H2L: 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.
What changed
H2L
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€316,565
2024 · -€35,862-€280,703
Equity
€7.5m
2024 · €7.8m-€316,565
Cash
€207,982
2024 · €110,367+€97,614
Balance sheet total
€14.7m
2024 · €16.0m-€1.3m
Largest movements
Assets
- Financial fixed assets -€1.1m
down €1.1m (-7.6%), from €14.2m to €13.1m
- Current investments -€500,000
down €500,000 (-63.0%), from €794,000 to €294,000
Equity and liabilities
- Debts after one year -€397,857
down €397,857 (-29.2%), from €1.4m to €964,286
- Reserves -€316,565
down €316,565 (-4.1%), from €7.8m to €7.5m
of which Distributable reserves: -€316,565
- Trade debts -€311,083
down €311,083 (-54.9%), from €567,002 to €255,919
- Other debts -€236,715
down €236,715 (-4.4%), from €5.4m to €5.1m
Income statement
- Gross operating margin -€528,438
down €528,438 (-44.4%), from €1.2m to €662,280
- Financial income +€277,128
new in 2025: €277,128
- Staff costs +€196,560
up €196,560 (+33.0%), from €595,911 to €792,471
- Financial charges +€153,339
up €153,339 (+67.7%), from €226,405 to €379,744
- Depreciation +€45,322
up €45,322 (+238%), from €19,010 to €64,332
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.
Result 2024
-€35,862
Gross operating margin
-€528,438
Staff costs
-€196,560
Depreciation
-€45,322
Other operating charges
-€826
Other operating items
+€367,668
Financial income
+€277,128
Financial charges
-€153,339
Taxes
-€1,013
Result 2025
-€316,565
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€915,139
Investment
+€1.5m
Financing
-€484,015
Cash 2024
€110,367
From operations (derived)
-€915,139
Net result for the year
-€316,565
Depreciation
+€64,332
Receivables within one year
-€157,482
Deferred charges and accrued income
-€16,587
Trade debts
-€311,083
Tax, wage and social debts
-€30,779
Other debts
-€236,715
Accrued charges and deferred income
+€89,739
Investment (derived)
+€1.5m
Investment in fixed assets (net)
+€996,768
Current investments
+€500,000
Financing
-€484,015
Debts after one year
-€397,857
Current portion of long-term debt
-€86,158
Cash 2025
€207,982
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,002,286 | €14,712,869 | -€1.3m | -8.1% |
| Fixed assets | 21/28 | €14,401,093 | €13,339,993 | -€1.1m | -7.4% |
| Intangible fixed assets | 21 | €137,826 | €110,261 | -€27,565 | -20.0% |
| Tangible fixed assets | 22/27 | €61,948 | €109,290 | +€47,342 | +76.4% |
| Plant, machinery and equipment | 23 | €58,857 | €74,270 | +€15,413 | +26.2% |
| Furniture and vehicles | 24 | - | €28,963 | +€28,963 | |
| Other tangible fixed assets | 26 | €3,091 | €6,057 | +€2,966 | +96.0% |
| Financial fixed assets | 28 | €14,201,320 | €13,120,443 | -€1.1m | -7.6% |
| Current assets | 29/58 | €1,601,193 | €1,372,876 | -€228,317 | -14.3% |
| Amounts receivable within one year | 40/41 | €683,404 | €840,886 | +€157,482 | +23.0% |
| Trade receivables | 40 | €489,904 | €680,839 | +€190,935 | +39.0% |
| Other amounts receivable | 41 | €193,501 | €160,047 | -€33,454 | -17.3% |
| Current investments | 50/53 | €794,000 | €294,000 | -€500,000 | -63.0% |
| Cash at bank and in hand | 54/58 | €110,367 | €207,982 | +€97,614 | +88.4% |
| Deferred charges and accrued income | 490/1 | €13,421 | €30,008 | +€16,587 | +124% |
| Total equity and liabilities | 10/49 | €16,002,286 | €14,712,869 | -€1.3m | -8.1% |
| Equity | 10/15 | €7,833,399 | €7,516,834 | -€316,565 | -4.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €7,814,849 | €7,498,284 | -€316,565 | -4.1% |
| Non-distributable reserves | 130/1 | €295,855 | €295,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Own shares acquired | 1312 | €294,000 | €294,000 | = | 0.0% |
| Distributable reserves | 133 | €7,518,994 | €7,202,429 | -€316,565 | -4.2% |
| Amounts payable | 17/49 | €8,168,887 | €7,196,035 | -€972,852 | -11.9% |
| Amounts payable after more than one year | 17 | €1,362,143 | €964,286 | -€397,857 | -29.2% |
| Financial debts | 170/4 | €1,362,143 | €964,286 | -€397,857 | -29.2% |
| Amounts payable within one year | 42/48 | €6,646,298 | €5,981,564 | -€664,734 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €484,015 | €397,857 | -€86,158 | -17.8% |
| Trade debts | 44 | €567,002 | €255,919 | -€311,083 | -54.9% |
| Suppliers | 440/4 | €567,002 | €255,919 | -€311,083 | -54.9% |
| Taxes, remuneration and social security | 45 | €218,263 | €187,484 | -€30,779 | -14.1% |
| Taxes | 450/3 | €125,273 | €29,087 | -€96,186 | -76.8% |
| Remuneration and social security | 454/9 | €92,990 | €158,397 | +€65,407 | +70.3% |
| Other amounts payable | 47/48 | €5,377,018 | €5,140,303 | -€236,715 | -4.4% |
| Accrued charges and deferred income | 492/3 | €160,447 | €250,186 | +€89,739 | +55.9% |
| Remuneration, social security and pensions | 62 | €595,911 | €792,471 | +€196,560 | +33.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,010 | €64,332 | +€45,322 | +238% |
| Other operating charges | 640/8 | €16,097 | €16,923 | +€826 | +5.1% |
| Non-recurring operating charges | 66A | €367,668 | - | -€367,668 | |
| Gross operating margin | 9900 | €1,190,718 | €662,280 | -€528,438 | -44.4% |
| Operating profit (loss) | 9901 | €192,032 | -€211,447 | -€403,478 | |
| Financial income | 75/76B | - | €277,128 | +€277,128 | |
| Recurring financial income | 75 | - | €277,128 | +€277,128 | |
| Financial charges | 65/66B | €226,405 | €379,744 | +€153,339 | +67.7% |
| Recurring financial charges | 65 | €226,405 | €379,744 | +€153,339 | +67.7% |
| Profit (loss) for the period before taxes | 9903 | -€34,373 | -€314,063 | -€279,689 | -814% |
| Income taxes | 67/77 | €1,489 | €2,502 | +€1,013 | +68.1% |
| Profit (loss) for the period | 9904 | -€35,862 | -€316,565 | -€280,703 | -783% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,862 | -€316,565 | -€280,703 | -783% |
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.