H LAW: 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 LAW
Largest movements
- Financial fixed assets +€394,600
new in 2025: €394,600
- Cash -€209,128
down €209,128 (-48.6%), from €430,209 to €221,081
mainly Investment in fixed assets (net) (-€415,280) and Contributions, distributions and other (-€128,081)
- Current investments -€150,000
down €150,000 (-30.0%), from €500,000 to €350,000
- Receivables within one year -€40,126
down €40,126 (-54.5%), from €73,683 to €33,557
of which Other amounts receivable: -€40,167
- Deferred charges and accrued income -€27,881
no longer reported in 2025 (was €27,881)
- Tax, wage and social debts -€40,135
down €40,135 (-92.4%), from €43,417 to €3,282
- Reserves +€23,325
up €23,325 (+2.4%), from €982,464 to €1.0m
of which Distributable reserves: +€23,325
- Gross operating margin -€47,966
down €47,966 (-17.5%), from €274,685 to €226,719
- Financial income -€27,331
down €27,331 (-97.9%), from €27,908 to €578
- Taxes -€24,369
down €24,369 (-27.3%), from €89,262 to €64,893
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 | €1,044,275 | €1,023,676 | -€20,599 | -2.0% |
| Fixed assets | 21/28 | €12,503 | €419,039 | +€406,535 | +3,251% |
| Tangible fixed assets | 22/27 | €12,503 | €24,439 | +€11,935 | +95.5% |
| Furniture and vehicles | 24 | €8,697 | €21,062 | +€12,364 | +142% |
| Other tangible fixed assets | 26 | €3,806 | €3,377 | -€429 | -11.3% |
| Financial fixed assets | 28 | - | €394,600 | +€394,600 | |
| Current assets | 29/58 | €1,031,772 | €604,638 | -€427,134 | -41.4% |
| Amounts receivable within one year | 40/41 | €73,683 | €33,557 | -€40,126 | -54.5% |
| Trade receivables | 40 | €914 | €956 | +€42 | +4.6% |
| Other amounts receivable | 41 | €72,769 | €32,601 | -€40,167 | -55.2% |
| Current investments | 50/53 | €500,000 | €350,000 | -€150,000 | -30.0% |
| Cash at bank and in hand | 54/58 | €430,209 | €221,081 | -€209,128 | -48.6% |
| Deferred charges and accrued income | 490/1 | €27,881 | - | -€27,881 | |
| Total equity and liabilities | 10/49 | €1,044,275 | €1,023,676 | -€20,599 | -2.0% |
| Equity | 10/15 | €994,864 | €1,018,189 | +€23,325 | +2.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | - | -€12,400 | |
| Other | 1109/19 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €982,464 | €1,005,789 | +€23,325 | +2.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €980,604 | €1,003,929 | +€23,325 | +2.4% |
| Amounts payable | 17/49 | €49,411 | €5,487 | -€43,923 | -88.9% |
| Amounts payable within one year | 42/48 | €49,411 | €5,487 | -€43,923 | -88.9% |
| Trade debts | 44 | €3,835 | €47 | -€3,788 | -98.8% |
| Suppliers | 440/4 | €3,835 | €47 | -€3,788 | -98.8% |
| Taxes, remuneration and social security | 45 | €43,417 | €3,282 | -€40,135 | -92.4% |
| Taxes | 450/3 | €43,417 | €3,282 | -€40,135 | -92.4% |
| Other amounts payable | 47/48 | €2,158 | €2,158 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,759 | €8,745 | -€1,014 | -10.4% |
| Other operating charges | 640/8 | €903 | €2,197 | +€1,294 | +143% |
| Gross operating margin | 9900 | €274,685 | €226,719 | -€47,966 | -17.5% |
| Operating profit (loss) | 9901 | €264,023 | €215,777 | -€48,246 | -18.3% |
| Financial income | 75/76B | €27,908 | €578 | -€27,331 | -97.9% |
| Recurring financial income | 75 | €27,908 | €578 | -€27,331 | -97.9% |
| Financial charges | 65/66B | - | €56 | +€56 | |
| Recurring financial charges | 65 | - | €56 | +€56 | |
| Profit (loss) for the period before taxes | 9903 | €291,931 | €216,299 | -€75,632 | -25.9% |
| Income taxes | 67/77 | €89,262 | €64,893 | -€24,369 | -27.3% |
| Profit (loss) for the period | 9904 | €202,669 | €151,406 | -€51,263 | -25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €202,669 | €151,406 | -€51,263 | -25.3% |
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 17 October 2026 via checked.be.