BHL: 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.
BHL
Largest movements
- Receivables within one year +€122,820
up €122,820 (+37.8%), from €325,231 to €448,051
of which Trade receivables: +€136,820
- Tangible fixed assets -€9,841
down €9,841 (-15.9%), from €62,039 to €52,198
of which Plant, machinery and equipment: -€9,191
- Profit (loss) carried forward +€91,258
up €91,258 (+47.6%), from €191,788 to €283,046
- Trade debts -€39,971
down €39,971 (-45.3%), from €88,176 to €48,205
- Other debts +€36,872
up €36,872 (+28.1%), from €131,053 to €167,925
- Tax, wage and social debts +€24,263
up €24,263 (+182%), from €13,342 to €37,605
- Financial charges -€46,796
down €46,796 (-96.5%), from €48,483 to €1,687
of which Non-recurring financial charges: -€47,814
- Gross operating margin +€4,743
up €4,743 (+4.2%), from €112,357 to €117,099
- Taxes +€3,150
up €3,150 (+28.2%), from €11,164 to €14,314
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 | €444,820 | €557,240 | +€112,421 | +25.3% |
| Fixed assets | 21/28 | €118,780 | €108,939 | -€9,841 | -8.3% |
| Tangible fixed assets | 22/27 | €62,039 | €52,198 | -€9,841 | -15.9% |
| Plant, machinery and equipment | 23 | €60,306 | €51,115 | -€9,191 | -15.2% |
| Furniture and vehicles | 24 | €1,733 | €1,083 | -€650 | -37.5% |
| Financial fixed assets | 28 | €56,741 | €56,741 | = | 0.0% |
| Current assets | 29/58 | €326,040 | €448,301 | +€122,262 | +37.5% |
| Amounts receivable within one year | 40/41 | €325,231 | €448,051 | +€122,820 | +37.8% |
| Trade receivables | 40 | €297,231 | €434,051 | +€136,820 | +46.0% |
| Other amounts receivable | 41 | €28,000 | €14,000 | -€14,000 | -50.0% |
| Cash at bank and in hand | 54/58 | €809 | €251 | -€558 | -69.0% |
| Total equity and liabilities | 10/49 | €444,820 | €557,240 | +€112,421 | +25.3% |
| Equity | 10/15 | €212,248 | €303,506 | +€91,258 | +43.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €191,788 | €283,046 | +€91,258 | +47.6% |
| Amounts payable | 17/49 | €232,571 | €253,734 | +€21,163 | +9.1% |
| Amounts payable within one year | 42/48 | €232,571 | €253,734 | +€21,163 | +9.1% |
| Trade debts | 44 | €88,176 | €48,205 | -€39,971 | -45.3% |
| Suppliers | 440/4 | €88,176 | €48,205 | -€39,971 | -45.3% |
| Taxes, remuneration and social security | 45 | €13,342 | €37,605 | +€24,263 | +182% |
| Taxes | 450/3 | €13,342 | €37,605 | +€24,263 | +182% |
| Other amounts payable | 47/48 | €131,053 | €167,925 | +€36,872 | +28.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,762 | €9,841 | -€921 | -8.6% |
| Gross operating margin | 9900 | €112,357 | €117,099 | +€4,743 | +4.2% |
| Operating profit (loss) | 9901 | €101,595 | €107,258 | +€5,664 | +5.6% |
| Financial charges | 65/66B | €48,483 | €1,687 | -€46,796 | -96.5% |
| Recurring financial charges | 65 | €669 | €1,687 | +€1,018 | +152% |
| Non-recurring financial charges | 66B | €47,814 | - | -€47,814 | |
| Profit (loss) for the period before taxes | 9903 | €53,112 | €105,572 | +€52,460 | +98.8% |
| Income taxes | 67/77 | €11,164 | €14,314 | +€3,150 | +28.2% |
| Profit (loss) for the period | 9904 | €41,948 | €91,258 | +€49,310 | +118% |
| Profit (loss) for the period to be appropriated | 9905 | €41,948 | €91,258 | +€49,310 | +118% |
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 13 October 2026 via checked.be.