H 2 O NICS: 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 O NICS
Largest movements
- Tangible fixed assets +€75,323
up €75,323 (+9,339%), from €807 to €76,129
of which Furniture and vehicles: +€75,323
- Stocks and contracts -€47,622
down €47,622 (-32.0%), from €148,672 to €101,050
of which Contracts in progress: -€37,500
- Cash -€29,627
down €29,627 (-98.4%), from €30,099 to €472
mainly Investment in fixed assets (net) (-€79,601) and Trade debts (-€42,419)
- Receivables within one year -€9,594
down €9,594 (-40.8%), from €23,523 to €13,929
- Deferred charges and accrued income +€8,656
new in 2025: €8,656
- Debts after one year +€63,279
new in 2025: €63,279
- Trade debts -€42,419
down €42,419 (-82.4%), from €51,501 to €9,082
- Profit (loss) carried forward -€40,718
down €40,718 (-56.3%), from -€72,266 to -€112,984
- Other debts +€20,718
up €20,718 (+33.7%), from €61,452 to €82,169
- Tax, wage and social debts -€3,723
down €3,723 (-64.0%), from €5,818 to €2,094
- Gross operating margin -€56,979
down €56,979, from €32,859 to -€24,120
- Staff costs -€46,604
down €46,604 (-90.6%), from €51,450 to €4,847
- Depreciation +€2,893
up €2,893 (+209%), from €1,385 to €4,278
- Taxes +€2,504
up €2,504, from -€2,357 to €147
- Other operating charges +€1,675
up €1,675 (+423%), from €396 to €2,071
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 | €215,710 | €212,846 | -€2,864 | -1.3% |
| Fixed assets | 21/28 | €13,417 | €88,739 | +€75,323 | +561% |
| Tangible fixed assets | 22/27 | €807 | €76,129 | +€75,323 | +9,339% |
| Plant, machinery and equipment | 23 | €508 | €508 | = | 0.0% |
| Furniture and vehicles | 24 | €298 | €75,621 | +€75,323 | +25,248% |
| Financial fixed assets | 28 | €12,610 | €12,610 | = | 0.0% |
| Current assets | 29/58 | €202,294 | €124,107 | -€78,187 | -38.7% |
| Stocks and contracts in progress | 3 | €148,672 | €101,050 | -€47,622 | -32.0% |
| Stocks | 30/36 | €111,172 | €101,050 | -€10,122 | -9.1% |
| Contracts in progress | 37 | €37,500 | - | -€37,500 | |
| Amounts receivable within one year | 40/41 | €23,523 | €13,929 | -€9,594 | -40.8% |
| Trade receivables | 40 | €23,523 | €13,929 | -€9,594 | -40.8% |
| Cash at bank and in hand | 54/58 | €30,099 | €472 | -€29,627 | -98.4% |
| Deferred charges and accrued income | 490/1 | - | €8,656 | +€8,656 | |
| Total equity and liabilities | 10/49 | €215,710 | €212,846 | -€2,864 | -1.3% |
| Equity | 10/15 | €46,440 | €5,722 | -€40,718 | -87.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €18,706 | €18,706 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €8,706 | €8,706 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€72,266 | -€112,984 | -€40,718 | -56.3% |
| Amounts payable | 17/49 | €169,270 | €207,124 | +€37,854 | +22.4% |
| Amounts payable after more than one year | 17 | - | €63,279 | +€63,279 | |
| Financial debts | 170/4 | - | €63,279 | +€63,279 | |
| Amounts payable within one year | 42/48 | €169,270 | €143,845 | -€25,425 | -15.0% |
| Current portion of amounts payable after more than one year | 42 | €500 | €500 | = | 0.0% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €51,501 | €9,082 | -€42,419 | -82.4% |
| Suppliers | 440/4 | €51,501 | €9,082 | -€42,419 | -82.4% |
| Taxes, remuneration and social security | 45 | €5,818 | €2,094 | -€3,723 | -64.0% |
| Taxes | 450/3 | €5,818 | €2,094 | -€3,723 | -64.0% |
| Other amounts payable | 47/48 | €61,452 | €82,169 | +€20,718 | +33.7% |
| Non-recurring operating income | 76A | - | €1,653 | +€1,653 | |
| Remuneration, social security and pensions | 62 | €51,450 | €4,847 | -€46,604 | -90.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,385 | €4,278 | +€2,893 | +209% |
| Other operating charges | 640/8 | €396 | €2,071 | +€1,675 | +423% |
| Gross operating margin | 9900 | €32,859 | -€24,120 | -€56,979 | |
| Operating profit (loss) | 9901 | -€20,373 | -€35,316 | -€14,943 | -73.4% |
| Financial income | 75/76B | - | €52 | +€52 | |
| Recurring financial income | 75 | - | €52 | +€52 | |
| Financial charges | 65/66B | €4,855 | €5,307 | +€452 | +9.3% |
| Recurring financial charges | 65 | €4,855 | €5,307 | +€452 | +9.3% |
| Profit (loss) for the period before taxes | 9903 | -€25,227 | -€40,571 | -€15,344 | -60.8% |
| Income taxes | 67/77 | -€2,357 | €147 | +€2,504 | |
| Profit (loss) for the period | 9904 | -€22,870 | -€40,718 | -€17,848 | -78.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,870 | -€40,718 | -€17,848 | -78.0% |
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 1 November 2026 via checked.be.