H2O CLAUS: 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 CLAUS
Largest movements
- Tangible fixed assets +€18,742
up €18,742 (+51.9%), from €36,092 to €54,834
of which Plant, machinery and equipment: +€13,538
- Receivables within one year -€6,462
down €6,462 (-64.3%), from €10,043 to €3,581
of which Trade receivables: -€9,804
- Cash -€805
down €805 (-86.0%), from €936 to €131
mainly Investment in fixed assets (net) (-€30,402) and Other debts (-€18,386)
- Profit (loss) carried forward +€25,954
up €25,954 (+56.7%), from -€45,785 to -€19,830
- Other debts -€18,386
down €18,386 (-27.8%), from €66,054 to €47,668
- Short-term financial debts +€7,960
up €7,960 (+236%), from €3,372 to €11,332
- Trade debts -€2,906
down €2,906 (-28.7%), from €10,121 to €7,215
- Gross operating margin +€10,201
up €10,201 (+30.5%), from €33,429 to €43,630
- Depreciation +€7,934
up €7,934 (+213%), from €3,727 to €11,661
- Financial charges -€604
down €604 (-16.1%), from €3,745 to €3,142
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 | €54,672 | €66,845 | +€12,173 | +22.3% |
| Fixed assets | 21/28 | €36,092 | €54,834 | +€18,742 | +51.9% |
| Tangible fixed assets | 22/27 | €36,092 | €54,834 | +€18,742 | +51.9% |
| Plant, machinery and equipment | 23 | €36,057 | €49,594 | +€13,538 | +37.5% |
| Furniture and vehicles | 24 | €36 | €5,240 | +€5,204 | +14,622% |
| Current assets | 29/58 | €18,579 | €12,011 | -€6,568 | -35.4% |
| Stocks and contracts in progress | 3 | €7,601 | €7,674 | +€73 | +1.0% |
| Stocks | 30/36 | €7,601 | €7,674 | +€73 | +1.0% |
| Amounts receivable within one year | 40/41 | €10,043 | €3,581 | -€6,462 | -64.3% |
| Trade receivables | 40 | €10,041 | €237 | -€9,804 | -97.6% |
| Other amounts receivable | 41 | €2 | €3,344 | +€3,342 | +202,542% |
| Cash at bank and in hand | 54/58 | €936 | €131 | -€805 | -86.0% |
| Deferred charges and accrued income | 490/1 | - | €625 | +€625 | |
| Total equity and liabilities | 10/49 | €54,672 | €66,845 | +€12,173 | +22.3% |
| Equity | 10/15 | -€25,325 | €630 | +€25,954 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€45,785 | -€19,830 | +€25,954 | +56.7% |
| Amounts payable | 17/49 | €79,996 | €66,215 | -€13,781 | -17.2% |
| Amounts payable within one year | 42/48 | €79,996 | €66,215 | -€13,781 | -17.2% |
| Financial debts | 43 | €3,372 | €11,332 | +€7,960 | +236% |
| Credit institutions | 430/8 | €3,372 | €11,332 | +€7,960 | +236% |
| Trade debts | 44 | €10,121 | €7,215 | -€2,906 | -28.7% |
| Suppliers | 440/4 | €10,121 | €7,215 | -€2,906 | -28.7% |
| Taxes, remuneration and social security | 45 | €449 | €0 | -€449 | -100% |
| Taxes | 450/3 | €449 | €0 | -€449 | -100% |
| Other amounts payable | 47/48 | €66,054 | €47,668 | -€18,386 | -27.8% |
| Non-recurring operating income | 76A | - | €2,592 | +€2,592 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,727 | €11,661 | +€7,934 | +213% |
| Other operating charges | 640/8 | €2,030 | €1,982 | -€48 | -2.4% |
| Non-recurring operating charges | 66A | - | €981 | +€981 | |
| Gross operating margin | 9900 | €33,429 | €43,630 | +€10,201 | +30.5% |
| Operating profit (loss) | 9901 | €27,671 | €29,005 | +€1,334 | +4.8% |
| Financial income | 75/76B | €128 | €91 | -€37 | -29.1% |
| Recurring financial income | 75 | €128 | €91 | -€37 | -29.1% |
| Financial charges | 65/66B | €3,745 | €3,142 | -€604 | -16.1% |
| Recurring financial charges | 65 | €3,745 | €3,142 | -€604 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | €24,054 | €25,954 | +€1,900 | +7.9% |
| Profit (loss) for the period | 9904 | €24,054 | €25,954 | +€1,900 | +7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €24,054 | €25,954 | +€1,900 | +7.9% |
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 31 October 2026 via checked.be.