BH GROUP: 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.
BH GROUP
Largest movements
- Receivables within one year +€172,735
up €172,735 (+64.2%), from €268,970 to €441,704
of which Other amounts receivable: +€118,363
- Cash -€107,335
down €107,335 (-70.1%), from €153,109 to €45,774
mainly Receivables within one year (-€172,735) and Stocks and contracts (-€23,570)
- Tangible fixed assets -€28,440
down €28,440 (-18.1%), from €157,135 to €128,695
of which Leasing and similar rights: -€29,340
- Stocks and contracts +€23,570
up €23,570 (+12.3%), from €191,583 to €215,153
- Debts after one year +€26,998
up €26,998 (+19.8%), from €136,291 to €163,289
- Tax, wage and social debts +€20,979
up €20,979 (+69.2%), from €30,327 to €51,307
of which Taxes: +€19,630
- Other debts +€12,788
up €12,788 (+64.7%), from €19,759 to €32,547
- Gross operating margin -€43,074
down €43,074 (-24.0%), from €179,305 to €136,231
- Taxes -€20,994
down €20,994 (-62.7%), from €33,477 to €12,483
- Staff costs +€16,360
up €16,360 (+39.6%), from €41,292 to €57,652
- Depreciation +€11,187
up €11,187 (+42.4%), from €26,394 to €37,580
- Financial charges +€4,516
up €4,516 (+29.3%), from €15,414 to €19,929
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 | €774,397 | €835,226 | +€60,829 | +7.9% |
| Fixed assets | 21/28 | €157,185 | €128,745 | -€28,440 | -18.1% |
| Tangible fixed assets | 22/27 | €157,135 | €128,695 | -€28,440 | -18.1% |
| Plant, machinery and equipment | 23 | €20,969 | €24,714 | +€3,745 | +17.9% |
| Furniture and vehicles | 24 | €8,034 | €5,189 | -€2,845 | -35.4% |
| Leasing and similar rights | 25 | €128,131 | €98,791 | -€29,340 | -22.9% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €617,212 | €706,482 | +€89,269 | +14.5% |
| Stocks and contracts in progress | 3 | €191,583 | €215,153 | +€23,570 | +12.3% |
| Stocks | 30/36 | €191,583 | €215,153 | +€23,570 | +12.3% |
| Amounts receivable within one year | 40/41 | €268,970 | €441,704 | +€172,735 | +64.2% |
| Trade receivables | 40 | €226,932 | €281,303 | +€54,371 | +24.0% |
| Other amounts receivable | 41 | €42,038 | €160,401 | +€118,363 | +281.6% |
| Cash at bank and in hand | 54/58 | €153,109 | €45,774 | -€107,335 | -70.1% |
| Deferred charges and accrued income | 490/1 | €3,551 | €3,851 | +€300 | +8.5% |
| Total equity and liabilities | 10/49 | €774,397 | €835,226 | +€60,829 | +7.9% |
| Equity | 10/15 | €403,481 | €410,664 | +€7,183 | +1.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €383,260 | €389,260 | +€6,000 | +1.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €381,400 | €387,400 | +€6,000 | +1.6% |
| Profit (loss) carried forward | 14 | €14,021 | €15,204 | +€1,183 | +8.4% |
| Amounts payable | 17/49 | €370,916 | €424,563 | +€53,646 | +14.5% |
| Amounts payable after more than one year | 17 | €136,291 | €163,289 | +€26,998 | +19.8% |
| Financial debts | 170/4 | €136,291 | €163,289 | +€26,998 | +19.8% |
| Amounts payable within one year | 42/48 | €234,625 | €261,274 | +€26,648 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €39,621 | €41,181 | +€1,559 | +3.9% |
| Financial debts | 43 | €20,694 | €14,793 | -€5,901 | -28.5% |
| Credit institutions | 430/8 | €20,694 | €14,793 | -€5,901 | -28.5% |
| Trade debts | 44 | €124,224 | €121,446 | -€2,777 | -2.2% |
| Suppliers | 440/4 | €124,224 | €121,446 | -€2,777 | -2.2% |
| Taxes, remuneration and social security | 45 | €30,327 | €51,307 | +€20,979 | +69.2% |
| Taxes | 450/3 | €21,313 | €40,943 | +€19,630 | +92.1% |
| Remuneration and social security | 454/9 | €9,014 | €10,363 | +€1,349 | +15.0% |
| Other amounts payable | 47/48 | €19,759 | €32,547 | +€12,788 | +64.7% |
| Remuneration, social security and pensions | 62 | €41,292 | €57,652 | +€16,360 | +39.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,394 | €37,580 | +€11,187 | +42.4% |
| Other operating charges | 640/8 | €526 | €2,690 | +€2,164 | +411.7% |
| Gross operating margin | 9900 | €179,305 | €136,231 | -€43,074 | -24.0% |
| Operating profit (loss) | 9901 | €111,095 | €38,309 | -€72,786 | -65.5% |
| Financial income | 75/76B | €2,909 | €1,286 | -€1,623 | -55.8% |
| Recurring financial income | 75 | €2,909 | €1,286 | -€1,623 | -55.8% |
| Financial charges | 65/66B | €15,414 | €19,929 | +€4,516 | +29.3% |
| Recurring financial charges | 65 | €15,414 | €19,929 | +€4,516 | +29.3% |
| Profit (loss) for the period before taxes | 9903 | €98,590 | €19,665 | -€78,924 | -80.1% |
| Income taxes | 67/77 | €33,477 | €12,483 | -€20,994 | -62.7% |
| Profit (loss) for the period | 9904 | €65,113 | €7,183 | -€57,930 | -89.0% |
| Profit (loss) for the period to be appropriated | 9905 | €65,113 | €7,183 | -€57,930 | -89.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.