H2Omax: 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.
H2Omax
Largest movements
- Receivables within one year +€26,116
up €26,116 (+22.3%), from €117,077 to €143,193
of which Other amounts receivable: +€25,795
- Cash -€4,076
down €4,076 (-59.8%), from €6,813 to €2,737
mainly Receivables within one year (-€26,116) and Advances received (-€25,692)
- Deferred charges and accrued income +€2,197
up €2,197 (+62.3%), from €3,525 to €5,722
- Reserves +€32,768
up €32,768 (+126%), from €25,930 to €58,698
of which Distributable reserves: +€32,768
- Advances received -€25,692
down €25,692 (-100%), from €25,692 to €0
- Tax, wage and social debts +€17,700
up €17,700 (+58.4%), from €30,312 to €48,012
- Gross operating margin +€6,231
up €6,231 (+14.9%), from €41,779 to €48,010
- Taxes +€4,621
up €4,621 (+33.7%), from €13,722 to €18,342
- Financial income +€2,697
up €2,697 (+76.5%), from €3,525 to €6,222
- Other operating charges -€1,526
down €1,526 (-56.2%), from €2,717 to €1,191
- Financial charges -€1,143
down €1,143 (-46.4%), from €2,464 to €1,321
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 | €128,441 | €152,067 | +€23,626 | +18.4% |
| Fixed assets | 21/28 | €1,026 | €415 | -€611 | -59.5% |
| Tangible fixed assets | 22/27 | €1,026 | €415 | -€611 | -59.5% |
| Plant, machinery and equipment | 23 | €1,026 | €415 | -€611 | -59.5% |
| Current assets | 29/58 | €127,415 | €151,652 | +€24,237 | +19.0% |
| Amounts receivable within one year | 40/41 | €117,077 | €143,193 | +€26,116 | +22.3% |
| Trade receivables | 40 | €1,797 | €2,118 | +€321 | +17.9% |
| Other amounts receivable | 41 | €115,280 | €141,075 | +€25,795 | +22.4% |
| Cash at bank and in hand | 54/58 | €6,813 | €2,737 | -€4,076 | -59.8% |
| Deferred charges and accrued income | 490/1 | €3,525 | €5,722 | +€2,197 | +62.3% |
| Total equity and liabilities | 10/49 | €128,441 | €152,067 | +€23,626 | +18.4% |
| Equity | 10/15 | €69,124 | €101,891 | +€32,768 | +47.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €25,930 | €58,698 | +€32,768 | +126% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €25,930 | €58,698 | +€32,768 | +126% |
| Profit (loss) carried forward | 14 | €24,594 | €24,594 | = | 0.0% |
| Amounts payable | 17/49 | €59,318 | €50,176 | -€9,142 | -15.4% |
| Amounts payable within one year | 42/48 | €59,318 | €50,176 | -€9,142 | -15.4% |
| Trade debts | 44 | €3,313 | €2,164 | -€1,149 | -34.7% |
| Suppliers | 440/4 | €3,313 | €2,164 | -€1,149 | -34.7% |
| Advances received on contracts in progress | 46 | €25,692 | €0 | -€25,692 | -100% |
| Taxes, remuneration and social security | 45 | €30,312 | €48,012 | +€17,700 | +58.4% |
| Taxes | 450/3 | €30,312 | €48,012 | +€17,700 | +58.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €612 | €611 | -€2 | -0.3% |
| Other operating charges | 640/8 | €2,717 | €1,191 | -€1,526 | -56.2% |
| Gross operating margin | 9900 | €41,779 | €48,010 | +€6,231 | +14.9% |
| Operating profit (loss) | 9901 | €38,449 | €46,208 | +€7,759 | +20.2% |
| Financial income | 75/76B | €3,525 | €6,222 | +€2,697 | +76.5% |
| Recurring financial income | 75 | €3,525 | €6,222 | +€2,697 | +76.5% |
| Financial charges | 65/66B | €2,464 | €1,321 | -€1,143 | -46.4% |
| Recurring financial charges | 65 | €2,464 | €1,321 | -€1,143 | -46.4% |
| Profit (loss) for the period before taxes | 9903 | €39,510 | €51,110 | +€11,599 | +29.4% |
| Income taxes | 67/77 | €13,722 | €18,342 | +€4,621 | +33.7% |
| Profit (loss) for the period | 9904 | €25,789 | €32,768 | +€6,979 | +27.1% |
| Profit (loss) for the period to be appropriated | 9905 | €25,789 | €32,768 | +€6,979 | +27.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.