H4H: 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.
H4H
Largest movements
- Receivables within one year -€14.1m
down €14.1m (-83.3%), from €17.0m to €2.8m
of which Other amounts receivable: -€14.1m
- Cash -€984,991
no longer reported in 2025 (was €984,991)
mainly Contributions, distributions and other (-€15.0m) and Net result for the year (-€256,846)
- Profit (loss) carried forward -€15.2m
down €15.2m (-86.7%), from €17.6m to €2.3m
- Trade debts +€188,069
up €188,069 (+2,379%), from €7,905 to €195,974
- Financial income -€12.8m
no longer reported in 2025 (was €12.8m)
of which Financial income: -€12.8m
- Gross operating margin +€379,229
up €379,229 (+59.8%), from -€634,224 to -€254,995
- Taxes -€160,820
no longer reported in 2025 (was €160,820)
- Financial charges -€27,968
down €27,968 (-97.4%), from €28,701 to €733
of which Non-recurring financial charges: -€22,250
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 | €17,974,176 | €2,856,054 | -€15.1m | -84.1% |
| Current assets | 29/58 | €17,974,176 | €2,856,054 | -€15.1m | -84.1% |
| Amounts receivable within one year | 40/41 | €16,989,185 | €2,839,523 | -€14.1m | -83.3% |
| Trade receivables | 40 | €33,880 | - | -€33,880 | |
| Other amounts receivable | 41 | €16,955,305 | €2,839,523 | -€14.1m | -83.3% |
| Current investments | 50/53 | - | €16,531 | +€16,531 | |
| Cash at bank and in hand | 54/58 | €984,991 | - | -€984,991 | |
| Total equity and liabilities | 10/49 | €17,974,176 | €2,856,054 | -€15.1m | -84.1% |
| Equity | 10/15 | €17,838,533 | €2,615,580 | -€15.2m | -85.3% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €25,000 | €25,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,563,533 | €2,340,580 | -€15.2m | -86.7% |
| Amounts payable | 17/49 | €135,643 | €240,474 | +€104,831 | +77.3% |
| Amounts payable within one year | 42/48 | €135,643 | €239,474 | +€103,831 | +76.5% |
| Financial debts | 43 | €16,918 | €43,500 | +€26,582 | +157% |
| Credit institutions | 430/8 | €16,918 | - | -€16,918 | |
| Other loans | 439 | - | €43,500 | +€43,500 | |
| Trade debts | 44 | €7,905 | €195,974 | +€188,069 | +2,379% |
| Suppliers | 440/4 | €7,905 | €195,974 | +€188,069 | +2,379% |
| Taxes, remuneration and social security | 45 | €110,820 | - | -€110,820 | |
| Taxes | 450/3 | €110,820 | - | -€110,820 | |
| Accrued charges and deferred income | 492/3 | - | €1,000 | +€1,000 | |
| Other operating charges | 640/8 | €1,086 | €1,118 | +€32 | +2.9% |
| Gross operating margin | 9900 | -€634,224 | -€254,995 | +€379,229 | +59.8% |
| Operating profit (loss) | 9901 | -€635,310 | -€256,113 | +€379,197 | +59.7% |
| Financial income | 75/76B | €12,802,220 | - | -€12.8m | |
| Recurring financial income | 75 | €12,802,220 | - | -€12.8m | |
| Non-recurring financial income | 76B | €12,802,220 | - | -€12.8m | |
| Financial charges | 65/66B | €28,701 | €733 | -€27,968 | -97.4% |
| Recurring financial charges | 65 | €6,451 | €733 | -€5,718 | -88.6% |
| Non-recurring financial charges | 66B | €22,250 | - | -€22,250 | |
| Profit (loss) for the period before taxes | 9903 | €12,138,209 | -€256,846 | -€12.4m | |
| Income taxes | 67/77 | €160,820 | - | -€160,820 | |
| Profit (loss) for the period | 9904 | €11,977,389 | -€256,846 | -€12.2m | |
| Profit (loss) for the period to be appropriated | 9905 | €11,977,389 | -€256,846 | -€12.2m |
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 17 October 2026 via checked.be.