H²: 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.
H²
Largest movements
- Tangible fixed assets -€187,995
down €187,995 (-6.3%), from €3.0m to €2.8m
of which Land and buildings: -€162,584
- Cash +€39,606
up €39,606 (+508.1%), from €7,796 to €47,402
mainly Depreciation (+€191,541) and Deferred charges and accrued income (+€6,847)
- Debts after one year -€78,340
down €78,340 (-2.3%), from €3.4m to €3.3m
of which Financial debts: -€94,746
- Profit (loss) carried forward -€70,083
down €70,083 (-12.8%), from -€545,594 to -€615,677
- Gross operating margin +€33,968
up €33,968 (+29.9%), from €113,564 to €147,532
- Depreciation +€3,367
up €3,367 (+1.8%), from €188,174 to €191,541
- Other operating charges +€3,017
up €3,017 (+39.3%), from €7,668 to €10,684
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 | €2,980,669 | €2,827,833 | -€152,836 | -5.1% |
| Fixed assets | 21/28 | €2,962,265 | €2,774,271 | -€187,995 | -6.3% |
| Tangible fixed assets | 22/27 | €2,962,265 | €2,774,271 | -€187,995 | -6.3% |
| Land and buildings | 22 | €2,856,151 | €2,693,567 | -€162,584 | -5.7% |
| Furniture and vehicles | 24 | €106,114 | €80,704 | -€25,410 | -23.9% |
| Current assets | 29/58 | €18,403 | €53,562 | +€35,159 | +191.0% |
| Amounts receivable within one year | 40/41 | €764 | €3,164 | +€2,399 | +313.9% |
| Trade receivables | 40 | €588 | €2,924 | +€2,336 | +397.2% |
| Other amounts receivable | 41 | €176 | €240 | +€64 | +36.2% |
| Cash at bank and in hand | 54/58 | €7,796 | €47,402 | +€39,606 | +508.1% |
| Deferred charges and accrued income | 490/1 | €9,843 | €2,996 | -€6,847 | -69.6% |
| Total equity and liabilities | 10/49 | €2,980,669 | €2,827,833 | -€152,836 | -5.1% |
| Equity | 10/15 | -€531,334 | -€601,417 | -€70,083 | -13.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€545,594 | -€615,677 | -€70,083 | -12.8% |
| Amounts payable | 17/49 | €3,512,003 | €3,429,250 | -€82,753 | -2.4% |
| Amounts payable after more than one year | 17 | €3,395,812 | €3,317,472 | -€78,340 | -2.3% |
| Financial debts | 170/4 | €745,099 | €650,353 | -€94,746 | -12.7% |
| Other amounts payable | 178/9 | €2,650,713 | €2,667,119 | +€16,406 | +0.6% |
| Amounts payable within one year | 42/48 | €116,191 | €111,778 | -€4,414 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | €93,634 | €96,013 | +€2,379 | +2.5% |
| Trade debts | 44 | €18,799 | €7,894 | -€10,905 | -58.0% |
| Suppliers | 440/4 | €18,799 | €7,894 | -€10,905 | -58.0% |
| Advances received on contracts in progress | 46 | €2,100 | €4,400 | +€2,300 | +109.5% |
| Taxes, remuneration and social security | 45 | €1,658 | €3,471 | +€1,813 | +109.3% |
| Taxes | 450/3 | €1,658 | €3,471 | +€1,813 | +109.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €188,174 | €191,541 | +€3,367 | +1.8% |
| Other operating charges | 640/8 | €7,668 | €10,684 | +€3,017 | +39.3% |
| Gross operating margin | 9900 | €113,564 | €147,532 | +€33,968 | +29.9% |
| Operating profit (loss) | 9901 | -€82,278 | -€54,693 | +€27,585 | +33.5% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €15,520 | €15,083 | -€437 | -2.8% |
| Recurring financial charges | 65 | €15,520 | €15,083 | -€437 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | -€97,798 | -€69,776 | +€28,022 | +28.7% |
| Income taxes | 67/77 | €311 | €306 | -€5 | -1.6% |
| Profit (loss) for the period | 9904 | -€98,110 | -€70,083 | +€28,027 | +28.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€98,110 | -€70,083 | +€28,027 | +28.6% |
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 6 October 2026 via checked.be.