dh & h: what changed
Two fiscal 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.
dh & h
Largest movements
- Receivables within one year -€132,567
down €132,567 (-39.7%), from €333,617 to €201,049
of which Trade receivables: -€123,804
- Cash -€3,945
down €3,945 (-33.0%), from €11,939 to €7,994
mainly Trade debts (-€95,747) and Tax, wage and social debts (-€55,551)
- Trade debts -€95,747
down €95,747 (-72.0%), from €132,905 to €37,159
- Tax, wage and social debts -€55,551
down €55,551 (-69.2%), from €80,229 to €24,678
- Reserves +€25,268
up €25,268 (+25.5%), from €99,020 to €124,288
of which Distributable reserves: +€25,268
- Other debts -€15,908
down €15,908 (-40.0%), from €39,805 to €23,898
- Gross operating margin +€20,602
up €20,602 (+117.2%), from €17,577 to €38,179
- Taxes +€7,079
up €7,079 (+107.5%), from €6,582 to €13,661
- Depreciation -€3,185
down €3,185 (-37.0%), from €8,609 to €5,425
- Other operating charges -€1,719
down €1,719 (-53.4%), from €3,221 to €1,502
- Financial income -€508
down €508 (-5.9%), from €8,559 to €8,051
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 | €370,560 | €228,623 | -€141,937 | -38.3% |
| Fixed assets | 21/28 | €25,004 | €19,579 | -€5,425 | -21.7% |
| Intangible fixed assets | 21 | €9,937 | €6,937 | -€3,000 | -30.2% |
| Tangible fixed assets | 22/27 | €15,067 | €12,642 | -€2,425 | -16.1% |
| Plant, machinery and equipment | 23 | €727 | €149 | -€578 | -79.5% |
| Furniture and vehicles | 24 | €4,840 | €2,994 | -€1,847 | -38.2% |
| Other tangible fixed assets | 26 | €9,500 | €9,500 | = | 0.0% |
| Current assets | 29/58 | €345,556 | €209,043 | -€136,513 | -39.5% |
| Amounts receivable within one year | 40/41 | €333,617 | €201,049 | -€132,567 | -39.7% |
| Trade receivables | 40 | €132,468 | €8,664 | -€123,804 | -93.5% |
| Other amounts receivable | 41 | €201,148 | €192,385 | -€8,763 | -4.4% |
| Cash at bank and in hand | 54/58 | €11,939 | €7,994 | -€3,945 | -33.0% |
| Total equity and liabilities | 10/49 | €370,560 | €228,623 | -€141,937 | -38.3% |
| Equity | 10/15 | €117,620 | €142,888 | +€25,268 | +21.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €99,020 | €124,288 | +€25,268 | +25.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €97,161 | €122,429 | +€25,268 | +26.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €252,940 | €85,735 | -€167,205 | -66.1% |
| Amounts payable within one year | 42/48 | €252,940 | €85,735 | -€167,205 | -66.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €132,905 | €37,159 | -€95,747 | -72.0% |
| Suppliers | 440/4 | €132,905 | €37,159 | -€95,747 | -72.0% |
| Taxes, remuneration and social security | 45 | €80,229 | €24,678 | -€55,551 | -69.2% |
| Taxes | 450/3 | €80,229 | €24,678 | -€55,551 | -69.2% |
| Other amounts payable | 47/48 | €39,805 | €23,898 | -€15,908 | -40.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,609 | €5,425 | -€3,185 | -37.0% |
| Other operating charges | 640/8 | €3,221 | €1,502 | -€1,719 | -53.4% |
| Gross operating margin | 9900 | €17,577 | €38,179 | +€20,602 | +117.2% |
| Operating profit (loss) | 9901 | €5,747 | €31,253 | +€25,506 | +443.8% |
| Financial income | 75/76B | €8,559 | €8,051 | -€508 | -5.9% |
| Recurring financial income | 75 | €8,559 | €8,051 | -€508 | -5.9% |
| Financial charges | 65/66B | €781 | €375 | -€406 | -51.9% |
| Recurring financial charges | 65 | €781 | €375 | -€406 | -51.9% |
| Profit (loss) for the period before taxes | 9903 | €13,525 | €38,929 | +€25,404 | +187.8% |
| Income taxes | 67/77 | €6,582 | €13,661 | +€7,079 | +107.5% |
| Profit (loss) for the period | 9904 | €6,943 | €25,268 | +€18,325 | +263.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,943 | €25,268 | +€18,325 | +263.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.