H2WIN: 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.
H2WIN
Largest movements
- Intangible fixed assets +€666,800
up €666,800 (+19.8%), from €3.4m to €4.0m
- Receivables within one year +€425,756
up €425,756 (+67.8%), from €627,820 to €1.1m
of which Other amounts receivable: +€292,770
- Current investments -€100,000
down €100,000 (-5.6%), from €1.8m to €1.7m
- Contributions +€1.3m
up €1.3m (+20.1%), from €6.3m to €7.5m
of which Contributions outside capital: +€1.1m
- Profit (loss) carried forward -€594,926
down €594,926 (-26.6%), from -€2.2m to -€2.8m
- Investment grants +€394,511
up €394,511 (+36.4%), from €1.1m to €1.5m
- Debts after one year -€199,620
down €199,620 (-19.4%), from €1.0m to €831,472
- Other operating charges -€385,353
down €385,353 (-99.4%), from €387,515 to €2,163
- Staff costs +€322,700
up €322,700 (+61.7%), from €522,905 to €845,605
- Gross operating margin +€282,472
up €282,472 (+71.0%), from €397,939 to €680,411
- Depreciation +€224,794
up €224,794 (+32.9%), from €683,670 to €908,464
- Financial income +€58,315
up €58,315 (+14.9%), from €392,252 to €450,567
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 | €6,409,135 | €7,357,467 | +€948,332 | +14.8% |
| Fixed assets | 21/28 | €3,380,086 | €4,045,348 | +€665,263 | +19.7% |
| Intangible fixed assets | 21 | €3,373,642 | €4,040,442 | +€666,800 | +19.8% |
| Tangible fixed assets | 22/27 | €6,419 | €4,881 | -€1,538 | -24.0% |
| Plant, machinery and equipment | 23 | €875 | €0 | -€875 | -100.0% |
| Furniture and vehicles | 24 | €5,544 | €4,881 | -€662 | -11.9% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €3,029,049 | €3,312,119 | +€283,069 | +9.3% |
| Amounts receivable within one year | 40/41 | €627,820 | €1,053,576 | +€425,756 | +67.8% |
| Trade receivables | 40 | €3,305 | €136,292 | +€132,987 | +4023.8% |
| Other amounts receivable | 41 | €624,515 | €917,284 | +€292,770 | +46.9% |
| Current investments | 50/53 | €1,800,000 | €1,700,000 | -€100,000 | -5.6% |
| Cash at bank and in hand | 54/58 | €585,932 | €539,293 | -€46,639 | -8.0% |
| Deferred charges and accrued income | 490/1 | €15,297 | €19,250 | +€3,952 | +25.8% |
| Total equity and liabilities | 10/49 | €6,409,135 | €7,357,467 | +€948,332 | +14.8% |
| Equity | 10/15 | €5,130,117 | €6,194,521 | +€1.1m | +20.7% |
| Contributions | 10/11 | €6,284,575 | €7,549,395 | +€1.3m | +20.1% |
| Capital | 10 | €3,485,469 | €3,645,870 | +€160,401 | +4.6% |
| Issued capital | 100 | €3,485,469 | €3,645,870 | +€160,401 | +4.6% |
| Contributions outside capital | 11 | €2,799,106 | €3,903,525 | +€1.1m | +39.5% |
| Share premium | 1100/10 | €2,799,106 | €3,903,525 | +€1.1m | +39.5% |
| Reserves | 13 | €317 | €317 | = | 0.0% |
| Tax-exempt reserves | 132 | €317 | €317 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,239,756 | -€2,834,682 | -€594,926 | -26.6% |
| Investment grants | 15 | €1,084,981 | €1,479,492 | +€394,511 | +36.4% |
| Amounts payable | 17/49 | €1,279,018 | €1,162,946 | -€116,072 | -9.1% |
| Amounts payable after more than one year | 17 | €1,031,091 | €831,472 | -€199,620 | -19.4% |
| Other amounts payable | 178/9 | €1,031,091 | €831,472 | -€199,620 | -19.4% |
| Amounts payable within one year | 42/48 | €247,927 | €331,474 | +€83,547 | +33.7% |
| Current portion of amounts payable after more than one year | 42 | €34,681 | €34,681 | = | 0.0% |
| Trade debts | 44 | €103,825 | €148,473 | +€44,648 | +43.0% |
| Suppliers | 440/4 | €103,825 | €148,473 | +€44,648 | +43.0% |
| Taxes, remuneration and social security | 45 | €108,524 | €148,118 | +€39,594 | +36.5% |
| Taxes | 450/3 | €4,875 | €7,304 | +€2,428 | +49.8% |
| Remuneration and social security | 454/9 | €103,649 | €140,815 | +€37,166 | +35.9% |
| Other amounts payable | 47/48 | €897 | €202 | -€695 | -77.5% |
| Remuneration, social security and pensions | 62 | €522,905 | €845,605 | +€322,700 | +61.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €683,670 | €908,464 | +€224,794 | +32.9% |
| Other operating charges | 640/8 | €387,515 | €2,163 | -€385,353 | -99.4% |
| Non-recurring operating charges | 66A | €684 | €0 | -€684 | -100.0% |
| Gross operating margin | 9900 | €397,939 | €680,411 | +€282,472 | +71.0% |
| Operating profit (loss) | 9901 | -€1,196,835 | -€1,075,821 | +€121,015 | +10.1% |
| Financial income | 75/76B | €392,252 | €450,567 | +€58,315 | +14.9% |
| Recurring financial income | 75 | €392,252 | €450,567 | +€58,315 | +14.9% |
| Financial charges | 65/66B | €962 | €1,253 | +€291 | +30.2% |
| Recurring financial charges | 65 | €962 | €1,253 | +€291 | +30.2% |
| Profit (loss) for the period before taxes | 9903 | -€805,545 | -€626,507 | +€179,039 | +22.2% |
| Income taxes | 67/77 | -€19,186 | -€31,581 | -€12,395 | -64.6% |
| Profit (loss) for the period | 9904 | -€786,359 | -€594,926 | +€191,433 | +24.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€786,359 | -€594,926 | +€191,433 | +24.3% |
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 11 October 2026 via checked.be.