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
- Stocks and contracts -€715,420
down €715,420 (-16.6%), from €4.3m to €3.6m
- Tangible fixed assets -€175,287
down €175,287 (-6.1%), from €2.9m to €2.7m
of which Land and buildings: -€109,046
- Cash -€164,395
down €164,395 (-50.9%), from €322,726 to €158,331
mainly Debts after one year (-€1.1m) and Advances received (-€672,795)
- Debts after one year -€1.1m
down €1.1m (-38.8%), from €3.0m to €1.8m
of which Financial debts: -€936,871
- Advances received -€672,795
no longer reported in 2025 (was €672,795)
- Profit (loss) carried forward +€542,589
no longer reported in 2025 (was -€542,589)
- Reserves +€187,407
up €187,407 (+184%), from €101,860 to €289,267
- Gross operating margin +€710,636
up €710,636 (+220%), from €323,250 to €1.0m
- Financial charges -€125,966
down €125,966 (-99.3%), from €126,854 to €888
- Taxes +€85,188
up €85,188 (+22,336%), from €381 to €85,570
- Depreciation -€39,334
down €39,334 (-20.5%), from €191,788 to €152,453
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 | €7,520,736 | €6,539,155 | -€981,581 | -13.1% |
| Fixed assets | 21/28 | €2,876,523 | €2,701,236 | -€175,287 | -6.1% |
| Tangible fixed assets | 22/27 | €2,876,190 | €2,700,903 | -€175,287 | -6.1% |
| Land and buildings | 22 | €2,763,839 | €2,654,792 | -€109,046 | -3.9% |
| Plant, machinery and equipment | 23 | €89,518 | €46,110 | -€43,407 | -48.5% |
| Furniture and vehicles | 24 | €22,834 | - | -€22,834 | |
| Financial fixed assets | 28 | €333 | €333 | = | 0.0% |
| Current assets | 29/58 | €4,644,212 | €3,837,919 | -€806,294 | -17.4% |
| Stocks and contracts in progress | 3 | €4,315,622 | €3,600,202 | -€715,420 | -16.6% |
| Stocks | 30/36 | €4,315,622 | €3,600,202 | -€715,420 | -16.6% |
| Amounts receivable within one year | 40/41 | €1,017 | €38,416 | +€37,399 | +3,677% |
| Trade receivables | 40 | €998 | €38,308 | +€37,309 | +3,737% |
| Other amounts receivable | 41 | €19 | €109 | +€90 | +479% |
| Cash at bank and in hand | 54/58 | €322,726 | €158,331 | -€164,395 | -50.9% |
| Deferred charges and accrued income | 490/1 | €4,847 | €40,969 | +€36,122 | +745% |
| Total equity and liabilities | 10/49 | €7,520,736 | €6,539,155 | -€981,581 | -13.1% |
| Equity | 10/15 | €3,459,271 | €4,189,267 | +€729,996 | +21.1% |
| Contributions | 10/11 | €3,900,000 | €3,900,000 | = | 0.0% |
| Capital | 10 | €3,900,000 | €3,900,000 | = | 0.0% |
| Issued capital | 100 | €3,900,000 | €3,900,000 | = | 0.0% |
| Reserves | 13 | €101,860 | €289,267 | +€187,407 | +184% |
| Distributable reserves | 133 | €101,860 | €289,267 | +€187,407 | +184% |
| Profit (loss) carried forward | 14 | -€542,589 | - | +€542,589 | |
| Amounts payable | 17/49 | €4,061,464 | €2,349,888 | -€1.7m | -42.1% |
| Amounts payable after more than one year | 17 | €2,958,000 | €1,809,763 | -€1.1m | -38.8% |
| Financial debts | 170/4 | €1,500,000 | €563,129 | -€936,871 | -62.5% |
| Other amounts payable | 178/9 | €1,458,000 | €1,246,634 | -€211,366 | -14.5% |
| Amounts payable within one year | 42/48 | €933,546 | €301,649 | -€631,897 | -67.7% |
| Trade debts | 44 | €92,556 | €114,668 | +€22,112 | +23.9% |
| Suppliers | 440/4 | €92,556 | €114,668 | +€22,112 | +23.9% |
| Advances received on contracts in progress | 46 | €672,795 | - | -€672,795 | |
| Taxes, remuneration and social security | 45 | €140,094 | €186,981 | +€46,888 | +33.5% |
| Taxes | 450/3 | €140,094 | €186,981 | +€46,888 | +33.5% |
| Other amounts payable | 47/48 | €28,102 | - | -€28,102 | |
| Accrued charges and deferred income | 492/3 | €169,918 | €238,476 | +€68,558 | +40.3% |
| Non-recurring operating income | 76A | - | €33,541 | +€33,541 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €191,788 | €152,453 | -€39,334 | -20.5% |
| Other operating charges | 640/8 | €63,677 | €65,652 | +€1,976 | +3.1% |
| Gross operating margin | 9900 | €323,250 | €1,033,886 | +€710,636 | +220% |
| Operating profit (loss) | 9901 | €67,785 | €815,780 | +€747,994 | +1,103% |
| Financial income | 75/76B | €3 | €674 | +€671 | +22,302% |
| Recurring financial income | 75 | €3 | €674 | +€671 | +22,302% |
| Financial charges | 65/66B | €126,854 | €888 | -€125,966 | -99.3% |
| Recurring financial charges | 65 | €126,854 | €888 | -€125,966 | -99.3% |
| Profit (loss) for the period before taxes | 9903 | -€59,066 | €815,566 | +€874,631 | |
| Income taxes | 67/77 | €381 | €85,570 | +€85,188 | +22,336% |
| Profit (loss) for the period | 9904 | -€59,447 | €729,996 | +€789,443 | |
| Profit (loss) for the period to be appropriated | 9905 | -€59,447 | €729,996 | +€789,443 |
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 24 October 2026 via checked.be.