H & S: 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 & S
Largest movements
- Receivables within one year +€33,771
up €33,771, from €0 to €33,771
of which Trade receivables: +€31,122
- Cash -€26,168
down €26,168 (-29.7%), from €88,225 to €62,056
mainly Receivables within one year (-€33,771) and Contributions, distributions and other (-€19,834)
- Tangible fixed assets +€4,196
up €4,196 (+206.3%), from €2,034 to €6,230
of which Furniture and vehicles: +€4,257
- Deferred charges and accrued income -€2,020
down €2,020 (-89.6%), from €2,254 to €234
- Other debts +€20,219
up €20,219 (+117.0%), from €17,275 to €37,494
- Reserves -€8,608
down €8,608 (-37.9%), from €22,697 to €14,089
of which Distributable reserves: -€8,608
- Gross operating margin +€11,226
up €11,226 (+138.4%), from €8,112 to €19,338
- Taxes +€3,174
up €3,174 (+216.2%), from €1,468 to €4,642
- Depreciation -€729
down €729 (-27.4%), from €2,660 to €1,931
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 | €93,807 | €103,994 | +€10,187 | +10.9% |
| Fixed assets | 21/28 | €2,565 | €6,761 | +€4,196 | +163.6% |
| Tangible fixed assets | 22/27 | €2,034 | €6,230 | +€4,196 | +206.3% |
| Plant, machinery and equipment | 23 | €61 | €0 | -€61 | -100.0% |
| Furniture and vehicles | 24 | €1,973 | €6,230 | +€4,257 | +215.7% |
| Financial fixed assets | 28 | €531 | €531 | = | 0.0% |
| Current assets | 29/58 | €91,242 | €97,233 | +€5,991 | +6.6% |
| Stocks and contracts in progress | 3 | €763 | €1,172 | +€409 | +53.6% |
| Stocks | 30/36 | €763 | €1,172 | +€409 | +53.6% |
| Amounts receivable within one year | 40/41 | €0 | €33,771 | +€33,771 | |
| Trade receivables | 40 | €0 | €31,122 | +€31,122 | |
| Other amounts receivable | 41 | €0 | €2,649 | +€2,649 | |
| Cash at bank and in hand | 54/58 | €88,225 | €62,056 | -€26,168 | -29.7% |
| Deferred charges and accrued income | 490/1 | €2,254 | €234 | -€2,020 | -89.6% |
| Total equity and liabilities | 10/49 | €93,807 | €103,994 | +€10,187 | +10.9% |
| Equity | 10/15 | €67,787 | €58,346 | -€9,441 | -13.9% |
| Contributions | 10/11 | €7,178 | €7,178 | = | 0.0% |
| Reserves | 13 | €22,697 | €14,089 | -€8,608 | -37.9% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €20,838 | €12,230 | -€8,608 | -41.3% |
| Profit (loss) carried forward | 14 | €37,911 | €37,078 | -€833 | -2.2% |
| Amounts payable | 17/49 | €26,020 | €45,648 | +€19,628 | +75.4% |
| Amounts payable within one year | 42/48 | €24,739 | €44,412 | +€19,673 | +79.5% |
| Trade debts | 44 | €539 | €386 | -€153 | -28.5% |
| Suppliers | 440/4 | €539 | €386 | -€153 | -28.5% |
| Taxes, remuneration and social security | 45 | €6,924 | €6,532 | -€392 | -5.7% |
| Taxes | 450/3 | €6,924 | €6,532 | -€392 | -5.7% |
| Other amounts payable | 47/48 | €17,275 | €37,494 | +€20,219 | +117.0% |
| Accrued charges and deferred income | 492/3 | €1,281 | €1,237 | -€45 | -3.5% |
| Non-recurring operating income | 76A | €34,295 | €0 | -€34,295 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,660 | €1,931 | -€729 | -27.4% |
| Other operating charges | 640/8 | €810 | €777 | -€33 | -4.1% |
| Non-recurring operating charges | 66A | - | €153 | +€153 | |
| Gross operating margin | 9900 | €8,112 | €19,338 | +€11,226 | +138.4% |
| Operating profit (loss) | 9901 | €4,643 | €16,478 | +€11,835 | +254.9% |
| Financial income | 75/76B | €61 | €0 | -€61 | -100.0% |
| Recurring financial income | 75 | €61 | €0 | -€61 | -100.0% |
| Financial charges | 65/66B | €1,398 | €1,443 | +€44 | +3.2% |
| Recurring financial charges | 65 | €1,398 | €1,443 | +€44 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | €3,306 | €15,035 | +€11,729 | +354.8% |
| Income taxes | 67/77 | €1,468 | €4,642 | +€3,174 | +216.2% |
| Profit (loss) for the period | 9904 | €1,837 | €10,393 | +€8,555 | +465.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,837 | €10,393 | +€8,555 | +465.6% |
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 4 October 2026 via checked.be.