BH ASSOCIATES: 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.
What changed
BH ASSOCIATES
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€58,829
2024 · -€50,515-€8,314
Equity
€987,734
2024 · €1.0m-€58,829
Cash
€8,323
2024 · €26,604-€18,282
Balance sheet total
€2.3m
2024 · €2.3m-€19,296
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Short-term financial debts -€150,375
down €150,375 (-13.4%), from €1.1m to €972,000
- Debts after one year +€124,000
up €124,000 (+155%), from €80,000 to €204,000
- Profit (loss) carried forward -€58,829
down €58,829 (-221%), from -€26,672 to -€85,501
- Other debts +€58,293
up €58,293 (+115%), from €50,875 to €109,168
Income statement
- Gross operating margin -€23,933
down €23,933 (-30.0%), from €79,686 to €55,754
- Financial charges -€15,413
down €15,413 (-22.5%), from €68,367 to €52,954
- Depreciation -€1,028
down €1,028 (-2.1%), from €49,902 to €48,874
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.
Result 2024
-€50,515
Gross operating margin
-€23,933
Depreciation
+€1,028
Other operating charges
-€624
Financial income
-€183
Financial charges
+€15,413
Taxes
-€15
Result 2025
-€58,829
raises the resultlowers the result
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.
From operations
+€57,010
Investment
-€48,917
Financing
-€26,375
Cash 2024
€26,604
From operations (derived)
+€57,010
Net result for the year
-€58,829
Depreciation
+€48,874
Receivables within one year
+€1,952
Deferred charges and accrued income
-€895
Trade debts
+€11,264
Tax, wage and social debts
-€5,228
Other debts
+€58,293
Accrued charges and deferred income
+€1,580
Investment (derived)
-€48,917
Investment in fixed assets (net)
-€48,917
Financing
-€26,375
Debts after one year
+€124,000
Short-term financial debts
-€150,375
Cash 2025
€8,323
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,318,960 | €2,299,664 | -€19,296 | -0.8% |
| Fixed assets | 21/28 | €2,289,394 | €2,289,437 | +€43 | 0.0% |
| Tangible fixed assets | 22/27 | €1,288,868 | €1,288,911 | +€43 | 0.0% |
| Land and buildings | 22 | €1,260,708 | €1,262,376 | +€1,668 | +0.1% |
| Plant, machinery and equipment | 23 | €24,050 | €23,616 | -€433 | -1.8% |
| Furniture and vehicles | 24 | €4,110 | €2,918 | -€1,192 | -29.0% |
| Financial fixed assets | 28 | €1,000,526 | €1,000,526 | = | 0.0% |
| Current assets | 29/58 | €29,566 | €10,228 | -€19,339 | -65.4% |
| Amounts receivable within one year | 40/41 | €2,423 | €470 | -€1,952 | -80.6% |
| Trade receivables | 40 | €2,360 | €470 | -€1,889 | -80.1% |
| Other amounts receivable | 41 | €63 | €0 | -€63 | -100% |
| Cash at bank and in hand | 54/58 | €26,604 | €8,323 | -€18,282 | -68.7% |
| Deferred charges and accrued income | 490/1 | €539 | €1,435 | +€895 | +166% |
| Total equity and liabilities | 10/49 | €2,318,960 | €2,299,664 | -€19,296 | -0.8% |
| Equity | 10/15 | €1,046,563 | €987,734 | -€58,829 | -5.6% |
| Contributions | 10/11 | €820,000 | €820,000 | = | 0.0% |
| Capital | 10 | €820,000 | €820,000 | = | 0.0% |
| Issued capital | 100 | €820,000 | €820,000 | = | 0.0% |
| Reserves | 13 | €253,235 | €253,235 | = | 0.0% |
| Non-distributable reserves | 130/1 | €82,000 | €82,000 | = | 0.0% |
| Legal reserve | 130 | €82,000 | €82,000 | = | 0.0% |
| Distributable reserves | 133 | €171,235 | €171,235 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,672 | -€85,501 | -€58,829 | -221% |
| Amounts payable | 17/49 | €1,272,397 | €1,311,930 | +€39,533 | +3.1% |
| Amounts payable after more than one year | 17 | €80,000 | €204,000 | +€124,000 | +155% |
| Other amounts payable | 178/9 | €80,000 | €204,000 | +€124,000 | +155% |
| Amounts payable within one year | 42/48 | €1,181,929 | €1,095,883 | -€86,047 | -7.3% |
| Financial debts | 43 | €1,122,375 | €972,000 | -€150,375 | -13.4% |
| Credit institutions | 430/8 | €1,122,375 | €972,000 | -€150,375 | -13.4% |
| Trade debts | 44 | €2,050 | €13,313 | +€11,264 | +550% |
| Suppliers | 440/4 | €2,050 | €13,313 | +€11,264 | +550% |
| Taxes, remuneration and social security | 45 | €6,630 | €1,402 | -€5,228 | -78.9% |
| Taxes | 450/3 | €6,630 | €1,402 | -€5,228 | -78.9% |
| Other amounts payable | 47/48 | €50,875 | €109,168 | +€58,293 | +115% |
| Accrued charges and deferred income | 492/3 | €10,467 | €12,047 | +€1,580 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,902 | €48,874 | -€1,028 | -2.1% |
| Other operating charges | 640/8 | €11,742 | €12,366 | +€624 | +5.3% |
| Gross operating margin | 9900 | €79,686 | €55,754 | -€23,933 | -30.0% |
| Operating profit (loss) | 9901 | €18,043 | -€5,486 | -€23,529 | |
| Financial income | 75/76B | €183 | €0 | -€183 | -100% |
| Recurring financial income | 75 | €183 | €0 | -€183 | -100% |
| Financial charges | 65/66B | €68,367 | €52,954 | -€15,413 | -22.5% |
| Recurring financial charges | 65 | €68,367 | €52,954 | -€15,413 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | -€50,142 | -€58,440 | -€8,298 | -16.5% |
| Income taxes | 67/77 | €373 | €389 | +€15 | +4.1% |
| Profit (loss) for the period | 9904 | -€50,515 | -€58,829 | -€8,314 | -16.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€50,515 | -€58,829 | -€8,314 | -16.5% |
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 21 October 2026 via checked.be.