BHQ: 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.
BHQ
Largest movements
- Cash +€12,015
up €12,015 (+78.0%), from €15,408 to €27,423
mainly Trade debts (+€7,253) and Stocks and contracts (+€6,028)
- Receivables within one year +€10,325
up €10,325 (+141.0%), from €7,323 to €17,648
of which Trade receivables: +€8,648
- Stocks and contracts -€6,028
down €6,028 (-26.7%), from €22,544 to €16,516
- Tangible fixed assets -€3,268
down €3,268 (-44.6%), from €7,334 to €4,065
- Trade debts +€7,253
up €7,253 (+724.1%), from €1,002 to €8,255
- Reserves +€5,289
up €5,289 (+10.2%), from €51,607 to €56,895
- Staff costs +€3,816
up €3,816 (+10.5%), from €36,413 to €40,229
- Gross operating margin -€2,636
down €2,636 (-4.4%), from €59,698 to €57,062
- Taxes -€2,513
down €2,513 (-40.3%), from €6,236 to €3,723
- Other operating charges +€1,451
up €1,451 (+55.9%), from €2,595 to €4,046
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 | €52,608 | €65,652 | +€13,044 | +24.8% |
| Fixed assets | 21/28 | €7,334 | €4,065 | -€3,268 | -44.6% |
| Tangible fixed assets | 22/27 | €7,334 | €4,065 | -€3,268 | -44.6% |
| Furniture and vehicles | 24 | €7,334 | €4,065 | -€3,268 | -44.6% |
| Current assets | 29/58 | €45,275 | €61,587 | +€16,312 | +36.0% |
| Stocks and contracts in progress | 3 | €22,544 | €16,516 | -€6,028 | -26.7% |
| Stocks | 30/36 | €22,544 | €16,516 | -€6,028 | -26.7% |
| Amounts receivable within one year | 40/41 | €7,323 | €17,648 | +€10,325 | +141.0% |
| Trade receivables | 40 | €2,759 | €11,407 | +€8,648 | +313.5% |
| Other amounts receivable | 41 | €4,564 | €6,241 | +€1,677 | +36.7% |
| Cash at bank and in hand | 54/58 | €15,408 | €27,423 | +€12,015 | +78.0% |
| Total equity and liabilities | 10/49 | €52,608 | €65,652 | +€13,044 | +24.8% |
| Equity | 10/15 | €51,607 | €56,895 | +€5,289 | +10.2% |
| Reserves | 13 | €51,607 | €56,895 | +€5,289 | +10.2% |
| Distributable reserves | 133 | €51,607 | €56,895 | +€5,289 | +10.2% |
| Amounts payable | 17/49 | €1,002 | €8,757 | +€7,755 | +774.2% |
| Amounts payable within one year | 42/48 | €1,002 | €8,757 | +€7,755 | +774.2% |
| Trade debts | 44 | €1,002 | €8,255 | +€7,253 | +724.1% |
| Suppliers | 440/4 | €1,002 | €8,255 | +€7,253 | +724.1% |
| Taxes, remuneration and social security | 45 | - | €502 | +€502 | |
| Taxes | 450/3 | - | €502 | +€502 | |
| Remuneration, social security and pensions | 62 | €36,413 | €40,229 | +€3,816 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,268 | €3,268 | = | 0.0% |
| Other operating charges | 640/8 | €2,595 | €4,046 | +€1,451 | +55.9% |
| Gross operating margin | 9900 | €59,698 | €57,062 | -€2,636 | -4.4% |
| Operating profit (loss) | 9901 | €17,422 | €9,518 | -€7,904 | -45.4% |
| Financial income | 75/76B | €7 | €11 | +€4 | +58.7% |
| Recurring financial income | 75 | €7 | €11 | +€4 | +58.7% |
| Financial charges | 65/66B | €583 | €517 | -€66 | -11.4% |
| Recurring financial charges | 65 | €583 | €517 | -€66 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €16,845 | €9,012 | -€7,833 | -46.5% |
| Income taxes | 67/77 | €6,236 | €3,723 | -€2,513 | -40.3% |
| Profit (loss) for the period | 9904 | €10,609 | €5,289 | -€5,321 | -50.2% |
| Profit (loss) for the period to be appropriated | 9905 | €10,609 | €5,289 | -€5,321 | -50.2% |
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 11 October 2026 via checked.be.