H & P: 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 & P
Largest movements
- Tangible fixed assets +€298,921
up €298,921 (+19.5%), from €1.5m to €1.8m
of which Land and buildings: +€301,619
- Cash +€22,259
up €22,259 (+90.8%), from €24,524 to €46,783
mainly Other debts (+€494,525) and Depreciation (+€109,794)
- Other debts +€494,525
up €494,525 (+93.2%), from €530,591 to €1.0m
- Profit (loss) carried forward -€260,192
down €260,192 (-70.5%), from -€368,817 to -€629,009
- Debts after one year +€46,136
up €46,136 (+4.4%), from €1.0m to €1.1m
of which Financial debts: +€46,136
- Trade debts +€25,592
up €25,592 (+70.0%), from €36,584 to €62,176
- Staff costs +€32,253
new in 2025: €32,253
- Taxes +€30,693
up €30,693 (+19183.3%), from €160 to €30,853
- Financial charges +€17,024
up €17,024 (+93.5%), from €18,214 to €35,239
- Depreciation +€12,662
up €12,662 (+13.0%), from €97,132 to €109,794
- Gross operating margin +€12,423
up €12,423 (+21.6%), from -€57,449 to -€45,026
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 | €1,587,795 | €1,897,946 | +€310,151 | +19.5% |
| Fixed assets | 21/28 | €1,531,553 | €1,830,773 | +€299,221 | +19.5% |
| Tangible fixed assets | 22/27 | €1,531,553 | €1,830,473 | +€298,921 | +19.5% |
| Land and buildings | 22 | €1,342,251 | €1,643,870 | +€301,619 | +22.5% |
| Plant, machinery and equipment | 23 | €188,735 | €186,289 | -€2,446 | -1.3% |
| Furniture and vehicles | 24 | €567 | €315 | -€252 | -44.5% |
| Financial fixed assets | 28 | - | €300 | +€300 | |
| Current assets | 29/58 | €56,242 | €67,173 | +€10,930 | +19.4% |
| Amounts receivable within one year | 40/41 | €31,719 | €20,390 | -€11,329 | -35.7% |
| Trade receivables | 40 | €8,220 | €12,858 | +€4,638 | +56.4% |
| Other amounts receivable | 41 | €23,499 | €7,532 | -€15,968 | -67.9% |
| Cash at bank and in hand | 54/58 | €24,524 | €46,783 | +€22,259 | +90.8% |
| Total equity and liabilities | 10/49 | €1,587,795 | €1,897,946 | +€310,151 | +19.5% |
| Equity | 10/15 | -€158,790 | -€418,982 | -€260,192 | -163.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €191,427 | €191,427 | = | 0.0% |
| 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 | €103,532 | €103,532 | = | 0.0% |
| Distributable reserves | 133 | €86,036 | €86,036 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€368,817 | -€629,009 | -€260,192 | -70.5% |
| Provisions and deferred taxes | 16 | €107,858 | €107,858 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €107,858 | €107,858 | = | 0.0% |
| Pensions and similar obligations | 160 | €107,858 | €107,858 | = | 0.0% |
| Amounts payable | 17/49 | €1,638,726 | €2,209,069 | +€570,343 | +34.8% |
| Amounts payable after more than one year | 17 | €1,037,056 | €1,083,192 | +€46,136 | +4.4% |
| Financial debts | 170/4 | €844,035 | €890,171 | +€46,136 | +5.5% |
| Other amounts payable | 178/9 | €193,021 | €193,021 | = | 0.0% |
| Amounts payable within one year | 42/48 | €601,670 | €1,125,877 | +€524,207 | +87.1% |
| Current portion of amounts payable after more than one year | 42 | €34,496 | €35,790 | +€1,295 | +3.8% |
| Trade debts | 44 | €36,584 | €62,176 | +€25,592 | +70.0% |
| Suppliers | 440/4 | €36,584 | €62,176 | +€25,592 | +70.0% |
| Taxes, remuneration and social security | 45 | - | €2,795 | +€2,795 | |
| Remuneration and social security | 454/9 | - | €2,795 | +€2,795 | |
| Other amounts payable | 47/48 | €530,591 | €1,025,116 | +€494,525 | +93.2% |
| Remuneration, social security and pensions | 62 | - | €32,253 | +€32,253 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,132 | €109,794 | +€12,662 | +13.0% |
| Other operating charges | 640/8 | €7,531 | €7,038 | -€493 | -6.5% |
| Gross operating margin | 9900 | -€57,449 | -€45,026 | +€12,423 | +21.6% |
| Operating profit (loss) | 9901 | -€162,112 | -€194,111 | -€31,999 | -19.7% |
| Financial income | 75/76B | €14 | €11 | -€3 | -24.1% |
| Recurring financial income | 75 | €14 | €11 | -€3 | -24.1% |
| Financial charges | 65/66B | €18,214 | €35,239 | +€17,024 | +93.5% |
| Recurring financial charges | 65 | €18,214 | €35,239 | +€17,024 | +93.5% |
| Profit (loss) for the period before taxes | 9903 | -€180,312 | -€229,339 | -€49,026 | -27.2% |
| Income taxes | 67/77 | €160 | €30,853 | +€30,693 | +19183.3% |
| Profit (loss) for the period | 9904 | -€180,472 | -€260,192 | -€79,720 | -44.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€180,472 | -€260,192 | -€79,720 | -44.2% |
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 7 October 2026 via checked.be.