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
- Tangible fixed assets -€116,727
down €116,727 (-22.1%), from €529,247 to €412,520
- Receivables within one year +€83,955
up €83,955 (+36.3%), from €231,533 to €315,487
of which Trade receivables: +€53,290
- Cash +€13,825
up €13,825 (+10.1%), from €136,280 to €150,106
mainly Investment in fixed assets (net) (+€116,727) and Trade debts (+€78,185)
- Debts after one year -€86,432
down €86,432 (-22.7%), from €380,326 to €293,894
- Trade debts +€78,185
up €78,185 (+28.7%), from €271,956 to €350,141
- Profit (loss) carried forward +€48,301
up €48,301 (+16.3%), from €296,372 to €344,673
- Tax, wage and social debts -€32,719
down €32,719 (-73.0%), from €44,824 to €12,105
of which Remuneration and social security: -€17,332
- Current portion of long-term debt -€25,606
down €25,606 (-64.6%), from €39,611 to €14,005
- Staff costs +€24,683
up €24,683 (+13.3%), from €185,182 to €209,865
- Gross operating margin +€23,718
up €23,718 (+8.3%), from €284,518 to €308,236
- Financial charges +€10,019
up €10,019 (+61.7%), from €16,230 to €26,249
- Taxes -€4,420
down €4,420 (-19.5%), from €22,634 to €18,214
- Other operating charges +€3,988
up €3,988 (+112%), from €3,562 to €7,550
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 | €1,125,815 | €1,107,543 | -€18,272 | -1.6% |
| Fixed assets | 21/28 | €662,106 | €545,378 | -€116,727 | -17.6% |
| Tangible fixed assets | 22/27 | €529,247 | €412,520 | -€116,727 | -22.1% |
| Land and buildings | 22 | €529,247 | €412,520 | -€116,727 | -22.1% |
| Financial fixed assets | 28 | €132,858 | €132,858 | = | 0.0% |
| Current assets | 29/58 | €463,709 | €562,164 | +€98,455 | +21.2% |
| Stocks and contracts in progress | 3 | €91,500 | €91,500 | = | 0.0% |
| Stocks | 30/36 | €91,500 | €91,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €231,533 | €315,487 | +€83,955 | +36.3% |
| Trade receivables | 40 | €68,654 | €121,944 | +€53,290 | +77.6% |
| Other amounts receivable | 41 | €162,878 | €193,543 | +€30,665 | +18.8% |
| Current investments | 50/53 | €4,397 | €5,072 | +€675 | +15.4% |
| Cash at bank and in hand | 54/58 | €136,280 | €150,106 | +€13,825 | +10.1% |
| Total equity and liabilities | 10/49 | €1,125,815 | €1,107,543 | -€18,272 | -1.6% |
| Equity | 10/15 | €351,780 | €400,081 | +€48,301 | +13.7% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €408 | €408 | = | 0.0% |
| Non-distributable reserves | 130/1 | €408 | €408 | = | 0.0% |
| Reserves not available under the articles | 1311 | €408 | €408 | = | 0.0% |
| Profit (loss) carried forward | 14 | €296,372 | €344,673 | +€48,301 | +16.3% |
| Amounts payable | 17/49 | €774,035 | €707,462 | -€66,573 | -8.6% |
| Amounts payable after more than one year | 17 | €380,326 | €293,894 | -€86,432 | -22.7% |
| Financial debts | 170/4 | €380,326 | €293,894 | -€86,432 | -22.7% |
| Amounts payable within one year | 42/48 | €393,709 | €413,568 | +€19,859 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €39,611 | €14,005 | -€25,606 | -64.6% |
| Trade debts | 44 | €271,956 | €350,141 | +€78,185 | +28.7% |
| Suppliers | 440/4 | €271,956 | €350,141 | +€78,185 | +28.7% |
| Taxes, remuneration and social security | 45 | €44,824 | €12,105 | -€32,719 | -73.0% |
| Taxes | 450/3 | €27,492 | €12,105 | -€15,387 | -56.0% |
| Remuneration and social security | 454/9 | €17,332 | - | -€17,332 | |
| Other amounts payable | 47/48 | €37,318 | €37,318 | = | 0.0% |
| Non-recurring operating income | 76A | - | €16,857 | +€16,857 | |
| Remuneration, social security and pensions | 62 | €185,182 | €209,865 | +€24,683 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,273 | - | -€3,273 | |
| Other operating charges | 640/8 | €3,562 | €7,550 | +€3,988 | +112% |
| Gross operating margin | 9900 | €284,518 | €308,236 | +€23,718 | +8.3% |
| Operating profit (loss) | 9901 | €92,501 | €90,821 | -€1,680 | -1.8% |
| Financial income | 75/76B | €704 | €1,943 | +€1,239 | +176% |
| Recurring financial income | 75 | €704 | €1,943 | +€1,239 | +176% |
| Financial charges | 65/66B | €16,230 | €26,249 | +€10,019 | +61.7% |
| Recurring financial charges | 65 | €16,230 | €26,249 | +€10,019 | +61.7% |
| Profit (loss) for the period before taxes | 9903 | €76,975 | €66,515 | -€10,460 | -13.6% |
| Income taxes | 67/77 | €22,634 | €18,214 | -€4,420 | -19.5% |
| Profit (loss) for the period | 9904 | €54,341 | €48,301 | -€6,040 | -11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €54,341 | €48,301 | -€6,040 | -11.1% |
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 26 October 2026 via checked.be.