H2-PROJECTEN: 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.
H2-PROJECTEN
Largest movements
- Stocks and contracts -€301,346
down €301,346 (-25.6%), from €1.2m to €874,257
- Cash +€101,849
up €101,849 (+1,149%), from €8,864 to €110,713
mainly Stocks and contracts (+€301,346) and Net result for the year (+€162)
- Receivables within one year +€14,264
up €14,264 (+29.0%), from €49,203 to €63,466
of which Trade receivables: +€51,948
- Trade debts -€168,437
down €168,437 (-97.3%), from €173,200 to €4,763
- Other debts -€16,684
down €16,684 (-3.5%), from €481,187 to €464,503
- Gross operating margin -€12,620
down €12,620 (-78.2%), from €16,142 to €3,522
- Financial charges -€12,158
down €12,158 (-85.6%), from €14,207 to €2,049
- Taxes -€220
down €220 (-80.3%), from €274 to €54
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 | €1,233,669 | €1,048,436 | -€185,233 | -15.0% |
| Current assets | 29/58 | €1,233,669 | €1,048,436 | -€185,233 | -15.0% |
| Stocks and contracts in progress | 3 | €1,175,603 | €874,257 | -€301,346 | -25.6% |
| Stocks | 30/36 | €1,175,603 | €874,257 | -€301,346 | -25.6% |
| Amounts receivable within one year | 40/41 | €49,203 | €63,466 | +€14,264 | +29.0% |
| Trade receivables | 40 | €2,450 | €54,398 | +€51,948 | +2,120% |
| Other amounts receivable | 41 | €46,752 | €9,068 | -€37,684 | -80.6% |
| Cash at bank and in hand | 54/58 | €8,864 | €110,713 | +€101,849 | +1,149% |
| Total equity and liabilities | 10/49 | €1,233,669 | €1,048,436 | -€185,233 | -15.0% |
| Equity | 10/15 | €579,008 | €579,170 | +€162 | 0.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €554,008 | €554,170 | +€162 | 0.0% |
| Distributable reserves | 133 | €554,008 | €554,170 | +€162 | 0.0% |
| Amounts payable | 17/49 | €654,661 | €469,266 | -€185,395 | -28.3% |
| Amounts payable within one year | 42/48 | €654,661 | €469,266 | -€185,395 | -28.3% |
| Trade debts | 44 | €173,200 | €4,763 | -€168,437 | -97.3% |
| Suppliers | 440/4 | €173,200 | €4,763 | -€168,437 | -97.3% |
| Taxes, remuneration and social security | 45 | €274 | - | -€274 | |
| Taxes | 450/3 | €274 | - | -€274 | |
| Other amounts payable | 47/48 | €481,187 | €464,503 | -€16,684 | -3.5% |
| Other operating charges | 640/8 | €1,385 | €1,257 | -€128 | -9.2% |
| Gross operating margin | 9900 | €16,142 | €3,522 | -€12,620 | -78.2% |
| Operating profit (loss) | 9901 | €14,757 | €2,265 | -€12,492 | -84.7% |
| Financial income | 75/76B | €99 | - | -€99 | |
| Recurring financial income | 75 | €99 | - | -€99 | |
| Financial charges | 65/66B | €14,207 | €2,049 | -€12,158 | -85.6% |
| Recurring financial charges | 65 | €14,207 | €2,049 | -€12,158 | -85.6% |
| Profit (loss) for the period before taxes | 9903 | €650 | €216 | -€434 | -66.8% |
| Income taxes | 67/77 | €274 | €54 | -€220 | -80.3% |
| Profit (loss) for the period | 9904 | €375 | €162 | -€213 | -56.9% |
| Profit (loss) for the period to be appropriated | 9905 | €375 | €162 | -€213 | -56.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.