H2o BELGIUM: 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.
H2o BELGIUM
Largest movements
- Cash -€913,361
down €913,361 (-76.1%), from €1.2m to €287,214
mainly Contributions, distributions and other (-€830,960) and Receivables within one year (-€685,241)
- Receivables within one year +€685,241
up €685,241 (+116%), from €590,757 to €1.3m
of which Other amounts receivable: +€770,061
- Other debts -€151,360
down €151,360 (-15.4%), from €982,321 to €830,960
- Trade debts -€48,409
down €48,409 (-10.6%), from €456,432 to €408,023
- Tax, wage and social debts -€31,729
down €31,729 (-9.6%), from €332,118 to €300,390
- Gross operating margin -€190,246
down €190,246 (-14.0%), from €1.4m to €1.2m
- Taxes -€53,023
down €53,023 (-16.1%), from €330,010 to €276,987
- Financial income -€17,000
down €17,000 (-96.0%), from €17,705 to €705
- Other operating charges -€15,017
down €15,017 (-85.1%), from €17,641 to €2,623
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 | €1,791,331 | €1,563,212 | -€228,120 | -12.7% |
| Current assets | 29/58 | €1,791,331 | €1,563,212 | -€228,120 | -12.7% |
| Amounts receivable within one year | 40/41 | €590,757 | €1,275,998 | +€685,241 | +116% |
| Trade receivables | 40 | €174,313 | €89,494 | -€84,819 | -48.7% |
| Other amounts receivable | 41 | €416,444 | €1,186,504 | +€770,061 | +185% |
| Cash at bank and in hand | 54/58 | €1,200,574 | €287,214 | -€913,361 | -76.1% |
| Total equity and liabilities | 10/49 | €1,791,331 | €1,563,212 | -€228,120 | -12.7% |
| Equity | 10/15 | €20,460 | €20,460 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,770,871 | €1,542,752 | -€228,120 | -12.9% |
| Amounts payable within one year | 42/48 | €1,770,871 | €1,539,373 | -€231,498 | -13.1% |
| Trade debts | 44 | €456,432 | €408,023 | -€48,409 | -10.6% |
| Suppliers | 440/4 | €456,432 | €408,023 | -€48,409 | -10.6% |
| Taxes, remuneration and social security | 45 | €332,118 | €300,390 | -€31,729 | -9.6% |
| Taxes | 450/3 | €332,118 | €300,390 | -€31,729 | -9.6% |
| Other amounts payable | 47/48 | €982,321 | €830,960 | -€151,360 | -15.4% |
| Accrued charges and deferred income | 492/3 | - | €3,379 | +€3,379 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€9,545 | -€7,477 | +€2,068 | +21.7% |
| Other operating charges | 640/8 | €17,641 | €2,623 | -€15,017 | -85.1% |
| Gross operating margin | 9900 | €1,354,971 | €1,164,725 | -€190,246 | -14.0% |
| Operating profit (loss) | 9901 | €1,346,875 | €1,169,579 | -€177,297 | -13.2% |
| Financial income | 75/76B | €17,705 | €705 | -€17,000 | -96.0% |
| Recurring financial income | 75 | €17,705 | €705 | -€17,000 | -96.0% |
| Financial charges | 65/66B | €52,250 | €62,337 | +€10,087 | +19.3% |
| Recurring financial charges | 65 | €52,250 | €62,337 | +€10,087 | +19.3% |
| Profit (loss) for the period before taxes | 9903 | €1,312,331 | €1,107,947 | -€204,384 | -15.6% |
| Income taxes | 67/77 | €330,010 | €276,987 | -€53,023 | -16.1% |
| Profit (loss) for the period | 9904 | €982,321 | €830,960 | -€151,360 | -15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €982,321 | €830,960 | -€151,360 | -15.4% |
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 28 October 2026 via checked.be.