H MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year +€43,649
up €43,649 (+12.1%), from €361,764 to €405,413
of which Other amounts receivable: +€32,395
- Tangible fixed assets -€29,096
down €29,096 (-11.1%), from €262,359 to €233,262
of which Land and buildings: -€26,660
- Current investments -€22,404
down €22,404 (-6.1%), from €368,280 to €345,876
- Intangible fixed assets -€15,223
down €15,223 (-12.1%), from €125,591 to €110,368
- Profit (loss) carried forward -€18,871
down €18,871 (-4.3%), from €437,046 to €418,175
- Gross operating margin +€9,390
up €9,390 (+61.0%), from €15,395 to €24,785
- Other operating charges -€3,933
down €3,933 (-37.1%), from €10,589 to €6,656
- Financial income +€1,615
up €1,615 (+26.9%), from €6,011 to €7,626
- Depreciation +€287
up €287 (+0.7%), from €44,032 to €44,319
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 | €1,148,887 | €1,133,356 | -€15,532 | -1.4% |
| Fixed assets | 21/28 | €387,950 | €343,630 | -€44,319 | -11.4% |
| Intangible fixed assets | 21 | €125,591 | €110,368 | -€15,223 | -12.1% |
| Tangible fixed assets | 22/27 | €262,359 | €233,262 | -€29,096 | -11.1% |
| Land and buildings | 22 | €246,780 | €220,120 | -€26,660 | -10.8% |
| Furniture and vehicles | 24 | €15,579 | €13,142 | -€2,437 | -15.6% |
| Current assets | 29/58 | €760,938 | €789,725 | +€28,788 | +3.8% |
| Amounts receivable within one year | 40/41 | €361,764 | €405,413 | +€43,649 | +12.1% |
| Trade receivables | 40 | €23,803 | €35,057 | +€11,254 | +47.3% |
| Other amounts receivable | 41 | €337,961 | €370,357 | +€32,395 | +9.6% |
| Current investments | 50/53 | €368,280 | €345,876 | -€22,404 | -6.1% |
| Cash at bank and in hand | 54/58 | €30,849 | €38,436 | +€7,587 | +24.6% |
| Deferred charges and accrued income | 490/1 | €44 | - | -€44 | |
| Total equity and liabilities | 10/49 | €1,148,887 | €1,133,356 | -€15,532 | -1.4% |
| Equity | 10/15 | €1,148,748 | €1,129,877 | -€18,871 | -1.6% |
| Contributions | 10/11 | €647,002 | €647,002 | = | 0.0% |
| Capital | 10 | - | €647,002 | +€647,002 | |
| Issued capital | 100 | - | €647,002 | +€647,002 | |
| Reserves | 13 | €64,700 | €64,700 | = | 0.0% |
| Non-distributable reserves | 130/1 | €64,700 | €64,700 | = | 0.0% |
| Legal reserve | 130 | - | €64,700 | +€64,700 | |
| Reserves not available under the articles | 1311 | €64,700 | - | -€64,700 | |
| Profit (loss) carried forward | 14 | €437,046 | €418,175 | -€18,871 | -4.3% |
| Amounts payable | 17/49 | €139 | €3,478 | +€3,339 | +2401.7% |
| Amounts payable within one year | 42/48 | €139 | €3,478 | +€3,339 | +2401.7% |
| Trade debts | 44 | €139 | €3,478 | +€3,339 | +2401.7% |
| Suppliers | 440/4 | €139 | €3,478 | +€3,339 | +2401.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,032 | €44,319 | +€287 | +0.7% |
| Other operating charges | 640/8 | €10,589 | €6,656 | -€3,933 | -37.1% |
| Gross operating margin | 9900 | €15,395 | €24,785 | +€9,390 | +61.0% |
| Operating profit (loss) | 9901 | -€39,225 | -€26,190 | +€13,036 | +33.2% |
| Financial income | 75/76B | €6,011 | €7,626 | +€1,615 | +26.9% |
| Recurring financial income | 75 | €6,011 | €7,626 | +€1,615 | +26.9% |
| Financial charges | 65/66B | €308 | €308 | = | 0.0% |
| Recurring financial charges | 65 | €308 | €308 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€33,522 | -€18,871 | +€14,651 | +43.7% |
| Income taxes | 67/77 | €0 | €0 | -€0 | -100.0% |
| Profit (loss) for the period | 9904 | -€33,522 | -€18,871 | +€14,651 | +43.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€33,522 | -€18,871 | +€14,651 | +43.7% |
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 8 October 2026 via checked.be.