B.H.G. MANAGEMENT: 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.G. MANAGEMENT
Largest movements
- Tangible fixed assets -€18,698
down €18,698 (-9.2%), from €202,634 to €183,937
of which Furniture and vehicles: -€13,406
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€19,392
up €19,392 (+532%), from €3,645 to €23,036
- Other operating charges -€3,335
down €3,335 (-40.2%), from €8,293 to €4,958
- Financial charges -€2,763
down €2,763 (-61.4%), from €4,503 to €1,740
- Depreciation +€1,543
up €1,543 (+9.0%), from €17,155 to €18,698
- Financial income +€1,124
up €1,124 (+191%), from €587 to €1,712
of which Non-recurring financial income: +€1,140
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.
Derived cash bridge
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 | €1,769,029 | €1,748,961 | -€20,068 | -1.1% |
| Fixed assets | 21/28 | €1,765,581 | €1,746,884 | -€18,698 | -1.1% |
| Tangible fixed assets | 22/27 | €202,634 | €183,937 | -€18,698 | -9.2% |
| Land and buildings | 22 | €81,319 | €76,163 | -€5,156 | -6.3% |
| Plant, machinery and equipment | 23 | €692 | €556 | -€136 | -19.7% |
| Furniture and vehicles | 24 | €120,623 | €107,217 | -€13,406 | -11.1% |
| Financial fixed assets | 28 | €1,562,947 | €1,562,947 | = | 0.0% |
| Current assets | 29/58 | €3,448 | €2,077 | -€1,371 | -39.8% |
| Amounts receivable within one year | 40/41 | €824 | €908 | +€84 | +10.1% |
| Trade receivables | 40 | €781 | €908 | +€127 | +16.2% |
| Other amounts receivable | 41 | €43 | - | -€43 | |
| Cash at bank and in hand | 54/58 | €2,338 | €1,170 | -€1,168 | -50.0% |
| Deferred charges and accrued income | 490/1 | €287 | - | -€287 | |
| Total equity and liabilities | 10/49 | €1,769,029 | €1,748,961 | -€20,068 | -1.1% |
| Equity | 10/15 | €33,035 | €32,111 | -€925 | -2.8% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €17,109 | €16,756 | -€353 | -2.1% |
| Distributable reserves | 133 | €17,109 | €16,756 | -€353 | -2.1% |
| Investment grants | 15 | €7,866 | €7,295 | -€572 | -7.3% |
| Provisions and deferred taxes | 16 | €4,049 | €3,755 | -€295 | -7.3% |
| Deferred taxes | 168 | €4,049 | €3,755 | -€295 | -7.3% |
| Amounts payable | 17/49 | €1,731,945 | €1,713,095 | -€18,849 | -1.1% |
| Amounts payable after more than one year | 17 | €77,004 | €64,783 | -€12,221 | -15.9% |
| Financial debts | 170/4 | €77,004 | €64,783 | -€12,221 | -15.9% |
| Amounts payable within one year | 42/48 | €1,654,941 | €1,648,312 | -€6,629 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €13,569 | €12,221 | -€1,348 | -9.9% |
| Trade debts | 44 | €965 | €142 | -€823 | -85.3% |
| Suppliers | 440/4 | €965 | €142 | -€823 | -85.3% |
| Taxes, remuneration and social security | 45 | €1,008 | €751 | -€257 | -25.5% |
| Taxes | 450/3 | €1,008 | €751 | -€257 | -25.5% |
| Other amounts payable | 47/48 | €1,639,398 | €1,635,198 | -€4,200 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,155 | €18,698 | +€1,543 | +9.0% |
| Other operating charges | 640/8 | €8,293 | €4,958 | -€3,335 | -40.2% |
| Non-recurring operating charges | 66A | €250 | - | -€250 | |
| Gross operating margin | 9900 | €3,645 | €23,036 | +€19,392 | +532% |
| Operating profit (loss) | 9901 | -€22,052 | -€619 | +€21,433 | +97.2% |
| Financial income | 75/76B | €587 | €1,712 | +€1,124 | +191% |
| Recurring financial income | 75 | €587 | €572 | -€16 | -2.7% |
| Non-recurring financial income | 76B | - | €1,140 | +€1,140 | |
| Financial charges | 65/66B | €4,503 | €1,740 | -€2,763 | -61.4% |
| Recurring financial charges | 65 | €4,503 | €1,740 | -€2,763 | -61.4% |
| Profit (loss) for the period before taxes | 9903 | -€25,968 | -€647 | +€25,320 | +97.5% |
| Transfer from deferred taxes | 780 | €295 | €295 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€25,673 | -€353 | +€25,320 | +98.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,673 | -€353 | +€25,320 | +98.6% |
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 30 October 2026 via checked.be.