H2D: 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.
H2D
Largest movements
- Receivables within one year +€116,908
up €116,908 (+335%), from €34,894 to €151,802
of which Other amounts receivable: +€133,226
- Cash -€58,576
down €58,576 (-22.9%), from €255,325 to €196,749
mainly Receivables within one year (-€116,908) and Investment in fixed assets (net) (-€14,780)
- Stocks and contracts -€6,645
down €6,645 (-10.9%), from €61,142 to €54,497
- Reserves +€44,960
up €44,960 (+24.3%), from €184,650 to €229,610
of which Distributable reserves: +€44,960
- Trade debts +€9,793
up €9,793 (+12.5%), from €78,053 to €87,846
- Debts after one year -€7,907
down €7,907 (-35.7%), from €22,125 to €14,219
- Tax, wage and social debts +€7,418
up €7,418 (+13.4%), from €55,218 to €62,637
of which Remuneration and social security: +€3,899
- Staff costs +€16,051
up €16,051 (+11.9%), from €134,790 to €150,842
- Financial income -€8,181
down €8,181 (-52.1%), from €15,705 to €7,524
- Taxes -€7,239
down €7,239 (-26.6%), from €27,229 to €19,991
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 | €485,653 | €538,940 | +€53,287 | +11.0% |
| Fixed assets | 21/28 | €64,919 | €61,852 | -€3,067 | -4.7% |
| Tangible fixed assets | 22/27 | €61,996 | €57,000 | -€4,996 | -8.1% |
| Plant, machinery and equipment | 23 | €56,283 | €44,251 | -€12,032 | -21.4% |
| Furniture and vehicles | 24 | €5,714 | €8,749 | +€3,036 | +53.1% |
| Leasing and similar rights | 25 | - | €4,000 | +€4,000 | |
| Financial fixed assets | 28 | €2,923 | €4,852 | +€1,930 | +66.0% |
| Current assets | 29/58 | €420,734 | €477,088 | +€56,354 | +13.4% |
| Amounts receivable after more than one year | 29 | €63,848 | €63,848 | = | 0.0% |
| Other amounts receivable | 291 | €63,848 | €63,848 | = | 0.0% |
| Stocks and contracts in progress | 3 | €61,142 | €54,497 | -€6,645 | -10.9% |
| Stocks | 30/36 | €61,142 | €54,497 | -€6,645 | -10.9% |
| Amounts receivable within one year | 40/41 | €34,894 | €151,802 | +€116,908 | +335% |
| Trade receivables | 40 | €34,894 | €18,576 | -€16,317 | -46.8% |
| Other amounts receivable | 41 | - | €133,226 | +€133,226 | |
| Cash at bank and in hand | 54/58 | €255,325 | €196,749 | -€58,576 | -22.9% |
| Deferred charges and accrued income | 490/1 | €5,525 | €10,191 | +€4,666 | +84.5% |
| Total equity and liabilities | 10/49 | €485,653 | €538,940 | +€53,287 | +11.0% |
| Equity | 10/15 | €321,005 | €365,969 | +€44,964 | +14.0% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €184,650 | €229,610 | +€44,960 | +24.3% |
| Non-distributable reserves | 130/1 | €2,534 | €2,534 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,534 | €2,534 | = | 0.0% |
| Distributable reserves | 133 | €182,116 | €227,076 | +€44,960 | +24.7% |
| Profit (loss) carried forward | 14 | €11,355 | €11,360 | +€4 | 0.0% |
| Amounts payable | 17/49 | €164,648 | €172,971 | +€8,323 | +5.1% |
| Amounts payable after more than one year | 17 | €22,125 | €14,219 | -€7,907 | -35.7% |
| Financial debts | 170/4 | €22,125 | €14,219 | -€7,907 | -35.7% |
| Amounts payable within one year | 42/48 | €142,523 | €158,752 | +€16,229 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €7,752 | €7,907 | +€155 | +2.0% |
| Trade debts | 44 | €78,053 | €87,846 | +€9,793 | +12.5% |
| Suppliers | 440/4 | €78,053 | €87,846 | +€9,793 | +12.5% |
| Advances received on contracts in progress | 46 | €819 | - | -€819 | |
| Taxes, remuneration and social security | 45 | €55,218 | €62,637 | +€7,418 | +13.4% |
| Taxes | 450/3 | €30,153 | €33,673 | +€3,520 | +11.7% |
| Remuneration and social security | 454/9 | €25,065 | €28,964 | +€3,899 | +15.6% |
| Other amounts payable | 47/48 | €681 | €363 | -€318 | -46.7% |
| Remuneration, social security and pensions | 62 | €134,790 | €150,842 | +€16,051 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,293 | €17,846 | +€1,553 | +9.5% |
| Other operating charges | 640/8 | €1,496 | €2,200 | +€704 | +47.1% |
| Gross operating margin | 9900 | €238,500 | €236,486 | -€2,013 | -0.8% |
| Operating profit (loss) | 9901 | €85,921 | €65,599 | -€20,322 | -23.7% |
| Financial income | 75/76B | €15,705 | €7,524 | -€8,181 | -52.1% |
| Recurring financial income | 75 | €15,705 | €7,524 | -€8,181 | -52.1% |
| Financial charges | 65/66B | €6,810 | €6,168 | -€642 | -9.4% |
| Recurring financial charges | 65 | €6,810 | €6,168 | -€642 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €94,815 | €66,955 | -€27,860 | -29.4% |
| Income taxes | 67/77 | €27,229 | €19,991 | -€7,239 | -26.6% |
| Profit (loss) for the period | 9904 | €67,586 | €46,964 | -€20,621 | -30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €67,586 | €46,964 | -€20,621 | -30.5% |
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 14 October 2026 via checked.be.