H²G: 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.
H²G
Largest movements
- Cash +€19,827
up €19,827 (+47.9%), from €41,415 to €61,242
mainly Depreciation (+€36,723) and Net result for the year (+€22,168)
- Tangible fixed assets -€15,113
down €15,113 (-2.7%), from €569,635 to €554,523
of which Land and buildings: -€15,359
- Reserves +€22,168
up €22,168 (+19.0%), from €116,378 to €138,546
of which Distributable reserves: +€37,168
- Accrued charges and deferred income +€20,986
up €20,986 (+199%), from €10,530 to €31,516
- Debts after one year -€20,625
down €20,625 (-7.1%), from €292,164 to €271,539
- Current portion of long-term debt -€15,284
down €15,284 (-41.4%), from €36,939 to €21,655
- Gross operating margin -€36,807
down €36,807 (-28.8%), from €127,627 to €90,820
- Taxes -€10,086
down €10,086 (-43.2%), from €23,348 to €13,262
- Depreciation -€4,120
down €4,120 (-10.1%), from €40,843 to €36,723
- Financial charges -€2,046
down €2,046 (-11.5%), from €17,766 to €15,721
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 | €643,510 | €647,171 | +€3,661 | +0.6% |
| Fixed assets | 21/28 | €569,685 | €554,573 | -€15,113 | -2.7% |
| Tangible fixed assets | 22/27 | €569,635 | €554,523 | -€15,113 | -2.7% |
| Land and buildings | 22 | €558,520 | €543,161 | -€15,359 | -2.7% |
| Furniture and vehicles | 24 | €11,115 | €11,362 | +€247 | +2.2% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €73,825 | €92,599 | +€18,774 | +25.4% |
| Amounts receivable within one year | 40/41 | €24,288 | €22,516 | -€1,771 | -7.3% |
| Trade receivables | 40 | €16,638 | - | -€16,638 | |
| Other amounts receivable | 41 | €7,650 | €22,516 | +€14,866 | +194% |
| Cash at bank and in hand | 54/58 | €41,415 | €61,242 | +€19,827 | +47.9% |
| Deferred charges and accrued income | 490/1 | €8,122 | €8,841 | +€718 | +8.8% |
| Total equity and liabilities | 10/49 | €643,510 | €647,171 | +€3,661 | +0.6% |
| Equity | 10/15 | €266,952 | €289,120 | +€22,168 | +8.3% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €116,378 | €138,546 | +€22,168 | +19.0% |
| Non-distributable reserves | 130/1 | €15,000 | - | -€15,000 | |
| Reserves not available under the articles | 1311 | €15,000 | - | -€15,000 | |
| Distributable reserves | 133 | €101,378 | €138,546 | +€37,168 | +36.7% |
| Profit (loss) carried forward | 14 | €574 | €574 | = | 0.0% |
| Amounts payable | 17/49 | €376,558 | €358,051 | -€18,507 | -4.9% |
| Amounts payable after more than one year | 17 | €292,164 | €271,539 | -€20,625 | -7.1% |
| Financial debts | 170/4 | €292,164 | €271,539 | -€20,625 | -7.1% |
| Amounts payable within one year | 42/48 | €73,864 | €54,995 | -€18,869 | -25.5% |
| Current portion of amounts payable after more than one year | 42 | €36,939 | €21,655 | -€15,284 | -41.4% |
| Trade debts | 44 | €5,040 | €4,550 | -€490 | -9.7% |
| Suppliers | 440/4 | €5,040 | €4,550 | -€490 | -9.7% |
| Taxes, remuneration and social security | 45 | €26,456 | €22,484 | -€3,972 | -15.0% |
| Taxes | 450/3 | €25,956 | €22,484 | -€3,472 | -13.4% |
| Remuneration and social security | 454/9 | €500 | - | -€500 | |
| Other amounts payable | 47/48 | €5,429 | €6,306 | +€877 | +16.1% |
| Accrued charges and deferred income | 492/3 | €10,530 | €31,516 | +€20,986 | +199% |
| Non-recurring operating income | 76A | €295 | - | -€295 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,843 | €36,723 | -€4,120 | -10.1% |
| Other operating charges | 640/8 | €3,645 | €2,897 | -€748 | -20.5% |
| Non-recurring operating charges | 66A | - | €439 | +€439 | |
| Gross operating margin | 9900 | €127,627 | €90,820 | -€36,807 | -28.8% |
| Operating profit (loss) | 9901 | €83,139 | €50,760 | -€32,379 | -38.9% |
| Financial income | 75/76B | €131 | €390 | +€259 | +198% |
| Recurring financial income | 75 | €131 | €390 | +€259 | +198% |
| Financial charges | 65/66B | €17,766 | €15,721 | -€2,046 | -11.5% |
| Recurring financial charges | 65 | €17,766 | €15,721 | -€2,046 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €65,504 | €35,430 | -€30,074 | -45.9% |
| Income taxes | 67/77 | €23,348 | €13,262 | -€10,086 | -43.2% |
| Profit (loss) for the period | 9904 | €42,156 | €22,168 | -€19,988 | -47.4% |
| Profit (loss) for the period to be appropriated | 9905 | €42,156 | €22,168 | -€19,988 | -47.4% |
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 15 October 2026 via checked.be.