H-MANAGEMENT: 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-MANAGEMENT
Largest movements
- Current investments -€124,431
down €124,431 (-48.2%), from €258,111 to €133,680
- Cash +€40,515
up €40,515 (+40.5%), from €100,050 to €140,565
mainly Current investments (+€124,431) and Net result for the year (+€82,406)
- Tangible fixed assets +€11,321
up €11,321 (+4.2%), from €268,852 to €280,173
of which Furniture and vehicles: +€21,219
- Reserves -€92,487
down €92,487 (-21.9%), from €421,856 to €329,370
- Other debts +€30,209
up €30,209 (+22.2%), from €136,137 to €166,347
- Tax, wage and social debts -€12,357
down €12,357 (-31.6%), from €39,121 to €26,764
- Financial income -€21,699
down €21,699 (-77.9%), from €27,863 to €6,164
- Taxes -€14,179
down €14,179 (-29.0%), from €48,944 to €34,766
- Gross operating margin -€11,992
down €11,992 (-8.1%), from €148,060 to €136,068
- Depreciation +€2,135
up €2,135 (+12.0%), from €17,719 to €19,854
- Financial charges +€2,085
up €2,085, from -€1,954 to €131
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 | €653,447 | €583,704 | -€69,742 | -10.7% |
| Fixed assets | 21/28 | €269,987 | €281,308 | +€11,321 | +4.2% |
| Tangible fixed assets | 22/27 | €268,852 | €280,173 | +€11,321 | +4.2% |
| Land and buildings | 22 | €257,011 | €245,002 | -€12,009 | -4.7% |
| Plant, machinery and equipment | 23 | €1,283 | €3,394 | +€2,111 | +164% |
| Furniture and vehicles | 24 | €10,559 | €31,778 | +€21,219 | +201% |
| Financial fixed assets | 28 | €1,135 | €1,135 | = | 0.0% |
| Current assets | 29/58 | €383,459 | €302,396 | -€81,063 | -21.1% |
| Amounts receivable within one year | 40/41 | €23,302 | €25,985 | +€2,684 | +11.5% |
| Trade receivables | 40 | €23,293 | €25,966 | +€2,674 | +11.5% |
| Other amounts receivable | 41 | €9 | €19 | +€10 | +114% |
| Current investments | 50/53 | €258,111 | €133,680 | -€124,431 | -48.2% |
| Cash at bank and in hand | 54/58 | €100,050 | €140,565 | +€40,515 | +40.5% |
| Deferred charges and accrued income | 490/1 | €1,996 | €2,165 | +€169 | +8.5% |
| Total equity and liabilities | 10/49 | €653,447 | €583,704 | -€69,742 | -10.7% |
| Equity | 10/15 | €473,565 | €381,078 | -€92,487 | -19.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €421,856 | €329,370 | -€92,487 | -21.9% |
| Distributable reserves | 133 | €421,856 | €329,370 | -€92,487 | -21.9% |
| Profit (loss) carried forward | 14 | €1,709 | €1,709 | = | 0.0% |
| Provisions and deferred taxes | 16 | €1,250 | €1,250 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €1,250 | €1,250 | = | 0.0% |
| Environmental obligations | 163 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €1,250 | €1,250 | = | 0.0% |
| Amounts payable | 17/49 | €178,632 | €201,376 | +€22,744 | +12.7% |
| Amounts payable within one year | 42/48 | €178,632 | €201,376 | +€22,744 | +12.7% |
| Trade debts | 44 | €3,373 | €8,266 | +€4,892 | +145% |
| Suppliers | 440/4 | €3,373 | €8,266 | +€4,892 | +145% |
| Taxes, remuneration and social security | 45 | €39,121 | €26,764 | -€12,357 | -31.6% |
| Taxes | 450/3 | €39,121 | €26,764 | -€12,357 | -31.6% |
| Other amounts payable | 47/48 | €136,137 | €166,347 | +€30,209 | +22.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,719 | €19,854 | +€2,135 | +12.0% |
| Other operating charges | 640/8 | €5,063 | €5,075 | +€12 | +0.2% |
| Gross operating margin | 9900 | €148,060 | €136,068 | -€11,992 | -8.1% |
| Operating profit (loss) | 9901 | €125,278 | €111,138 | -€14,139 | -11.3% |
| Financial income | 75/76B | €27,863 | €6,164 | -€21,699 | -77.9% |
| Recurring financial income | 75 | €27,863 | €6,164 | -€21,699 | -77.9% |
| Financial charges | 65/66B | -€1,954 | €131 | +€2,085 | |
| Recurring financial charges | 65 | -€1,954 | €131 | +€2,085 | |
| Profit (loss) for the period before taxes | 9903 | €155,094 | €117,171 | -€37,923 | -24.5% |
| Income taxes | 67/77 | €48,944 | €34,766 | -€14,179 | -29.0% |
| Profit (loss) for the period | 9904 | €106,150 | €82,406 | -€23,744 | -22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €106,150 | €82,406 | -€23,744 | -22.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.