H-2-H: 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.
H-2-H
Largest movements
- Receivables within one year +€1.3m
up €1.3m (+192%), from €661,867 to €1.9m
of which Trade receivables: +€1.2m
- Stocks and contracts +€487,563
up €487,563 (+67.9%), from €718,136 to €1.2m
of which Stocks: +€610,278
- Tangible fixed assets +€46,588
up €46,588 (+129%), from €36,068 to €82,656
- Trade debts +€1.4m
up €1.4m (+412%), from €351,043 to €1.8m
- Tax, wage and social debts +€308,403
up €308,403 (+1,581%), from €19,505 to €327,908
of which Taxes: +€310,376
- Profit (loss) carried forward +€283,682
up €283,682 (+381%), from €74,478 to €358,160
- Debts after one year -€148,310
down €148,310 (-68.5%), from €216,372 to €68,062
- Current portion of long-term debt -€128,573
down €128,573 (-43.4%), from €296,223 to €167,650
- Gross operating margin +€498,906
up €498,906 (+5,819%), from €8,574 to €507,480
- Taxes +€63,652
up €63,652 (+11,802%), from €539 to €64,192
- Financial charges +€21,252
up €21,252 (+100%), from €21,223 to €42,475
- Staff costs +€12,094
up €12,094 (+16.6%), from €73,043 to €85,136
- Depreciation +€10,923
up €10,923 (+64.6%), from €16,908 to €27,831
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 | €2,619,072 | €4,419,867 | +€1.8m | +68.8% |
| Fixed assets | 21/28 | €1,224,794 | €1,271,382 | +€46,588 | +3.8% |
| Tangible fixed assets | 22/27 | €36,068 | €82,656 | +€46,588 | +129% |
| Furniture and vehicles | 24 | €36,068 | €82,656 | +€46,588 | +129% |
| Financial fixed assets | 28 | €1,188,726 | €1,188,726 | = | 0.0% |
| Current assets | 29/58 | €1,394,278 | €3,148,485 | +€1.8m | +126% |
| Stocks and contracts in progress | 3 | €718,136 | €1,205,699 | +€487,563 | +67.9% |
| Stocks | 30/36 | €516,722 | €1,127,000 | +€610,278 | +118% |
| Contracts in progress | 37 | €201,414 | €78,699 | -€122,715 | -60.9% |
| Amounts receivable within one year | 40/41 | €661,867 | €1,935,151 | +€1.3m | +192% |
| Trade receivables | 40 | €621,196 | €1,787,400 | +€1.2m | +188% |
| Other amounts receivable | 41 | €40,671 | €147,751 | +€107,080 | +263% |
| Cash at bank and in hand | 54/58 | €1,041 | €2,531 | +€1,490 | +143% |
| Deferred charges and accrued income | 490/1 | €13,234 | €5,104 | -€8,130 | -61.4% |
| Total equity and liabilities | 10/49 | €2,619,072 | €4,419,867 | +€1.8m | +68.8% |
| Equity | 10/15 | €94,478 | €378,160 | +€283,682 | +300% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,478 | €358,160 | +€283,682 | +381% |
| Amounts payable | 17/49 | €2,524,594 | €4,041,707 | +€1.5m | +60.1% |
| Amounts payable after more than one year | 17 | €216,372 | €68,062 | -€148,310 | -68.5% |
| Financial debts | 170/4 | €216,372 | €68,062 | -€148,310 | -68.5% |
| Amounts payable within one year | 42/48 | €2,308,222 | €3,973,645 | +€1.7m | +72.2% |
| Current portion of amounts payable after more than one year | 42 | €296,223 | €167,650 | -€128,573 | -43.4% |
| Financial debts | 43 | €1,281 | €400 | -€881 | -68.8% |
| Credit institutions | 430/8 | €1,281 | €400 | -€881 | -68.8% |
| Trade debts | 44 | €351,043 | €1,796,641 | +€1.4m | +412% |
| Suppliers | 440/4 | €351,043 | €1,796,641 | +€1.4m | +412% |
| Advances received on contracts in progress | 46 | - | €25,000 | +€25,000 | |
| Taxes, remuneration and social security | 45 | €19,505 | €327,908 | +€308,403 | +1,581% |
| Taxes | 450/3 | €3,883 | €314,260 | +€310,376 | +7,992% |
| Remuneration and social security | 454/9 | €15,621 | €13,648 | -€1,974 | -12.6% |
| Other amounts payable | 47/48 | €1,640,170 | €1,656,046 | +€15,876 | +1.0% |
| Remuneration, social security and pensions | 62 | €73,043 | €85,136 | +€12,094 | +16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,908 | €27,831 | +€10,923 | +64.6% |
| Other operating charges | 640/8 | €1,606 | €4,211 | +€2,605 | +162% |
| Gross operating margin | 9900 | €8,574 | €507,480 | +€498,906 | +5,819% |
| Operating profit (loss) | 9901 | -€82,983 | €390,301 | +€473,284 | |
| Financial income | 75/76B | €2 | €48 | +€46 | +2,483% |
| Recurring financial income | 75 | €2 | €48 | +€46 | +2,483% |
| Financial charges | 65/66B | €21,223 | €42,475 | +€21,252 | +100% |
| Recurring financial charges | 65 | €21,223 | €42,475 | +€21,252 | +100% |
| Profit (loss) for the period before taxes | 9903 | -€104,204 | €347,874 | +€452,078 | |
| Income taxes | 67/77 | €539 | €64,192 | +€63,652 | +11,802% |
| Profit (loss) for the period | 9904 | -€104,743 | €283,682 | +€388,425 | |
| Profit (loss) for the period to be appropriated | 9905 | -€104,743 | €283,682 | +€388,425 |
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 21 October 2026 via checked.be.