H & 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.
H & R
Largest movements
- Current investments +€220,483
up €220,483 (+86.1%), from €256,000 to €476,483
- Cash -€125,957
down €125,957 (-77.2%), from €163,083 to €37,127
mainly Current investments (-€220,483) and Investment in fixed assets (net) (-€71,220)
- Tangible fixed assets +€59,667
up €59,667 (+144.8%), from €41,215 to €100,882
of which Furniture and vehicles: +€65,511
- Reserves +€113,871
up €113,871 (+28.1%), from €404,633 to €518,504
of which Distributable reserves: +€113,871
- Debts after one year +€29,688
new in 2025: €29,688
- Tax, wage and social debts -€18,924
down €18,924 (-48.1%), from €39,370 to €20,446
- Other debts +€13,169
up €13,169 (+202.3%), from €6,511 to €19,680
- Current portion of long-term debt +€9,530
new in 2025: €9,530
- Gross operating margin -€12,895
down €12,895 (-6.9%), from €186,641 to €173,747
- Financial income +€8,552
up €8,552 (+757.7%), from €1,129 to €9,681
- Taxes +€2,939
up €2,939 (+5.6%), from €52,717 to €55,655
- Depreciation +€1,870
up €1,870 (+19.3%), from €9,683 to €11,552
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 | €467,447 | €619,302 | +€151,855 | +32.5% |
| Fixed assets | 21/28 | €43,615 | €103,282 | +€59,667 | +136.8% |
| Tangible fixed assets | 22/27 | €41,215 | €100,882 | +€59,667 | +144.8% |
| Land and buildings | 22 | €33,506 | €27,663 | -€5,843 | -17.4% |
| Furniture and vehicles | 24 | €7,709 | €73,220 | +€65,511 | +849.8% |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €423,832 | €516,020 | +€92,188 | +21.8% |
| Amounts receivable within one year | 40/41 | €4,526 | €2,138 | -€2,388 | -52.8% |
| Other amounts receivable | 41 | €4,526 | €2,138 | -€2,388 | -52.8% |
| Current investments | 50/53 | €256,000 | €476,483 | +€220,483 | +86.1% |
| Cash at bank and in hand | 54/58 | €163,083 | €37,127 | -€125,957 | -77.2% |
| Deferred charges and accrued income | 490/1 | €222 | €272 | +€49 | +22.2% |
| Total equity and liabilities | 10/49 | €467,447 | €619,302 | +€151,855 | +32.5% |
| Equity | 10/15 | €412,686 | €526,557 | +€113,871 | +27.6% |
| Contributions | 10/11 | €55,792 | €55,792 | = | 0.0% |
| Reserves | 13 | €404,633 | €518,504 | +€113,871 | +28.1% |
| Non-distributable reserves | 130/1 | €5,326 | €5,326 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,326 | €5,326 | = | 0.0% |
| Distributable reserves | 133 | €399,307 | €513,178 | +€113,871 | +28.5% |
| Profit (loss) carried forward | 14 | -€47,739 | -€47,739 | = | 0.0% |
| Amounts payable | 17/49 | €54,761 | €92,745 | +€37,984 | +69.4% |
| Amounts payable after more than one year | 17 | - | €29,688 | +€29,688 | |
| Financial debts | 170/4 | - | €29,688 | +€29,688 | |
| Amounts payable within one year | 42/48 | €54,761 | €63,057 | +€8,295 | +15.1% |
| Current portion of amounts payable after more than one year | 42 | - | €9,530 | +€9,530 | |
| Trade debts | 44 | €8,880 | €13,401 | +€4,521 | +50.9% |
| Suppliers | 440/4 | €8,880 | €13,401 | +€4,521 | +50.9% |
| Taxes, remuneration and social security | 45 | €39,370 | €20,446 | -€18,924 | -48.1% |
| Taxes | 450/3 | €39,370 | €20,446 | -€18,924 | -48.1% |
| Other amounts payable | 47/48 | €6,511 | €19,680 | +€13,169 | +202.3% |
| Non-recurring operating income | 76A | €15,924 | €1,505 | -€14,419 | -90.5% |
| Remuneration, social security and pensions | 62 | - | €34 | +€34 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,683 | €11,552 | +€1,870 | +19.3% |
| Other operating charges | 640/8 | €1,983 | €945 | -€1,037 | -52.3% |
| Gross operating margin | 9900 | €186,641 | €173,747 | -€12,895 | -6.9% |
| Operating profit (loss) | 9901 | €174,976 | €161,215 | -€13,761 | -7.9% |
| Financial income | 75/76B | €1,129 | €9,681 | +€8,552 | +757.7% |
| Recurring financial income | 75 | €1,129 | €9,681 | +€8,552 | +757.7% |
| Financial charges | 65/66B | €296 | €1,370 | +€1,074 | +362.8% |
| Recurring financial charges | 65 | €296 | €1,370 | +€1,074 | +362.8% |
| Profit (loss) for the period before taxes | 9903 | €175,809 | €169,526 | -€6,283 | -3.6% |
| Income taxes | 67/77 | €52,717 | €55,655 | +€2,939 | +5.6% |
| Profit (loss) for the period | 9904 | €123,092 | €113,871 | -€9,221 | -7.5% |
| Profit (loss) for the period to be appropriated | 9905 | €123,092 | €113,871 | -€9,221 | -7.5% |
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 10 October 2026 via checked.be.