H-NE Construct: 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-NE Construct
Largest movements
- Cash +€69,684
up €69,684 (+159.5%), from €43,697 to €113,380
mainly Net result for the year (+€36,926) and Investment in fixed assets (net) (+€23,193)
- Tangible fixed assets -€34,030
down €34,030 (-80.6%), from €42,195 to €8,165
of which Furniture and vehicles: -€30,971
- Receivables within one year -€10,626
down €10,626 (-15.2%), from €69,973 to €59,347
of which Trade receivables: -€38,551
- Intangible fixed assets -€6,114
down €6,114 (-14.9%), from €41,022 to €34,908
- Stocks and contracts -€5,146
down €5,146 (-13.5%), from €37,984 to €32,838
of which Contracts in progress: -€10,310
- Profit (loss) carried forward +€36,926
up €36,926, from -€1,173 to €35,752
- Trade debts -€33,988
down €33,988 (-19.2%), from €176,580 to €142,592
- Current portion of long-term debt +€16,340
up €16,340 (+113.3%), from €14,420 to €30,759
- Tax, wage and social debts -€5,991
down €5,991 (-65.2%), from €9,191 to €3,199
of which Remuneration and social security: -€3,222
- Accrued charges and deferred income +€5,506
up €5,506 (+22.8%), from €24,185 to €29,691
- Staff costs -€29,931
down €29,931 (-23.7%), from €126,307 to €96,377
- Gross operating margin +€27,700
up €27,700 (+20.2%), from €136,932 to €164,633
- Depreciation -€18,340
down €18,340 (-57.0%), from €32,159 to €13,820
- Taxes +€6,220
new in 2025: €6,220
- Other operating charges +€2,630
up €2,630 (+57.7%), from €4,561 to €7,192
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 | €246,724 | €263,667 | +€16,943 | +6.9% |
| Fixed assets | 21/28 | €87,966 | €50,953 | -€37,013 | -42.1% |
| Intangible fixed assets | 21 | €41,022 | €34,908 | -€6,114 | -14.9% |
| Tangible fixed assets | 22/27 | €42,195 | €8,165 | -€34,030 | -80.6% |
| Land and buildings | 22 | €1,609 | €1,436 | -€173 | -10.8% |
| Plant, machinery and equipment | 23 | €2,043 | €873 | -€1,170 | -57.3% |
| Furniture and vehicles | 24 | €34,735 | €3,765 | -€30,971 | -89.2% |
| Other tangible fixed assets | 26 | €3,808 | €2,092 | -€1,716 | -45.1% |
| Financial fixed assets | 28 | €4,749 | €7,880 | +€3,131 | +65.9% |
| Current assets | 29/58 | €158,759 | €212,714 | +€53,956 | +34.0% |
| Stocks and contracts in progress | 3 | €37,984 | €32,838 | -€5,146 | -13.5% |
| Stocks | 30/36 | €20,630 | €25,794 | +€5,164 | +25.0% |
| Contracts in progress | 37 | €17,354 | €7,044 | -€10,310 | -59.4% |
| Amounts receivable within one year | 40/41 | €69,973 | €59,347 | -€10,626 | -15.2% |
| Trade receivables | 40 | €58,272 | €19,720 | -€38,551 | -66.2% |
| Other amounts receivable | 41 | €11,701 | €39,627 | +€27,926 | +238.7% |
| Cash at bank and in hand | 54/58 | €43,697 | €113,380 | +€69,684 | +159.5% |
| Deferred charges and accrued income | 490/1 | €7,105 | €7,149 | +€44 | +0.6% |
| Total equity and liabilities | 10/49 | €246,724 | €263,667 | +€16,943 | +6.9% |
| Equity | 10/15 | €1,827 | €38,752 | +€36,926 | +2021.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,173 | €35,752 | +€36,926 | |
| Amounts payable | 17/49 | €244,897 | €224,914 | -€19,983 | -8.2% |
| Amounts payable after more than one year | 17 | €20,523 | €18,673 | -€1,849 | -9.0% |
| Financial debts | 170/4 | €20,523 | - | -€20,523 | |
| Trade debts | 175 | - | €18,673 | +€18,673 | |
| Amounts payable within one year | 42/48 | €200,190 | €176,550 | -€23,639 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €14,420 | €30,759 | +€16,340 | +113.3% |
| Trade debts | 44 | €176,580 | €142,592 | -€33,988 | -19.2% |
| Suppliers | 440/4 | €176,580 | €142,592 | -€33,988 | -19.2% |
| Taxes, remuneration and social security | 45 | €9,191 | €3,199 | -€5,991 | -65.2% |
| Taxes | 450/3 | €2,770 | - | -€2,770 | |
| Remuneration and social security | 454/9 | €6,421 | €3,199 | -€3,222 | -50.2% |
| Accrued charges and deferred income | 492/3 | €24,185 | €29,691 | +€5,506 | +22.8% |
| Remuneration, social security and pensions | 62 | €126,307 | €96,377 | -€29,931 | -23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,159 | €13,820 | -€18,340 | -57.0% |
| Other operating charges | 640/8 | €4,561 | €7,192 | +€2,630 | +57.7% |
| Gross operating margin | 9900 | €136,932 | €164,633 | +€27,700 | +20.2% |
| Operating profit (loss) | 9901 | -€26,095 | €47,245 | +€73,340 | |
| Financial income | 75/76B | €132 | €6 | -€126 | -95.4% |
| Recurring financial income | 75 | €132 | €6 | -€126 | -95.4% |
| Financial charges | 65/66B | €3,247 | €4,105 | +€858 | +26.4% |
| Recurring financial charges | 65 | €3,247 | €4,105 | +€858 | +26.4% |
| Profit (loss) for the period before taxes | 9903 | -€29,211 | €43,145 | +€72,356 | |
| Income taxes | 67/77 | - | €6,220 | +€6,220 | |
| Profit (loss) for the period | 9904 | -€29,211 | €36,926 | +€66,136 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,211 | €36,926 | +€66,136 |
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 3 October 2026 via checked.be.