H2O CLOTURES: 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 CLOTURES
Largest movements
- Tangible fixed assets -€28,899
down €28,899 (-58.0%), from €49,839 to €20,940
of which Leasing and similar rights: -€22,962
- Cash -€9,830
down €9,830 (-29.5%), from €33,373 to €23,542
mainly Contributions, distributions and other (-€37,545) and Trade debts (-€11,880)
- Deferred charges and accrued income +€9,157
up €9,157 (+1,156%), from €792 to €9,949
- Receivables within one year +€6,995
up €6,995 (+10.5%), from €66,589 to €73,584
of which Trade receivables: +€5,114
- Trade debts -€11,880
down €11,880 (-14.7%), from €80,656 to €68,776
- Short-term financial debts +€9,453
up €9,453 (+163%), from €5,816 to €15,270
- Accrued charges and deferred income -€7,967
down €7,967 (-99.6%), from €8,000 to €33
- Reserves -€7,545
down €7,545 (-90.6%), from €8,324 to €779
of which Distributable reserves: -€7,545
- Advances received -€2,777
down €2,777 (-100%), from €2,777 to €0
- Gross operating margin -€16,452
down €16,452 (-22.4%), from €73,415 to €56,963
- Depreciation -€7,200
down €7,200 (-38.6%), from €18,676 to €11,476
- Taxes -€2,332
down €2,332 (-18.6%), from €12,506 to €10,174
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 | €227,657 | €205,080 | -€22,578 | -9.9% |
| Fixed assets | 21/28 | €49,839 | €20,940 | -€28,899 | -58.0% |
| Tangible fixed assets | 22/27 | €49,839 | €20,940 | -€28,899 | -58.0% |
| Plant, machinery and equipment | 23 | €3,968 | €2,264 | -€1,704 | -43.0% |
| Furniture and vehicles | 24 | €22,748 | €18,569 | -€4,180 | -18.4% |
| Leasing and similar rights | 25 | €22,962 | €0 | -€22,962 | -100% |
| Other tangible fixed assets | 26 | €161 | €108 | -€54 | -33.3% |
| Current assets | 29/58 | €177,819 | €184,140 | +€6,321 | +3.6% |
| Amounts receivable after more than one year | 29 | €77,064 | €77,064 | = | 0.0% |
| Other amounts receivable | 291 | €77,064 | €77,064 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €66,589 | €73,584 | +€6,995 | +10.5% |
| Trade receivables | 40 | €37,819 | €42,934 | +€5,114 | +13.5% |
| Other amounts receivable | 41 | €28,770 | €30,651 | +€1,880 | +6.5% |
| Cash at bank and in hand | 54/58 | €33,373 | €23,542 | -€9,830 | -29.5% |
| Deferred charges and accrued income | 490/1 | €792 | €9,949 | +€9,157 | +1,156% |
| Total equity and liabilities | 10/49 | €227,657 | €205,080 | -€22,578 | -9.9% |
| Equity | 10/15 | €45,829 | €37,010 | -€8,819 | -19.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €8,324 | €779 | -€7,545 | -90.6% |
| Non-distributable reserves | 130/1 | €779 | €779 | = | 0.0% |
| Reserves not available under the articles | 1311 | €779 | €779 | = | 0.0% |
| Distributable reserves | 133 | €7,545 | €0 | -€7,545 | -100% |
| Profit (loss) carried forward | 14 | €18,905 | €17,631 | -€1,274 | -6.7% |
| Amounts payable | 17/49 | €181,829 | €168,070 | -€13,759 | -7.6% |
| Amounts payable after more than one year | 17 | €26,894 | €24,730 | -€2,164 | -8.0% |
| Financial debts | 170/4 | €26,894 | €24,730 | -€2,164 | -8.0% |
| Amounts payable within one year | 42/48 | €146,934 | €143,306 | -€3,628 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €12,751 | €12,860 | +€108 | +0.8% |
| Financial debts | 43 | €5,816 | €15,270 | +€9,453 | +163% |
| Credit institutions | 430/8 | €5,816 | €15,270 | +€9,453 | +163% |
| Trade debts | 44 | €80,656 | €68,776 | -€11,880 | -14.7% |
| Suppliers | 440/4 | €80,656 | €68,776 | -€11,880 | -14.7% |
| Advances received on contracts in progress | 46 | €2,777 | €0 | -€2,777 | -100% |
| Taxes, remuneration and social security | 45 | €9,772 | €8,856 | -€916 | -9.4% |
| Taxes | 450/3 | €9,772 | €8,856 | -€916 | -9.4% |
| Other amounts payable | 47/48 | €35,162 | €37,545 | +€2,383 | +6.8% |
| Accrued charges and deferred income | 492/3 | €8,000 | €33 | -€7,967 | -99.6% |
| Non-recurring operating income | 76A | €0 | €4,038 | +€4,038 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,676 | €11,476 | -€7,200 | -38.6% |
| Other operating charges | 640/8 | €549 | €551 | +€2 | +0.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €73,415 | €56,963 | -€16,452 | -22.4% |
| Operating profit (loss) | 9901 | €54,189 | €44,936 | -€9,253 | -17.1% |
| Financial income | 75/76B | €4,148 | €4,416 | +€267 | +6.4% |
| Recurring financial income | 75 | €4,148 | €4,416 | +€267 | +6.4% |
| Financial charges | 65/66B | €10,670 | €10,451 | -€219 | -2.0% |
| Recurring financial charges | 65 | €10,670 | €10,451 | -€219 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €47,668 | €38,900 | -€8,768 | -18.4% |
| Income taxes | 67/77 | €12,506 | €10,174 | -€2,332 | -18.6% |
| Profit (loss) for the period | 9904 | €35,162 | €28,726 | -€6,436 | -18.3% |
| Profit (loss) for the period to be appropriated | 9905 | €35,162 | €28,726 | -€6,436 | -18.3% |
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 25 October 2026 via checked.be.