H-DYNAMIC: 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-DYNAMIC
Largest movements
- Tangible fixed assets +€207,776
up €207,776 (+17.5%), from €1.2m to €1.4m
of which Land and buildings: +€394,024
- Current investments +€150,000
new in 2025: €150,000
- Receivables within one year +€54,898
up €54,898 (+649%), from €8,463 to €63,361
of which Other amounts receivable: +€52,608
- Other debts +€464,209
up €464,209 (+1,535%), from €30,235 to €494,444
- Accrued charges and deferred income -€47,552
down €47,552 (-77.7%), from €61,219 to €13,667
- Profit (loss) carried forward +€45,878
no longer reported in 2025 (was -€45,878)
- Debts after one year -€40,942
no longer reported in 2025 (was €40,942)
- Current portion of long-term debt -€29,884
no longer reported in 2025 (was €29,884)
- Gross operating margin +€129,817
up €129,817 (+805%), from €16,126 to €145,942
- Financial income -€13,036
down €13,036 (-85.5%), from €15,243 to €2,207
of which Financial income: -€10,659
- Financial charges +€12,578
up €12,578 (+52.6%), from €23,914 to €36,492
- Depreciation +€8,200
up €8,200 (+16.9%), from €48,611 to €56,811
- Taxes +€7,826
new in 2025: €7,826
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 | €1,231,896 | €1,632,538 | +€400,643 | +32.5% |
| Fixed assets | 21/28 | €1,191,139 | €1,398,915 | +€207,776 | +17.4% |
| Tangible fixed assets | 22/27 | €1,186,900 | €1,394,676 | +€207,776 | +17.5% |
| Land and buildings | 22 | €832,440 | €1,226,463 | +€394,024 | +47.3% |
| Plant, machinery and equipment | 23 | - | €4,916 | +€4,916 | |
| Furniture and vehicles | 24 | €5,222 | €2,487 | -€2,735 | -52.4% |
| Other tangible fixed assets | 26 | €4,759 | €15,957 | +€11,198 | +235% |
| Assets under construction and advance payments | 27 | €344,479 | €144,852 | -€199,627 | -58.0% |
| Financial fixed assets | 28 | €4,239 | €4,239 | = | 0.0% |
| Current assets | 29/58 | €40,757 | €233,623 | +€192,866 | +473% |
| Amounts receivable within one year | 40/41 | €8,463 | €63,361 | +€54,898 | +649% |
| Trade receivables | 40 | €8,415 | €10,705 | +€2,290 | +27.2% |
| Other amounts receivable | 41 | €48 | €52,656 | +€52,608 | +108,806% |
| Current investments | 50/53 | - | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €28,186 | €14,234 | -€13,951 | -49.5% |
| Deferred charges and accrued income | 490/1 | €4,108 | €6,028 | +€1,920 | +46.7% |
| Total equity and liabilities | 10/49 | €1,231,896 | €1,632,538 | +€400,643 | +32.5% |
| Equity | 10/15 | €1,053,625 | €1,092,642 | +€39,017 | +3.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,087,102 | €1,080,242 | -€6,860 | -0.6% |
| Tax-exempt reserves | 132 | €18,750 | - | -€18,750 | |
| Distributable reserves | 133 | €1,068,352 | €1,080,242 | +€11,890 | +1.1% |
| Profit (loss) carried forward | 14 | -€45,878 | - | +€45,878 | |
| Amounts payable | 17/49 | €178,271 | €539,896 | +€361,625 | +203% |
| Amounts payable after more than one year | 17 | €40,942 | - | -€40,942 | |
| Financial debts | 170/4 | €40,942 | - | -€40,942 | |
| Amounts payable within one year | 42/48 | €76,110 | €526,229 | +€450,120 | +591% |
| Current portion of amounts payable after more than one year | 42 | €29,884 | - | -€29,884 | |
| Trade debts | 44 | €10,272 | €19,987 | +€9,714 | +94.6% |
| Suppliers | 440/4 | €10,272 | €19,987 | +€9,714 | +94.6% |
| Advances received on contracts in progress | 46 | €2,600 | - | -€2,600 | |
| Taxes, remuneration and social security | 45 | €3,119 | €11,799 | +€8,681 | +278% |
| Taxes | 450/3 | €3,119 | €11,799 | +€8,681 | +278% |
| Other amounts payable | 47/48 | €30,235 | €494,444 | +€464,209 | +1,535% |
| Accrued charges and deferred income | 492/3 | €61,219 | €13,667 | -€47,552 | -77.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,611 | €56,811 | +€8,200 | +16.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€2,891 | - | +€2,891 | |
| Other operating charges | 640/8 | €12,643 | €6,360 | -€6,283 | -49.7% |
| Non-recurring operating charges | 66A | €1,513 | €1,643 | +€130 | +8.6% |
| Gross operating margin | 9900 | €16,126 | €145,942 | +€129,817 | +805% |
| Operating profit (loss) | 9901 | -€43,751 | €81,128 | +€124,878 | |
| Financial income | 75/76B | €15,243 | €2,207 | -€13,036 | -85.5% |
| Recurring financial income | 75 | €12,866 | €2,207 | -€10,659 | -82.8% |
| Non-recurring financial income | 76B | €2,377 | - | -€2,377 | |
| Financial charges | 65/66B | €23,914 | €36,492 | +€12,578 | +52.6% |
| Recurring financial charges | 65 | €23,914 | €36,492 | +€12,578 | +52.6% |
| Profit (loss) for the period before taxes | 9903 | -€52,421 | €46,843 | +€99,265 | |
| Income taxes | 67/77 | - | €7,826 | +€7,826 | |
| Profit (loss) for the period | 9904 | -€52,421 | €39,017 | +€91,439 | |
| Transfer from tax-exempt reserves | 789 | - | €18,750 | +€18,750 | |
| Profit (loss) for the period to be appropriated | 9905 | -€52,421 | €57,767 | +€110,189 |
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 21 October 2026 via checked.be.