BHZ: 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.
BHZ
Largest movements
- Stocks and contracts +€7,456
up €7,456 (+29.7%), from €25,124 to €32,581
- Tangible fixed assets -€3,493
down €3,493 (-26.1%), from €13,394 to €9,900
of which Furniture and vehicles: -€3,337
- Deferred charges and accrued income -€2,406
no longer reported in 2025 (was €2,406)
- Profit (loss) carried forward -€3,532
down €3,532 (-10.5%), from -€33,524 to -€37,056
- Other debts +€3,124
up €3,124 (+34.6%), from €9,031 to €12,156
- Trade debts +€2,301
up €2,301 (+15.5%), from €14,895 to €17,197
- Gross operating margin +€27,531
up €27,531, from -€12,291 to €15,239
- Other operating charges +€10,439
up €10,439 (+545%), from €1,917 to €12,356
- Financial charges +€357
up €357 (+14.7%), from €2,429 to €2,785
- Taxes +€198
up €198, from -€1 to €197
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 | €48,609 | €50,394 | +€1,785 | +3.7% |
| Fixed assets | 21/28 | €19,514 | €16,020 | -€3,493 | -17.9% |
| Tangible fixed assets | 22/27 | €13,394 | €9,900 | -€3,493 | -26.1% |
| Plant, machinery and equipment | 23 | €751 | €596 | -€156 | -20.7% |
| Furniture and vehicles | 24 | €12,642 | €9,305 | -€3,337 | -26.4% |
| Financial fixed assets | 28 | €6,120 | €6,120 | = | 0.0% |
| Current assets | 29/58 | €29,095 | €34,374 | +€5,278 | +18.1% |
| Stocks and contracts in progress | 3 | €25,124 | €32,581 | +€7,456 | +29.7% |
| Stocks | 30/36 | €25,124 | €32,581 | +€7,456 | +29.7% |
| Amounts receivable within one year | 40/41 | €1,548 | €1,793 | +€245 | +15.8% |
| Trade receivables | 40 | €427 | - | -€427 | |
| Other amounts receivable | 41 | €1,121 | €1,793 | +€672 | +60.0% |
| Cash at bank and in hand | 54/58 | €17 | - | -€17 | |
| Deferred charges and accrued income | 490/1 | €2,406 | - | -€2,406 | |
| Total equity and liabilities | 10/49 | €48,609 | €50,394 | +€1,785 | +3.7% |
| Equity | 10/15 | €19,393 | €15,861 | -€3,532 | -18.2% |
| Contributions | 10/11 | €15,500 | €15,500 | = | 0.0% |
| Reserves | 13 | €37,416 | €37,416 | = | 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% |
| Distributable reserves | 133 | €35,556 | €35,556 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,524 | -€37,056 | -€3,532 | -10.5% |
| Amounts payable | 17/49 | €29,216 | €34,534 | +€5,317 | +18.2% |
| Amounts payable within one year | 42/48 | €29,216 | €34,534 | +€5,317 | +18.2% |
| Financial debts | 43 | €5,289 | €4,984 | -€305 | -5.8% |
| Credit institutions | 430/8 | €5,289 | €4,984 | -€305 | -5.8% |
| Trade debts | 44 | €14,895 | €17,197 | +€2,301 | +15.5% |
| Suppliers | 440/4 | €14,895 | €17,197 | +€2,301 | +15.5% |
| Taxes, remuneration and social security | 45 | - | €197 | +€197 | |
| Taxes | 450/3 | - | €197 | +€197 | |
| Other amounts payable | 47/48 | €9,031 | €12,156 | +€3,124 | +34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,365 | €3,493 | +€128 | +3.8% |
| Other operating charges | 640/8 | €1,917 | €12,356 | +€10,439 | +545% |
| Gross operating margin | 9900 | -€12,291 | €15,239 | +€27,531 | |
| Operating profit (loss) | 9901 | -€17,573 | -€610 | +€16,963 | +96.5% |
| Financial income | 75/76B | - | €60 | +€60 | |
| Recurring financial income | 75 | - | €60 | +€60 | |
| Financial charges | 65/66B | €2,429 | €2,785 | +€357 | +14.7% |
| Recurring financial charges | 65 | €2,429 | €2,785 | +€357 | +14.7% |
| Profit (loss) for the period before taxes | 9903 | -€20,002 | -€3,335 | +€16,667 | +83.3% |
| Income taxes | 67/77 | -€1 | €197 | +€198 | |
| Profit (loss) for the period | 9904 | -€20,001 | -€3,532 | +€16,469 | +82.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,001 | -€3,532 | +€16,469 | +82.3% |
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 18 October 2026 via checked.be.