H & N: 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 & N
Largest movements
- Tangible fixed assets -€45,237
down €45,237 (-19.1%), from €236,358 to €191,122
of which Plant, machinery and equipment: -€56,095
- Receivables within one year -€26,127
down €26,127 (-18.2%), from €143,695 to €117,569
of which Trade receivables: -€18,155
- Stocks and contracts +€16,122
up €16,122 (+5.0%), from €320,028 to €336,150
- Deferred charges and accrued income +€8,113
up €8,113 (+41.3%), from €19,653 to €27,766
- Trade debts +€136,185
up €136,185 (+37.1%), from €367,521 to €503,706
- Other debts -€68,131
down €68,131 (-99.3%), from €68,621 to €490
- Debts after one year -€43,528
down €43,528 (-31.8%), from €136,715 to €93,187
- Profit (loss) carried forward -€34,497
down €34,497, from €26,797 to -€7,700
- Reserves -€12,127
down €12,127 (-17.5%), from €69,119 to €56,992
of which Tax-exempt reserves: -€12,127
- Gross operating margin +€61,347
up €61,347 (+24.4%), from €251,716 to €313,063
- Staff costs +€31,838
up €31,838 (+13.4%), from €237,069 to €268,907
- Financial charges +€16,256
up €16,256 (+120.7%), from €13,469 to €29,726
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €774,569 | €732,060 | -€42,509 | -5.5% |
| Fixed assets | 21/28 | €236,358 | €192,622 | -€43,737 | -18.5% |
| Tangible fixed assets | 22/27 | €236,358 | €191,122 | -€45,237 | -19.1% |
| Plant, machinery and equipment | 23 | €226,727 | €170,632 | -€56,095 | -24.7% |
| Other tangible fixed assets | 26 | €9,631 | €20,490 | +€10,858 | +112.7% |
| Financial fixed assets | 28 | - | €1,500 | +€1,500 | |
| Current assets | 29/58 | €538,210 | €539,438 | +€1,228 | +0.2% |
| Stocks and contracts in progress | 3 | €320,028 | €336,150 | +€16,122 | +5.0% |
| Stocks | 30/36 | €320,028 | €336,150 | +€16,122 | +5.0% |
| Amounts receivable within one year | 40/41 | €143,695 | €117,569 | -€26,127 | -18.2% |
| Trade receivables | 40 | €93,636 | €75,481 | -€18,155 | -19.4% |
| Other amounts receivable | 41 | €50,060 | €42,088 | -€7,972 | -15.9% |
| Cash at bank and in hand | 54/58 | €54,834 | €57,954 | +€3,120 | +5.7% |
| Deferred charges and accrued income | 490/1 | €19,653 | €27,766 | +€8,113 | +41.3% |
| Total equity and liabilities | 10/49 | €774,569 | €732,060 | -€42,509 | -5.5% |
| Equity | 10/15 | €114,516 | €67,892 | -€46,625 | -40.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €69,119 | €56,992 | -€12,127 | -17.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €67,259 | €55,132 | -€12,127 | -18.0% |
| Profit (loss) carried forward | 14 | €26,797 | -€7,700 | -€34,497 | |
| Provisions and deferred taxes | 16 | €12,127 | €9,096 | -€3,032 | -25.0% |
| Deferred taxes | 168 | €12,127 | €9,096 | -€3,032 | -25.0% |
| Amounts payable | 17/49 | €647,925 | €655,073 | +€7,148 | +1.1% |
| Amounts payable after more than one year | 17 | €136,715 | €93,187 | -€43,528 | -31.8% |
| Financial debts | 170/4 | €136,715 | €93,187 | -€43,528 | -31.8% |
| Amounts payable within one year | 42/48 | €511,210 | €561,886 | +€50,676 | +9.9% |
| Current portion of amounts payable after more than one year | 42 | €55,268 | €43,528 | -€11,739 | -21.2% |
| Trade debts | 44 | €367,521 | €503,706 | +€136,185 | +37.1% |
| Suppliers | 440/4 | €367,521 | €503,706 | +€136,185 | +37.1% |
| Taxes, remuneration and social security | 45 | €19,801 | €14,163 | -€5,639 | -28.5% |
| Remuneration and social security | 454/9 | €19,801 | €14,163 | -€5,639 | -28.5% |
| Other amounts payable | 47/48 | €68,621 | €490 | -€68,131 | -99.3% |
| Remuneration, social security and pensions | 62 | €237,069 | €268,907 | +€31,838 | +13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,305 | €59,534 | +€1,229 | +2.1% |
| Other operating charges | 640/8 | €3,955 | €4,760 | +€806 | +20.4% |
| Gross operating margin | 9900 | €251,716 | €313,063 | +€61,347 | +24.4% |
| Operating profit (loss) | 9901 | -€47,613 | -€20,138 | +€27,475 | +57.7% |
| Financial income | 75/76B | €1,641 | €207 | -€1,434 | -87.4% |
| Recurring financial income | 75 | €1,641 | €207 | -€1,434 | -87.4% |
| Financial charges | 65/66B | €13,469 | €29,726 | +€16,256 | +120.7% |
| Recurring financial charges | 65 | €13,469 | €29,726 | +€16,256 | +120.7% |
| Profit (loss) for the period before taxes | 9903 | -€59,441 | -€49,657 | +€9,784 | +16.5% |
| Transfer from deferred taxes | 780 | €15,159 | €15,159 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€44,282 | -€34,497 | +€9,784 | +22.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€44,282 | -€34,497 | +€9,784 | +22.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.