H3 PROJECTS: 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.
H3 PROJECTS
Largest movements
- Cash -€1.7m
down €1.7m (-91.0%), from €1.8m to €165,203
mainly Current investments (-€1.1m) and Stocks and contracts (-€1.0m)
- Current investments +€1.1m
new in 2025: €1.1m
- Stocks and contracts +€1.0m
up €1.0m (+1,820%), from €56,169 to €1.1m
- Receivables within one year -€537,577
down €537,577 (-91.6%), from €586,896 to €49,320
of which Other amounts receivable: -€530,397
- Tangible fixed assets -€437,497
down €437,497 (-64.8%), from €674,699 to €237,202
of which Land and buildings: -€440,250
- Reserves -€644,539
down €644,539 (-37.2%), from €1.7m to €1.1m
of which Tax-exempt reserves: -€1.2m
- Provisions -€406,345
no longer reported in 2025 (was €406,345)
- Other debts +€251,813
up €251,813 (+68.5%), from €367,480 to €619,293
- Short-term financial debts +€150,000
up €150,000 (+6,000%), from €2,500 to €152,500
- Profit (loss) carried forward +€87,932
no longer reported in 2025 (was -€87,932)
- Financial charges +€376,558
up €376,558 (+1,788%), from €21,058 to €397,616
of which Non-recurring financial charges: +€353,908
- Taxes +€369,632
new in 2025: €369,632
- Other operating charges +€238,809
up €238,809 (+3,247%), from €7,354 to €246,163
- Financial income +€58,453
up €58,453 (+386%), from €15,153 to €73,607
of which Financial income: +€56,837
- Gross operating margin +€19,031
up €19,031 (+64.4%), from -€29,572 to -€10,541
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 | €3,147,058 | €2,633,786 | -€513,273 | -16.3% |
| Fixed assets | 21/28 | €674,699 | €244,639 | -€430,059 | -63.7% |
| Tangible fixed assets | 22/27 | €674,699 | €237,202 | -€437,497 | -64.8% |
| Land and buildings | 22 | €674,699 | €234,449 | -€440,250 | -65.3% |
| Furniture and vehicles | 24 | - | €2,753 | +€2,753 | |
| Financial fixed assets | 28 | - | €7,437 | +€7,437 | |
| Current assets | 29/58 | €2,472,359 | €2,389,146 | -€83,213 | -3.4% |
| Stocks and contracts in progress | 3 | €56,169 | €1,078,522 | +€1.0m | +1,820% |
| Stocks | 30/36 | €56,169 | €1,078,522 | +€1.0m | +1,820% |
| Amounts receivable within one year | 40/41 | €586,896 | €49,320 | -€537,577 | -91.6% |
| Trade receivables | 40 | €8,080 | €900 | -€7,180 | -88.9% |
| Other amounts receivable | 41 | €578,816 | €48,420 | -€530,397 | -91.6% |
| Current investments | 50/53 | - | €1,095,458 | +€1.1m | |
| Cash at bank and in hand | 54/58 | €1,829,294 | €165,203 | -€1.7m | -91.0% |
| Deferred charges and accrued income | 490/1 | - | €643 | +€643 | |
| Total equity and liabilities | 10/49 | €3,147,058 | €2,633,786 | -€513,273 | -16.3% |
| Equity | 10/15 | €2,285,328 | €1,728,721 | -€556,607 | -24.4% |
| Contributions | 10/11 | €638,736 | €638,736 | = | 0.0% |
| Reserves | 13 | €1,734,524 | €1,089,985 | -€644,539 | -37.2% |
| Non-distributable reserves | 130/1 | €71,344 | - | -€71,344 | |
| Reserves not available under the articles | 1311 | €71,344 | - | -€71,344 | |
| Tax-exempt reserves | 132 | €1,258,585 | €39,550 | -€1.2m | -96.9% |
| Distributable reserves | 133 | €404,595 | €1,050,435 | +€645,839 | +160% |
| Profit (loss) carried forward | 14 | -€87,932 | - | +€87,932 | |
| Provisions and deferred taxes | 16 | €406,345 | - | -€406,345 | |
| Deferred taxes | 168 | €406,345 | - | -€406,345 | |
| Amounts payable | 17/49 | €455,385 | €905,065 | +€449,680 | +98.7% |
| Amounts payable after more than one year | 17 | €31,250 | €22,917 | -€8,333 | -26.7% |
| Financial debts | 170/4 | €31,250 | €22,917 | -€8,333 | -26.7% |
| Amounts payable within one year | 42/48 | €424,135 | €882,148 | +€458,013 | +108% |
| Current portion of amounts payable after more than one year | 42 | €8,333 | €8,333 | = | 0.0% |
| Financial debts | 43 | €2,500 | €152,500 | +€150,000 | +6,000% |
| Credit institutions | 430/8 | €2,500 | €152,500 | +€150,000 | +6,000% |
| Trade debts | 44 | €45,044 | €64,084 | +€19,040 | +42.3% |
| Suppliers | 440/4 | €45,044 | €64,084 | +€19,040 | +42.3% |
| Taxes, remuneration and social security | 45 | €778 | €37,938 | +€37,160 | +4,776% |
| Taxes | 450/3 | €778 | €37,938 | +€37,160 | +4,776% |
| Other amounts payable | 47/48 | €367,480 | €619,293 | +€251,813 | +68.5% |
| Non-recurring operating income | 76A | - | €3,141 | +€3,141 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,311 | €12,607 | -€8,704 | -40.8% |
| Other operating charges | 640/8 | €7,354 | €246,163 | +€238,809 | +3,247% |
| Gross operating margin | 9900 | -€29,572 | -€10,541 | +€19,031 | +64.4% |
| Operating profit (loss) | 9901 | -€58,237 | -€269,311 | -€211,074 | -362% |
| Financial income | 75/76B | €15,153 | €73,607 | +€58,453 | +386% |
| Recurring financial income | 75 | €15,153 | €71,990 | +€56,837 | +375% |
| Non-recurring financial income | 76B | - | €1,617 | +€1,617 | |
| Financial charges | 65/66B | €21,058 | €397,616 | +€376,558 | +1,788% |
| Recurring financial charges | 65 | €3,094 | €25,744 | +€22,650 | +732% |
| Non-recurring financial charges | 66B | €17,964 | €371,872 | +€353,908 | +1,970% |
| Profit (loss) for the period before taxes | 9903 | -€64,142 | -€593,321 | -€529,179 | -825% |
| Transfer from deferred taxes | 780 | - | €406,345 | +€406,345 | |
| Income taxes | 67/77 | - | €369,632 | +€369,632 | |
| Profit (loss) for the period | 9904 | -€64,142 | -€556,607 | -€492,465 | -768% |
| Transfer from tax-exempt reserves | 789 | - | €1,219,035 | +€1.2m | |
| Profit (loss) for the period to be appropriated | 9905 | -€64,142 | €662,427 | +€726,569 |
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 18 October 2026 via checked.be.