BHD: 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.
BHD
Largest movements
- Receivables within one year +€39,843
up €39,843 (+151.7%), from €26,268 to €66,111
of which Trade receivables: +€33,108
- Cash -€39,027
down €39,027 (-63.5%), from €61,436 to €22,409
mainly Receivables within one year (-€39,843) and Trade debts (-€19,513)
- Financial fixed assets +€2,760
up €2,760 (+1533.3%), from €180 to €2,940
- Tangible fixed assets -€1,007
down €1,007 (-67.2%), from €1,498 to €491
- Profit (loss) carried forward +€32,367
up €32,367 (+82.0%), from -€39,465 to -€7,099
- Trade debts -€19,513
down €19,513 (-91.4%), from €21,346 to €1,832
- Tax, wage and social debts -€9,650
down €9,650 (-26.0%), from €37,060 to €27,411
of which Taxes: -€8,311
- Short-term financial debts -€3,067
no longer reported in 2025 (was €3,067)
- Advances received +€2,535
up €2,535 (+4.2%), from €60,500 to €63,035
- Gross operating margin +€37,076
up €37,076 (+295.8%), from €12,534 to €49,610
- Staff costs -€24,636
down €24,636 (-82.0%), from €30,035 to €5,399
- Other operating charges +€3,188
up €3,188 (+58.4%), from €5,455 to €8,643
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 | €93,007 | €95,179 | +€2,171 | +2.3% |
| Fixed assets | 21/28 | €4,178 | €5,431 | +€1,253 | +30.0% |
| Intangible fixed assets | 21 | €2,500 | €2,000 | -€500 | -20.0% |
| Tangible fixed assets | 22/27 | €1,498 | €491 | -€1,007 | -67.2% |
| Other tangible fixed assets | 26 | €1,498 | €491 | -€1,007 | -67.2% |
| Financial fixed assets | 28 | €180 | €2,940 | +€2,760 | +1533.3% |
| Current assets | 29/58 | €88,829 | €89,748 | +€919 | +1.0% |
| Amounts receivable within one year | 40/41 | €26,268 | €66,111 | +€39,843 | +151.7% |
| Trade receivables | 40 | €9,414 | €42,523 | +€33,108 | +351.7% |
| Other amounts receivable | 41 | €16,853 | €23,588 | +€6,735 | +40.0% |
| Cash at bank and in hand | 54/58 | €61,436 | €22,409 | -€39,027 | -63.5% |
| Deferred charges and accrued income | 490/1 | €1,125 | €1,227 | +€103 | +9.1% |
| Total equity and liabilities | 10/49 | €93,007 | €95,179 | +€2,171 | +2.3% |
| Equity | 10/15 | -€29,465 | €2,901 | +€32,367 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,465 | -€7,099 | +€32,367 | +82.0% |
| Amounts payable | 17/49 | €122,473 | €92,277 | -€30,195 | -24.7% |
| Amounts payable within one year | 42/48 | €122,473 | €92,277 | -€30,195 | -24.7% |
| Financial debts | 43 | €3,067 | - | -€3,067 | |
| Credit institutions | 430/8 | €3,067 | - | -€3,067 | |
| Trade debts | 44 | €21,346 | €1,832 | -€19,513 | -91.4% |
| Suppliers | 440/4 | €21,346 | €1,832 | -€19,513 | -91.4% |
| Advances received on contracts in progress | 46 | €60,500 | €63,035 | +€2,535 | +4.2% |
| Taxes, remuneration and social security | 45 | €37,060 | €27,411 | -€9,650 | -26.0% |
| Taxes | 450/3 | €32,231 | €23,920 | -€8,311 | -25.8% |
| Remuneration and social security | 454/9 | €4,830 | €3,491 | -€1,339 | -27.7% |
| Other amounts payable | 47/48 | €500 | - | -€500 | |
| Remuneration, social security and pensions | 62 | €30,035 | €5,399 | -€24,636 | -82.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,580 | €1,507 | -€72 | -4.6% |
| Other operating charges | 640/8 | €5,455 | €8,643 | +€3,188 | +58.4% |
| Gross operating margin | 9900 | €12,534 | €49,610 | +€37,076 | +295.8% |
| Operating profit (loss) | 9901 | -€24,536 | €34,061 | +€58,597 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +100.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +100.0% |
| Financial charges | 65/66B | €1,307 | €1,694 | +€387 | +29.6% |
| Recurring financial charges | 65 | €1,307 | €1,694 | +€387 | +29.6% |
| Profit (loss) for the period before taxes | 9903 | -€25,843 | €32,367 | +€58,210 | |
| Income taxes | 67/77 | €0 | - | -€0 | |
| Profit (loss) for the period | 9904 | -€25,843 | €32,367 | +€58,210 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,843 | €32,367 | +€58,210 |
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.