H2eau systems: what changed
What changed
H2eau systems
NACE 43.990, Other specialised construction activities
filed annual accounts (NBB)
Net result for the year
€37,938
2024 · €33,276+€4,662
Equity
€103,184
2024 · €132,686-€29,502
Cash
€85,104
2024 · €42,797+€42,306
Balance sheet total
€315,967
2024 · €294,854+€21,113
Largest movements
Assets
- Cash +€42,306
up €42,306 (+98.9%), from €42,797 to €85,104
mainly Advances received (+€60,377) and Net result for the year (+€37,938)
- Tangible fixed assets -€26,308
down €26,308 (-24.9%), from €105,802 to €79,494
- Stocks and contracts +€6,147
up €6,147 (+16.4%), from €37,430 to €43,576
- Deferred charges and accrued income -€4,274
down €4,274 (-13.8%), from €31,000 to €26,726
- Receivables within one year +€3,241
up €3,241 (+4.2%), from €76,385 to €79,626
of which Trade receivables: +€36,743
Equity and liabilities
- Advances received +€60,377
up €60,377, from €0 to €60,377
- Reserves -€29,502
down €29,502 (-22.2%), from €132,686 to €103,184
- Trade debts -€27,795
down €27,795 (-35.1%), from €79,177 to €51,382
- Other debts +€25,606
up €25,606 (+1,543%), from €1,660 to €27,266
- Debts after one year -€16,013
down €16,013 (-26.9%), from €59,480 to €43,466
Income statement
- Gross operating margin +€61,206
up €61,206 (+29.3%), from €208,924 to €270,130
- Staff costs +€42,708
up €42,708 (+35.4%), from €120,645 to €163,353
- Taxes +€19,079
up €19,079 (+892%), from €2,138 to €21,216
- Depreciation -€6,428
down €6,428 (-17.2%), from €37,349 to €30,921
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€33,276
Gross operating margin
+€61,206
Staff costs
-€42,708
Depreciation
+€6,428
Other operating charges
-€1,097
Other operating items
-€852
Financial income
-€483
Financial charges
+€1,246
Taxes
-€19,079
Result 2025
€37,938
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€132,606
Investment
-€4,613
Financing
-€85,686
Cash 2024
€42,797
From operations (derived)
+€132,606
Net result for the year
+€37,938
Depreciation
+€30,921
Stocks and contracts
-€6,147
Receivables within one year
-€3,241
Deferred charges and accrued income
+€4,274
Trade debts
-€27,795
Tax, wage and social debts
+€12,127
Advances received
+€60,377
Other debts
+€25,606
Accrued charges and deferred income
-€1,454
Investment (derived)
-€4,613
Investment in fixed assets (net)
-€4,613
Financing
-€85,686
Debts after one year
-€16,013
Current portion of long-term debt
-€2,195
Short-term financial debts
-€38
Contributions, distributions and other
-€67,439
Cash 2025
€85,104
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €294,854 | €315,967 | +€21,113 | +7.2% |
| Fixed assets | 21/28 | €107,242 | €80,934 | -€26,308 | -24.5% |
| Tangible fixed assets | 22/27 | €105,802 | €79,494 | -€26,308 | -24.9% |
| Plant, machinery and equipment | 23 | €36,458 | €27,138 | -€9,319 | -25.6% |
| Furniture and vehicles | 24 | €10,325 | €7,916 | -€2,410 | -23.3% |
| Leasing and similar rights | 25 | €50,399 | €38,111 | -€12,288 | -24.4% |
| Other tangible fixed assets | 26 | €8,620 | €6,329 | -€2,291 | -26.6% |
| Financial fixed assets | 28 | €1,440 | €1,440 | = | 0.0% |
| Current assets | 29/58 | €187,612 | €235,033 | +€47,421 | +25.3% |
| Stocks and contracts in progress | 3 | €37,430 | €43,576 | +€6,147 | +16.4% |
| Stocks | 30/36 | €37,430 | €43,576 | +€6,147 | +16.4% |
| Amounts receivable within one year | 40/41 | €76,385 | €79,626 | +€3,241 | +4.2% |
| Trade receivables | 40 | €40,979 | €77,721 | +€36,743 | +89.7% |
| Other amounts receivable | 41 | €35,406 | €1,905 | -€33,501 | -94.6% |
| Cash at bank and in hand | 54/58 | €42,797 | €85,104 | +€42,306 | +98.9% |
| Deferred charges and accrued income | 490/1 | €31,000 | €26,726 | -€4,274 | -13.8% |
| Total equity and liabilities | 10/49 | €294,854 | €315,967 | +€21,113 | +7.2% |
| Equity | 10/15 | €132,686 | €103,184 | -€29,502 | -22.2% |
| Contributions | 10/11 | €0 | - | = | |
| Reserves | 13 | €132,686 | €103,184 | -€29,502 | -22.2% |
| Distributable reserves | 133 | €132,686 | €103,184 | -€29,502 | -22.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €162,169 | €212,783 | +€50,614 | +31.2% |
| Amounts payable after more than one year | 17 | €59,480 | €43,466 | -€16,013 | -26.9% |
| Financial debts | 170/4 | €59,480 | €43,466 | -€16,013 | -26.9% |
| Amounts payable within one year | 42/48 | €101,235 | €169,317 | +€68,082 | +67.3% |
| Current portion of amounts payable after more than one year | 42 | €18,209 | €16,013 | -€2,195 | -12.1% |
| Financial debts | 43 | €38 | €0 | -€38 | -100% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €38 | €0 | -€38 | -100% |
| Trade debts | 44 | €79,177 | €51,382 | -€27,795 | -35.1% |
| Suppliers | 440/4 | €79,177 | €51,382 | -€27,795 | -35.1% |
| Advances received on contracts in progress | 46 | €0 | €60,377 | +€60,377 | |
| Taxes, remuneration and social security | 45 | €2,151 | €14,278 | +€12,127 | +564% |
| Taxes | 450/3 | €0 | €14,278 | +€14,278 | |
| Remuneration and social security | 454/9 | €2,151 | €0 | -€2,151 | -100% |
| Other amounts payable | 47/48 | €1,660 | €27,266 | +€25,606 | +1,543% |
| Accrued charges and deferred income | 492/3 | €1,454 | €0 | -€1,454 | -100% |
| Non-recurring operating income | 76A | €9,412 | €0 | -€9,412 | -100% |
| Remuneration, social security and pensions | 62 | €120,645 | €163,353 | +€42,708 | +35.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,349 | €30,921 | -€6,428 | -17.2% |
| Other operating charges | 640/8 | €3,434 | €4,531 | +€1,097 | +31.9% |
| Non-recurring operating charges | 66A | €417 | €1,270 | +€852 | +204% |
| Gross operating margin | 9900 | €208,924 | €270,130 | +€61,206 | +29.3% |
| Operating profit (loss) | 9901 | €47,079 | €70,056 | +€22,977 | +48.8% |
| Financial income | 75/76B | €720 | €237 | -€483 | -67.1% |
| Recurring financial income | 75 | €720 | €237 | -€483 | -67.1% |
| Financial charges | 65/66B | €12,385 | €11,139 | -€1,246 | -10.1% |
| Recurring financial charges | 65 | €12,385 | €11,139 | -€1,246 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €35,414 | €59,154 | +€23,740 | +67.0% |
| Income taxes | 67/77 | €2,138 | €21,216 | +€19,079 | +892% |
| Profit (loss) for the period | 9904 | €33,276 | €37,938 | +€4,662 | +14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €33,276 | €37,938 | +€4,662 | +14.0% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.