H & H: what changed
Two fiscal 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 & H
Largest movements
- Tangible fixed assets +€260,765
up €260,765 (+24.1%), from €1.1m to €1.3m
of which Assets under construction and advance payments: +€420,297
- Cash +€58,059
up €58,059 (+234.9%), from €24,716 to €82,774
mainly Other debts (+€233,217) and Net result for the year (+€47,926)
- Receivables within one year -€42,056
down €42,056 (-39.7%), from €106,060 to €64,004
of which Other amounts receivable: -€41,255
- Other debts +€233,217
up €233,217 (+658.6%), from €35,410 to €268,627
- Profit (loss) carried forward +€47,926
up €47,926 (+47.8%), from -€100,181 to -€52,255
- Gross operating margin -€361,771
down €361,771 (-75.9%), from €476,726 to €114,954
- Depreciation -€7,111
down €7,111 (-17.3%), from €41,002 to €33,891
- Financial income +€5,701
up €5,701 (+10963.3%), from €52 to €5,753
- Taxes +€4,850
up €4,850 (+32.9%), from €14,727 to €19,577
- Financial charges -€4,811
down €4,811 (-42.5%), from €11,312 to €6,501
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.
Cash bridge derived
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 | €1,211,707 | €1,488,682 | +€276,975 | +22.9% |
| Fixed assets | 21/28 | €1,080,932 | €1,341,698 | +€260,765 | +24.1% |
| Tangible fixed assets | 22/27 | €1,080,932 | €1,341,698 | +€260,765 | +24.1% |
| Land and buildings | 22 | €823,750 | €660,634 | -€163,116 | -19.8% |
| Furniture and vehicles | 24 | €1,239 | €4,823 | +€3,584 | +289.4% |
| Assets under construction and advance payments | 27 | €255,944 | €676,241 | +€420,297 | +164.2% |
| Current assets | 29/58 | €130,775 | €146,984 | +€16,209 | +12.4% |
| Amounts receivable within one year | 40/41 | €106,060 | €64,004 | -€42,056 | -39.7% |
| Trade receivables | 40 | €800 | - | -€800 | |
| Other amounts receivable | 41 | €105,259 | €64,004 | -€41,255 | -39.2% |
| Cash at bank and in hand | 54/58 | €24,716 | €82,774 | +€58,059 | +234.9% |
| Deferred charges and accrued income | 490/1 | - | €206 | +€206 | |
| Total equity and liabilities | 10/49 | €1,211,707 | €1,488,682 | +€276,975 | +22.9% |
| Equity | 10/15 | €1,049,061 | €1,096,987 | +€47,926 | +4.6% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €749,242 | €749,242 | = | 0.0% |
| Non-distributable reserves | 130/1 | €40,000 | €40,000 | = | 0.0% |
| Legal reserve | 130 | €40,000 | €40,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €353,445 | €353,445 | = | 0.0% |
| Distributable reserves | 133 | €355,797 | €355,797 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€100,181 | -€52,255 | +€47,926 | +47.8% |
| Provisions and deferred taxes | 16 | €117,815 | €117,815 | = | 0.0% |
| Deferred taxes | 168 | €117,815 | €117,815 | = | 0.0% |
| Amounts payable | 17/49 | €44,832 | €273,880 | +€229,048 | +510.9% |
| Amounts payable within one year | 42/48 | €39,332 | €273,030 | +€233,698 | +594.2% |
| Trade debts | 44 | €3,359 | €4,070 | +€711 | +21.2% |
| Suppliers | 440/4 | €3,359 | €4,070 | +€711 | +21.2% |
| Taxes, remuneration and social security | 45 | €563 | €333 | -€229 | -40.8% |
| Taxes | 450/3 | €563 | €333 | -€229 | -40.8% |
| Other amounts payable | 47/48 | €35,410 | €268,627 | +€233,217 | +658.6% |
| Accrued charges and deferred income | 492/3 | €5,500 | €850 | -€4,650 | -84.5% |
| Non-recurring operating income | 76A | €471,260 | €179,849 | -€291,412 | -61.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,002 | €33,891 | -€7,111 | -17.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €800 | +€800 | |
| Other operating charges | 640/8 | €9,018 | €12,011 | +€2,993 | +33.2% |
| Gross operating margin | 9900 | €476,726 | €114,954 | -€361,771 | -75.9% |
| Operating profit (loss) | 9901 | €426,706 | €68,252 | -€358,454 | -84.0% |
| Financial income | 75/76B | €52 | €5,753 | +€5,701 | +10963.3% |
| Recurring financial income | 75 | €52 | €5,753 | +€5,701 | +10963.3% |
| Financial charges | 65/66B | €11,312 | €6,501 | -€4,811 | -42.5% |
| Recurring financial charges | 65 | €11,312 | €6,501 | -€4,811 | -42.5% |
| Profit (loss) for the period before taxes | 9903 | €415,445 | €67,504 | -€347,942 | -83.8% |
| Transfer to deferred taxes | 680 | €117,815 | - | -€117,815 | |
| Income taxes | 67/77 | €14,727 | €19,577 | +€4,850 | +32.9% |
| Profit (loss) for the period | 9904 | €282,903 | €47,926 | -€234,977 | -83.1% |
| Transfer to tax-exempt reserves | 689 | €353,445 | - | -€353,445 | |
| Profit (loss) for the period to be appropriated | 9905 | -€70,542 | €47,926 | +€118,468 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.