H & C: what changed
Two fiscal 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 & C
Largest movements
- Receivables within one year +€48,729
up €48,729 (+323.1%), from €15,082 to €63,811
of which Trade receivables: +€52,314
- Tangible fixed assets -€37,021
down €37,021 (-11.5%), from €321,605 to €284,584
of which Land and buildings: -€22,237
- Cash -€24,666
down €24,666 (-38.4%), from €64,276 to €39,610
mainly Receivables within one year (-€48,729) and Trade debts (-€35,391)
- Deferred charges and accrued income -€10,406
down €10,406 (-62.9%), from €16,546 to €6,140
- Trade debts -€35,391
down €35,391 (-90.1%), from €39,282 to €3,891
- Reserves +€32,604
up €32,604 (+6.2%), from €529,225 to €561,828
- Debts after one year -€16,729
down €16,729 (-28.9%), from €57,789 to €41,061
- Gross operating margin -€161,718
down €161,718 (-47.1%), from €343,178 to €181,460
- Staff costs -€159,475
down €159,475 (-65.1%), from €244,953 to €85,478
- Other operating charges +€4,141
up €4,141 (+134.8%), from €3,071 to €7,212
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €667,509 | €644,144 | -€23,365 | -3.5% |
| Fixed assets | 21/28 | €571,605 | €534,584 | -€37,021 | -6.5% |
| Tangible fixed assets | 22/27 | €321,605 | €284,584 | -€37,021 | -11.5% |
| Land and buildings | 22 | €229,848 | €207,611 | -€22,237 | -9.7% |
| Plant, machinery and equipment | 23 | €89,606 | €76,728 | -€12,878 | -14.4% |
| Furniture and vehicles | 24 | €2,151 | €245 | -€1,906 | -88.6% |
| Financial fixed assets | 28 | €250,000 | €250,000 | = | 0.0% |
| Current assets | 29/58 | €95,904 | €109,560 | +€13,656 | +14.2% |
| Amounts receivable within one year | 40/41 | €15,082 | €63,811 | +€48,729 | +323.1% |
| Trade receivables | 40 | - | €52,314 | +€52,314 | |
| Other amounts receivable | 41 | €15,082 | €11,497 | -€3,585 | -23.8% |
| Cash at bank and in hand | 54/58 | €64,276 | €39,610 | -€24,666 | -38.4% |
| Deferred charges and accrued income | 490/1 | €16,546 | €6,140 | -€10,406 | -62.9% |
| Total equity and liabilities | 10/49 | €667,509 | €644,144 | -€23,365 | -3.5% |
| Equity | 10/15 | €535,425 | €568,028 | +€32,604 | +6.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €529,225 | €561,828 | +€32,604 | +6.2% |
| Distributable reserves | 133 | €529,225 | €561,828 | +€32,604 | +6.2% |
| Amounts payable | 17/49 | €132,084 | €76,116 | -€55,968 | -42.4% |
| Amounts payable after more than one year | 17 | €57,789 | €41,061 | -€16,729 | -28.9% |
| Financial debts | 170/4 | €57,789 | €41,061 | -€16,729 | -28.9% |
| Amounts payable within one year | 42/48 | €73,176 | €34,876 | -€38,300 | -52.3% |
| Current portion of amounts payable after more than one year | 42 | €16,230 | €16,729 | +€499 | +3.1% |
| Financial debts | 43 | €1,000 | €1,000 | = | 0.0% |
| Other loans | 439 | €1,000 | €1,000 | = | 0.0% |
| Trade debts | 44 | €39,282 | €3,891 | -€35,391 | -90.1% |
| Suppliers | 440/4 | €39,282 | €3,891 | -€35,391 | -90.1% |
| Taxes, remuneration and social security | 45 | €13,606 | €13,257 | -€350 | -2.6% |
| Taxes | 450/3 | €3,352 | €2,546 | -€806 | -24.0% |
| Remuneration and social security | 454/9 | €10,254 | €10,710 | +€456 | +4.4% |
| Other amounts payable | 47/48 | €3,059 | €0 | -€3,059 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,119 | €179 | -€939 | -84.0% |
| Remuneration, social security and pensions | 62 | €244,953 | €85,478 | -€159,475 | -65.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,740 | €35,890 | +€1,150 | +3.3% |
| Other operating charges | 640/8 | €3,071 | €7,212 | +€4,141 | +134.8% |
| Gross operating margin | 9900 | €343,178 | €181,460 | -€161,718 | -47.1% |
| Operating profit (loss) | 9901 | €60,414 | €52,880 | -€7,534 | -12.5% |
| Financial income | 75/76B | €609 | €0 | -€609 | -100.0% |
| Recurring financial income | 75 | €609 | €0 | -€609 | -100.0% |
| Financial charges | 65/66B | €3,566 | €6,273 | +€2,707 | +75.9% |
| Recurring financial charges | 65 | €3,566 | €6,273 | +€2,707 | +75.9% |
| Profit (loss) for the period before taxes | 9903 | €57,457 | €46,607 | -€10,850 | -18.9% |
| Income taxes | 67/77 | €17,341 | €14,004 | -€3,338 | -19.2% |
| Profit (loss) for the period | 9904 | €40,116 | €32,604 | -€7,512 | -18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €40,116 | €32,604 | -€7,512 | -18.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.