H2O: what changed
Two fiscal 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.
H2O
Largest movements
- Tangible fixed assets -€39,548
down €39,548 (-8.7%), from €453,530 to €413,982
of which Plant, machinery and equipment: -€27,819
- Financial fixed assets -€11,400
no longer reported in 2025 (was €11,400)
- Stocks and contracts -€5,560
down €5,560 (-85.7%), from €6,491 to €931
- Profit (loss) carried forward -€30,913
down €30,913 (-11.0%), from -€280,653 to -€311,566
- Debts after one year -€29,895
down €29,895 (-12.3%), from €243,050 to €213,155
- Other debts +€14,590
up €14,590 (+5.7%), from €256,717 to €271,307
- Trade debts -€7,313
down €7,313 (-80.5%), from €9,082 to €1,769
- Short-term financial debts -€4,876
down €4,876 (-55.0%), from €8,863 to €3,987
of which Credit institutions: -€8,863
- Gross operating margin -€45,309
down €45,309 (-68.9%), from €65,799 to €20,490
- Depreciation +€4,874
up €4,874 (+14.1%), from €34,675 to €39,549
- Financial income +€1,767
up €1,767 (+13591.4%), from €13 to €1,780
of which Non-recurring financial income: +€1,750
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 | €482,846 | €417,997 | -€64,849 | -13.4% |
| Fixed assets | 21/28 | €464,930 | €413,982 | -€50,948 | -11.0% |
| Tangible fixed assets | 22/27 | €453,530 | €413,982 | -€39,548 | -8.7% |
| Land and buildings | 22 | €358,472 | €346,743 | -€11,729 | -3.3% |
| Plant, machinery and equipment | 23 | €95,058 | €67,239 | -€27,819 | -29.3% |
| Financial fixed assets | 28 | €11,400 | - | -€11,400 | |
| Current assets | 29/58 | €17,916 | €4,015 | -€13,901 | -77.6% |
| Stocks and contracts in progress | 3 | €6,491 | €931 | -€5,560 | -85.7% |
| Stocks | 30/36 | €6,491 | €931 | -€5,560 | -85.7% |
| Amounts receivable within one year | 40/41 | €2,398 | €2,354 | -€44 | -1.8% |
| Trade receivables | 40 | €1,752 | - | -€1,752 | |
| Other amounts receivable | 41 | €646 | €2,354 | +€1,708 | +264.4% |
| Cash at bank and in hand | 54/58 | €4,517 | €617 | -€3,900 | -86.3% |
| Deferred charges and accrued income | 490/1 | €4,510 | €113 | -€4,397 | -97.5% |
| Total equity and liabilities | 10/49 | €482,846 | €417,997 | -€64,849 | -13.4% |
| Equity | 10/15 | -€96,153 | -€127,066 | -€30,913 | -32.2% |
| Contributions | 10/11 | €155,000 | €155,000 | = | 0.0% |
| Reserves | 13 | €29,500 | €29,500 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €29,500 | +€29,500 | |
| Distributable reserves | 133 | €29,500 | - | -€29,500 | |
| Profit (loss) carried forward | 14 | -€280,653 | -€311,566 | -€30,913 | -11.0% |
| Amounts payable | 17/49 | €578,999 | €545,063 | -€33,936 | -5.9% |
| Amounts payable after more than one year | 17 | €243,050 | €213,155 | -€29,895 | -12.3% |
| Financial debts | 170/4 | €243,050 | €213,155 | -€29,895 | -12.3% |
| Amounts payable within one year | 42/48 | €332,619 | €331,908 | -€711 | -0.2% |
| Current portion of amounts payable after more than one year | 42 | €57,611 | €54,845 | -€2,766 | -4.8% |
| Financial debts | 43 | €8,863 | €3,987 | -€4,876 | -55.0% |
| Credit institutions | 430/8 | €8,863 | - | -€8,863 | |
| Other loans | 439 | - | €3,987 | +€3,987 | |
| Trade debts | 44 | €9,082 | €1,769 | -€7,313 | -80.5% |
| Suppliers | 440/4 | €9,082 | €1,769 | -€7,313 | -80.5% |
| Taxes, remuneration and social security | 45 | €346 | - | -€346 | |
| Taxes | 450/3 | €346 | - | -€346 | |
| Other amounts payable | 47/48 | €256,717 | €271,307 | +€14,590 | +5.7% |
| Accrued charges and deferred income | 492/3 | €3,330 | - | -€3,330 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,675 | €39,549 | +€4,874 | +14.1% |
| Other operating charges | 640/8 | €2,579 | €2,536 | -€43 | -1.7% |
| Gross operating margin | 9900 | €65,799 | €20,490 | -€45,309 | -68.9% |
| Operating profit (loss) | 9901 | €28,545 | -€21,594 | -€50,139 | |
| Financial income | 75/76B | €13 | €1,780 | +€1,767 | +13591.4% |
| Recurring financial income | 75 | €13 | €30 | +€17 | +129.8% |
| Non-recurring financial income | 76B | - | €1,750 | +€1,750 | |
| Financial charges | 65/66B | €10,575 | €11,099 | +€524 | +5.0% |
| Recurring financial charges | 65 | €5,737 | €11,099 | +€5,362 | +93.5% |
| Non-recurring financial charges | 66B | €4,838 | - | -€4,838 | |
| Profit (loss) for the period before taxes | 9903 | €17,983 | -€30,913 | -€48,896 | |
| Income taxes | 67/77 | €226 | - | -€226 | |
| Profit (loss) for the period | 9904 | €17,757 | -€30,913 | -€48,670 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,757 | -€30,913 | -€48,670 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.