H²O CONCEPT: 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.
H²O CONCEPT
Largest movements
- Tangible fixed assets -€116,973
down €116,973 (-31.9%), from €366,321 to €249,348
of which Land and buildings: -€104,592
- Cash +€50,915
up €50,915 (+395%), from €12,903 to €63,818
mainly Investment in fixed assets (net) (+€83,669) and Net result for the year (+€34,225)
- Debts after one year -€84,187
down €84,187 (-38.1%), from €221,008 to €136,821
- Trade debts +€8,863
up €8,863 (+102%), from €8,668 to €17,531
- Current portion of long-term debt -€8,449
down €8,449 (-25.1%), from €33,666 to €25,218
- Short-term financial debts +€8,393
up €8,393 (+87.4%), from €9,607 to €18,000
- Reserves +€5,985
up €5,985 (+5.2%), from €114,402 to €120,387
- Depreciation -€18,629
down €18,629 (-35.9%), from €51,933 to €33,304
- Taxes +€4,122
up €4,122 (+49.1%), from €8,390 to €12,511
- Financial charges +€2,212
up €2,212 (+28.6%), from €7,727 to €9,939
- Other operating charges +€1,902
up €1,902 (+68.2%), from €2,788 to €4,691
- Gross operating margin +€996
up €996 (+1.1%), from €91,986 to €92,982
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 | €407,778 | €342,027 | -€65,751 | -16.1% |
| Fixed assets | 21/28 | €366,491 | €249,518 | -€116,973 | -31.9% |
| Tangible fixed assets | 22/27 | €366,321 | €249,348 | -€116,973 | -31.9% |
| Land and buildings | 22 | €321,956 | €217,364 | -€104,592 | -32.5% |
| Plant, machinery and equipment | 23 | €2,016 | €1,246 | -€770 | -38.2% |
| Furniture and vehicles | 24 | €42,350 | €30,739 | -€11,611 | -27.4% |
| Financial fixed assets | 28 | €170 | €170 | = | 0.0% |
| Current assets | 29/58 | €41,287 | €92,509 | +€51,222 | +124% |
| Stocks and contracts in progress | 3 | €8,177 | €10,303 | +€2,126 | +26.0% |
| Stocks | 30/36 | €8,177 | €10,303 | +€2,126 | +26.0% |
| Amounts receivable within one year | 40/41 | €17,549 | €16,667 | -€882 | -5.0% |
| Trade receivables | 40 | €13,813 | €7,559 | -€6,254 | -45.3% |
| Other amounts receivable | 41 | €3,736 | €9,107 | +€5,371 | +144% |
| Cash at bank and in hand | 54/58 | €12,903 | €63,818 | +€50,915 | +395% |
| Deferred charges and accrued income | 490/1 | €2,658 | €1,721 | -€937 | -35.2% |
| Total equity and liabilities | 10/49 | €407,778 | €342,027 | -€65,751 | -16.1% |
| Equity | 10/15 | €133,002 | €138,987 | +€5,985 | +4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €114,402 | €120,387 | +€5,985 | +5.2% |
| Distributable reserves | 133 | €114,402 | €120,387 | +€5,985 | +5.2% |
| Amounts payable | 17/49 | €274,776 | €203,040 | -€71,736 | -26.1% |
| Amounts payable after more than one year | 17 | €221,008 | €136,821 | -€84,187 | -38.1% |
| Financial debts | 170/4 | €221,008 | €136,821 | -€84,187 | -38.1% |
| Amounts payable within one year | 42/48 | €53,769 | €66,219 | +€12,451 | +23.2% |
| Current portion of amounts payable after more than one year | 42 | €33,666 | €25,218 | -€8,449 | -25.1% |
| Financial debts | 43 | €9,607 | €18,000 | +€8,393 | +87.4% |
| Credit institutions | 430/8 | €9,607 | €18,000 | +€8,393 | +87.4% |
| Trade debts | 44 | €8,668 | €17,531 | +€8,863 | +102% |
| Suppliers | 440/4 | €8,668 | €17,531 | +€8,863 | +102% |
| Other amounts payable | 47/48 | €1,827 | €5,470 | +€3,643 | +199% |
| Non-recurring operating income | 76A | - | €33,506 | +€33,506 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,933 | €33,304 | -€18,629 | -35.9% |
| Other operating charges | 640/8 | €2,788 | €4,691 | +€1,902 | +68.2% |
| Non-recurring operating charges | 66A | €1,923 | - | -€1,923 | |
| Gross operating margin | 9900 | €91,986 | €92,982 | +€996 | +1.1% |
| Operating profit (loss) | 9901 | €35,341 | €54,987 | +€19,646 | +55.6% |
| Financial income | 75/76B | €2,626 | €1,689 | -€937 | -35.7% |
| Recurring financial income | 75 | €2,626 | €1,689 | -€937 | -35.7% |
| Financial charges | 65/66B | €7,727 | €9,939 | +€2,212 | +28.6% |
| Recurring financial charges | 65 | €7,727 | €9,939 | +€2,212 | +28.6% |
| Profit (loss) for the period before taxes | 9903 | €30,239 | €46,737 | +€16,497 | +54.6% |
| Income taxes | 67/77 | €8,390 | €12,511 | +€4,122 | +49.1% |
| Profit (loss) for the period | 9904 | €21,850 | €34,225 | +€12,376 | +56.6% |
| Profit (loss) for the period to be appropriated | 9905 | €21,850 | €34,225 | +€12,376 | +56.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.