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
- Tangible fixed assets +€73,504
up €73,504 (+17.0%), from €431,657 to €505,161
- Cash -€5,812
down €5,812 (-98.7%), from €5,887 to €75
mainly Investment in fixed assets (net) (-€95,880) and Debts after one year (-€11,455)
- Receivables within one year +€5,164
new in 2025: €5,164
- Trade debts +€96,295
up €96,295 (+5125.3%), from €1,879 to €98,173
- Debts after one year -€11,455
down €11,455 (-5.3%), from €216,901 to €205,446
- Current portion of long-term debt -€11,175
down €11,175 (-33.4%), from €33,418 to €22,244
No income-statement line moved by more than 1% of the activity.
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 | €437,544 | €512,900 | +€75,356 | +17.2% |
| Fixed assets | 21/28 | €431,657 | €505,161 | +€73,504 | +17.0% |
| Tangible fixed assets | 22/27 | €431,657 | €505,161 | +€73,504 | +17.0% |
| Land and buildings | 22 | €431,657 | €505,161 | +€73,504 | +17.0% |
| Current assets | 29/58 | €5,887 | €7,739 | +€1,852 | +31.5% |
| Amounts receivable within one year | 40/41 | - | €5,164 | +€5,164 | |
| Other amounts receivable | 41 | - | €5,164 | +€5,164 | |
| Cash at bank and in hand | 54/58 | €5,887 | €75 | -€5,812 | -98.7% |
| Deferred charges and accrued income | 490/1 | - | €2,500 | +€2,500 | |
| Total equity and liabilities | 10/49 | €437,544 | €512,900 | +€75,356 | +17.2% |
| Equity | 10/15 | €156,000 | €159,948 | +€3,948 | +2.5% |
| Contributions | 10/11 | €152,000 | €152,000 | = | 0.0% |
| Outside capital | 11 | - | €152,000 | +€152,000 | |
| Other | 1109/19 | - | €152,000 | +€152,000 | |
| Reserves | 13 | €4,000 | €7,948 | +€3,948 | +98.7% |
| Distributable reserves | 133 | €4,000 | €7,948 | +€3,948 | +98.7% |
| Amounts payable | 17/49 | €281,544 | €352,952 | +€71,408 | +25.4% |
| Amounts payable after more than one year | 17 | €216,901 | €205,446 | -€11,455 | -5.3% |
| Financial debts | 170/4 | €216,901 | €205,446 | -€11,455 | -5.3% |
| Amounts payable within one year | 42/48 | €37,393 | €123,856 | +€86,464 | +231.2% |
| Current portion of amounts payable after more than one year | 42 | €33,418 | €22,244 | -€11,175 | -33.4% |
| Trade debts | 44 | €1,879 | €98,173 | +€96,295 | +5125.3% |
| Suppliers | 440/4 | €1,879 | €98,173 | +€96,295 | +5125.3% |
| Taxes, remuneration and social security | 45 | €1,495 | €2,839 | +€1,344 | +89.8% |
| Taxes | 450/3 | €1,495 | €2,839 | +€1,344 | +89.8% |
| Other amounts payable | 47/48 | €600 | €600 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €27,250 | €23,650 | -€3,600 | -13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,376 | €22,376 | = | 0.0% |
| Other operating charges | 640/8 | €9,666 | €9,957 | +€291 | +3.0% |
| Gross operating margin | 9900 | €41,000 | €41,289 | +€289 | +0.7% |
| Operating profit (loss) | 9901 | €8,958 | €8,956 | -€2 | 0.0% |
| Financial charges | 65/66B | €3,813 | €3,571 | -€242 | -6.3% |
| Recurring financial charges | 65 | €3,813 | €3,571 | -€242 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €5,145 | €5,385 | +€240 | +4.7% |
| Income taxes | 67/77 | €1,402 | €1,437 | +€35 | +2.5% |
| Profit (loss) for the period | 9904 | €3,743 | €3,948 | +€205 | +5.5% |
| Profit (loss) for the period to be appropriated | 9905 | €3,743 | €3,948 | +€205 | +5.5% |
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.