H ET Z: 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 Z
Largest movements
- Tangible fixed assets +€342,930
up €342,930 (+12.0%), from €2.9m to €3.2m
of which Land and buildings: +€344,714
- Receivables within one year +€93,187
up €93,187 (+61.1%), from €152,631 to €245,818
of which Trade receivables: +€143,487
- Cash +€87,529
up €87,529 (+141%), from €62,090 to €149,620
mainly Debts after one year (+€299,551) and Depreciation (+€171,590)
- Debts after one year +€299,551
up €299,551 (+15.8%), from €1.9m to €2.2m
of which Financial debts: +€299,551
- Profit (loss) carried forward +€124,308
up €124,308 (+3,937%), from €3,158 to €127,466
- Current portion of long-term debt +€68,430
up €68,430 (+42.0%), from €162,739 to €231,169
- Turnover +€85,030
up €85,030 (+16.7%), from €509,737 to €594,767
- Gross operating margin +€81,721
up €81,721 (+25.0%), from €326,304 to €408,025
- Other operating charges -€18,096
down €18,096 (-37.4%), from €48,404 to €30,308
- Financial charges +€13,360
up €13,360 (+19.5%), from €68,462 to €81,822
- Depreciation -€12,901
down €12,901 (-7.0%), from €184,491 to €171,590
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 | €3,105,550 | €3,617,292 | +€511,741 | +16.5% |
| Fixed assets | 21/28 | €2,866,680 | €3,209,610 | +€342,930 | +12.0% |
| Tangible fixed assets | 22/27 | €2,864,180 | €3,207,110 | +€342,930 | +12.0% |
| Land and buildings | 22 | €2,859,399 | €3,204,113 | +€344,714 | +12.1% |
| Plant, machinery and equipment | 23 | €1,159 | €851 | -€308 | -26.6% |
| Furniture and vehicles | 24 | €3,622 | €2,146 | -€1,476 | -40.8% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €238,870 | €407,682 | +€168,811 | +70.7% |
| Amounts receivable within one year | 40/41 | €152,631 | €245,818 | +€93,187 | +61.1% |
| Trade receivables | 40 | €85,239 | €228,726 | +€143,487 | +168% |
| Other amounts receivable | 41 | €67,392 | €17,092 | -€50,300 | -74.6% |
| Cash at bank and in hand | 54/58 | €62,090 | €149,620 | +€87,529 | +141% |
| Deferred charges and accrued income | 490/1 | €24,149 | €12,244 | -€11,905 | -49.3% |
| Total equity and liabilities | 10/49 | €3,105,550 | €3,617,292 | +€511,741 | +16.5% |
| Equity | 10/15 | €65,658 | €189,966 | +€124,308 | +189% |
| 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% |
| Profit (loss) carried forward | 14 | €3,158 | €127,466 | +€124,308 | +3,937% |
| Amounts payable | 17/49 | €3,039,893 | €3,427,326 | +€387,433 | +12.7% |
| Amounts payable after more than one year | 17 | €1,893,912 | €2,193,463 | +€299,551 | +15.8% |
| Financial debts | 170/4 | €1,893,482 | €2,193,033 | +€299,551 | +15.8% |
| Other amounts payable | 178/9 | €430 | €430 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,132,634 | €1,215,213 | +€82,579 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €162,739 | €231,169 | +€68,430 | +42.0% |
| Trade debts | 44 | €202,515 | €176,396 | -€26,119 | -12.9% |
| Suppliers | 440/4 | €202,515 | €176,396 | -€26,119 | -12.9% |
| Taxes, remuneration and social security | 45 | - | €7,306 | +€7,306 | |
| Taxes | 450/3 | - | €7,306 | +€7,306 | |
| Other amounts payable | 47/48 | €767,381 | €800,342 | +€32,961 | +4.3% |
| Accrued charges and deferred income | 492/3 | €13,346 | €18,650 | +€5,304 | +39.7% |
| Turnover | 70 | €509,737 | €594,767 | +€85,030 | +16.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €315,630 | €308,355 | -€7,275 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184,491 | €171,590 | -€12,901 | -7.0% |
| Other operating charges | 640/8 | €48,404 | €30,308 | -€18,096 | -37.4% |
| Gross operating margin | 9900 | €326,304 | €408,025 | +€81,721 | +25.0% |
| Operating profit (loss) | 9901 | €93,409 | €206,127 | +€112,717 | +121% |
| Financial income | 75/76B | €7 | €4 | -€3 | -41.0% |
| Recurring financial income | 75 | €7 | €4 | -€3 | -41.0% |
| Financial charges | 65/66B | €68,462 | €81,822 | +€13,360 | +19.5% |
| Recurring financial charges | 65 | €68,462 | €81,822 | +€13,360 | +19.5% |
| Profit (loss) for the period before taxes | 9903 | €24,955 | €124,309 | +€99,354 | +398% |
| Income taxes | 67/77 | - | €0 | +€0 | |
| Profit (loss) for the period | 9904 | €24,955 | €124,308 | +€99,354 | +398% |
| Profit (loss) for the period to be appropriated | 9905 | €24,955 | €124,308 | +€99,354 | +398% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.