H ET B MANAGEMENT: 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 ET B MANAGEMENT
Largest movements
- Tangible fixed assets -€1.9m
down €1.9m (-99.3%), from €1.9m to €14,462
of which Land and buildings: -€1.8m
- Stocks and contracts +€715,308
up €715,308 (+59.4%), from €1.2m to €1.9m
- Receivables within one year +€439,578
up €439,578 (+64.2%), from €684,546 to €1.1m
of which Other amounts receivable: +€644,353
- Cash +€107,890
up €107,890 (+608%), from €17,744 to €125,634
mainly Investment in fixed assets (net) (+€1.9m) and Debts after one year (+€656,726)
- Current portion of long-term debt -€721,885
down €721,885 (-95.6%), from €755,353 to €33,468
- Debts after one year +€656,726
up €656,726 (+916%), from €71,697 to €728,423
- Profit (loss) carried forward +€285,383
up €285,383 (+35.2%), from €811,130 to €1.1m
- Short-term financial debts -€280,000
down €280,000 (-56.0%), from €500,000 to €220,000
- Other debts -€266,699
down €266,699 (-100%), from €266,699 to €0
- Write-downs +€300,000
new in 2024: €300,000
- Other operating charges +€152,036
up €152,036 (+7,445%), from €2,042 to €154,078
- Provisions -€125,000
down €125,000 (-100%), from €125,000 to €0
- Depreciation -€122,984
down €122,984 (-96.0%), from €128,082 to €5,097
- Gross operating margin +€67,949
up €67,949 (+11.0%), from €618,455 to €686,404
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,857,039 | €3,185,045 | -€671,993 | -17.4% |
| Fixed assets | 21/28 | €1,949,164 | €14,462 | -€1.9m | -99.3% |
| Tangible fixed assets | 22/27 | €1,949,164 | €14,462 | -€1.9m | -99.3% |
| Land and buildings | 22 | €1,815,822 | €0 | -€1.8m | -100% |
| Furniture and vehicles | 24 | €133,014 | €14,289 | -€118,725 | -89.3% |
| Other tangible fixed assets | 26 | €328 | €173 | -€156 | -47.5% |
| Current assets | 29/58 | €1,907,875 | €3,170,583 | +€1.3m | +66.2% |
| Stocks and contracts in progress | 3 | €1,204,535 | €1,919,843 | +€715,308 | +59.4% |
| Stocks | 30/36 | €1,204,535 | €1,919,843 | +€715,308 | +59.4% |
| Amounts receivable within one year | 40/41 | €684,546 | €1,124,124 | +€439,578 | +64.2% |
| Trade receivables | 40 | €204,774 | €0 | -€204,774 | -100% |
| Other amounts receivable | 41 | €479,772 | €1,124,124 | +€644,353 | +134% |
| Cash at bank and in hand | 54/58 | €17,744 | €125,634 | +€107,890 | +608% |
| Deferred charges and accrued income | 490/1 | €1,049 | €982 | -€67 | -6.4% |
| Total equity and liabilities | 10/49 | €3,857,039 | €3,185,045 | -€671,993 | -17.4% |
| Equity | 10/15 | €1,640,110 | €1,737,292 | +€97,182 | +5.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €810,388 | €622,187 | -€188,201 | -23.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €197,410 | €9,209 | -€188,201 | -95.3% |
| Distributable reserves | 133 | €612,979 | €612,979 | = | 0.0% |
| Profit (loss) carried forward | 14 | €811,130 | €1,096,513 | +€285,383 | +35.2% |
| Provisions and deferred taxes | 16 | €309,485 | €184,485 | -€125,000 | -40.4% |
| Provisions for liabilities and charges | 160/5 | €309,485 | €184,485 | -€125,000 | -40.4% |
| Pensions and similar obligations | 160 | €184,485 | €184,485 | = | 0.0% |
| Other liabilities and charges | 164/5 | €125,000 | €0 | -€125,000 | -100% |
| Amounts payable | 17/49 | €1,907,444 | €1,263,268 | -€644,176 | -33.8% |
| Amounts payable after more than one year | 17 | €71,697 | €728,423 | +€656,726 | +916% |
| Financial debts | 170/4 | €71,697 | €728,423 | +€656,726 | +916% |
| Amounts payable within one year | 42/48 | €1,835,747 | €531,279 | -€1.3m | -71.1% |
| Current portion of amounts payable after more than one year | 42 | €755,353 | €33,468 | -€721,885 | -95.6% |
| Financial debts | 43 | €500,000 | €220,000 | -€280,000 | -56.0% |
| Credit institutions | 430/8 | €500,000 | €220,000 | -€280,000 | -56.0% |
| Trade debts | 44 | €101,533 | €51,170 | -€50,363 | -49.6% |
| Suppliers | 440/4 | €101,533 | €51,170 | -€50,363 | -49.6% |
| Taxes, remuneration and social security | 45 | €212,162 | €226,641 | +€14,478 | +6.8% |
| Taxes | 450/3 | €212,162 | €226,641 | +€14,478 | +6.8% |
| Other amounts payable | 47/48 | €266,699 | €0 | -€266,699 | -100% |
| Accrued charges and deferred income | 492/3 | - | €3,566 | +€3,566 | |
| Non-recurring operating income | 76A | - | €461,811 | +€461,811 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,082 | €5,097 | -€122,984 | -96.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €300,000 | +€300,000 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €125,000 | €0 | -€125,000 | -100% |
| Other operating charges | 640/8 | €2,042 | €154,078 | +€152,036 | +7,445% |
| Gross operating margin | 9900 | €618,455 | €686,404 | +€67,949 | +11.0% |
| Operating profit (loss) | 9901 | €363,332 | €227,229 | -€136,103 | -37.5% |
| Financial income | 75/76B | €28,037 | €58,431 | +€30,395 | +108% |
| Recurring financial income | 75 | €28,037 | €58,431 | +€30,395 | +108% |
| Financial charges | 65/66B | €92,259 | €90,560 | -€1,699 | -1.8% |
| Recurring financial charges | 65 | €92,259 | €90,560 | -€1,699 | -1.8% |
| Profit (loss) for the period before taxes | 9903 | €299,110 | €195,100 | -€104,009 | -34.8% |
| Income taxes | 67/77 | €96,545 | €97,918 | +€1,373 | +1.4% |
| Profit (loss) for the period | 9904 | €202,565 | €97,182 | -€105,382 | -52.0% |
| Transfer from tax-exempt reserves | 789 | €8,555 | €188,201 | +€179,646 | +2,100% |
| Profit (loss) for the period to be appropriated | 9905 | €211,119 | €285,383 | +€74,264 | +35.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.