H ET J: 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 J
Largest movements
- Tangible fixed assets -€1.6m
down €1.6m (-21.8%), from €7.4m to €5.8m
of which Land and buildings: -€1.6m
- Current investments +€1.6m
up €1.6m (+76.5%), from €2.1m to €3.7m
- Cash -€311,695
down €311,695 (-97.6%), from €319,477 to €7,782
mainly Current investments (-€1.6m) and Contributions, distributions and other (-€1.5m)
- Profit (loss) carried forward -€1.7m
down €1.7m (-20.1%), from €8.4m to €6.7m
- Other debts +€1.3m
up €1.3m (+1,964%), from €65,780 to €1.4m
- Depreciation -€30,527
down €30,527 (-10.4%), from €292,702 to €262,175
- Financial income -€19,719
down €19,719 (-16.9%), from €117,003 to €97,284
of which Financial income: -€17,818
- Other operating charges -€19,355
down €19,355 (-29.6%), from €65,295 to €45,940
- Financial charges +€5,114
up €5,114 (+13.4%), from €38,135 to €43,249
- Gross operating margin -€2,397
down €2,397 (-1.1%), from €222,966 to €220,569
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 | €10,376,858 | €9,998,662 | -€378,196 | -3.6% |
| Fixed assets | 21/28 | €7,442,447 | €5,821,851 | -€1.6m | -21.8% |
| Tangible fixed assets | 22/27 | €7,423,841 | €5,803,244 | -€1.6m | -21.8% |
| Land and buildings | 22 | €7,319,160 | €5,701,837 | -€1.6m | -22.1% |
| Furniture and vehicles | 24 | €104,680 | €101,407 | -€3,273 | -3.1% |
| Financial fixed assets | 28 | €18,607 | €18,607 | = | 0.0% |
| Current assets | 29/58 | €2,934,411 | €4,176,811 | +€1.2m | +42.3% |
| Amounts receivable after more than one year | 29 | €400,000 | €400,000 | = | 0.0% |
| Other amounts receivable | 291 | €400,000 | €400,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €120,901 | €82,308 | -€38,593 | -31.9% |
| Trade receivables | 40 | €2,301 | €5,081 | +€2,780 | +121% |
| Other amounts receivable | 41 | €118,600 | €77,228 | -€41,372 | -34.9% |
| Current investments | 50/53 | €2,084,107 | €3,678,210 | +€1.6m | +76.5% |
| Cash at bank and in hand | 54/58 | €319,477 | €7,782 | -€311,695 | -97.6% |
| Deferred charges and accrued income | 490/1 | €9,926 | €8,510 | -€1,415 | -14.3% |
| Total equity and liabilities | 10/49 | €10,376,858 | €9,998,662 | -€378,196 | -3.6% |
| Equity | 10/15 | €10,170,806 | €8,457,675 | -€1.7m | -16.8% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €1,699,820 | €1,677,320 | -€22,500 | -1.3% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €382,500 | €360,000 | -€22,500 | -5.9% |
| Distributable reserves | 133 | €1,311,070 | €1,311,070 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,408,486 | €6,717,855 | -€1.7m | -20.1% |
| Provisions and deferred taxes | 16 | €127,500 | €120,000 | -€7,500 | -5.9% |
| Deferred taxes | 168 | €127,500 | €120,000 | -€7,500 | -5.9% |
| Amounts payable | 17/49 | €78,553 | €1,420,987 | +€1.3m | +1,709% |
| Amounts payable after more than one year | 17 | €83 | €83 | = | 0.0% |
| Other amounts payable | 178/9 | €83 | €83 | = | 0.0% |
| Amounts payable within one year | 42/48 | €77,827 | €1,420,790 | +€1.3m | +1,726% |
| Trade debts | 44 | €10,580 | €59,464 | +€48,884 | +462% |
| Suppliers | 440/4 | €10,580 | €59,464 | +€48,884 | +462% |
| Taxes, remuneration and social security | 45 | €1,467 | €3,406 | +€1,939 | +132% |
| Taxes | 450/3 | - | €1,859 | +€1,859 | |
| Remuneration and social security | 454/9 | €1,467 | €1,547 | +€80 | +5.5% |
| Other amounts payable | 47/48 | €65,780 | €1,357,920 | +€1.3m | +1,964% |
| Accrued charges and deferred income | 492/3 | €643 | €114 | -€529 | -82.3% |
| Non-recurring operating income | 76A | - | €19,523 | +€19,523 | |
| Remuneration, social security and pensions | 62 | €12,502 | €13,195 | +€693 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €292,702 | €262,175 | -€30,527 | -10.4% |
| Other operating charges | 640/8 | €65,295 | €45,940 | -€19,355 | -29.6% |
| Non-recurring operating charges | 66A | €19,523 | €187,467 | +€167,944 | +860% |
| Gross operating margin | 9900 | €222,966 | €220,569 | -€2,397 | -1.1% |
| Operating profit (loss) | 9901 | -€167,056 | -€288,208 | -€121,152 | -72.5% |
| Financial income | 75/76B | €117,003 | €97,284 | -€19,719 | -16.9% |
| Recurring financial income | 75 | €115,102 | €97,284 | -€17,818 | -15.5% |
| Non-recurring financial income | 76B | €1,902 | - | -€1,902 | |
| Financial charges | 65/66B | €38,135 | €43,249 | +€5,114 | +13.4% |
| Recurring financial charges | 65 | €38,135 | €43,249 | +€5,114 | +13.4% |
| Profit (loss) for the period before taxes | 9903 | -€88,187 | -€234,173 | -€145,985 | -166% |
| Transfer from deferred taxes | 780 | €7,500 | €7,500 | = | 0.0% |
| Income taxes | 67/77 | - | €743 | +€743 | |
| Profit (loss) for the period | 9904 | -€80,687 | -€227,415 | -€146,728 | -182% |
| Transfer from tax-exempt reserves | 789 | €22,500 | €22,500 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€58,187 | -€204,915 | -€146,728 | -252% |
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 19 October 2026 via checked.be.