H.V. BEHEER: what changed
Two financial 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.V. BEHEER
Largest movements
- Cash -€87,208
down €87,208 (-50.3%), from €173,291 to €86,084
mainly Investment in fixed assets (net) (-€89,361) and Debts after one year (-€47,578)
- Tangible fixed assets +€52,781
up €52,781 (+4.4%), from €1.2m to €1.3m
of which Plant, machinery and equipment: +€80,770
- Receivables within one year -€30,064
down €30,064 (-44.8%), from €67,085 to €37,022
of which Trade receivables: -€33,349
- Debts after one year -€47,578
down €47,578 (-3.5%), from €1.4m to €1.3m
of which Financial debts: -€47,578
- Depreciation +€36,580
new in 2025: €36,580
- Gross operating margin -€17,850
down €17,850 (-16.6%), from €107,517 to €89,667
- Taxes -€13,210
down €13,210 (-84.0%), from €15,729 to €2,519
- Financial charges +€13,044
up €13,044 (+31.9%), from €40,950 to €53,993
- Financial income -€3,054
down €3,054 (-97.3%), from €3,138 to €84
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.
Derived cash bridge
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 | €1,443,533 | €1,379,042 | -€64,491 | -4.5% |
| Fixed assets | 21/28 | €1,203,156 | €1,255,937 | +€52,781 | +4.4% |
| Tangible fixed assets | 22/27 | €1,198,656 | €1,251,437 | +€52,781 | +4.4% |
| Land and buildings | 22 | €1,166,200 | €1,138,211 | -€27,989 | -2.4% |
| Plant, machinery and equipment | 23 | €32,456 | €113,226 | +€80,770 | +249% |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €240,377 | €123,105 | -€117,271 | -48.8% |
| Amounts receivable within one year | 40/41 | €67,085 | €37,022 | -€30,064 | -44.8% |
| Trade receivables | 40 | €67,085 | €33,737 | -€33,349 | -49.7% |
| Other amounts receivable | 41 | - | €3,285 | +€3,285 | |
| Cash at bank and in hand | 54/58 | €173,291 | €86,084 | -€87,208 | -50.3% |
| Total equity and liabilities | 10/49 | €1,443,533 | €1,379,042 | -€64,491 | -4.5% |
| Equity | 10/15 | -€22,135 | -€25,686 | -€3,551 | -16.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,735 | -€44,286 | -€3,551 | -8.7% |
| Amounts payable | 17/49 | €1,465,669 | €1,404,729 | -€60,940 | -4.2% |
| Amounts payable after more than one year | 17 | €1,378,209 | €1,330,631 | -€47,578 | -3.5% |
| Financial debts | 170/4 | €829,181 | €781,602 | -€47,578 | -5.7% |
| Other amounts payable | 178/9 | €549,029 | €549,029 | = | 0.0% |
| Amounts payable within one year | 42/48 | €87,459 | €74,098 | -€13,362 | -15.3% |
| Current portion of amounts payable after more than one year | 42 | €46,854 | €47,578 | +€725 | +1.5% |
| Trade debts | 44 | €24,931 | €17,618 | -€7,312 | -29.3% |
| Suppliers | 440/4 | €24,931 | €17,618 | -€7,312 | -29.3% |
| Taxes, remuneration and social security | 45 | €8,502 | €8,901 | +€399 | +4.7% |
| Taxes | 450/3 | €8,502 | €8,901 | +€399 | +4.7% |
| Other amounts payable | 47/48 | €7,173 | - | -€7,173 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €36,580 | +€36,580 | |
| Other operating charges | 640/8 | €1,533 | €210 | -€1,323 | -86.3% |
| Gross operating margin | 9900 | €107,517 | €89,667 | -€17,850 | -16.6% |
| Operating profit (loss) | 9901 | €105,984 | €52,877 | -€53,107 | -50.1% |
| Financial income | 75/76B | €3,138 | €84 | -€3,054 | -97.3% |
| Recurring financial income | 75 | €3,138 | €84 | -€3,054 | -97.3% |
| Financial charges | 65/66B | €40,950 | €53,993 | +€13,044 | +31.9% |
| Recurring financial charges | 65 | €40,950 | €53,993 | +€13,044 | +31.9% |
| Profit (loss) for the period before taxes | 9903 | €68,173 | -€1,032 | -€69,205 | |
| Income taxes | 67/77 | €15,729 | €2,519 | -€13,210 | -84.0% |
| Profit (loss) for the period | 9904 | €52,444 | -€3,551 | -€55,995 | |
| Profit (loss) for the period to be appropriated | 9905 | €52,444 | -€3,551 | -€55,995 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.