F.H.O: 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.
F.H.O
Largest movements
- Current investments +€417,621
up €417,621 (+48.8%), from €856,228 to €1.3m
- Cash -€151,993
down €151,993 (-41.6%), from €364,972 to €212,979
mainly Current investments (-€417,621) and Trade debts (-€8,154)
- Receivables within one year -€66,198
down €66,198 (-34.7%), from €190,556 to €124,358
of which Trade receivables: -€65,813
- Reserves +€195,000
up €195,000 (+15.3%), from €1.3m to €1.5m
- Provisions +€4,559
up €4,559 (+67.5%), from -€6,759 to -€2,200
- Financial income +€3,598
up €3,598 (+15.3%), from €23,541 to €27,139
- Gross operating margin -€3,580
down €3,580 (-1.3%), from €284,583 to €281,003
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 | €1,464,497 | €1,660,910 | +€196,413 | +13.4% |
| Fixed assets | 21/28 | €19,139 | €15,821 | -€3,318 | -17.3% |
| Tangible fixed assets | 22/27 | €19,139 | €15,821 | -€3,318 | -17.3% |
| Land and buildings | 22 | €11,259 | €11,259 | = | 0.0% |
| Furniture and vehicles | 24 | €7,880 | €4,562 | -€3,318 | -42.1% |
| Current assets | 29/58 | €1,445,358 | €1,645,089 | +€199,730 | +13.8% |
| Stocks and contracts in progress | 3 | €30,680 | €30,680 | = | 0.0% |
| Stocks | 30/36 | €30,680 | €30,680 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €190,556 | €124,358 | -€66,198 | -34.7% |
| Trade receivables | 40 | €190,169 | €124,356 | -€65,813 | -34.6% |
| Other amounts receivable | 41 | €387 | €2 | -€385 | -99.5% |
| Current investments | 50/53 | €856,228 | €1,273,849 | +€417,621 | +48.8% |
| Cash at bank and in hand | 54/58 | €364,972 | €212,979 | -€151,993 | -41.6% |
| Deferred charges and accrued income | 490/1 | €2,922 | €3,222 | +€301 | +10.3% |
| Total equity and liabilities | 10/49 | €1,464,497 | €1,660,910 | +€196,413 | +13.4% |
| Equity | 10/15 | €1,309,904 | €1,510,105 | +€200,201 | +15.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,274,000 | €1,469,000 | +€195,000 | +15.3% |
| Distributable reserves | 133 | €1,274,000 | €1,469,000 | +€195,000 | +15.3% |
| Profit (loss) carried forward | 14 | €15,904 | €21,105 | +€5,201 | +32.7% |
| Provisions and deferred taxes | 16 | €38,216 | €36,016 | -€2,200 | -5.8% |
| Provisions for liabilities and charges | 160/5 | €38,216 | €36,016 | -€2,200 | -5.8% |
| Major repairs and maintenance | 162 | €38,216 | €36,016 | -€2,200 | -5.8% |
| Amounts payable | 17/49 | €116,377 | €114,789 | -€1,588 | -1.4% |
| Amounts payable within one year | 42/48 | €110,719 | €110,896 | +€177 | +0.2% |
| Trade debts | 44 | €9,304 | €1,150 | -€8,154 | -87.6% |
| Suppliers | 440/4 | €9,304 | €1,150 | -€8,154 | -87.6% |
| Taxes, remuneration and social security | 45 | €95,223 | €94,986 | -€237 | -0.2% |
| Taxes | 450/3 | €95,223 | €94,986 | -€237 | -0.2% |
| Other amounts payable | 47/48 | €6,191 | €14,760 | +€8,569 | +138% |
| Accrued charges and deferred income | 492/3 | €5,659 | €3,893 | -€1,765 | -31.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,803 | €3,318 | -€485 | -12.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€6,759 | -€2,200 | +€4,559 | +67.5% |
| Other operating charges | 640/8 | €4,021 | €4,054 | +€33 | +0.8% |
| Gross operating margin | 9900 | €284,583 | €281,003 | -€3,580 | -1.3% |
| Operating profit (loss) | 9901 | €283,517 | €275,831 | -€7,686 | -2.7% |
| Financial income | 75/76B | €23,541 | €27,139 | +€3,598 | +15.3% |
| Recurring financial income | 75 | €23,541 | €27,139 | +€3,598 | +15.3% |
| Financial charges | 65/66B | €464 | €576 | +€112 | +24.1% |
| Recurring financial charges | 65 | €464 | €576 | +€112 | +24.1% |
| Profit (loss) for the period before taxes | 9903 | €306,594 | €302,394 | -€4,200 | -1.4% |
| Income taxes | 67/77 | €100,911 | €102,193 | +€1,282 | +1.3% |
| Profit (loss) for the period | 9904 | €205,683 | €200,201 | -€5,482 | -2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €205,683 | €200,201 | -€5,482 | -2.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.