H & A: 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 & A
Largest movements
- Receivables within one year +€374,842
up €374,842 (+168%), from €223,340 to €598,183
of which Other amounts receivable: +€367,628
- Cash -€278,900
down €278,900 (-66.3%), from €420,532 to €141,632
mainly Receivables within one year (-€374,842) and Other debts (-€99,870)
- Reserves +€161,436
up €161,436 (+21.1%), from €763,309 to €924,745
of which Distributable reserves: +€161,436
- Other debts -€99,870
down €99,870 (-43.3%), from €230,804 to €130,934
- Trade debts +€20,576
up €20,576 (+225%), from €9,138 to €29,714
- Gross operating margin +€134,091
up €134,091 (+68.6%), from €195,350 to €329,441
- Taxes +€31,862
up €31,862 (+142%), from €22,465 to €54,328
- Staff costs +€6,177
up €6,177 (+13.1%), from €47,022 to €53,199
- Depreciation +€3,914
up €3,914 (+9.6%), from €40,860 to €44,774
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 | €1,218,126 | €1,313,618 | +€95,492 | +7.8% |
| Fixed assets | 21/28 | €532,112 | €538,313 | +€6,201 | +1.2% |
| Tangible fixed assets | 22/27 | €345,454 | €351,655 | +€6,201 | +1.8% |
| Land and buildings | 22 | €306,836 | €282,453 | -€24,383 | -7.9% |
| Plant, machinery and equipment | 23 | €38,618 | €24,344 | -€14,274 | -37.0% |
| Furniture and vehicles | 24 | - | €44,858 | +€44,858 | |
| Financial fixed assets | 28 | €186,659 | €186,659 | = | 0.0% |
| Current assets | 29/58 | €686,014 | €775,305 | +€89,291 | +13.0% |
| Stocks and contracts in progress | 3 | €37,663 | €29,276 | -€8,387 | -22.3% |
| Stocks | 30/36 | €37,663 | €29,276 | -€8,387 | -22.3% |
| Amounts receivable within one year | 40/41 | €223,340 | €598,183 | +€374,842 | +168% |
| Trade receivables | 40 | €65,341 | €72,556 | +€7,214 | +11.0% |
| Other amounts receivable | 41 | €157,999 | €525,627 | +€367,628 | +233% |
| Cash at bank and in hand | 54/58 | €420,532 | €141,632 | -€278,900 | -66.3% |
| Deferred charges and accrued income | 490/1 | €4,478 | €6,214 | +€1,736 | +38.8% |
| Total equity and liabilities | 10/49 | €1,218,126 | €1,313,618 | +€95,492 | +7.8% |
| Equity | 10/15 | €781,909 | €943,345 | +€161,436 | +20.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €763,309 | €924,745 | +€161,436 | +21.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €761,449 | €922,885 | +€161,436 | +21.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €436,217 | €370,273 | -€65,944 | -15.1% |
| Amounts payable after more than one year | 17 | €154,346 | €144,244 | -€10,102 | -6.5% |
| Financial debts | 170/4 | €154,346 | €144,244 | -€10,102 | -6.5% |
| Amounts payable within one year | 42/48 | €254,361 | €186,515 | -€67,846 | -26.7% |
| Current portion of amounts payable after more than one year | 42 | €9,954 | €10,102 | +€148 | +1.5% |
| Trade debts | 44 | €9,138 | €29,714 | +€20,576 | +225% |
| Suppliers | 440/4 | €9,138 | €29,714 | +€20,576 | +225% |
| Taxes, remuneration and social security | 45 | €4,464 | €15,764 | +€11,300 | +253% |
| Taxes | 450/3 | €4,454 | €15,764 | +€11,310 | +254% |
| Remuneration and social security | 454/9 | €10 | €0 | -€10 | -100% |
| Other amounts payable | 47/48 | €230,804 | €130,934 | -€99,870 | -43.3% |
| Accrued charges and deferred income | 492/3 | €27,510 | €39,515 | +€12,004 | +43.6% |
| Non-recurring operating income | 76A | €3,935 | €0 | -€3,935 | -100% |
| Remuneration, social security and pensions | 62 | €47,022 | €53,199 | +€6,177 | +13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,860 | €44,774 | +€3,914 | +9.6% |
| Other operating charges | 640/8 | €4,785 | €5,625 | +€840 | +17.6% |
| Non-recurring operating charges | 66A | - | -€2 | -€2 | |
| Gross operating margin | 9900 | €195,350 | €329,441 | +€134,091 | +68.6% |
| Operating profit (loss) | 9901 | €102,683 | €225,844 | +€123,161 | +120% |
| Financial income | 75/76B | €1,116 | €4,365 | +€3,249 | +291% |
| Recurring financial income | 75 | €1,116 | €4,365 | +€3,249 | +291% |
| Financial charges | 65/66B | €16,866 | €14,446 | -€2,420 | -14.4% |
| Recurring financial charges | 65 | €16,866 | €14,446 | -€2,420 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €86,933 | €215,764 | +€128,831 | +148% |
| Income taxes | 67/77 | €22,465 | €54,328 | +€31,862 | +142% |
| Profit (loss) for the period | 9904 | €64,468 | €161,436 | +€96,968 | +150% |
| Profit (loss) for the period to be appropriated | 9905 | €64,468 | €161,436 | +€96,968 | +150% |
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 18 October 2026 via checked.be.