Growth HR: what changed
Growth HR
Largest movements
- Cash +€86,325
up €86,325 (+156%), from €55,176 to €141,501
mainly Net result for the year (+€48,810) and Receivables within one year (+€37,784)
- Receivables within one year -€37,784
down €37,784 (-68.5%), from €55,119 to €17,335
- Tangible fixed assets -€16,883
down €16,883 (-22.3%), from €75,551 to €58,668
of which Furniture and vehicles: -€15,804
- Profit (loss) carried forward +€48,810
up €48,810 (+72.1%), from €67,699 to €116,509
- Debts after one year -€20,490
down €20,490 (-28.6%), from €71,719 to €51,229
- Tax, wage and social debts +€2,508
up €2,508 (+27.2%), from €9,219 to €11,727
- Other operating charges -€22,863
down €22,863 (-96.2%), from €23,759 to €897
- Depreciation +€13,438
up €13,438 (+390%), from €3,445 to €16,883
- Gross operating margin +€7,791
up €7,791 (+10.1%), from €76,796 to €84,588
- Taxes +€4,580
up €4,580 (+40.9%), from €11,193 to €15,773
- Financial charges +€920
up €920 (+70.3%), from €1,309 to €2,229
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €187,681 | €219,570 | +€31,888 | +17.0% |
| Fixed assets | 21/28 | €75,551 | €58,668 | -€16,883 | -22.3% |
| Tangible fixed assets | 22/27 | €75,551 | €58,668 | -€16,883 | -22.3% |
| Plant, machinery and equipment | 23 | €1,191 | €815 | -€376 | -31.6% |
| Furniture and vehicles | 24 | €71,518 | €55,714 | -€15,804 | -22.1% |
| Other tangible fixed assets | 26 | €2,842 | €2,139 | -€703 | -24.7% |
| Current assets | 29/58 | €112,130 | €160,902 | +€48,771 | +43.5% |
| Amounts receivable within one year | 40/41 | €55,119 | €17,335 | -€37,784 | -68.5% |
| Trade receivables | 40 | €55,119 | €17,335 | -€37,784 | -68.5% |
| Cash at bank and in hand | 54/58 | €55,176 | €141,501 | +€86,325 | +156% |
| Deferred charges and accrued income | 490/1 | €1,835 | €2,066 | +€231 | +12.6% |
| Total equity and liabilities | 10/49 | €187,681 | €219,570 | +€31,888 | +17.0% |
| Equity | 10/15 | €77,699 | €126,509 | +€48,810 | +62.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €67,699 | €116,509 | +€48,810 | +72.1% |
| Amounts payable | 17/49 | €109,982 | €93,060 | -€16,922 | -15.4% |
| Amounts payable after more than one year | 17 | €71,719 | €51,229 | -€20,490 | -28.6% |
| Financial debts | 170/4 | €71,719 | €51,229 | -€20,490 | -28.6% |
| Amounts payable within one year | 42/48 | €38,263 | €41,831 | +€3,568 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €20,024 | €20,490 | +€466 | +2.3% |
| Trade debts | 44 | €1,673 | €2,034 | +€361 | +21.6% |
| Suppliers | 440/4 | €1,673 | €2,034 | +€361 | +21.6% |
| Taxes, remuneration and social security | 45 | €9,219 | €11,727 | +€2,508 | +27.2% |
| Taxes | 450/3 | €9,219 | €11,727 | +€2,508 | +27.2% |
| Other amounts payable | 47/48 | €7,346 | €7,580 | +€234 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,445 | €16,883 | +€13,438 | +390% |
| Other operating charges | 640/8 | €23,759 | €897 | -€22,863 | -96.2% |
| Gross operating margin | 9900 | €76,796 | €84,588 | +€7,791 | +10.1% |
| Operating profit (loss) | 9901 | €49,592 | €66,808 | +€17,216 | +34.7% |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €1,309 | €2,229 | +€920 | +70.3% |
| Recurring financial charges | 65 | €1,309 | €2,229 | +€920 | +70.3% |
| Profit (loss) for the period before taxes | 9903 | €48,283 | €64,583 | +€16,301 | +33.8% |
| Income taxes | 67/77 | €11,193 | €15,773 | +€4,580 | +40.9% |
| Profit (loss) for the period | 9904 | €37,089 | €48,810 | +€11,721 | +31.6% |
| Profit (loss) for the period to be appropriated | 9905 | €37,089 | €48,810 | +€11,721 | +31.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.