BHM: 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.
BHM
Largest movements
- Receivables within one year +€242,901
up €242,901 (+14.8%), from €1.6m to €1.9m
of which Trade receivables: +€270,761
- Stocks and contracts -€142,067
down €142,067 (-31.0%), from €458,145 to €316,078
- Cash -€115,767
down €115,767 (-38.5%), from €300,517 to €184,750
mainly Contributions, distributions and other (-€1.5m) and Receivables within one year (-€242,901)
- Tangible fixed assets -€71,690
down €71,690 (-63.9%), from €112,268 to €40,577
of which Furniture and vehicles: -€42,087
- Reserves -€953,144
down €953,144 (-69.4%), from €1.4m to €420,595
of which Distributable reserves: -€953,144
- Other debts +€700,000
up €700,000 (+87.5%), from €800,000 to €1.5m
- Trade debts +€143,010
up €143,010 (+59.7%), from €239,475 to €382,485
- Gross operating margin -€200,195
down €200,195 (-17.1%), from €1.2m to €973,197
- Staff costs +€70,746
up €70,746 (+38.6%), from €183,443 to €254,190
- Taxes -€66,292
down €66,292 (-26.7%), from €248,262 to €181,970
- Depreciation -€25,424
down €25,424 (-43.0%), from €59,151 to €33,726
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 | €2,529,318 | €2,438,975 | -€90,342 | -3.6% |
| Fixed assets | 21/28 | €124,409 | €48,506 | -€75,904 | -61.0% |
| Intangible fixed assets | 21 | €998 | €2,492 | +€1,494 | +150% |
| Tangible fixed assets | 22/27 | €112,268 | €40,577 | -€71,690 | -63.9% |
| Land and buildings | 22 | €47,435 | €25,670 | -€21,765 | -45.9% |
| Plant, machinery and equipment | 23 | €22,746 | €14,907 | -€7,839 | -34.5% |
| Furniture and vehicles | 24 | €42,087 | €0 | -€42,087 | -100% |
| Financial fixed assets | 28 | €11,143 | €5,436 | -€5,708 | -51.2% |
| Current assets | 29/58 | €2,404,908 | €2,390,470 | -€14,438 | -0.6% |
| Stocks and contracts in progress | 3 | €458,145 | €316,078 | -€142,067 | -31.0% |
| Stocks | 30/36 | €458,145 | €316,078 | -€142,067 | -31.0% |
| Amounts receivable within one year | 40/41 | €1,638,178 | €1,881,079 | +€242,901 | +14.8% |
| Trade receivables | 40 | €346,466 | €617,227 | +€270,761 | +78.1% |
| Other amounts receivable | 41 | €1,291,712 | €1,263,852 | -€27,860 | -2.2% |
| Cash at bank and in hand | 54/58 | €300,517 | €184,750 | -€115,767 | -38.5% |
| Deferred charges and accrued income | 490/1 | €8,068 | €8,563 | +€496 | +6.1% |
| Total equity and liabilities | 10/49 | €2,529,318 | €2,438,975 | -€90,342 | -3.6% |
| Equity | 10/15 | €1,392,340 | €439,195 | -€953,144 | -68.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,373,740 | €420,595 | -€953,144 | -69.4% |
| Tax-exempt reserves | 132 | €47,844 | €47,844 | = | 0.0% |
| Distributable reserves | 133 | €1,325,896 | €372,752 | -€953,144 | -71.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,136,978 | €1,999,780 | +€862,802 | +75.9% |
| Amounts payable within one year | 42/48 | €1,136,978 | €1,999,780 | +€862,802 | +75.9% |
| Trade debts | 44 | €239,475 | €382,485 | +€143,010 | +59.7% |
| Suppliers | 440/4 | €239,475 | €382,485 | +€143,010 | +59.7% |
| Taxes, remuneration and social security | 45 | €97,503 | €117,295 | +€19,792 | +20.3% |
| Taxes | 450/3 | €82,470 | €85,139 | +€2,669 | +3.2% |
| Remuneration and social security | 454/9 | €15,033 | €32,155 | +€17,123 | +114% |
| Other amounts payable | 47/48 | €800,000 | €1,500,000 | +€700,000 | +87.5% |
| Non-recurring operating income | 76A | €32 | €0 | -€32 | -100% |
| Remuneration, social security and pensions | 62 | €183,443 | €254,190 | +€70,746 | +38.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,151 | €33,726 | -€25,424 | -43.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €310 | +€310 | |
| Other operating charges | 640/8 | €3,607 | €3,206 | -€401 | -11.1% |
| Non-recurring operating charges | 66A | €293 | €213 | -€80 | -27.3% |
| Gross operating margin | 9900 | €1,173,392 | €973,197 | -€200,195 | -17.1% |
| Operating profit (loss) | 9901 | €926,899 | €681,553 | -€245,346 | -26.5% |
| Financial income | 75/76B | €52,274 | €52,591 | +€316 | +0.6% |
| Recurring financial income | 75 | €52,274 | €52,591 | +€316 | +0.6% |
| Financial charges | 65/66B | €5,979 | €5,317 | -€661 | -11.1% |
| Recurring financial charges | 65 | €5,979 | €5,317 | -€661 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €973,194 | €728,826 | -€244,368 | -25.1% |
| Income taxes | 67/77 | €248,262 | €181,970 | -€66,292 | -26.7% |
| Profit (loss) for the period | 9904 | €724,932 | €546,856 | -€178,077 | -24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €724,932 | €546,856 | -€178,077 | -24.6% |
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 13 October 2026 via checked.be.