FHL: 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.
FHL
Largest movements
- Receivables after one year -€65,266
down €65,266 (-100.0%), from €65,266 to €0
- Cash -€29,419
down €29,419 (-15.5%), from €189,755 to €160,336
mainly Contributions, distributions and other (-€114,361) and Other debts (-€46,282)
- Receivables within one year -€24,838
down €24,838 (-97.9%), from €25,362 to €524
of which Trade receivables: -€18,217
- Tangible fixed assets +€11,810
up €11,810 (+86.4%), from €13,662 to €25,472
of which Other tangible fixed assets: +€10,027
- Reserves -€69,858
down €69,858 (-31.2%), from €223,848 to €153,990
- Other debts -€46,282
down €46,282 (-99.4%), from €46,555 to €273
- Tax, wage and social debts +€10,232
up €10,232 (+65.6%), from €15,596 to €25,828
of which Taxes: +€13,160
- Gross operating margin +€7,331
up €7,331 (+12.0%), from €61,087 to €68,417
- Taxes +€3,499
up €3,499 (+21.2%), from €16,539 to €20,038
- Financial income +€849
up €849 (+166.4%), from €510 to €1,359
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 | €296,924 | €189,109 | -€107,814 | -36.3% |
| Fixed assets | 21/28 | €14,602 | €26,412 | +€11,810 | +80.9% |
| Tangible fixed assets | 22/27 | €13,662 | €25,472 | +€11,810 | +86.4% |
| Plant, machinery and equipment | 23 | €2,501 | €2,449 | -€52 | -2.1% |
| Furniture and vehicles | 24 | €3,299 | €5,134 | +€1,835 | +55.6% |
| Other tangible fixed assets | 26 | €7,862 | €17,888 | +€10,027 | +127.5% |
| Financial fixed assets | 28 | €940 | €940 | = | 0.0% |
| Current assets | 29/58 | €282,322 | €162,698 | -€119,624 | -42.4% |
| Amounts receivable after more than one year | 29 | €65,266 | €0 | -€65,266 | -100.0% |
| Other amounts receivable | 291 | €65,266 | €0 | -€65,266 | -100.0% |
| Amounts receivable within one year | 40/41 | €25,362 | €524 | -€24,838 | -97.9% |
| Trade receivables | 40 | €18,217 | €0 | -€18,217 | -100.0% |
| Other amounts receivable | 41 | €7,145 | €524 | -€6,621 | -92.7% |
| Cash at bank and in hand | 54/58 | €189,755 | €160,336 | -€29,419 | -15.5% |
| Deferred charges and accrued income | 490/1 | €1,940 | €1,838 | -€102 | -5.3% |
| Total equity and liabilities | 10/49 | €296,924 | €189,109 | -€107,814 | -36.3% |
| Equity | 10/15 | €230,945 | €161,087 | -€69,858 | -30.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €223,848 | €153,990 | -€69,858 | -31.2% |
| Distributable reserves | 133 | €223,848 | €153,990 | -€69,858 | -31.2% |
| Profit (loss) carried forward | 14 | €897 | €897 | = | 0.0% |
| Amounts payable | 17/49 | €65,979 | €28,023 | -€37,956 | -57.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €65,857 | €28,023 | -€37,835 | -57.4% |
| Current portion of amounts payable after more than one year | 42 | €2,025 | €0 | -€2,025 | -100.0% |
| Trade debts | 44 | €1,681 | €1,922 | +€240 | +14.3% |
| Suppliers | 440/4 | €1,681 | €1,922 | +€240 | +14.3% |
| Taxes, remuneration and social security | 45 | €15,596 | €25,828 | +€10,232 | +65.6% |
| Taxes | 450/3 | €12,668 | €25,828 | +€13,160 | +103.9% |
| Remuneration and social security | 454/9 | €2,928 | €0 | -€2,928 | -100.0% |
| Other amounts payable | 47/48 | €46,555 | €273 | -€46,282 | -99.4% |
| Accrued charges and deferred income | 492/3 | €122 | €0 | -€122 | -100.0% |
| Non-recurring operating income | 76A | - | €10,481 | +€10,481 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,987 | €4,446 | +€459 | +11.5% |
| Other operating charges | 640/8 | €603 | €619 | +€16 | +2.7% |
| Gross operating margin | 9900 | €61,087 | €68,417 | +€7,331 | +12.0% |
| Operating profit (loss) | 9901 | €56,497 | €63,353 | +€6,855 | +12.1% |
| Financial income | 75/76B | €510 | €1,359 | +€849 | +166.4% |
| Recurring financial income | 75 | €510 | €1,359 | +€849 | +166.4% |
| Financial charges | 65/66B | €464 | €171 | -€293 | -63.2% |
| Recurring financial charges | 65 | €464 | €171 | -€293 | -63.2% |
| Profit (loss) for the period before taxes | 9903 | €56,544 | €64,541 | +€7,997 | +14.1% |
| Income taxes | 67/77 | €16,539 | €20,038 | +€3,499 | +21.2% |
| Profit (loss) for the period | 9904 | €40,004 | €44,503 | +€4,499 | +11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,004 | €44,503 | +€4,499 | +11.2% |
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 9 October 2026 via checked.be.