FH-group: 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.
What changed
FH-group
NACE 55.100, Hotels and similar accommodation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€25,629
2024 · €7,460-€33,089
Equity
€2.6m
2024 · €2.6m-€25,629
Cash
€22,305
2024 · €29,300-€6,995
Balance sheet total
€5.3m
2024 · €5.6m-€233,723
Largest movements
Assets
- Tangible fixed assets -€216,064
down €216,064 (-4.3%), from €5.0m to €4.8m
of which Land and buildings: -€108,302
- Intangible fixed assets -€85,000
down €85,000 (-18.2%), from €466,918 to €381,918
- Receivables within one year +€76,028
up €76,028 (+102.0%), from €74,536 to €150,564
of which Trade receivables: +€93,151
Equity and liabilities
- Debts after one year -€192,658
down €192,658 (-9.5%), from €2.0m to €1.8m
- Other debts -€60,653
down €60,653 (-14.7%), from €412,135 to €351,482
Income statement
- Gross operating margin -€37,535
down €37,535 (-4.0%), from €934,211 to €896,676
- Staff costs +€35,994
up €35,994 (+10.7%), from €337,172 to €373,166
- Financial charges -€34,913
down €34,913 (-24.3%), from €143,429 to €108,516
- Taxes -€16,440
down €16,440 (-44.4%), from €37,058 to €20,618
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.
Result 2024
€7,460
Gross operating margin
-€37,535
Staff costs
-€35,994
Depreciation
-€4,852
Other operating charges
-€6,063
Financial income
+€1
Financial charges
+€34,913
Taxes
+€16,440
Result 2025
-€25,629
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.
From operations
+€206,333
Investment
-€36,479
Financing
-€176,849
Cash 2024
€29,300
From operations (derived)
+€206,333
Net result for the year
-€25,629
Depreciation
+€337,543
Receivables within one year
-€76,028
Deferred charges and accrued income
+€1,692
Trade debts
+€29,950
Tax, wage and social debts
+€4,049
Advances received
+€4,438
Other debts
-€60,653
Accrued charges and deferred income
-€9,027
Investment (derived)
-€36,479
Investment in fixed assets (net)
-€36,479
Financing
-€176,849
Debts after one year
-€192,658
Current portion of long-term debt
+€16,193
Short-term financial debts
-€385
Cash 2025
€22,305
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,568,616 | €5,334,893 | -€233,723 | -4.2% |
| Fixed assets | 21/28 | €5,441,010 | €5,139,945 | -€301,064 | -5.5% |
| Intangible fixed assets | 21 | €466,918 | €381,918 | -€85,000 | -18.2% |
| Tangible fixed assets | 22/27 | €4,974,092 | €4,758,028 | -€216,064 | -4.3% |
| Land and buildings | 22 | €3,983,385 | €3,875,084 | -€108,302 | -2.7% |
| Plant, machinery and equipment | 23 | €987,366 | €880,785 | -€106,581 | -10.8% |
| Furniture and vehicles | 24 | €3,341 | €2,159 | -€1,182 | -35.4% |
| Current assets | 29/58 | €127,606 | €194,948 | +€67,342 | +52.8% |
| Stocks and contracts in progress | 3 | €1,500 | €1,500 | = | 0.0% |
| Stocks | 30/36 | €1,500 | €1,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €74,536 | €150,564 | +€76,028 | +102.0% |
| Trade receivables | 40 | €35,079 | €128,230 | +€93,151 | +265.5% |
| Other amounts receivable | 41 | €39,457 | €22,334 | -€17,123 | -43.4% |
| Cash at bank and in hand | 54/58 | €29,300 | €22,305 | -€6,995 | -23.9% |
| Deferred charges and accrued income | 490/1 | €22,270 | €20,578 | -€1,692 | -7.6% |
| Total equity and liabilities | 10/49 | €5,568,616 | €5,334,893 | -€233,723 | -4.2% |
| Equity | 10/15 | €2,628,762 | €2,603,133 | -€25,629 | -1.0% |
| Contributions | 10/11 | €2,516,010 | €2,516,010 | = | 0.0% |
| Reserves | 13 | €112,752 | €87,123 | -€25,629 | -22.7% |
| Distributable reserves | 133 | €112,752 | €87,123 | -€25,629 | -22.7% |
| Amounts payable | 17/49 | €2,939,854 | €2,731,760 | -€208,094 | -7.1% |
| Amounts payable after more than one year | 17 | €2,037,306 | €1,844,649 | -€192,658 | -9.5% |
| Financial debts | 170/4 | €2,037,306 | €1,844,649 | -€192,658 | -9.5% |
| Amounts payable within one year | 42/48 | €873,560 | €867,152 | -€6,408 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €251,164 | €267,357 | +€16,193 | +6.4% |
| Financial debts | 43 | €7,741 | €7,356 | -€385 | -5.0% |
| Credit institutions | 430/8 | €7,741 | €7,356 | -€385 | -5.0% |
| Trade debts | 44 | €97,238 | €127,188 | +€29,950 | +30.8% |
| Suppliers | 440/4 | €97,238 | €127,188 | +€29,950 | +30.8% |
| Advances received on contracts in progress | 46 | - | €4,438 | +€4,438 | |
| Taxes, remuneration and social security | 45 | €105,281 | €109,331 | +€4,049 | +3.8% |
| Taxes | 450/3 | €52,681 | €32,094 | -€20,587 | -39.1% |
| Remuneration and social security | 454/9 | €52,601 | €77,237 | +€24,636 | +46.8% |
| Other amounts payable | 47/48 | €412,135 | €351,482 | -€60,653 | -14.7% |
| Accrued charges and deferred income | 492/3 | €28,987 | €19,960 | -€9,027 | -31.1% |
| Non-recurring operating income | 76A | €15 | - | -€15 | |
| Remuneration, social security and pensions | 62 | €337,172 | €373,166 | +€35,994 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €332,691 | €337,543 | +€4,852 | +1.5% |
| Other operating charges | 640/8 | €76,400 | €82,463 | +€6,063 | +7.9% |
| Gross operating margin | 9900 | €934,211 | €896,676 | -€37,535 | -4.0% |
| Operating profit (loss) | 9901 | €187,948 | €103,504 | -€84,444 | -44.9% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €143,429 | €108,516 | -€34,913 | -24.3% |
| Recurring financial charges | 65 | €143,429 | €108,516 | -€34,913 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | €44,519 | -€5,011 | -€49,530 | |
| Income taxes | 67/77 | €37,058 | €20,618 | -€16,440 | -44.4% |
| Profit (loss) for the period | 9904 | €7,460 | -€25,629 | -€33,089 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,460 | -€25,629 | -€33,089 |
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 4 October 2026 via checked.be.