H en 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 en A
Largest movements
- Financial fixed assets -€200,000
down €200,000 (-26.9%), from €742,430 to €542,430
- Receivables within one year +€67,314
up €67,314 (+24.2%), from €278,250 to €345,563
of which Other amounts receivable: +€97,115
- Tangible fixed assets -€64,899
down €64,899 (-5.3%), from €1.2m to €1.2m
of which Land and buildings: -€61,865
- Debts after one year -€273,794
down €273,794 (-44.5%), from €615,725 to €341,931
- Other debts +€144,864
up €144,864 (+108.0%), from €134,119 to €278,983
- Current portion of long-term debt -€72,473
no longer reported in 2025 (was €72,473)
- Reserves +€57,828
up €57,828 (+3.8%), from €1.5m to €1.6m
of which Distributable reserves: +€57,828
- Tax, wage and social debts -€37,469
down €37,469 (-67.3%), from €55,668 to €18,200
of which Taxes: -€35,916
- Gross operating margin +€110,024
up €110,024 (+140.9%), from €78,063 to €188,087
- Depreciation -€35,360
down €35,360 (-35.3%), from €100,259 to €64,899
- Taxes -€31,635
down €31,635 (-82.0%), from €38,582 to €6,948
- Financial income -€12,506
down €12,506 (-100.0%), from €12,510 to €4
- Other operating charges -€4,184
down €4,184 (-54.4%), from €7,685 to €3,501
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 | €2,476,112 | €2,293,346 | -€182,766 | -7.4% |
| Fixed assets | 21/28 | €1,977,415 | €1,712,516 | -€264,899 | -13.4% |
| Tangible fixed assets | 22/27 | €1,234,985 | €1,170,086 | -€64,899 | -5.3% |
| Land and buildings | 22 | €1,127,797 | €1,065,932 | -€61,865 | -5.5% |
| Plant, machinery and equipment | 23 | €29,808 | €26,774 | -€3,033 | -10.2% |
| Other tangible fixed assets | 26 | €77,380 | €77,380 | = | 0.0% |
| Financial fixed assets | 28 | €742,430 | €542,430 | -€200,000 | -26.9% |
| Current assets | 29/58 | €498,697 | €580,830 | +€82,132 | +16.5% |
| Amounts receivable within one year | 40/41 | €278,250 | €345,563 | +€67,314 | +24.2% |
| Trade receivables | 40 | €30,202 | €400 | -€29,802 | -98.7% |
| Other amounts receivable | 41 | €248,048 | €345,163 | +€97,115 | +39.2% |
| Current investments | 50/53 | €200,000 | €200,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €20,278 | €31,475 | +€11,197 | +55.2% |
| Deferred charges and accrued income | 490/1 | €170 | €3,792 | +€3,622 | +2132.0% |
| Total equity and liabilities | 10/49 | €2,476,112 | €2,293,346 | -€182,766 | -7.4% |
| Equity | 10/15 | €1,591,876 | €1,649,704 | +€57,828 | +3.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,529,876 | €1,587,704 | +€57,828 | +3.8% |
| Non-distributable reserves | 130/1 | €29,750 | €29,750 | = | 0.0% |
| Legal reserve | 130 | €29,750 | €29,750 | = | 0.0% |
| Distributable reserves | 133 | €1,500,126 | €1,557,954 | +€57,828 | +3.9% |
| Amounts payable | 17/49 | €884,236 | €643,642 | -€240,594 | -27.2% |
| Amounts payable after more than one year | 17 | €615,725 | €341,931 | -€273,794 | -44.5% |
| Financial debts | 170/4 | €615,725 | €341,931 | -€273,794 | -44.5% |
| Amounts payable within one year | 42/48 | €268,511 | €301,710 | +€33,199 | +12.4% |
| Current portion of amounts payable after more than one year | 42 | €72,473 | - | -€72,473 | |
| Trade debts | 44 | €6,251 | €4,527 | -€1,724 | -27.6% |
| Suppliers | 440/4 | €6,251 | €4,527 | -€1,724 | -27.6% |
| Taxes, remuneration and social security | 45 | €55,668 | €18,200 | -€37,469 | -67.3% |
| Taxes | 450/3 | €54,116 | €18,200 | -€35,916 | -66.4% |
| Remuneration and social security | 454/9 | €1,553 | - | -€1,553 | |
| Other amounts payable | 47/48 | €134,119 | €278,983 | +€144,864 | +108.0% |
| Non-recurring operating income | 76A | €1,409 | €69,800 | +€68,391 | +4852.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,259 | €64,899 | -€35,360 | -35.3% |
| Other operating charges | 640/8 | €7,685 | €3,501 | -€4,184 | -54.4% |
| Non-recurring operating charges | 66A | €450,715 | €29,802 | -€420,913 | -93.4% |
| Gross operating margin | 9900 | €78,063 | €188,087 | +€110,024 | +140.9% |
| Operating profit (loss) | 9901 | -€480,595 | €89,886 | +€570,481 | |
| Financial income | 75/76B | €12,510 | €4 | -€12,506 | -100.0% |
| Recurring financial income | 75 | €12,510 | €4 | -€12,506 | -100.0% |
| Financial charges | 65/66B | €24,931 | €25,114 | +€184 | +0.7% |
| Recurring financial charges | 65 | €24,931 | €25,114 | +€184 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | -€493,016 | €64,776 | +€557,792 | |
| Transfer from deferred taxes | 780 | €145,545 | - | -€145,545 | |
| Income taxes | 67/77 | €38,582 | €6,948 | -€31,635 | -82.0% |
| Profit (loss) for the period | 9904 | -€386,053 | €57,828 | +€443,881 | |
| Transfer from tax-exempt reserves | 789 | €296,411 | - | -€296,411 | |
| Profit (loss) for the period to be appropriated | 9905 | -€89,643 | €57,828 | +€147,470 |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.