H+ Projects: 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+ Projects
Largest movements
- Cash -€9,767
down €9,767 (-65.5%), from €14,917 to €5,149
mainly Trade debts (-€8,222) and Receivables within one year (-€7,230)
- Receivables within one year +€7,230
up €7,230 (+25.2%), from €28,696 to €35,926
of which Trade receivables: +€6,970
- Tangible fixed assets -€5,447
down €5,447 (-34.8%), from €15,653 to €10,206
of which Furniture and vehicles: -€6,245
- Deferred charges and accrued income +€667
new in 2025: €667
- Trade debts -€8,222
down €8,222 (-48.5%), from €16,965 to €8,744
- Other debts -€5,960
down €5,960 (-74.3%), from €8,021 to €2,061
- Profit (loss) carried forward +€4,391
up €4,391 (+14.9%), from €29,392 to €33,783
- Accrued charges and deferred income +€4,000
new in 2025: €4,000
- Tax, wage and social debts -€1,527
down €1,527 (-52.9%), from €2,887 to €1,360
of which Remuneration and social security: -€1,700
- Write-downs +€2,244
new in 2025: €2,244
- Depreciation -€1,542
down €1,542 (-19.2%), from €8,022 to €6,480
- Gross operating margin -€572
down €572 (-3.7%), from €15,417 to €14,844
- Financial charges -€254
down €254 (-46.5%), from €546 to €292
- Financial income +€236
up €236 (+704.4%), from €34 to €269
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 | €59,265 | €51,948 | -€7,317 | -12.3% |
| Fixed assets | 21/28 | €15,653 | €10,206 | -€5,447 | -34.8% |
| Tangible fixed assets | 22/27 | €15,653 | €10,206 | -€5,447 | -34.8% |
| Plant, machinery and equipment | 23 | €600 | €1,399 | +€798 | +133.0% |
| Furniture and vehicles | 24 | €15,053 | €8,807 | -€6,245 | -41.5% |
| Current assets | 29/58 | €43,612 | €41,742 | -€1,871 | -4.3% |
| Amounts receivable within one year | 40/41 | €28,696 | €35,926 | +€7,230 | +25.2% |
| Trade receivables | 40 | €27,548 | €34,517 | +€6,970 | +25.3% |
| Other amounts receivable | 41 | €1,148 | €1,409 | +€261 | +22.7% |
| Cash at bank and in hand | 54/58 | €14,917 | €5,149 | -€9,767 | -65.5% |
| Deferred charges and accrued income | 490/1 | - | €667 | +€667 | |
| Total equity and liabilities | 10/49 | €59,265 | €51,948 | -€7,317 | -12.3% |
| Equity | 10/15 | €31,392 | €35,783 | +€4,391 | +14.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,392 | €33,783 | +€4,391 | +14.9% |
| Amounts payable | 17/49 | €27,874 | €16,165 | -€11,709 | -42.0% |
| Amounts payable within one year | 42/48 | €27,874 | €12,165 | -€15,709 | -56.4% |
| Trade debts | 44 | €16,965 | €8,744 | -€8,222 | -48.5% |
| Suppliers | 440/4 | €16,965 | €8,744 | -€8,222 | -48.5% |
| Taxes, remuneration and social security | 45 | €2,887 | €1,360 | -€1,527 | -52.9% |
| Taxes | 450/3 | €1,187 | €1,360 | +€173 | +14.6% |
| Remuneration and social security | 454/9 | €1,700 | - | -€1,700 | |
| Other amounts payable | 47/48 | €8,021 | €2,061 | -€5,960 | -74.3% |
| Accrued charges and deferred income | 492/3 | - | €4,000 | +€4,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,022 | €6,480 | -€1,542 | -19.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,244 | +€2,244 | |
| Other operating charges | 640/8 | €334 | €347 | +€13 | +3.9% |
| Gross operating margin | 9900 | €15,417 | €14,844 | -€572 | -3.7% |
| Operating profit (loss) | 9901 | €7,061 | €5,774 | -€1,288 | -18.2% |
| Financial income | 75/76B | €34 | €269 | +€236 | +704.4% |
| Recurring financial income | 75 | €34 | €269 | +€236 | +704.4% |
| Financial charges | 65/66B | €546 | €292 | -€254 | -46.5% |
| Recurring financial charges | 65 | €546 | €292 | -€254 | -46.5% |
| Profit (loss) for the period before taxes | 9903 | €6,549 | €5,751 | -€798 | -12.2% |
| Income taxes | 67/77 | €1,187 | €1,360 | +€173 | +14.6% |
| Profit (loss) for the period | 9904 | €5,362 | €4,391 | -€971 | -18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €5,362 | €4,391 | -€971 | -18.1% |
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 5 October 2026 via checked.be.