H+ BV: 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.
What changed
H+ BV
NACE 46.232, Wholesale trade
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€721,259
2024 · €1.5m-€776,198
Equity
€5.2m
2024 · €4.4m+€721,259
Cash
€128,337
2024 · €5,049+€123,287
Balance sheet total
€27.6m
2024 · €28.0m-€445,881
Largest movements
Assets
- Tangible fixed assets -€1.3m
down €1.3m (-6.1%), from €21.2m to €19.9m
of which Assets under construction and advance payments: -€5.5m
- Receivables within one year +€711,821
up €711,821 (+10.4%), from €6.9m to €7.6m
of which Trade receivables: +€997,712
Equity and liabilities
- Debts after one year -€1.1m
down €1.1m (-6.3%), from €18.1m to €17.0m
- Profit (loss) carried forward +€721,259
up €721,259 (+16.5%), from €4.4m to €5.1m
Income statement
- Financial charges +€337,888
up €337,888 (+61.9%), from €545,573 to €883,461
- Depreciation +€220,114
up €220,114 (+17.5%), from €1.3m to €1.5m
- Taxes +€140,044
up €140,044 (+134.3%), from €104,276 to €244,320
- Staff costs +€88,141
up €88,141 (+16.2%), from €544,014 to €632,155
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.
Result 2024
€1.5m
Gross operating margin
+€7,879
Staff costs
-€88,141
Depreciation
-€220,114
Other operating charges
+€525
Other operating items
+€649
Financial income
+€935
Financial charges
-€337,888
Taxes
-€140,044
Result 2025
€721,259
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.
From operations
+€1.5m
Investment
-€198,197
Financing
-€1.1m
Cash 2024
€5,049
From operations (derived)
+€1.5m
Net result for the year
+€721,259
Depreciation
+€1.5m
Receivables within one year
-€711,821
Deferred charges and accrued income
+€5
Trade debts
-€129,493
Tax, wage and social debts
+€160,530
Other debts
-€63,253
Accrued charges and deferred income
-€4,897
Investment (derived)
-€198,197
Investment in fixed assets (net)
-€198,197
Financing
-€1.1m
Debts after one year
-€1.1m
Current portion of long-term debt
+€16,121
Cash 2025
€128,337
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €28,038,628 | €27,592,748 | -€445,881 | -1.6% |
| Fixed assets | 21/28 | €21,169,818 | €19,888,834 | -€1.3m | -6.1% |
| Tangible fixed assets | 22/27 | €21,169,818 | €19,888,834 | -€1.3m | -6.1% |
| Plant, machinery and equipment | 23 | €231,627 | €5,317,554 | +€5.1m | +2195.7% |
| Furniture and vehicles | 24 | €78,923 | €68,034 | -€10,889 | -13.8% |
| Leasing and similar rights | 25 | €11,637,254 | €10,971,890 | -€665,364 | -5.7% |
| Other tangible fixed assets | 26 | €3,719,315 | €3,531,357 | -€187,959 | -5.1% |
| Assets under construction and advance payments | 27 | €5,502,698 | €0 | -€5.5m | -100.0% |
| Current assets | 29/58 | €6,868,810 | €7,703,914 | +€835,103 | +12.2% |
| Amounts receivable within one year | 40/41 | €6,862,813 | €7,574,634 | +€711,821 | +10.4% |
| Trade receivables | 40 | €6,512,429 | €7,510,141 | +€997,712 | +15.3% |
| Other amounts receivable | 41 | €350,384 | €64,493 | -€285,891 | -81.6% |
| Cash at bank and in hand | 54/58 | €5,049 | €128,337 | +€123,287 | +2441.6% |
| Deferred charges and accrued income | 490/1 | €948 | €943 | -€5 | -0.5% |
| Total equity and liabilities | 10/49 | €28,038,628 | €27,592,748 | -€445,881 | -1.6% |
| Equity | 10/15 | €4,432,042 | €5,153,301 | +€721,259 | +16.3% |
| Contributions | 10/11 | €51,000 | €51,000 | = | 0.0% |
| Reserves | 13 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,380,942 | €5,102,201 | +€721,259 | +16.5% |
| Amounts payable | 17/49 | €23,606,586 | €22,439,447 | -€1.2m | -4.9% |
| Amounts payable after more than one year | 17 | €18,096,277 | €16,950,130 | -€1.1m | -6.3% |
| Financial debts | 170/4 | €18,096,277 | €16,950,130 | -€1.1m | -6.3% |
| Amounts payable within one year | 42/48 | €5,467,523 | €5,451,428 | -€16,095 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | €1,130,026 | €1,146,147 | +€16,121 | +1.4% |
| Trade debts | 44 | €2,928,396 | €2,798,904 | -€129,493 | -4.4% |
| Suppliers | 440/4 | €2,928,396 | €2,798,904 | -€129,493 | -4.4% |
| Taxes, remuneration and social security | 45 | €191,274 | €351,804 | +€160,530 | +83.9% |
| Taxes | 450/3 | €107,296 | €247,481 | +€140,185 | +130.7% |
| Remuneration and social security | 454/9 | €83,978 | €104,322 | +€20,344 | +24.2% |
| Other amounts payable | 47/48 | €1,217,827 | €1,154,574 | -€63,253 | -5.2% |
| Accrued charges and deferred income | 492/3 | €42,786 | €37,889 | -€4,897 | -11.4% |
| Remuneration, social security and pensions | 62 | €544,014 | €632,155 | +€88,141 | +16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,259,067 | €1,479,181 | +€220,114 | +17.5% |
| Other operating charges | 640/8 | €1,057 | €531 | -€525 | -49.7% |
| Non-recurring operating charges | 66A | €649 | €0 | -€649 | -100.0% |
| Gross operating margin | 9900 | €3,952,093 | €3,959,971 | +€7,879 | +0.2% |
| Operating profit (loss) | 9901 | €2,147,306 | €1,848,104 | -€299,202 | -13.9% |
| Financial income | 75/76B | €1 | €936 | +€935 | +126377.0% |
| Recurring financial income | 75 | €1 | €936 | +€935 | +126377.0% |
| Financial charges | 65/66B | €545,573 | €883,461 | +€337,888 | +61.9% |
| Recurring financial charges | 65 | €545,573 | €883,461 | +€337,888 | +61.9% |
| Profit (loss) for the period before taxes | 9903 | €1,601,733 | €965,579 | -€636,155 | -39.7% |
| Income taxes | 67/77 | €104,276 | €244,320 | +€140,044 | +134.3% |
| Profit (loss) for the period | 9904 | €1,497,457 | €721,259 | -€776,198 | -51.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,497,457 | €721,259 | -€776,198 | -51.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.