BHINVEST: 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.
BHINVEST
Largest movements
- Tangible fixed assets +€7.4m
up €7.4m (+32.4%), from €22.8m to €30.1m
of which Other tangible fixed assets: +€5.1m
- Financial fixed assets -€4.6m
down €4.6m (-56.0%), from €8.2m to €3.6m
- Receivables within one year +€2.9m
up €2.9m (+53.9%), from €5.3m to €8.2m
of which Other amounts receivable: +€2.4m
- Revaluation surpluses +€4.6m
up €4.6m (+34.1%), from €13.4m to €18.0m
- Accrued charges and deferred income +€3.1m
new in 2025: €3.1m
- Debts after one year -€2.5m
down €2.5m (-8.2%), from €30.1m to €27.6m
of which Financial debts: -€3.4m
- Profit (loss) carried forward -€2.0m
down €2.0m (-11.1%), from -€17.6m to -€19.6m
- Other debts +€1.6m
up €1.6m (+18.7%), from €8.6m to €10.3m
- Gross operating margin +€2.2m
up €2.2m (+641%), from €340,197 to €2.5m
- Depreciation -€232,631
down €232,631 (-13.0%), from €1.8m to €1.6m
- Financial charges +€189,342
up €189,342 (+7.2%), from €2.6m to €2.8m
- Other operating charges +€94,138
up €94,138 (+99.2%), from €94,910 to €189,048
- Financial income -€48,448
down €48,448 (-30.8%), from €157,123 to €108,675
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 | €36,362,389 | €42,000,669 | +€5.6m | +15.5% |
| Fixed assets | 21/28 | €31,005,256 | €33,770,319 | +€2.8m | +8.9% |
| Tangible fixed assets | 22/27 | €22,768,601 | €30,143,403 | +€7.4m | +32.4% |
| Land and buildings | 22 | €22,761,751 | €25,007,846 | +€2.2m | +9.9% |
| Plant, machinery and equipment | 23 | €6,850 | - | -€6,850 | |
| Other tangible fixed assets | 26 | - | €5,135,558 | +€5.1m | |
| Financial fixed assets | 28 | €8,236,655 | €3,626,916 | -€4.6m | -56.0% |
| Current assets | 29/58 | €5,357,133 | €8,230,350 | +€2.9m | +53.6% |
| Amounts receivable within one year | 40/41 | €5,312,116 | €8,173,509 | +€2.9m | +53.9% |
| Trade receivables | 40 | €318,149 | €751,794 | +€433,646 | +136% |
| Other amounts receivable | 41 | €4,993,967 | €7,421,715 | +€2.4m | +48.6% |
| Cash at bank and in hand | 54/58 | €41,906 | €56,452 | +€14,547 | +34.7% |
| Deferred charges and accrued income | 490/1 | €3,111 | €388 | -€2,723 | -87.5% |
| Total equity and liabilities | 10/49 | €36,362,389 | €42,000,669 | +€5.6m | +15.5% |
| Equity | 10/15 | -€2,906,465 | €498,591 | +€3.4m | |
| Contributions | 10/11 | €17,089 | €17,089 | = | 0.0% |
| Revaluation surpluses | 12 | €13,390,980 | €17,956,015 | +€4.6m | +34.1% |
| Reserves | 13 | €744,020 | €1,570,548 | +€826,528 | +111% |
| Distributable reserves | 133 | €744,020 | €1,570,548 | +€826,528 | +111% |
| Profit (loss) carried forward | 14 | -€17,632,887 | -€19,593,394 | -€2.0m | -11.1% |
| Investment grants | 15 | €574,333 | €548,333 | -€26,000 | -4.5% |
| Amounts payable | 17/49 | €39,268,853 | €41,502,078 | +€2.2m | +5.7% |
| Amounts payable after more than one year | 17 | €30,051,987 | €27,587,182 | -€2.5m | -8.2% |
| Financial debts | 170/4 | €10,398,754 | €7,043,175 | -€3.4m | -32.3% |
| Other amounts payable | 178/9 | €19,653,233 | €20,544,007 | +€890,775 | +4.5% |
| Amounts payable within one year | 42/48 | €9,216,866 | €10,835,343 | +€1.6m | +17.6% |
| Current portion of amounts payable after more than one year | 42 | €345,765 | €360,237 | +€14,472 | +4.2% |
| Trade debts | 44 | €194,854 | €189,217 | -€5,637 | -2.9% |
| Suppliers | 440/4 | €194,854 | €189,217 | -€5,637 | -2.9% |
| Taxes, remuneration and social security | 45 | €29,103 | €17,938 | -€11,165 | -38.4% |
| Taxes | 450/3 | €24,164 | €12,872 | -€11,291 | -46.7% |
| Remuneration and social security | 454/9 | €4,940 | €5,066 | +€126 | +2.6% |
| Other amounts payable | 47/48 | €8,647,144 | €10,267,951 | +€1.6m | +18.7% |
| Accrued charges and deferred income | 492/3 | - | €3,079,553 | +€3.1m | |
| Non-recurring operating income | 76A | - | €1,197,787 | +€1.2m | |
| Remuneration, social security and pensions | 62 | €35,159 | €29,205 | -€5,954 | -16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,790,230 | €1,557,599 | -€232,631 | -13.0% |
| Other operating charges | 640/8 | €94,910 | €189,048 | +€94,138 | +99.2% |
| Non-recurring operating charges | 66A | - | -€0 | -€0 | |
| Gross operating margin | 9900 | €340,197 | €2,521,503 | +€2.2m | +641% |
| Operating profit (loss) | 9901 | -€1,580,102 | €745,652 | +€2.3m | |
| Financial income | 75/76B | €157,123 | €108,675 | -€48,448 | -30.8% |
| Recurring financial income | 75 | €157,123 | €108,675 | -€48,448 | -30.8% |
| Financial charges | 65/66B | €2,625,491 | €2,814,833 | +€189,342 | +7.2% |
| Recurring financial charges | 65 | €2,625,491 | €2,814,833 | +€189,342 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | -€4,048,469 | -€1,960,507 | +€2.1m | +51.6% |
| Profit (loss) for the period | 9904 | -€4,048,469 | -€1,960,507 | +€2.1m | +51.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,048,469 | -€1,960,507 | +€2.1m | +51.6% |
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 24 October 2026 via checked.be.