HFH: 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.
HFH
Largest movements
- Receivables within one year -€464,665
down €464,665 (-54.3%), from €856,079 to €391,413
of which Other amounts receivable: -€328,842
- Cash -€172,297
down €172,297 (-71.9%), from €239,712 to €67,415
mainly Other debts (-€374,032) and Current investments (-€141,851)
- Current investments +€141,851
up €141,851 (+16.0%), from €888,402 to €1.0m
- Other debts -€374,032
down €374,032 (-72.9%), from €513,153 to €139,122
- Trade debts -€126,542
down €126,542 (-98.0%), from €129,130 to €2,588
- Financial income -€869,824
down €869,824 (-97.8%), from €888,945 to €19,121
of which Non-recurring financial income: -€856,949
- Taxes -€91,075
down €91,075 (-98.8%), from €92,163 to €1,088
- Depreciation +€22,530
up €22,530 (+577.8%), from €3,899 to €26,429
- Gross operating margin -€15,438
down €15,438 (-47.4%), from €32,551 to €17,113
- Financial charges +€914
up €914 (+222.3%), from €411 to €1,326
of which Financial charges: +€944
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 | €3,584,497 | €3,070,436 | -€514,060 | -14.3% |
| Fixed assets | 21/28 | €828,377 | €801,948 | -€26,429 | -3.2% |
| Tangible fixed assets | 22/27 | €128,248 | €101,819 | -€26,429 | -20.6% |
| Furniture and vehicles | 24 | €128,248 | €101,819 | -€26,429 | -20.6% |
| Financial fixed assets | 28 | €700,129 | €700,129 | = | 0.0% |
| Current assets | 29/58 | €2,756,119 | €2,268,489 | -€487,631 | -17.7% |
| Amounts receivable after more than one year | 29 | €769,919 | €776,558 | +€6,639 | +0.9% |
| Other amounts receivable | 291 | €769,919 | €776,558 | +€6,639 | +0.9% |
| Amounts receivable within one year | 40/41 | €856,079 | €391,413 | -€464,665 | -54.3% |
| Trade receivables | 40 | €137,455 | €1,631 | -€135,823 | -98.8% |
| Other amounts receivable | 41 | €718,624 | €389,782 | -€328,842 | -45.8% |
| Current investments | 50/53 | €888,402 | €1,030,253 | +€141,851 | +16.0% |
| Cash at bank and in hand | 54/58 | €239,712 | €67,415 | -€172,297 | -71.9% |
| Deferred charges and accrued income | 490/1 | €2,008 | €2,849 | +€841 | +41.9% |
| Total equity and liabilities | 10/49 | €3,584,497 | €3,070,436 | -€514,060 | -14.3% |
| Equity | 10/15 | €2,813,695 | €2,820,411 | +€6,716 | +0.2% |
| Contributions | 10/11 | €84,192 | €84,192 | = | 0.0% |
| Reserves | 13 | €2,729,503 | €2,736,219 | +€6,716 | +0.2% |
| Distributable reserves | 133 | €2,729,503 | €2,736,219 | +€6,716 | +0.2% |
| Amounts payable | 17/49 | €770,802 | €250,025 | -€520,776 | -67.6% |
| Amounts payable within one year | 42/48 | €770,802 | €250,025 | -€520,776 | -67.6% |
| Trade debts | 44 | €129,130 | €2,588 | -€126,542 | -98.0% |
| Suppliers | 440/4 | €129,130 | €2,588 | -€126,542 | -98.0% |
| Taxes, remuneration and social security | 45 | €128,518 | €108,316 | -€20,202 | -15.7% |
| Taxes | 450/3 | €128,518 | €94,566 | -€33,952 | -26.4% |
| Remuneration and social security | 454/9 | - | €13,750 | +€13,750 | |
| Other amounts payable | 47/48 | €513,153 | €139,122 | -€374,032 | -72.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,899 | €26,429 | +€22,530 | +577.8% |
| Other operating charges | 640/8 | €671 | €675 | +€4 | +0.6% |
| Gross operating margin | 9900 | €32,551 | €17,113 | -€15,438 | -47.4% |
| Operating profit (loss) | 9901 | €27,980 | -€9,991 | -€37,972 | |
| Financial income | 75/76B | €888,945 | €19,121 | -€869,824 | -97.8% |
| Recurring financial income | 75 | €31,996 | €19,121 | -€12,875 | -40.2% |
| Non-recurring financial income | 76B | €856,949 | - | -€856,949 | |
| Financial charges | 65/66B | €411 | €1,326 | +€914 | +222.3% |
| Recurring financial charges | 65 | €381 | €1,326 | +€944 | +247.7% |
| Non-recurring financial charges | 66B | €30 | - | -€30 | |
| Profit (loss) for the period before taxes | 9903 | €916,514 | €7,804 | -€908,710 | -99.1% |
| Income taxes | 67/77 | €92,163 | €1,088 | -€91,075 | -98.8% |
| Profit (loss) for the period | 9904 | €824,352 | €6,716 | -€817,636 | -99.2% |
| Profit (loss) for the period to be appropriated | 9905 | €824,352 | €6,716 | -€817,636 | -99.2% |
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 11 October 2026 via checked.be.