H-HOLDING: 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-HOLDING
Largest movements
- Tangible fixed assets -€55,092
down €55,092 (-83.6%), from €65,926 to €10,834
of which Furniture and vehicles: -€53,636
- Receivables within one year -€14,368
down €14,368 (-6.3%), from €229,292 to €214,924
of which Other amounts receivable: -€14,043
- Cash -€11,397
down €11,397 (-23.7%), from €48,009 to €36,612
mainly Net result for the year (-€32,851) and Trade debts (-€30,771)
- Profit (loss) carried forward -€32,851
down €32,851 (-12.8%), from €255,712 to €222,861
- Trade debts -€30,771
down €30,771 (-65.7%), from €46,827 to €16,056
- Debts after one year -€11,649
no longer reported in 2025 (was €11,649)
- Current portion of long-term debt -€8,355
down €8,355 (-41.8%), from €20,004 to €11,649
- Tax, wage and social debts +€3,804
up €3,804 (+20.1%), from €18,938 to €22,742
of which Taxes: +€3,357
- Gross operating margin -€22,342
down €22,342 (-23.5%), from €95,225 to €72,883
- Staff costs +€16,978
up €16,978 (+26.6%), from €63,937 to €80,915
- Depreciation -€3,487
down €3,487 (-22.7%), from €15,348 to €11,861
- Other operating charges +€2,174
up €2,174 (+34.2%), from €6,365 to €8,539
- Taxes -€1,995
down €1,995 (-78.5%), from €2,541 to €546
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 | €358,130 | €278,308 | -€79,822 | -22.3% |
| Fixed assets | 21/28 | €79,926 | €24,834 | -€55,092 | -68.9% |
| Tangible fixed assets | 22/27 | €65,926 | €10,834 | -€55,092 | -83.6% |
| Land and buildings | 22 | €10,959 | €9,503 | -€1,456 | -13.3% |
| Furniture and vehicles | 24 | €54,967 | €1,331 | -€53,636 | -97.6% |
| Financial fixed assets | 28 | €14,000 | €14,000 | = | 0.0% |
| Current assets | 29/58 | €278,204 | €253,474 | -€24,730 | -8.9% |
| Amounts receivable within one year | 40/41 | €229,292 | €214,924 | -€14,368 | -6.3% |
| Trade receivables | 40 | €65,491 | €65,166 | -€325 | -0.5% |
| Other amounts receivable | 41 | €163,801 | €149,758 | -€14,043 | -8.6% |
| Cash at bank and in hand | 54/58 | €48,009 | €36,612 | -€11,397 | -23.7% |
| Deferred charges and accrued income | 490/1 | €903 | €1,938 | +€1,035 | +115% |
| Total equity and liabilities | 10/49 | €358,130 | €278,308 | -€79,822 | -22.3% |
| Equity | 10/15 | €260,712 | €227,861 | -€32,851 | -12.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €255,712 | €222,861 | -€32,851 | -12.8% |
| Amounts payable | 17/49 | €97,418 | €50,447 | -€46,971 | -48.2% |
| Amounts payable after more than one year | 17 | €11,649 | - | -€11,649 | |
| Financial debts | 170/4 | €11,649 | - | -€11,649 | |
| Amounts payable within one year | 42/48 | €85,769 | €50,447 | -€35,322 | -41.2% |
| Current portion of amounts payable after more than one year | 42 | €20,004 | €11,649 | -€8,355 | -41.8% |
| Trade debts | 44 | €46,827 | €16,056 | -€30,771 | -65.7% |
| Suppliers | 440/4 | €46,827 | €16,056 | -€30,771 | -65.7% |
| Taxes, remuneration and social security | 45 | €18,938 | €22,742 | +€3,804 | +20.1% |
| Taxes | 450/3 | €11,580 | €14,937 | +€3,357 | +29.0% |
| Remuneration and social security | 454/9 | €7,358 | €7,805 | +€447 | +6.1% |
| Remuneration, social security and pensions | 62 | €63,937 | €80,915 | +€16,978 | +26.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,348 | €11,861 | -€3,487 | -22.7% |
| Other operating charges | 640/8 | €6,365 | €8,539 | +€2,174 | +34.2% |
| Gross operating margin | 9900 | €95,225 | €72,883 | -€22,342 | -23.5% |
| Operating profit (loss) | 9901 | €9,575 | -€28,432 | -€38,007 | |
| Financial income | 75/76B | €3,377 | €3,330 | -€47 | -1.4% |
| Recurring financial income | 75 | €3,377 | €3,330 | -€47 | -1.4% |
| Financial charges | 65/66B | €6,722 | €7,203 | +€481 | +7.2% |
| Recurring financial charges | 65 | €6,722 | €7,203 | +€481 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | €6,230 | -€32,305 | -€38,535 | |
| Income taxes | 67/77 | €2,541 | €546 | -€1,995 | -78.5% |
| Profit (loss) for the period | 9904 | €3,689 | -€32,851 | -€36,540 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,689 | -€32,851 | -€36,540 |
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 22 October 2026 via checked.be.