H2R: 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.
H2R
Largest movements
- Cash -€75,135
down €75,135 (-66.1%), from €113,656 to €38,522
mainly Net result for the year (-€75,482) and Trade debts (-€17,881)
- Receivables within one year -€25,156
down €25,156 (-69.2%), from €36,332 to €11,176
of which Trade receivables: -€26,192
- Profit (loss) carried forward -€75,482
down €75,482 (-16.4%), from -€459,922 to -€535,404
- Write-downs +€26,192
new in 2025: €26,192
- Financial charges -€13,445
down €13,445 (-25.3%), from €53,049 to €39,604
- Gross operating margin +€1,669
up €1,669 (+28.1%), from -€5,935 to -€4,266
- Other operating charges +€380
up €380 (+7.5%), from €5,039 to €5,420
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 | €2,486,238 | €2,392,875 | -€93,363 | -3.8% |
| Current assets | 29/58 | €2,486,238 | €2,392,875 | -€93,363 | -3.8% |
| Stocks and contracts in progress | 3 | €2,336,106 | €2,342,542 | +€6,436 | +0.3% |
| Stocks | 30/36 | €2,336,106 | €2,342,542 | +€6,436 | +0.3% |
| Amounts receivable within one year | 40/41 | €36,332 | €11,176 | -€25,156 | -69.2% |
| Trade receivables | 40 | €26,192 | - | -€26,192 | |
| Other amounts receivable | 41 | €10,140 | €11,176 | +€1,036 | +10.2% |
| Cash at bank and in hand | 54/58 | €113,656 | €38,522 | -€75,135 | -66.1% |
| Deferred charges and accrued income | 490/1 | €143 | €635 | +€492 | +344.8% |
| Total equity and liabilities | 10/49 | €2,486,238 | €2,392,875 | -€93,363 | -3.8% |
| Equity | 10/15 | €140,078 | €64,596 | -€75,482 | -53.9% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Capital | 10 | €600,000 | €600,000 | = | 0.0% |
| Issued capital | 100 | €600,000 | €600,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€459,922 | -€535,404 | -€75,482 | -16.4% |
| Amounts payable | 17/49 | €2,346,160 | €2,328,279 | -€17,881 | -0.8% |
| Amounts payable after more than one year | 17 | €865,702 | €865,702 | = | 0.0% |
| Financial debts | 170/4 | €865,702 | €865,702 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,040,349 | €1,022,468 | -€17,881 | -1.7% |
| Financial debts | 43 | €1,014,908 | €1,014,908 | = | 0.0% |
| Credit institutions | 430/8 | €1,014,908 | €1,014,908 | = | 0.0% |
| Trade debts | 44 | €25,441 | €7,560 | -€17,881 | -70.3% |
| Suppliers | 440/4 | €25,441 | €7,560 | -€17,881 | -70.3% |
| Accrued charges and deferred income | 492/3 | €440,109 | €440,109 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €26,192 | +€26,192 | |
| Other operating charges | 640/8 | €5,039 | €5,420 | +€380 | +7.5% |
| Gross operating margin | 9900 | -€5,935 | -€4,266 | +€1,669 | +28.1% |
| Operating profit (loss) | 9901 | -€10,974 | -€35,878 | -€24,903 | -226.9% |
| Financial charges | 65/66B | €53,049 | €39,604 | -€13,445 | -25.3% |
| Recurring financial charges | 65 | €53,049 | €39,604 | -€13,445 | -25.3% |
| Profit (loss) for the period before taxes | 9903 | -€64,023 | -€75,482 | -€11,459 | -17.9% |
| Profit (loss) for the period | 9904 | -€64,023 | -€75,482 | -€11,459 | -17.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€64,023 | -€75,482 | -€11,459 | -17.9% |
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 9 October 2026 via checked.be.