Hell or High Water: 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.
Hell or High Water
Largest movements
- Cash -€15,900
down €15,900 (-81.5%), from €19,521 to €3,620
mainly Investment in fixed assets (net) (-€46,127) and Net result for the year (-€21,397)
- Tangible fixed assets +€12,060
up €12,060 (+2.9%), from €419,387 to €431,448
of which Land and buildings: +€9,483
- Receivables within one year +€11,005
up €11,005 (+22.6%), from €48,800 to €59,805
of which Trade receivables: +€11,686
- Other debts +€31,000
up €31,000 (+33.6%), from €92,311 to €123,311
- Profit (loss) carried forward -€21,397
down €21,397 (-108%), from -€19,793 to -€41,190
- Debts after one year -€16,356
down €16,356 (-5.9%), from €275,555 to €259,199
- Trade debts +€10,258
up €10,258 (+200%), from €5,139 to €15,397
- Short-term financial debts +€9,066
up €9,066 (+260%), from €3,493 to €12,558
- Gross operating margin -€38,784
down €38,784 (-57.7%), from €67,174 to €28,390
- Depreciation +€4,828
up €4,828 (+18.4%), from €26,222 to €31,050
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 | €488,883 | €499,854 | +€10,971 | +2.2% |
| Fixed assets | 21/28 | €419,387 | €434,465 | +€15,077 | +3.6% |
| Intangible fixed assets | 21 | - | €3,017 | +€3,017 | |
| Tangible fixed assets | 22/27 | €419,387 | €431,448 | +€12,060 | +2.9% |
| Land and buildings | 22 | €372,856 | €382,339 | +€9,483 | +2.5% |
| Plant, machinery and equipment | 23 | €2,304 | €944 | -€1,360 | -59.0% |
| Furniture and vehicles | 24 | €8,290 | €15,954 | +€7,665 | +92.5% |
| Other tangible fixed assets | 26 | €35,937 | €32,210 | -€3,727 | -10.4% |
| Current assets | 29/58 | €69,496 | €65,389 | -€4,106 | -5.9% |
| Amounts receivable within one year | 40/41 | €48,800 | €59,805 | +€11,005 | +22.6% |
| Trade receivables | 40 | €13,968 | €25,654 | +€11,686 | +83.7% |
| Other amounts receivable | 41 | €34,831 | €34,151 | -€680 | -2.0% |
| Current investments | 50/53 | €7 | €0 | -€7 | -100% |
| Cash at bank and in hand | 54/58 | €19,521 | €3,620 | -€15,900 | -81.5% |
| Deferred charges and accrued income | 490/1 | €1,169 | €1,964 | +€795 | +68.1% |
| Total equity and liabilities | 10/49 | €488,883 | €499,854 | +€10,971 | +2.2% |
| Equity | 10/15 | €90,658 | €69,261 | -€21,397 | -23.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €91,859 | €91,859 | = | 0.0% |
| Distributable reserves | 133 | €91,859 | €91,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,793 | -€41,190 | -€21,397 | -108% |
| Amounts payable | 17/49 | €398,224 | €430,592 | +€32,368 | +8.1% |
| Amounts payable after more than one year | 17 | €275,555 | €259,199 | -€16,356 | -5.9% |
| Financial debts | 170/4 | €275,555 | €259,199 | -€16,356 | -5.9% |
| Amounts payable within one year | 42/48 | €122,669 | €171,393 | +€48,724 | +39.7% |
| Current portion of amounts payable after more than one year | 42 | €15,593 | €16,356 | +€764 | +4.9% |
| Financial debts | 43 | €3,493 | €12,558 | +€9,066 | +260% |
| Credit institutions | 430/8 | €3,493 | €12,558 | +€9,066 | +260% |
| Trade debts | 44 | €5,139 | €15,397 | +€10,258 | +200% |
| Suppliers | 440/4 | €5,139 | €15,397 | +€10,258 | +200% |
| Taxes, remuneration and social security | 45 | €6,134 | €3,771 | -€2,363 | -38.5% |
| Taxes | 450/3 | €6,134 | €3,771 | -€2,363 | -38.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €92,311 | €123,311 | +€31,000 | +33.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,222 | €31,050 | +€4,828 | +18.4% |
| Other operating charges | 640/8 | €1,061 | €1,053 | -€8 | -0.7% |
| Gross operating margin | 9900 | €67,174 | €28,390 | -€38,784 | -57.7% |
| Operating profit (loss) | 9901 | €39,891 | -€3,713 | -€43,604 | |
| Financial income | 75/76B | €0 | €6 | +€5 | +1,644% |
| Recurring financial income | 75 | €0 | €6 | +€5 | +1,644% |
| Financial charges | 65/66B | €17,322 | €17,363 | +€41 | +0.2% |
| Recurring financial charges | 65 | €17,322 | €17,363 | +€41 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €22,570 | -€21,070 | -€43,640 | |
| Income taxes | 67/77 | €322 | €327 | +€5 | +1.4% |
| Profit (loss) for the period | 9904 | €22,248 | -€21,397 | -€43,644 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,248 | -€21,397 | -€43,644 |
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 25 October 2026 via checked.be.