432,832 | +€21,248 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | - | €21,248 | +€21,248 | |
| Other amounts payable | 47/48 | €411,585 | €411,585 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,750 | €41,995 | +€19,245 | +84.6% |
| Other operating charges | 640/8 | €2,345 | €1,514 | -€831 | -35.4% |
| Gross operating margin | 9900 | €3,332 | €33,343 | +€30,011 | +900.7% |
| Operating profit (loss) | 9901 | -€21,763 | -€10,166 | +€11,597 | +53.3% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €5,432 | €13,290 | +€7,859 | +144.7% |
| Recurring financial charges | 65 | €5,432 | €13,290 | +€7,859 | +144.7% |
| Profit (loss) for the period before taxes | 9903 | -€27,195 | -€23,456 | +€3,738 | +13.7% |
| Profit (loss) for the period | 9904 | -€27,195 | -€23,456 | +€3,738 | +13.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,195 | -€23,456 | +€3,738 | +13.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.