H-CF: 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-CF
Largest movements
- Cash +€44,600
up €44,600 (+255.5%), from €17,455 to €62,055
mainly Net result for the year (+€88,092) and Receivables within one year (+€11,949)
- Reserves +€85,781
new in 2025: €85,781
- Debts after one year -€70,000
down €70,000 (-11.8%), from €595,000 to €525,000
- Financial income +€100,100
new in 2025: €100,100
- Gross operating margin +€14,262
up €14,262 (+92.6%), from €15,396 to €29,658
- Financial charges +€10,054
up €10,054 (+82.9%), from €12,129 to €22,184
- Taxes +€9,472
up €9,472 (+2701.7%), from €351 to €9,823
- Depreciation +€4,711
up €4,711 (+101.9%), from €4,622 to €9,333
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 | €1,251,387 | €1,272,865 | +€21,478 | +1.7% |
| Fixed assets | 21/28 | €1,213,378 | €1,204,044 | -€9,333 | -0.8% |
| Tangible fixed assets | 22/27 | €23,378 | €14,044 | -€9,333 | -39.9% |
| Furniture and vehicles | 24 | €23,378 | €14,044 | -€9,333 | -39.9% |
| Financial fixed assets | 28 | €1,190,000 | €1,190,000 | = | 0.0% |
| Current assets | 29/58 | €38,009 | €68,820 | +€30,811 | +81.1% |
| Amounts receivable within one year | 40/41 | €18,401 | €6,452 | -€11,949 | -64.9% |
| Trade receivables | 40 | €7,751 | €0 | -€7,751 | -100.0% |
| Other amounts receivable | 41 | €10,649 | €6,452 | -€4,198 | -39.4% |
| Cash at bank and in hand | 54/58 | €17,455 | €62,055 | +€44,600 | +255.5% |
| Deferred charges and accrued income | 490/1 | €2,154 | €314 | -€1,840 | -85.4% |
| Total equity and liabilities | 10/49 | €1,251,387 | €1,272,865 | +€21,478 | +1.7% |
| Equity | 10/15 | €47,689 | €135,781 | +€88,092 | +184.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | - | €85,781 | +€85,781 | |
| Distributable reserves | 133 | - | €85,781 | +€85,781 | |
| Profit (loss) carried forward | 14 | -€2,311 | €0 | +€2,311 | |
| Amounts payable | 17/49 | €1,203,697 | €1,137,084 | -€66,614 | -5.5% |
| Amounts payable after more than one year | 17 | €595,000 | €525,000 | -€70,000 | -11.8% |
| Financial debts | 170/4 | €595,000 | €525,000 | -€70,000 | -11.8% |
| Amounts payable within one year | 42/48 | €607,720 | €612,083 | +€4,364 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €70,000 | €70,000 | = | 0.0% |
| Trade debts | 44 | €137 | €491 | +€354 | +259.1% |
| Suppliers | 440/4 | €137 | €491 | +€354 | +259.1% |
| Taxes, remuneration and social security | 45 | €299 | €7,443 | +€7,145 | +2391.2% |
| Taxes | 450/3 | €299 | €7,443 | +€7,145 | +2391.2% |
| Other amounts payable | 47/48 | €537,284 | €534,149 | -€3,135 | -0.6% |
| Accrued charges and deferred income | 492/3 | €978 | €0 | -€978 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,622 | €9,333 | +€4,711 | +101.9% |
| Other operating charges | 640/8 | €605 | €327 | -€278 | -46.0% |
| Gross operating margin | 9900 | €15,396 | €29,658 | +€14,262 | +92.6% |
| Operating profit (loss) | 9901 | €10,169 | €19,998 | +€9,829 | +96.7% |
| Financial income | 75/76B | - | €100,100 | +€100,100 | |
| Recurring financial income | 75 | - | €100,100 | +€100,100 | |
| Financial charges | 65/66B | €12,129 | €22,184 | +€10,054 | +82.9% |
| Recurring financial charges | 65 | €12,129 | €22,184 | +€10,054 | +82.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,960 | €97,915 | +€99,875 | |
| Income taxes | 67/77 | €351 | €9,823 | +€9,472 | +2701.7% |
| Profit (loss) for the period | 9904 | -€2,311 | €88,092 | +€90,402 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,311 | €88,092 | +€90,402 |
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 7 October 2026 via checked.be.