B.H.C.: 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.H.C.
Largest movements
- Stocks and contracts -€52,106
no longer reported in 2025 (was €52,106)
- Receivables within one year -€47,501
down €47,501 (-8.6%), from €550,456 to €502,956
of which Other amounts receivable: -€27,098
- Tangible fixed assets -€9,132
down €9,132 (-4.2%), from €218,879 to €209,748
of which Land and buildings: -€24,361
- Profit (loss) carried forward -€141,521
down €141,521 (-360.9%), from -€39,215 to -€180,736
- Trade debts +€77,292
up €77,292 (+47.0%), from €164,344 to €241,636
- Debts after one year -€65,867
down €65,867 (-38.2%), from €172,516 to €106,649
- Tax, wage and social debts +€58,401
up €58,401 (+1335.4%), from €4,373 to €62,774
of which Taxes: +€54,481
- Short-term financial debts -€25,134
down €25,134 (-9.3%), from €270,937 to €245,802
of which Other loans: -€172,500
- Gross operating margin -€200,078
down €200,078 (-67.7%), from €295,346 to €95,268
- Staff costs -€97,450
down €97,450 (-46.2%), from €210,880 to €113,430
- Taxes +€6,649
up €6,649 (+618.4%), from €1,075 to €7,724
- Other operating charges +€4,973
up €4,973 (+10.7%), from €46,296 to €51,268
- Financial charges +€4,567
up €4,567 (+16.7%), from €27,425 to €31,992
of which Financial charges: +€4,346
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 | €854,192 | €745,721 | -€108,470 | -12.7% |
| Fixed assets | 21/28 | €250,479 | €241,348 | -€9,132 | -3.6% |
| Tangible fixed assets | 22/27 | €218,879 | €209,748 | -€9,132 | -4.2% |
| Land and buildings | 22 | €185,882 | €161,521 | -€24,361 | -13.1% |
| Plant, machinery and equipment | 23 | €998 | €20,937 | +€19,939 | +1998.3% |
| Furniture and vehicles | 24 | €20,367 | €18,565 | -€1,802 | -8.8% |
| Other tangible fixed assets | 26 | €11,632 | €8,724 | -€2,908 | -25.0% |
| Financial fixed assets | 28 | €31,600 | €31,600 | = | 0.0% |
| Current assets | 29/58 | €603,713 | €504,374 | -€99,339 | -16.5% |
| Stocks and contracts in progress | 3 | €52,106 | - | -€52,106 | |
| Contracts in progress | 37 | €52,106 | - | -€52,106 | |
| Amounts receivable within one year | 40/41 | €550,456 | €502,956 | -€47,501 | -8.6% |
| Trade receivables | 40 | €438,773 | €418,370 | -€20,403 | -4.7% |
| Other amounts receivable | 41 | €111,683 | €84,586 | -€27,098 | -24.3% |
| Cash at bank and in hand | 54/58 | - | €892 | +€892 | |
| Deferred charges and accrued income | 490/1 | €1,150 | €526 | -€625 | -54.3% |
| Total equity and liabilities | 10/49 | €854,192 | €745,721 | -€108,470 | -12.7% |
| Equity | 10/15 | €56,344 | -€85,177 | -€141,521 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €76,967 | €76,967 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,608 | €2,608 | = | 0.0% |
| Distributable reserves | 133 | €72,500 | €72,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,215 | -€180,736 | -€141,521 | -360.9% |
| Amounts payable | 17/49 | €797,848 | €830,898 | +€33,051 | +4.1% |
| Amounts payable after more than one year | 17 | €172,516 | €106,649 | -€65,867 | -38.2% |
| Financial debts | 170/4 | €172,516 | €106,649 | -€65,867 | -38.2% |
| Amounts payable within one year | 42/48 | €615,879 | €719,185 | +€103,307 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | €135,581 | €123,367 | -€12,214 | -9.0% |
| Financial debts | 43 | €270,937 | €245,802 | -€25,134 | -9.3% |
| Credit institutions | 430/8 | €98,437 | €245,802 | +€147,366 | +149.7% |
| Other loans | 439 | €172,500 | - | -€172,500 | |
| Trade debts | 44 | €164,344 | €241,636 | +€77,292 | +47.0% |
| Suppliers | 440/4 | €164,344 | €241,636 | +€77,292 | +47.0% |
| Advances received on contracts in progress | 46 | - | €500 | +€500 | |
| Taxes, remuneration and social security | 45 | €4,373 | €62,774 | +€58,401 | +1335.4% |
| Taxes | 450/3 | - | €54,481 | +€54,481 | |
| Remuneration and social security | 454/9 | €4,373 | €8,293 | +€3,920 | +89.6% |
| Other amounts payable | 47/48 | €40,644 | €45,106 | +€4,462 | +11.0% |
| Accrued charges and deferred income | 492/3 | €9,453 | €5,064 | -€4,389 | -46.4% |
| Remuneration, social security and pensions | 62 | €210,880 | €113,430 | -€97,450 | -46.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,979 | €32,375 | -€605 | -1.8% |
| Other operating charges | 640/8 | €46,296 | €51,268 | +€4,973 | +10.7% |
| Gross operating margin | 9900 | €295,346 | €95,268 | -€200,078 | -67.7% |
| Operating profit (loss) | 9901 | €5,191 | -€101,805 | -€106,996 | |
| Financial income | 75/76B | €287 | - | -€287 | |
| Recurring financial income | 75 | €287 | - | -€287 | |
| Financial charges | 65/66B | €27,425 | €31,992 | +€4,567 | +16.7% |
| Recurring financial charges | 65 | €25,936 | €30,282 | +€4,346 | +16.8% |
| Non-recurring financial charges | 66B | €1,488 | €1,709 | +€221 | +14.9% |
| Profit (loss) for the period before taxes | 9903 | -€21,946 | -€133,797 | -€111,850 | -509.7% |
| Income taxes | 67/77 | €1,075 | €7,724 | +€6,649 | +618.4% |
| Profit (loss) for the period | 9904 | -€23,022 | -€141,521 | -€118,500 | -514.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,022 | -€141,521 | -€118,500 | -514.7% |
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 7 October 2026 via checked.be.