H4U: what changed
Two fiscal 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.
H4U
Largest movements
- Cash -€84,821
down €84,821 (-36.2%), from €234,241 to €149,420
mainly Investment in fixed assets (net) (-€60,173) and Debts after one year (-€16,744)
- Tangible fixed assets +€39,712
up €39,712 (+19.8%), from €200,810 to €240,521
of which Furniture and vehicles: +€29,823
- Debts after one year -€16,744
down €16,744 (-10.3%), from €162,074 to €145,330
- Other debts -€16,242
down €16,242 (-10.2%), from €158,788 to €142,546
- Profit (loss) carried forward -€9,021
down €9,021, from €0 to -€9,021
- Current portion of long-term debt -€5,079
down €5,079 (-20.1%), from €25,252 to €20,173
- Gross operating margin -€180,168
down €180,168 (-91.1%), from €197,777 to €17,609
- Taxes -€27,673
down €27,673 (-99.7%), from €27,754 to €81
- Other operating charges +€2,452
up €2,452 (+105.4%), from €2,325 to €4,777
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 | €435,745 | €390,290 | -€45,455 | -10.4% |
| Fixed assets | 21/28 | €200,810 | €240,521 | +€39,712 | +19.8% |
| Tangible fixed assets | 22/27 | €200,810 | €240,521 | +€39,712 | +19.8% |
| Land and buildings | 22 | €193,400 | €210,699 | +€17,299 | +8.9% |
| Furniture and vehicles | 24 | - | €29,823 | +€29,823 | |
| Leasing and similar rights | 25 | €7,410 | €0 | -€7,410 | -100.0% |
| Current assets | 29/58 | €234,935 | €149,769 | -€85,166 | -36.3% |
| Cash at bank and in hand | 54/58 | €234,241 | €149,420 | -€84,821 | -36.2% |
| Deferred charges and accrued income | 490/1 | €694 | €349 | -€345 | -49.7% |
| Total equity and liabilities | 10/49 | €435,745 | €390,290 | -€45,455 | -10.4% |
| Equity | 10/15 | €61,876 | €52,855 | -€9,021 | -14.6% |
| Contributions | 10/11 | €36,000 | €36,000 | = | 0.0% |
| Reserves | 13 | €25,876 | €25,876 | = | 0.0% |
| Distributable reserves | 133 | €25,876 | €25,876 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€9,021 | -€9,021 | |
| Amounts payable | 17/49 | €373,869 | €337,435 | -€36,434 | -9.7% |
| Amounts payable after more than one year | 17 | €162,074 | €145,330 | -€16,744 | -10.3% |
| Financial debts | 170/4 | €162,074 | €145,330 | -€16,744 | -10.3% |
| Amounts payable within one year | 42/48 | €211,794 | €190,555 | -€21,240 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €25,252 | €20,173 | -€5,079 | -20.1% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €27,754 | €27,835 | +€81 | +0.3% |
| Taxes | 450/3 | €27,754 | €27,835 | +€81 | +0.3% |
| Other amounts payable | 47/48 | €158,788 | €142,546 | -€16,242 | -10.2% |
| Accrued charges and deferred income | 492/3 | - | €1,550 | +€1,550 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,895 | €20,461 | -€1,434 | -6.5% |
| Other operating charges | 640/8 | €2,325 | €4,777 | +€2,452 | +105.4% |
| Gross operating margin | 9900 | €197,777 | €17,609 | -€180,168 | -91.1% |
| Operating profit (loss) | 9901 | €173,556 | -€7,629 | -€181,186 | |
| Financial income | 75/76B | €0 | €1 | +€0 | +23.9% |
| Recurring financial income | 75 | €0 | €1 | +€0 | +23.9% |
| Financial charges | 65/66B | €2,659 | €1,311 | -€1,349 | -50.7% |
| Recurring financial charges | 65 | €2,659 | €1,311 | -€1,349 | -50.7% |
| Profit (loss) for the period before taxes | 9903 | €170,898 | -€8,939 | -€179,837 | |
| Income taxes | 67/77 | €27,754 | €81 | -€27,673 | -99.7% |
| Profit (loss) for the period | 9904 | €143,144 | -€9,021 | -€152,164 | |
| Profit (loss) for the period to be appropriated | 9905 | €143,144 | -€9,021 | -€152,164 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.