H2πR: 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.
H2πR
Largest movements
- Receivables within one year -€104,834
down €104,834 (-48.5%), from €216,023 to €111,189
of which Trade receivables: -€106,922
- Cash +€61,329
up €61,329 (+5,068%), from €1,210 to €62,539
mainly Receivables within one year (+€104,834) and Depreciation (+€10,819)
- Tangible fixed assets -€8,996
down €8,996 (-53.8%), from €16,714 to €7,718
- Deferred charges and accrued income -€3,840
no longer reported in 2025 (was €3,840)
- Debts after one year -€24,967
down €24,967 (-30.1%), from €82,828 to €57,861
- Other debts -€14,155
down €14,155 (-15.6%), from €90,950 to €76,796
- Tax, wage and social debts -€9,923
down €9,923 (-51.2%), from €19,368 to €9,445
of which Taxes: -€11,309
- Current portion of long-term debt -€9,640
down €9,640 (-27.9%), from €34,608 to €24,967
- Trade debts +€3,284
up €3,284 (+49.8%), from €6,597 to €9,881
- Financial charges +€13,405
up €13,405 (+28.0%), from €47,792 to €61,197
of which Financial charges: +€51,050
- Gross operating margin +€11,074
up €11,074 (+9.8%), from €113,450 to €124,524
- Other operating charges -€3,986
down €3,986 (-55.7%), from €7,151 to €3,165
- Taxes -€3,549
down €3,549 (-42.3%), from €8,388 to €4,840
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 | €238,734 | €181,950 | -€56,784 | -23.8% |
| Fixed assets | 21/28 | €17,661 | €8,222 | -€9,439 | -53.4% |
| Intangible fixed assets | 21 | €948 | €504 | -€443 | -46.8% |
| Tangible fixed assets | 22/27 | €16,714 | €7,718 | -€8,996 | -53.8% |
| Furniture and vehicles | 24 | €16,714 | €7,718 | -€8,996 | -53.8% |
| Current assets | 29/58 | €221,073 | €173,728 | -€47,345 | -21.4% |
| Amounts receivable within one year | 40/41 | €216,023 | €111,189 | -€104,834 | -48.5% |
| Trade receivables | 40 | €216,023 | €109,101 | -€106,922 | -49.5% |
| Other amounts receivable | 41 | - | €2,088 | +€2,088 | |
| Cash at bank and in hand | 54/58 | €1,210 | €62,539 | +€61,329 | +5,068% |
| Deferred charges and accrued income | 490/1 | €3,840 | - | -€3,840 | |
| Total equity and liabilities | 10/49 | €238,734 | €181,950 | -€56,784 | -23.8% |
| Equity | 10/15 | €4,383 | €3,000 | -€1,383 | -31.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,383 | - | -€1,383 | |
| Amounts payable | 17/49 | €234,352 | €178,950 | -€55,401 | -23.6% |
| Amounts payable after more than one year | 17 | €82,828 | €57,861 | -€24,967 | -30.1% |
| Financial debts | 170/4 | €82,828 | €57,861 | -€24,967 | -30.1% |
| Amounts payable within one year | 42/48 | €151,523 | €121,089 | -€30,434 | -20.1% |
| Current portion of amounts payable after more than one year | 42 | €34,608 | €24,967 | -€9,640 | -27.9% |
| Trade debts | 44 | €6,597 | €9,881 | +€3,284 | +49.8% |
| Suppliers | 440/4 | €6,597 | €9,881 | +€3,284 | +49.8% |
| Taxes, remuneration and social security | 45 | €19,368 | €9,445 | -€9,923 | -51.2% |
| Taxes | 450/3 | €15,760 | €4,451 | -€11,309 | -71.8% |
| Remuneration and social security | 454/9 | €3,609 | €4,994 | +€1,386 | +38.4% |
| Other amounts payable | 47/48 | €90,950 | €76,796 | -€14,155 | -15.6% |
| Remuneration, social security and pensions | 62 | €38,933 | €39,113 | +€180 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,960 | €10,819 | -€141 | -1.3% |
| Other operating charges | 640/8 | €7,151 | €3,165 | -€3,986 | -55.7% |
| Gross operating margin | 9900 | €113,450 | €124,524 | +€11,074 | +9.8% |
| Operating profit (loss) | 9901 | €56,406 | €71,427 | +€15,020 | +26.6% |
| Financial charges | 65/66B | €47,792 | €61,197 | +€13,405 | +28.0% |
| Recurring financial charges | 65 | €10,147 | €61,197 | +€51,050 | +503% |
| Non-recurring financial charges | 66B | €37,645 | - | -€37,645 | |
| Profit (loss) for the period before taxes | 9903 | €8,615 | €10,230 | +€1,616 | +18.8% |
| Income taxes | 67/77 | €8,388 | €4,840 | -€3,549 | -42.3% |
| Profit (loss) for the period | 9904 | €226 | €5,391 | +€5,164 | +2,282% |
| Profit (loss) for the period to be appropriated | 9905 | €226 | €5,391 | +€5,164 | +2,282% |
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.