L H B: 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.
What changed
L H B
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€20.3m
2024 · €13.5m+€6.8m
Equity
€11.9m
2024 · €11.8m+€29,321
Cash
€21,460
2024 · €7,128+€14,333
Balance sheet total
€32.2m
2024 · €25.3m+€6.9m
Largest movements
Assets
- Receivables within one year +€6.9m
up €6.9m (+276%), from €2.5m to €9.3m
Equity and liabilities
- Other debts +€6.9m
up €6.9m (+50.9%), from €13.5m to €20.3m
Income statement
- Financial income +€6.8m
up €6.8m (+50.7%), from €13.5m to €20.3m
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.
Result 2024
€13.5m
Other operating charges
-€31
Other operating items
-€346
Financial income
+€6.8m
Financial charges
-€225
Result 2025
€20.3m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€20.3m
Investment
€0
Financing
-€20.3m
Cash 2024
€7,128
From operations (derived)
+€20.3m
Net result for the year
+€20.3m
Receivables within one year
-€6.9m
Trade debts
-€2,566
Other debts
+€6.9m
Financing
-€20.3m
Contributions, distributions and other
-€20.3m
Cash 2025
€21,460
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,274,817 | €32,151,572 | +€6.9m | +27.2% |
| Fixed assets | 21/28 | €22,783,417 | €22,783,417 | = | 0.0% |
| Financial fixed assets | 28 | €22,783,417 | €22,783,417 | = | 0.0% |
| Affiliated companies | 280/1 | €22,782,683 | €22,782,683 | = | 0.0% |
| Participating interests | 280 | €22,782,683 | €22,782,683 | = | 0.0% |
| Other financial fixed assets | 284/8 | €734 | €734 | = | 0.0% |
| Shares | 284 | €359 | €359 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €375 | €375 | = | 0.0% |
| Current assets | 29/58 | €2,491,400 | €9,368,155 | +€6.9m | +276% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €2,484,273 | €9,346,695 | +€6.9m | +276% |
| Other amounts receivable | 41 | €2,484,273 | €9,346,695 | +€6.9m | +276% |
| Cash at bank and in hand | 54/58 | €7,128 | €21,460 | +€14,333 | +201% |
| Total equity and liabilities | 10/49 | €25,274,817 | €32,151,572 | +€6.9m | +27.2% |
| Equity | 10/15 | €11,822,251 | €11,851,572 | +€29,321 | +0.2% |
| Contributions | 10/11 | €10,415,000 | €10,415,000 | = | 0.0% |
| Capital | 10 | €10,415,000 | €10,415,000 | = | 0.0% |
| Issued capital | 100 | €10,415,000 | €10,415,000 | = | 0.0% |
| Reserves | 13 | €1,363,392 | €1,363,392 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,041,500 | €1,041,500 | = | 0.0% |
| Legal reserve | 130 | €1,041,500 | €1,041,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €321,629 | €321,629 | = | 0.0% |
| Distributable reserves | 133 | €263 | €263 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,859 | €73,180 | +€29,321 | +66.9% |
| Amounts payable | 17/49 | €13,452,566 | €20,300,000 | +€6.8m | +50.9% |
| Amounts payable within one year | 42/48 | €13,452,566 | €20,300,000 | +€6.8m | +50.9% |
| Trade debts | 44 | €2,566 | €0 | -€2,566 | -100% |
| Suppliers | 440/4 | €2,566 | €0 | -€2,566 | -100% |
| Other amounts payable | 47/48 | €13,450,000 | €20,300,000 | +€6.9m | +50.9% |
| Operating charges | 60/66A | €14,643 | €15,020 | +€377 | +2.6% |
| Services and other goods | 61 | €13,675 | €14,022 | +€346 | +2.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Operating profit (loss) | 9901 | -€14,643 | -€15,020 | -€377 | -2.6% |
| Financial income | 75/76B | €13,496,853 | €20,345,485 | +€6.8m | +50.7% |
| Recurring financial income | 75 | €13,496,853 | €20,345,485 | +€6.8m | +50.7% |
| Income from financial fixed assets | 750 | €13,388,000 | €20,307,000 | +€6.9m | +51.7% |
| Other financial income | 752/9 | €108,853 | €38,485 | -€70,368 | -64.6% |
| Financial charges | 65/66B | €919 | €1,144 | +€225 | +24.4% |
| Recurring financial charges | 65 | €919 | €1,144 | +€225 | +24.4% |
| Other financial charges | 652/9 | €919 | €1,144 | +€225 | +24.4% |
| Profit (loss) for the period before taxes | 9903 | €13,481,291 | €20,329,321 | +€6.8m | +50.8% |
| Profit (loss) for the period | 9904 | €13,481,291 | €20,329,321 | +€6.8m | +50.8% |
| Profit (loss) for the period to be appropriated | 9905 | €13,481,291 | €20,329,321 | +€6.8m | +50.8% |
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.