BRUSSELS HR PROJECT: 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.
BRUSSELS HR PROJECT
Largest movements
- Cash -€25,023
down €25,023 (-66.5%), from €37,635 to €12,612
mainly Net result for the year (-€21,314) and Receivables within one year (-€8,098)
- Receivables within one year +€8,098
up €8,098 (+178%), from €4,552 to €12,650
of which Trade receivables: +€8,693
- Tangible fixed assets -€1,180
down €1,180 (-22.1%), from €5,331 to €4,151
- Profit (loss) carried forward -€21,314
down €21,314 (-79.1%), from €26,944 to €5,629
- Tax, wage and social debts +€3,383
up €3,383, from €0 to €3,383
of which Taxes: +€3,383
- Gross operating margin -€24,268
down €24,268, from €4,650 to -€19,619
- Taxes -€1,492
down €1,492 (-100%), from €1,492 to €0
- Depreciation +€611
up €611 (+107%), from €569 to €1,180
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €48,805 | €31,094 | -€17,711 | -36.3% |
| Fixed assets | 21/28 | €5,901 | €4,721 | -€1,180 | -20.0% |
| Tangible fixed assets | 22/27 | €5,331 | €4,151 | -€1,180 | -22.1% |
| Other tangible fixed assets | 26 | €5,331 | €4,151 | -€1,180 | -22.1% |
| Financial fixed assets | 28 | €570 | €570 | = | 0.0% |
| Current assets | 29/58 | €42,904 | €26,373 | -€16,531 | -38.5% |
| Amounts receivable within one year | 40/41 | €4,552 | €12,650 | +€8,098 | +178% |
| Trade receivables | 40 | €658 | €9,351 | +€8,693 | +1,322% |
| Other amounts receivable | 41 | €3,895 | €3,300 | -€595 | -15.3% |
| Cash at bank and in hand | 54/58 | €37,635 | €12,612 | -€25,023 | -66.5% |
| Deferred charges and accrued income | 490/1 | €716 | €1,110 | +€394 | +55.1% |
| Total equity and liabilities | 10/49 | €48,805 | €31,094 | -€17,711 | -36.3% |
| Equity | 10/15 | €48,576 | €27,262 | -€21,314 | -43.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €15,433 | €15,433 | = | 0.0% |
| Non-distributable reserves | 130/1 | €433 | €433 | = | 0.0% |
| Reserves not available under the articles | 1311 | €433 | €433 | = | 0.0% |
| Distributable reserves | 133 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,944 | €5,629 | -€21,314 | -79.1% |
| Amounts payable | 17/49 | €228 | €3,832 | +€3,603 | +1,579% |
| Amounts payable within one year | 42/48 | €228 | €3,832 | +€3,603 | +1,579% |
| Trade debts | 44 | €228 | €449 | +€220 | +96.5% |
| Suppliers | 440/4 | €228 | €449 | +€220 | +96.5% |
| Taxes, remuneration and social security | 45 | €0 | €3,383 | +€3,383 | |
| Taxes | 450/3 | €0 | €3,383 | +€3,383 | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €569 | €1,180 | +€611 | +107% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €4,650 | -€19,619 | -€24,268 | |
| Operating profit (loss) | 9901 | €3,693 | -€21,198 | -€24,892 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €159 | €116 | -€43 | -27.2% |
| Recurring financial charges | 65 | €159 | €116 | -€43 | -27.2% |
| Profit (loss) for the period before taxes | 9903 | €3,534 | -€21,314 | -€24,848 | |
| Income taxes | 67/77 | €1,492 | €0 | -€1,492 | -100% |
| Profit (loss) for the period | 9904 | €2,041 | -€21,314 | -€23,356 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,041 | -€21,314 | -€23,356 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.