H² ESTATE: what changed
What changed
H² ESTATE
NACE 68.110, Buying and selling of own real estate
filed annual accounts (NBB)
Net result for the year
€20,563
2024 · €220,460-€199,897
Equity
€3.6m
2024 · €3.5m+€20,563
Cash
€42,289
2024 · €73,557-€31,268
Balance sheet total
€9.7m
2024 · €10.6m-€918,519
Largest movements
Assets
- Tangible fixed assets +€9.6m
up €9.6m, from €0 to €9.6m
of which Land and buildings: +€9.6m
- Receivables after one year -€9.5m
down €9.5m (-100%), from €9.5m to €0
- Receivables within one year -€631,853
down €631,853 (-100.0%), from €631,961 to €107
of which Trade receivables: -€628,100
- Deferred charges and accrued income -€362,904
down €362,904 (-95.3%), from €380,854 to €17,951
Equity and liabilities
- Advances received -€957,025
down €957,025 (-100%), from €957,025 to €0
- Other debts +€400,084
up €400,084 (+114%), from €350,000 to €750,084
- Debts after one year -€350,314
down €350,314 (-6.7%), from €5.2m to €4.9m
Income statement
- Gross operating margin +€312,316
up €312,316 (+667%), from €46,805 to €359,121
- Financial income -€303,304
down €303,304 (-83.6%), from €362,854 to €59,550
- Depreciation +€161,175
up €161,175, from €0 to €161,175
- Other operating charges +€47,137
up €47,137 (+4,317%), from €1,092 to €48,229
- Taxes -€11,261
down €11,261 (-62.2%), from €18,100 to €6,839
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€220,460
Gross operating margin
+€312,316
Depreciation
-€161,175
Other operating charges
-€47,137
Other operating items
-€2,940
Financial income
-€303,304
Financial charges
-€8,919
Taxes
+€11,261
Result 2025
€20,563
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€10.1m
Investment
-€9.8m
Financing
-€341,135
Cash 2024
€73,557
From operations (derived)
+€10.1m
Net result for the year
+€20,563
Depreciation
+€161,175
Receivables after one year
+€9.5m
Receivables within one year
+€631,853
Deferred charges and accrued income
+€362,904
Trade debts
-€75,737
Tax, wage and social debts
+€31,319
Advances received
-€957,025
Other debts
+€400,084
Accrued charges and deferred income
+€3,412
Investment (derived)
-€9.8m
Investment in fixed assets (net)
-€9.8m
Financing
-€341,135
Debts after one year
-€350,314
Current portion of long-term debt
+€9,180
Cash 2025
€42,289
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,608,459 | €9,689,940 | -€918,519 | -8.7% |
| Fixed assets | 21/28 | €0 | €9,629,593 | +€9.6m | |
| Tangible fixed assets | 22/27 | €0 | €9,609,743 | +€9.6m | |
| Land and buildings | 22 | €0 | €9,608,594 | +€9.6m | |
| Plant, machinery and equipment | 23 | - | €1,149 | +€1,149 | |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €0 | €19,850 | +€19,850 | |
| Current assets | 29/58 | €10,608,459 | €60,347 | -€10.5m | -99.4% |
| Amounts receivable after more than one year | 29 | €9,522,087 | €0 | -€9.5m | -100% |
| Other amounts receivable | 291 | €9,522,087 | €0 | -€9.5m | -100% |
| Amounts receivable within one year | 40/41 | €631,961 | €107 | -€631,853 | -100.0% |
| Trade receivables | 40 | €628,100 | €0 | -€628,100 | -100% |
| Other amounts receivable | 41 | €3,861 | €107 | -€3,754 | -97.2% |
| Cash at bank and in hand | 54/58 | €73,557 | €42,289 | -€31,268 | -42.5% |
| Deferred charges and accrued income | 490/1 | €380,854 | €17,951 | -€362,904 | -95.3% |
| Total equity and liabilities | 10/49 | €10,608,459 | €9,689,940 | -€918,519 | -8.7% |
| Equity | 10/15 | €3,548,124 | €3,568,687 | +€20,563 | +0.6% |
| Contributions | 10/11 | €3,500,000 | €3,500,000 | = | 0.0% |
| Capital | 10 | €3,500,000 | €3,500,000 | = | 0.0% |
| Issued capital | 100 | €3,500,000 | €3,500,000 | = | 0.0% |
| Reserves | 13 | €2,500 | €3,528 | +€1,028 | +41.1% |
| Non-distributable reserves | 130/1 | €2,500 | €3,528 | +€1,028 | +41.1% |
| Legal reserve | 130 | €2,500 | €3,528 | +€1,028 | +41.1% |
| Profit (loss) carried forward | 14 | €45,624 | €65,158 | +€19,535 | +42.8% |
| Amounts payable | 17/49 | €7,060,335 | €6,121,254 | -€939,082 | -13.3% |
| Amounts payable after more than one year | 17 | €5,245,116 | €4,894,802 | -€350,314 | -6.7% |
| Financial debts | 170/4 | €5,245,116 | €4,894,802 | -€350,314 | -6.7% |
| Amounts payable within one year | 42/48 | €1,814,832 | €1,222,653 | -€592,179 | -32.6% |
| Current portion of amounts payable after more than one year | 42 | €341,135 | €350,314 | +€9,180 | +2.7% |
| Trade debts | 44 | €148,573 | €72,835 | -€75,737 | -51.0% |
| Suppliers | 440/4 | €148,573 | €72,835 | -€75,737 | -51.0% |
| Advances received on contracts in progress | 46 | €957,025 | €0 | -€957,025 | -100% |
| Taxes, remuneration and social security | 45 | €18,100 | €49,419 | +€31,319 | +173% |
| Taxes | 450/3 | €18,100 | €49,419 | +€31,319 | +173% |
| Other amounts payable | 47/48 | €350,000 | €750,084 | +€400,084 | +114% |
| Accrued charges and deferred income | 492/3 | €387 | €3,799 | +€3,412 | +881% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €161,175 | +€161,175 | |
| Other operating charges | 640/8 | €1,092 | €48,229 | +€47,137 | +4,317% |
| Non-recurring operating charges | 66A | - | €2,940 | +€2,940 | |
| Gross operating margin | 9900 | €46,805 | €359,121 | +€312,316 | +667% |
| Operating profit (loss) | 9901 | €45,713 | €146,778 | +€101,064 | +221% |
| Financial income | 75/76B | €362,854 | €59,550 | -€303,304 | -83.6% |
| Recurring financial income | 75 | €362,854 | €59,550 | -€303,304 | -83.6% |
| Financial charges | 65/66B | €170,008 | €178,927 | +€8,919 | +5.2% |
| Recurring financial charges | 65 | €170,008 | €178,927 | +€8,919 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €238,560 | €27,402 | -€211,158 | -88.5% |
| Income taxes | 67/77 | €18,100 | €6,839 | -€11,261 | -62.2% |
| Profit (loss) for the period | 9904 | €220,460 | €20,563 | -€199,897 | -90.7% |
| Profit (loss) for the period to be appropriated | 9905 | €220,460 | €20,563 | -€199,897 | -90.7% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.