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
- Receivables within one year -€81,525
down €81,525 (-70.6%), from €115,406 to €33,881
of which Trade receivables: -€85,152
- Tangible fixed assets +€44,101
new in 2025: €44,101
of which Leasing and similar rights: +€42,582
- Cash +€24,441
up €24,441 (+348%), from €7,022 to €31,464
mainly Receivables within one year (+€81,525) and Debts after one year (+€30,119)
- Other debts -€74,230
down €74,230 (-46.1%), from €161,011 to €86,781
- Debts after one year +€30,119
new in 2025: €30,119
- Trade debts +€18,956
up €18,956 (+1,023%), from €1,853 to €20,808
- Current portion of long-term debt +€11,636
new in 2025: €11,636
- Profit (loss) carried forward -€8,450
down €8,450 (-7.4%), from -€114,235 to -€122,684
- Gross operating margin +€24,111
up €24,111, from -€13,589 to €10,522
- Depreciation +€10,485
up €10,485 (+3,462%), from €303 to €10,788
- Financial charges +€4,711
up €4,711 (+1,624%), from €290 to €5,001
- Other operating charges -€1,926
down €1,926 (-79.3%), from €2,428 to €503
- Financial income -€240
no longer reported in 2025 (was €240)
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 | €134,929 | €121,946 | -€12,983 | -9.6% |
| Fixed assets | 21/28 | €12,500 | €56,601 | +€44,101 | +353% |
| Tangible fixed assets | 22/27 | - | €44,101 | +€44,101 | |
| Furniture and vehicles | 24 | - | €1,519 | +€1,519 | |
| Leasing and similar rights | 25 | - | €42,582 | +€42,582 | |
| Financial fixed assets | 28 | €12,500 | €12,500 | = | 0.0% |
| Current assets | 29/58 | €122,429 | €65,345 | -€57,084 | -46.6% |
| Amounts receivable within one year | 40/41 | €115,406 | €33,881 | -€81,525 | -70.6% |
| Trade receivables | 40 | €100,277 | €15,125 | -€85,152 | -84.9% |
| Other amounts receivable | 41 | €15,130 | €18,756 | +€3,627 | +24.0% |
| Cash at bank and in hand | 54/58 | €7,022 | €31,464 | +€24,441 | +348% |
| Total equity and liabilities | 10/49 | €134,929 | €121,946 | -€12,983 | -9.6% |
| Equity | 10/15 | -€27,935 | -€36,384 | -€8,450 | -30.2% |
| Contributions | 10/11 | €33,000 | €33,000 | = | 0.0% |
| Reserves | 13 | €53,300 | €53,300 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,300 | €3,300 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,300 | €3,300 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€114,235 | -€122,684 | -€8,450 | -7.4% |
| Amounts payable | 17/49 | €162,864 | €158,330 | -€4,533 | -2.8% |
| Amounts payable after more than one year | 17 | - | €30,119 | +€30,119 | |
| Financial debts | 170/4 | - | €30,119 | +€30,119 | |
| Amounts payable within one year | 42/48 | €162,864 | €125,706 | -€37,158 | -22.8% |
| Current portion of amounts payable after more than one year | 42 | - | €11,636 | +€11,636 | |
| Trade debts | 44 | €1,853 | €20,808 | +€18,956 | +1,023% |
| Suppliers | 440/4 | €1,853 | €20,808 | +€18,956 | +1,023% |
| Taxes, remuneration and social security | 45 | - | €6,480 | +€6,480 | |
| Taxes | 450/3 | - | €6,480 | +€6,480 | |
| Other amounts payable | 47/48 | €161,011 | €86,781 | -€74,230 | -46.1% |
| Accrued charges and deferred income | 492/3 | - | €2,506 | +€2,506 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €303 | €10,788 | +€10,485 | +3,462% |
| Other operating charges | 640/8 | €2,428 | €503 | -€1,926 | -79.3% |
| Non-recurring operating charges | 66A | - | €2,681 | +€2,681 | |
| Gross operating margin | 9900 | -€13,589 | €10,522 | +€24,111 | |
| Operating profit (loss) | 9901 | -€16,320 | -€3,449 | +€12,871 | +78.9% |
| Financial income | 75/76B | €240 | - | -€240 | |
| Recurring financial income | 75 | €240 | - | -€240 | |
| Financial charges | 65/66B | €290 | €5,001 | +€4,711 | +1,624% |
| Recurring financial charges | 65 | €290 | €5,001 | +€4,711 | +1,624% |
| Profit (loss) for the period before taxes | 9903 | -€16,370 | -€8,450 | +€7,920 | +48.4% |
| Profit (loss) for the period | 9904 | -€16,370 | -€8,450 | +€7,920 | +48.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,370 | -€8,450 | +€7,920 | +48.4% |
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 13 October 2026 via checked.be.