H2eau: 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.
H2eau
Largest movements
- Cash +€69,688
up €69,688 (+16.0%), from €434,460 to €504,147
mainly Net result for the year (+€104,509) and Tax, wage and social debts (+€44,918)
- Receivables within one year +€20,853
up €20,853 (+13.0%), from €160,632 to €181,485
of which Trade receivables: +€20,853
- Tangible fixed assets +€8,800
up €8,800 (+357.4%), from €2,462 to €11,263
- Reserves +€45,000
up €45,000 (+12.4%), from €362,000 to €407,000
- Tax, wage and social debts +€44,918
up €44,918 (+63.3%), from €70,969 to €115,887
of which Taxes: +€45,072
- Trade debts +€8,718
up €8,718 (+7.9%), from €109,934 to €118,652
- Other debts +€7,137
up €7,137 (+13.8%), from €51,899 to €59,036
- Gross operating margin +€22,305
up €22,305 (+9.3%), from €240,355 to €262,659
- Staff costs +€4,553
up €4,553 (+4.4%), from €102,339 to €106,891
- Taxes +€2,915
up €2,915 (+7.0%), from €41,492 to €44,407
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 | €600,182 | €701,052 | +€100,870 | +16.8% |
| Fixed assets | 21/28 | €2,762 | €11,563 | +€8,800 | +318.6% |
| Tangible fixed assets | 22/27 | €2,462 | €11,263 | +€8,800 | +357.4% |
| Furniture and vehicles | 24 | €2,462 | €11,263 | +€8,800 | +357.4% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €597,419 | €689,489 | +€92,070 | +15.4% |
| Amounts receivable within one year | 40/41 | €160,632 | €181,485 | +€20,853 | +13.0% |
| Trade receivables | 40 | €160,632 | €181,485 | +€20,853 | +13.0% |
| Other amounts receivable | 41 | - | €0 | +€0 | |
| Cash at bank and in hand | 54/58 | €434,460 | €504,147 | +€69,688 | +16.0% |
| Deferred charges and accrued income | 490/1 | €2,327 | €3,856 | +€1,529 | +65.7% |
| Total equity and liabilities | 10/49 | €600,182 | €701,052 | +€100,870 | +16.8% |
| Equity | 10/15 | €367,381 | €407,478 | +€40,097 | +10.9% |
| Contributions | 10/11 | €460 | €460 | = | 0.0% |
| Reserves | 13 | €362,000 | €407,000 | +€45,000 | +12.4% |
| Distributable reserves | 133 | €362,000 | €407,000 | +€45,000 | +12.4% |
| Profit (loss) carried forward | 14 | €4,921 | €18 | -€4,903 | -99.6% |
| Amounts payable | 17/49 | €232,801 | €293,574 | +€60,773 | +26.1% |
| Amounts payable within one year | 42/48 | €232,801 | €293,574 | +€60,773 | +26.1% |
| Trade debts | 44 | €109,934 | €118,652 | +€8,718 | +7.9% |
| Suppliers | 440/4 | €109,934 | €118,652 | +€8,718 | +7.9% |
| Taxes, remuneration and social security | 45 | €70,969 | €115,887 | +€44,918 | +63.3% |
| Taxes | 450/3 | €68,703 | €113,775 | +€45,072 | +65.6% |
| Remuneration and social security | 454/9 | €2,266 | €2,112 | -€154 | -6.8% |
| Other amounts payable | 47/48 | €51,899 | €59,036 | +€7,137 | +13.8% |
| Remuneration, social security and pensions | 62 | €102,339 | €106,891 | +€4,553 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,081 | €3,200 | +€2,119 | +196.1% |
| Other operating charges | 640/8 | €1,269 | €2,433 | +€1,164 | +91.7% |
| Non-recurring operating charges | 66A | €126 | - | -€126 | |
| Gross operating margin | 9900 | €240,355 | €262,659 | +€22,305 | +9.3% |
| Operating profit (loss) | 9901 | €135,540 | €150,135 | +€14,595 | +10.8% |
| Financial charges | 65/66B | €2,028 | €1,220 | -€808 | -39.8% |
| Recurring financial charges | 65 | €2,028 | €1,220 | -€808 | -39.8% |
| Profit (loss) for the period before taxes | 9903 | €133,512 | €148,916 | +€15,403 | +11.5% |
| Income taxes | 67/77 | €41,492 | €44,407 | +€2,915 | +7.0% |
| Profit (loss) for the period | 9904 | €92,020 | €104,509 | +€12,489 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €92,020 | €104,509 | +€12,489 | +13.6% |
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 11 October 2026 via checked.be.