HANDMAN: 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.
HANDMAN
Largest movements
- Intangible fixed assets +€270,000
new in 2025: €270,000
- Tangible fixed assets +€29,024
up €29,024 (+16.9%), from €171,420 to €200,443
of which Plant, machinery and equipment: +€32,456
- Receivables within one year -€13,007
down €13,007 (-7.1%), from €183,366 to €170,359
of which Other amounts receivable: -€18,603
- Cash +€9,738
up €9,738 (+342.2%), from €2,846 to €12,584
mainly Other debts (+€208,020) and Net result for the year (+€79,038)
- Other debts +€208,020
up €208,020 (+735.1%), from €28,300 to €236,320
- Reserves +€54,267
up €54,267 (+17.5%), from €310,410 to €364,677
of which Distributable reserves: +€55,080
- Tax, wage and social debts +€12,031
up €12,031 (+97.8%), from €12,305 to €24,336
- Current portion of long-term debt +€9,294
new in 2025: €9,294
- Gross operating margin +€114,727
up €114,727 (+249.2%), from €46,036 to €160,763
- Depreciation +€43,118
up €43,118 (+409.7%), from €10,525 to €53,643
- Taxes +€19,588
up €19,588 (+137.7%), from €14,231 to €33,819
- Other operating charges +€1,668
up €1,668 (+205.0%), from €814 to €2,481
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 | €391,403 | €687,974 | +€296,571 | +75.8% |
| Fixed assets | 21/28 | €172,507 | €471,531 | +€299,024 | +173.3% |
| Intangible fixed assets | 21 | - | €270,000 | +€270,000 | |
| Tangible fixed assets | 22/27 | €171,420 | €200,443 | +€29,024 | +16.9% |
| Land and buildings | 22 | €168,718 | €158,656 | -€10,062 | -6.0% |
| Plant, machinery and equipment | 23 | - | €32,456 | +€32,456 | |
| Furniture and vehicles | 24 | €2,702 | €7,691 | +€4,990 | +184.7% |
| Other tangible fixed assets | 26 | - | €1,640 | +€1,640 | |
| Financial fixed assets | 28 | €1,088 | €1,088 | = | 0.0% |
| Current assets | 29/58 | €218,896 | €216,443 | -€2,453 | -1.1% |
| Amounts receivable within one year | 40/41 | €183,366 | €170,359 | -€13,007 | -7.1% |
| Trade receivables | 40 | €37,750 | €43,345 | +€5,595 | +14.8% |
| Other amounts receivable | 41 | €145,616 | €127,013 | -€18,603 | -12.8% |
| Current investments | 50/53 | €30,040 | €29,453 | -€587 | -2.0% |
| Cash at bank and in hand | 54/58 | €2,846 | €12,584 | +€9,738 | +342.2% |
| Deferred charges and accrued income | 490/1 | €2,644 | €4,047 | +€1,403 | +53.1% |
| Total equity and liabilities | 10/49 | €391,403 | €687,974 | +€296,571 | +75.8% |
| Equity | 10/15 | €332,809 | €389,927 | +€57,118 | +17.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €310,410 | €364,677 | +€54,267 | +17.5% |
| Tax-exempt reserves | 132 | €20,603 | €19,790 | -€813 | -3.9% |
| Distributable reserves | 133 | €289,807 | €344,887 | +€55,080 | +19.0% |
| Profit (loss) carried forward | 14 | €3,799 | €6,650 | +€2,851 | +75.1% |
| Provisions and deferred taxes | 16 | €10,609 | €10,190 | -€419 | -3.9% |
| Deferred taxes | 168 | €10,609 | €10,190 | -€419 | -3.9% |
| Amounts payable | 17/49 | €47,985 | €287,857 | +€239,872 | +499.9% |
| Amounts payable after more than one year | 17 | - | €1,559 | +€1,559 | |
| Financial debts | 170/4 | - | €1,559 | +€1,559 | |
| Amounts payable within one year | 42/48 | €47,985 | €286,297 | +€238,313 | +496.6% |
| Current portion of amounts payable after more than one year | 42 | - | €9,294 | +€9,294 | |
| Financial debts | 43 | €3,750 | €10,000 | +€6,250 | +166.7% |
| Credit institutions | 430/8 | €3,750 | €10,000 | +€6,250 | +166.7% |
| Trade debts | 44 | €3,630 | €6,348 | +€2,718 | +74.9% |
| Suppliers | 440/4 | €3,630 | €6,348 | +€2,718 | +74.9% |
| Taxes, remuneration and social security | 45 | €12,305 | €24,336 | +€12,031 | +97.8% |
| Taxes | 450/3 | €12,305 | €24,336 | +€12,031 | +97.8% |
| Other amounts payable | 47/48 | €28,300 | €236,320 | +€208,020 | +735.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,525 | €53,643 | +€43,118 | +409.7% |
| Other operating charges | 640/8 | €814 | €2,481 | +€1,668 | +205.0% |
| Gross operating margin | 9900 | €46,036 | €160,763 | +€114,727 | +249.2% |
| Operating profit (loss) | 9901 | €34,697 | €104,639 | +€69,941 | +201.6% |
| Financial income | 75/76B | €10,020 | €9,299 | -€720 | -7.2% |
| Recurring financial income | 75 | €10,020 | €9,299 | -€720 | -7.2% |
| Financial charges | 65/66B | €145 | €1,500 | +€1,355 | +931.6% |
| Recurring financial charges | 65 | €145 | €1,500 | +€1,355 | +931.6% |
| Profit (loss) for the period before taxes | 9903 | €44,572 | €112,438 | +€67,866 | +152.3% |
| Transfer from deferred taxes | 780 | €419 | €419 | = | 0.0% |
| Income taxes | 67/77 | €14,231 | €33,819 | +€19,588 | +137.7% |
| Profit (loss) for the period | 9904 | €30,760 | €79,038 | +€48,278 | +156.9% |
| Transfer from tax-exempt reserves | 789 | €813 | €813 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €31,573 | €79,851 | +€48,278 | +152.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.