B.H.E.: 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.
B.H.E.
Largest movements
- Cash +€70,809
up €70,809 (+472.6%), from €14,981 to €85,791
mainly Depreciation (+€102,972) and Net result for the year (+€66,167)
- Stocks and contracts +€58,133
up €58,133 (+36.6%), from €158,990 to €217,122
- Tangible fixed assets -€46,925
down €46,925 (-11.2%), from €419,449 to €372,525
of which Land and buildings: -€40,268
- Intangible fixed assets -€21,121
down €21,121 (-51.0%), from €41,446 to €20,325
- Receivables within one year +€9,463
up €9,463 (+5.0%), from €188,402 to €197,865
of which Trade receivables: +€10,157
- Debts after one year -€63,187
down €63,187 (-21.7%), from €291,310 to €228,123
- Reserves +€55,000
up €55,000 (+110.8%), from €49,640 to €104,640
of which Distributable reserves: +€55,000
- Accrued charges and deferred income +€47,457
up €47,457 (+196.0%), from €24,214 to €71,671
- Trade debts +€25,011
up €25,011 (+37.3%), from €67,026 to €92,036
- Tax, wage and social debts +€16,428
up €16,428 (+38.6%), from €42,539 to €58,967
of which Taxes: +€17,624
- Staff costs +€48,113
up €48,113 (+22.1%), from €217,731 to €265,844
- Financial income +€18,564
up €18,564 (+230.9%), from €8,041 to €26,606
- Gross operating margin +€17,907
up €17,907 (+3.8%), from €467,572 to €485,479
- Other operating charges -€13,864
down €13,864 (-45.9%), from €30,209 to €16,345
- Depreciation -€13,384
down €13,384 (-11.5%), from €116,356 to €102,972
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 | €839,953 | €910,781 | +€70,828 | +8.4% |
| Fixed assets | 21/28 | €461,796 | €395,500 | -€66,296 | -14.4% |
| Intangible fixed assets | 21 | €41,446 | €20,325 | -€21,121 | -51.0% |
| Tangible fixed assets | 22/27 | €419,449 | €372,525 | -€46,925 | -11.2% |
| Land and buildings | 22 | €296,870 | €256,602 | -€40,268 | -13.6% |
| Plant, machinery and equipment | 23 | €103,107 | €96,083 | -€7,024 | -6.8% |
| Furniture and vehicles | 24 | €6,892 | €12,444 | +€5,552 | +80.6% |
| Leasing and similar rights | 25 | €12,581 | €7,396 | -€5,185 | -41.2% |
| Financial fixed assets | 28 | €900 | €2,650 | +€1,750 | +194.4% |
| Current assets | 29/58 | €378,157 | €515,281 | +€137,124 | +36.3% |
| Stocks and contracts in progress | 3 | €158,990 | €217,122 | +€58,133 | +36.6% |
| Stocks | 30/36 | €158,990 | €217,122 | +€58,133 | +36.6% |
| Amounts receivable within one year | 40/41 | €188,402 | €197,865 | +€9,463 | +5.0% |
| Trade receivables | 40 | €160,788 | €170,945 | +€10,157 | +6.3% |
| Other amounts receivable | 41 | €27,614 | €26,920 | -€694 | -2.5% |
| Cash at bank and in hand | 54/58 | €14,981 | €85,791 | +€70,809 | +472.6% |
| Deferred charges and accrued income | 490/1 | €15,785 | €14,503 | -€1,281 | -8.1% |
| Total equity and liabilities | 10/49 | €839,953 | €910,781 | +€70,828 | +8.4% |
| Equity | 10/15 | €305,423 | €371,589 | +€66,167 | +21.7% |
| Contributions | 10/11 | €96,400 | €96,400 | = | 0.0% |
| Capital | 10 | €96,400 | €96,400 | = | 0.0% |
| Issued capital | 100 | €96,400 | €96,400 | = | 0.0% |
| Reserves | 13 | €49,640 | €104,640 | +€55,000 | +110.8% |
| Non-distributable reserves | 130/1 | €9,640 | €9,640 | = | 0.0% |
| Legal reserve | 130 | €9,640 | €9,640 | = | 0.0% |
| Distributable reserves | 133 | €40,000 | €95,000 | +€55,000 | +137.5% |
| Profit (loss) carried forward | 14 | €159,383 | €170,549 | +€11,167 | +7.0% |
| Amounts payable | 17/49 | €534,530 | €539,192 | +€4,662 | +0.9% |
| Amounts payable after more than one year | 17 | €291,310 | €228,123 | -€63,187 | -21.7% |
| Financial debts | 170/4 | €291,310 | €228,123 | -€63,187 | -21.7% |
| Amounts payable within one year | 42/48 | €219,006 | €239,398 | +€20,392 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €96,427 | €85,039 | -€11,388 | -11.8% |
| Financial debts | 43 | €11,163 | €3,356 | -€7,808 | -69.9% |
| Credit institutions | 430/8 | €11,163 | €3,356 | -€7,808 | -69.9% |
| Trade debts | 44 | €67,026 | €92,036 | +€25,011 | +37.3% |
| Suppliers | 440/4 | €67,026 | €92,036 | +€25,011 | +37.3% |
| Advances received on contracts in progress | 46 | €1,851 | - | -€1,851 | |
| Taxes, remuneration and social security | 45 | €42,539 | €58,967 | +€16,428 | +38.6% |
| Taxes | 450/3 | €25,565 | €43,189 | +€17,624 | +68.9% |
| Remuneration and social security | 454/9 | €16,974 | €15,778 | -€1,196 | -7.0% |
| Accrued charges and deferred income | 492/3 | €24,214 | €71,671 | +€47,457 | +196.0% |
| Remuneration, social security and pensions | 62 | €217,731 | €265,844 | +€48,113 | +22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,356 | €102,972 | -€13,384 | -11.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,386 | +€1,386 | |
| Other operating charges | 640/8 | €30,209 | €16,345 | -€13,864 | -45.9% |
| Gross operating margin | 9900 | €467,572 | €485,479 | +€17,907 | +3.8% |
| Operating profit (loss) | 9901 | €103,276 | €98,932 | -€4,344 | -4.2% |
| Financial income | 75/76B | €8,041 | €26,606 | +€18,564 | +230.9% |
| Recurring financial income | 75 | €8,041 | €26,606 | +€18,564 | +230.9% |
| Financial charges | 65/66B | €21,731 | €26,874 | +€5,144 | +23.7% |
| Recurring financial charges | 65 | €21,731 | €26,874 | +€5,144 | +23.7% |
| Profit (loss) for the period before taxes | 9903 | €89,586 | €98,664 | +€9,077 | +10.1% |
| Income taxes | 67/77 | €20,085 | €32,497 | +€12,412 | +61.8% |
| Profit (loss) for the period | 9904 | €69,501 | €66,167 | -€3,335 | -4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €69,501 | €66,167 | -€3,335 | -4.8% |
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 9 October 2026 via checked.be.