BHALU: 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.
BHALU
Largest movements
- Cash +€26,580
up €26,580 (+41.1%), from €64,747 to €91,327
mainly Net result for the year (+€33,256) and Deferred charges and accrued income (+€4,206)
- Deferred charges and accrued income -€4,206
down €4,206 (-24.8%), from €16,952 to €12,746
- Reserves +€22,256
up €22,256 (+31.1%), from €71,627 to €93,883
- Other debts -€2,772
down €2,772 (-27.8%), from €9,965 to €7,193
- Trade debts +€2,749
up €2,749 (+172%), from €1,602 to €4,351
- Gross operating margin +€4,205
up €4,205 (+9.9%), from €42,349 to €46,554
- Financial charges +€930
up €930 (+482%), from €193 to €1,123
of which Non-recurring financial charges: +€1,053
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 | €95,870 | €118,223 | +€22,353 | +23.3% |
| Fixed assets | 21/28 | €3,134 | €2,556 | -€578 | -18.4% |
| Tangible fixed assets | 22/27 | €3,134 | €2,556 | -€578 | -18.4% |
| Plant, machinery and equipment | 23 | €462 | €316 | -€146 | -31.6% |
| Furniture and vehicles | 24 | €2,672 | €2,240 | -€432 | -16.2% |
| Current assets | 29/58 | €92,736 | €115,667 | +€22,931 | +24.7% |
| Amounts receivable within one year | 40/41 | €11,037 | €11,594 | +€557 | +5.0% |
| Trade receivables | 40 | €10,600 | €11,000 | +€400 | +3.8% |
| Other amounts receivable | 41 | €437 | €594 | +€157 | +35.9% |
| Cash at bank and in hand | 54/58 | €64,747 | €91,327 | +€26,580 | +41.1% |
| Deferred charges and accrued income | 490/1 | €16,952 | €12,746 | -€4,206 | -24.8% |
| Total equity and liabilities | 10/49 | €95,870 | €118,223 | +€22,353 | +23.3% |
| Equity | 10/15 | €74,127 | €96,383 | +€22,256 | +30.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €71,627 | €93,883 | +€22,256 | +31.1% |
| Distributable reserves | 133 | €71,627 | €93,883 | +€22,256 | +31.1% |
| Amounts payable | 17/49 | €21,743 | €21,840 | +€97 | +0.4% |
| Amounts payable within one year | 42/48 | €21,743 | €21,840 | +€97 | +0.4% |
| Trade debts | 44 | €1,602 | €4,351 | +€2,749 | +172% |
| Suppliers | 440/4 | €1,602 | €4,351 | +€2,749 | +172% |
| Taxes, remuneration and social security | 45 | €10,176 | €10,296 | +€120 | +1.2% |
| Taxes | 450/3 | €10,176 | €10,296 | +€120 | +1.2% |
| Other amounts payable | 47/48 | €9,965 | €7,193 | -€2,772 | -27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,985 | €1,590 | -€395 | -19.9% |
| Other operating charges | 640/8 | €567 | €465 | -€102 | -18.0% |
| Gross operating margin | 9900 | €42,349 | €46,554 | +€4,205 | +9.9% |
| Operating profit (loss) | 9901 | €39,797 | €44,499 | +€4,702 | +11.8% |
| Financial charges | 65/66B | €193 | €1,123 | +€930 | +482% |
| Recurring financial charges | 65 | €193 | €70 | -€123 | -63.7% |
| Non-recurring financial charges | 66B | - | €1,053 | +€1,053 | |
| Profit (loss) for the period before taxes | 9903 | €39,604 | €43,376 | +€3,772 | +9.5% |
| Income taxes | 67/77 | €10,176 | €10,120 | -€56 | -0.6% |
| Profit (loss) for the period | 9904 | €29,428 | €33,256 | +€3,828 | +13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,428 | €33,256 | +€3,828 | +13.0% |
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 27 October 2026 via checked.be.