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 +€49,563
up €49,563, from €0 to €49,563
of which Other amounts receivable: +€39,954
- Stocks and contracts -€18,330
down €18,330 (-54.2%), from €33,836 to €15,506
- Deferred charges and accrued income -€2,619
down €2,619 (-70.1%), from €3,738 to €1,119
- Cash +€2,101
up €2,101 (+76.2%), from €2,757 to €4,857
mainly Accrued charges and deferred income (+€72,375) and Other debts (+€47,628)
- Tangible fixed assets -€1,200
down €1,200 (-24.1%), from €4,973 to €3,773
of which Furniture and vehicles: -€880
- Trade debts -€115,216
down €115,216 (-59.3%), from €194,391 to €79,175
- Accrued charges and deferred income +€72,375
new in 2025: €72,375
- Other debts +€47,628
up €47,628 (+7744.0%), from €615 to €48,243
- Profit (loss) carried forward +€18,203
up €18,203 (+10.5%), from -€173,203 to -€154,999
- Tax, wage and social debts +€6,367
up €6,367 (+28.9%), from €22,009 to €28,376
of which Remuneration and social security: +€9,975
- Gross operating margin +€184,750
up €184,750, from -€114,639 to €70,112
- Staff costs -€7,450
down €7,450 (-16.9%), from €44,028 to €36,578
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 | €46,312 | €75,670 | +€29,358 | +63.4% |
| Fixed assets | 21/28 | €5,981 | €4,624 | -€1,357 | -22.7% |
| Intangible fixed assets | 21 | €1,008 | €851 | -€157 | -15.6% |
| Tangible fixed assets | 22/27 | €4,973 | €3,773 | -€1,200 | -24.1% |
| Plant, machinery and equipment | 23 | €1,088 | €768 | -€320 | -29.4% |
| Furniture and vehicles | 24 | €3,885 | €3,005 | -€880 | -22.6% |
| Current assets | 29/58 | €40,331 | €71,046 | +€30,715 | +76.2% |
| Stocks and contracts in progress | 3 | €33,836 | €15,506 | -€18,330 | -54.2% |
| Stocks | 30/36 | €33,836 | €15,506 | -€18,330 | -54.2% |
| Amounts receivable within one year | 40/41 | €0 | €49,563 | +€49,563 | |
| Trade receivables | 40 | €0 | €9,610 | +€9,610 | |
| Other amounts receivable | 41 | - | €39,954 | +€39,954 | |
| Cash at bank and in hand | 54/58 | €2,757 | €4,857 | +€2,101 | +76.2% |
| Deferred charges and accrued income | 490/1 | €3,738 | €1,119 | -€2,619 | -70.1% |
| Total equity and liabilities | 10/49 | €46,312 | €75,670 | +€29,358 | +63.4% |
| Equity | 10/15 | -€170,703 | -€152,499 | +€18,203 | +10.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€173,203 | -€154,999 | +€18,203 | +10.5% |
| Amounts payable | 17/49 | €217,015 | €228,169 | +€11,154 | +5.1% |
| Amounts payable within one year | 42/48 | €217,015 | €155,794 | -€61,221 | -28.2% |
| Trade debts | 44 | €194,391 | €79,175 | -€115,216 | -59.3% |
| Suppliers | 440/4 | €194,391 | €79,175 | -€115,216 | -59.3% |
| Taxes, remuneration and social security | 45 | €22,009 | €28,376 | +€6,367 | +28.9% |
| Taxes | 450/3 | €18,161 | €14,554 | -€3,607 | -19.9% |
| Remuneration and social security | 454/9 | €3,848 | €13,823 | +€9,975 | +259.2% |
| Other amounts payable | 47/48 | €615 | €48,243 | +€47,628 | +7744.0% |
| Accrued charges and deferred income | 492/3 | - | €72,375 | +€72,375 | |
| Remuneration, social security and pensions | 62 | €44,028 | €36,578 | -€7,450 | -16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,119 | €1,357 | +€238 | +21.3% |
| Other operating charges | 640/8 | €6,982 | €7,366 | +€384 | +5.5% |
| Gross operating margin | 9900 | -€114,639 | €70,112 | +€184,750 | |
| Operating profit (loss) | 9901 | -€166,767 | €24,811 | +€191,579 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +1400.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +1400.0% |
| Financial charges | 65/66B | €6,435 | €6,608 | +€173 | +2.7% |
| Recurring financial charges | 65 | €6,435 | €6,608 | +€173 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | -€173,203 | €18,203 | +€191,406 | |
| Profit (loss) for the period | 9904 | -€173,203 | €18,203 | +€191,406 | |
| Profit (loss) for the period to be appropriated | 9905 | -€173,203 | €18,203 | +€191,406 |
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.