H.N.R.: 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.
HNR IMMO
Largest movements
- Tangible fixed assets -€48,946
down €48,946 (-15.2%), from €321,569 to €272,624
of which Furniture and vehicles: -€31,323
- Receivables within one year -€38,767
down €38,767 (-36.8%), from €105,361 to €66,594
of which Other amounts receivable: -€38,506
- Current investments -€21,973
no longer reported in 2025 (was €21,973)
- Cash +€19,588
up €19,588 (+31.9%), from €61,360 to €80,949
mainly Other debts (+€96,738) and Net result for the year (+€43,669)
- Stocks and contracts -€14,623
down €14,623 (-14.2%), from €103,065 to €88,443
- Reserves -€171,443
down €171,443 (-68.1%), from €251,753 to €80,310
of which Distributable reserves: -€171,443
- Other debts +€96,738
up €96,738 (+416%), from €23,272 to €120,010
- Tax, wage and social debts -€71,942
down €71,942 (-64.9%), from €110,829 to €38,887
of which Taxes: -€65,437
- Trade debts +€25,054
up €25,054 (+222%), from €11,280 to €36,334
- Short-term financial debts +€20,183
up €20,183 (+101%), from €20,000 to €40,183
- Gross operating margin +€37,291
up €37,291 (+20.5%), from €182,183 to €219,474
- Financial charges -€25,201
down €25,201 (-76.6%), from €32,915 to €7,715
- Depreciation -€11,084
down €11,084 (-25.1%), from €44,124 to €33,040
- Taxes +€10,833
up €10,833 (+113%), from €9,551 to €20,384
- Staff costs +€8,991
up €8,991 (+10.2%), from €88,125 to €97,116
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 | €634,274 | €515,715 | -€118,559 | -18.7% |
| Fixed assets | 21/28 | €321,569 | €272,624 | -€48,946 | -15.2% |
| Tangible fixed assets | 22/27 | €321,569 | €272,624 | -€48,946 | -15.2% |
| Land and buildings | 22 | €274,448 | €259,158 | -€15,290 | -5.6% |
| Plant, machinery and equipment | 23 | €3,421 | €1,088 | -€2,333 | -68.2% |
| Furniture and vehicles | 24 | €43,700 | €12,377 | -€31,323 | -71.7% |
| Current assets | 29/58 | €312,705 | €243,092 | -€69,613 | -22.3% |
| Stocks and contracts in progress | 3 | €103,065 | €88,443 | -€14,623 | -14.2% |
| Stocks | 30/36 | €103,065 | €88,443 | -€14,623 | -14.2% |
| Amounts receivable within one year | 40/41 | €105,361 | €66,594 | -€38,767 | -36.8% |
| Trade receivables | 40 | €55,628 | €55,367 | -€261 | -0.5% |
| Other amounts receivable | 41 | €49,733 | €11,228 | -€38,506 | -77.4% |
| Current investments | 50/53 | €21,973 | - | -€21,973 | |
| Cash at bank and in hand | 54/58 | €61,360 | €80,949 | +€19,588 | +31.9% |
| Deferred charges and accrued income | 490/1 | €20,946 | €7,106 | -€13,840 | -66.1% |
| Total equity and liabilities | 10/49 | €634,274 | €515,715 | -€118,559 | -18.7% |
| Equity | 10/15 | €427,026 | €258,091 | -€168,935 | -39.6% |
| Contributions | 10/11 | €169,831 | €169,831 | = | 0.0% |
| Capital | 10 | €169,831 | €169,831 | = | 0.0% |
| Issued capital | 100 | €169,831 | €169,831 | = | 0.0% |
| Reserves | 13 | €251,753 | €80,310 | -€171,443 | -68.1% |
| Non-distributable reserves | 130/1 | €16,983 | €16,983 | = | 0.0% |
| Legal reserve | 130 | €16,983 | €16,983 | = | 0.0% |
| Distributable reserves | 133 | €234,770 | €63,327 | -€171,443 | -73.0% |
| Profit (loss) carried forward | 14 | -€3,372 | - | +€3,372 | |
| Investment grants | 15 | €8,814 | €7,950 | -€864 | -9.8% |
| Amounts payable | 17/49 | €207,248 | €257,624 | +€50,376 | +24.3% |
| Amounts payable after more than one year | 17 | €12,655 | €4,096 | -€8,559 | -67.6% |
| Financial debts | 170/4 | €12,655 | €4,096 | -€8,559 | -67.6% |
| Amounts payable within one year | 42/48 | €193,343 | €252,278 | +€58,935 | +30.5% |
| Current portion of amounts payable after more than one year | 42 | €15,586 | €8,559 | -€7,027 | -45.1% |
| Financial debts | 43 | €20,000 | €40,183 | +€20,183 | +101% |
| Credit institutions | 430/8 | €20,000 | €40,183 | +€20,183 | +101% |
| Trade debts | 44 | €11,280 | €36,334 | +€25,054 | +222% |
| Suppliers | 440/4 | €11,280 | €36,334 | +€25,054 | +222% |
| Advances received on contracts in progress | 46 | €12,377 | €8,305 | -€4,072 | -32.9% |
| Taxes, remuneration and social security | 45 | €110,829 | €38,887 | -€71,942 | -64.9% |
| Taxes | 450/3 | €101,411 | €35,974 | -€65,437 | -64.5% |
| Remuneration and social security | 454/9 | €9,417 | €2,913 | -€6,504 | -69.1% |
| Other amounts payable | 47/48 | €23,272 | €120,010 | +€96,738 | +416% |
| Accrued charges and deferred income | 492/3 | €1,250 | €1,250 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €88,125 | €97,116 | +€8,991 | +10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,124 | €33,040 | -€11,084 | -25.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,472 | -€3,089 | +€383 | +11.0% |
| Other operating charges | 640/8 | €22,026 | €21,724 | -€302 | -1.4% |
| Non-recurring operating charges | 66A | - | €428 | +€428 | |
| Gross operating margin | 9900 | €182,183 | €219,474 | +€37,291 | +20.5% |
| Operating profit (loss) | 9901 | €31,380 | €70,254 | +€38,874 | +124% |
| Financial income | 75/76B | €3,426 | €1,514 | -€1,912 | -55.8% |
| Recurring financial income | 75 | €3,426 | €1,514 | -€1,912 | -55.8% |
| Financial charges | 65/66B | €32,915 | €7,715 | -€25,201 | -76.6% |
| Recurring financial charges | 65 | €32,915 | €7,715 | -€25,201 | -76.6% |
| Profit (loss) for the period before taxes | 9903 | €1,890 | €64,053 | +€62,163 | +3,288% |
| Income taxes | 67/77 | €9,551 | €20,384 | +€10,833 | +113% |
| Profit (loss) for the period | 9904 | -€7,660 | €43,669 | +€51,329 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,660 | €43,669 | +€51,329 |
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 30 October 2026 via checked.be.