B.D.H.: 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.
B.D.H.
Largest movements
- Cash -€155,783
down €155,783 (-20.4%), from €762,700 to €606,917
mainly Other debts (-€685,497) and Contributions, distributions and other (-€256,920)
- Receivables within one year -€39,233
down €39,233 (-14.9%), from €263,233 to €224,000
- Other debts -€685,497
down €685,497 (-88.2%), from €777,393 to €91,896
- Reserves +€425,854
up €425,854 (+58.2%), from €732,336 to €1.2m
of which Distributable reserves: +€295,344
- Debts after one year +€253,000
new in 2025: €253,000
- Contributions -€250,000
down €250,000 (-11.0%), from €2.3m to €2.0m
- Gross operating margin +€207,296
up €207,296 (+46.6%), from €445,071 to €652,367
- Taxes +€49,665
up €49,665 (+38.1%), from €130,436 to €180,101
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 | €3,878,471 | €3,656,775 | -€221,696 | -5.7% |
| Fixed assets | 21/28 | €2,841,905 | €2,821,378 | -€20,527 | -0.7% |
| Tangible fixed assets | 22/27 | €50,504 | €29,977 | -€20,527 | -40.6% |
| Plant, machinery and equipment | 23 | €526 | €245 | -€281 | -53.4% |
| Furniture and vehicles | 24 | €49,978 | €29,732 | -€20,247 | -40.5% |
| Financial fixed assets | 28 | €2,791,401 | €2,791,401 | = | 0.0% |
| Current assets | 29/58 | €1,036,565 | €835,397 | -€201,169 | -19.4% |
| Amounts receivable within one year | 40/41 | €263,233 | €224,000 | -€39,233 | -14.9% |
| Other amounts receivable | 41 | €263,233 | €224,000 | -€39,233 | -14.9% |
| Cash at bank and in hand | 54/58 | €762,700 | €606,917 | -€155,783 | -20.4% |
| Deferred charges and accrued income | 490/1 | €10,632 | €4,480 | -€6,153 | -57.9% |
| Total equity and liabilities | 10/49 | €3,878,471 | €3,656,775 | -€221,696 | -5.7% |
| Equity | 10/15 | €3,012,620 | €3,188,474 | +€175,854 | +5.8% |
| Contributions | 10/11 | €2,280,284 | €2,030,284 | -€250,000 | -11.0% |
| Reserves | 13 | €732,336 | €1,158,190 | +€425,854 | +58.2% |
| Tax-exempt reserves | 132 | €79,990 | €210,500 | +€130,510 | +163.2% |
| Distributable reserves | 133 | €652,346 | €947,690 | +€295,344 | +45.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €865,850 | €468,300 | -€397,550 | -45.9% |
| Amounts payable after more than one year | 17 | - | €253,000 | +€253,000 | |
| Other amounts payable | 178/9 | - | €253,000 | +€253,000 | |
| Amounts payable within one year | 42/48 | €849,820 | €199,531 | -€650,289 | -76.5% |
| Trade debts | 44 | €2,377 | €1,746 | -€631 | -26.6% |
| Suppliers | 440/4 | €2,377 | €1,746 | -€631 | -26.6% |
| Taxes, remuneration and social security | 45 | €70,050 | €105,889 | +€35,839 | +51.2% |
| Taxes | 450/3 | €70,050 | €105,865 | +€35,815 | +51.1% |
| Remuneration and social security | 454/9 | - | €24 | +€24 | |
| Other amounts payable | 47/48 | €777,393 | €91,896 | -€685,497 | -88.2% |
| Accrued charges and deferred income | 492/3 | €16,030 | €15,769 | -€260 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,527 | €20,527 | = | 0.0% |
| Other operating charges | 640/8 | €1,916 | €2,043 | +€127 | +6.6% |
| Gross operating margin | 9900 | €445,071 | €652,367 | +€207,296 | +46.6% |
| Operating profit (loss) | 9901 | €422,628 | €629,797 | +€207,169 | +49.0% |
| Financial income | 75/76B | €12,173 | €11,505 | -€668 | -5.5% |
| Recurring financial income | 75 | €12,173 | €11,505 | -€668 | -5.5% |
| Financial charges | 65/66B | €28,681 | €28,427 | -€255 | -0.9% |
| Recurring financial charges | 65 | €28,681 | €28,427 | -€255 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €406,119 | €612,875 | +€206,756 | +50.9% |
| Income taxes | 67/77 | €130,436 | €180,101 | +€49,665 | +38.1% |
| Profit (loss) for the period | 9904 | €275,683 | €432,774 | +€157,091 | +57.0% |
| Transfer from tax-exempt reserves | 789 | €0 | €63,150 | +€63,150 | |
| Transfer to tax-exempt reserves | 689 | €0 | €193,660 | +€193,660 | |
| Profit (loss) for the period to be appropriated | 9905 | €275,683 | €302,264 | +€26,581 | +9.6% |
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.