D2H: what changed
D2H
Largest movements
- Tangible fixed assets +€582,865
up €582,865 (+195%), from €298,703 to €881,568
of which Assets under construction and advance payments: +€583,231
- Financial fixed assets -€350,000
down €350,000 (-25.0%), from €1.4m to €1.1m
- Cash -€92,425
down €92,425 (-76.3%), from €121,180 to €28,755
mainly Investment in fixed assets (net) (-€234,077) and Trade debts (-€42,361)
- Current investments -€78,556
down €78,556 (-83.9%), from €93,591 to €15,036
- Reserves +€108,390
up €108,390 (+24.6%), from €439,761 to €548,151
of which Distributable reserves: +€108,390
- Trade debts -€42,361
down €42,361 (-77.3%), from €54,777 to €12,416
- Financial income +€452,769
up €452,769 (+818%), from €55,345 to €508,114
- Financial charges +€348,265
up €348,265 (+17,988%), from €1,936 to €350,201
of which Non-recurring financial charges: +€350,000
- Gross operating margin +€33,102
up €33,102 (+41.3%), from -€80,124 to -€47,022
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,914,392 | €1,979,117 | +€64,725 | +3.4% |
| Fixed assets | 21/28 | €1,698,703 | €1,931,568 | +€232,865 | +13.7% |
| Tangible fixed assets | 22/27 | €298,703 | €881,568 | +€582,865 | +195% |
| Land and buildings | 22 | €200,000 | €200,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €3,202 | €3,025 | -€178 | -5.5% |
| Furniture and vehicles | 24 | €189 | €0 | -€189 | -100% |
| Assets under construction and advance payments | 27 | €95,312 | €678,543 | +€583,231 | +612% |
| Financial fixed assets | 28 | €1,400,000 | €1,050,000 | -€350,000 | -25.0% |
| Current assets | 29/58 | €215,689 | €47,550 | -€168,139 | -78.0% |
| Amounts receivable within one year | 40/41 | €918 | €3,221 | +€2,303 | +251% |
| Other amounts receivable | 41 | €918 | €3,221 | +€2,303 | +251% |
| Current investments | 50/53 | €93,591 | €15,036 | -€78,556 | -83.9% |
| Cash at bank and in hand | 54/58 | €121,180 | €28,755 | -€92,425 | -76.3% |
| Deferred charges and accrued income | 490/1 | - | €539 | +€539 | |
| Total equity and liabilities | 10/49 | €1,914,392 | €1,979,117 | +€64,725 | +3.4% |
| Equity | 10/15 | €1,858,311 | €1,966,701 | +€108,390 | +5.8% |
| Contributions | 10/11 | €1,418,550 | €1,418,550 | = | 0.0% |
| Reserves | 13 | €439,761 | €548,151 | +€108,390 | +24.6% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €437,906 | €546,296 | +€108,390 | +24.8% |
| Amounts payable | 17/49 | €56,081 | €12,416 | -€43,665 | -77.9% |
| Amounts payable within one year | 42/48 | €56,081 | €12,416 | -€43,665 | -77.9% |
| Trade debts | 44 | €54,777 | €12,416 | -€42,361 | -77.3% |
| Suppliers | 440/4 | €54,777 | €12,416 | -€42,361 | -77.3% |
| Taxes, remuneration and social security | 45 | €1,304 | €0 | -€1,304 | -100% |
| Taxes | 450/3 | €122 | €0 | -€122 | -100% |
| Remuneration and social security | 454/9 | €1,183 | €0 | -€1,183 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,162 | €1,212 | +€50 | +4.3% |
| Other operating charges | 640/8 | €1,518 | €1,288 | -€230 | -15.2% |
| Gross operating margin | 9900 | -€80,124 | -€47,022 | +€33,102 | +41.3% |
| Operating profit (loss) | 9901 | -€82,804 | -€49,522 | +€33,282 | +40.2% |
| Financial income | 75/76B | €55,345 | €508,114 | +€452,769 | +818% |
| Recurring financial income | 75 | €55,345 | €508,114 | +€452,769 | +818% |
| Financial charges | 65/66B | €1,936 | €350,201 | +€348,265 | +17,988% |
| Recurring financial charges | 65 | €1,936 | €201 | -€1,735 | -89.6% |
| Non-recurring financial charges | 66B | - | €350,000 | +€350,000 | |
| Profit (loss) for the period before taxes | 9903 | -€29,395 | €108,390 | +€137,785 | |
| Profit (loss) for the period | 9904 | -€29,395 | €108,390 | +€137,785 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,395 | €108,390 | +€137,785 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.