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
- Cash +€9,086
up €9,086 (+563.1%), from €1,614 to €10,699
mainly Net result for the year (+€25,225) and Depreciation (+€13,563)
- Tangible fixed assets +€2,442
up €2,442 (+1.3%), from €186,684 to €189,126
of which Land and buildings: +€2,558
- Reserves +€70,582
up €70,582 (+110.8%), from €63,701 to €134,283
- Profit (loss) carried forward -€46,189
no longer reported in 2025 (was €46,189)
- Debts after one year -€24,420
down €24,420 (-33.4%), from €73,131 to €48,711
- Tax, wage and social debts +€5,943
up €5,943 (+79.4%), from €7,487 to €13,430
of which Taxes: +€5,943
- Trade debts +€2,599
up €2,599 (+48.5%), from €5,361 to €7,960
- Gross operating margin +€15,864
up €15,864 (+36.1%), from €43,956 to €59,820
- Taxes +€6,407
up €6,407 (+91.0%), from €7,037 to €13,443
- Financial charges -€1,235
down €1,235 (-17.7%), from €6,974 to €5,739
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 | €233,264 | €242,498 | +€9,234 | +4.0% |
| Fixed assets | 21/28 | €186,684 | €189,126 | +€2,442 | +1.3% |
| Tangible fixed assets | 22/27 | €186,684 | €189,126 | +€2,442 | +1.3% |
| Land and buildings | 22 | €182,238 | €184,796 | +€2,558 | +1.4% |
| Plant, machinery and equipment | 23 | - | €1,288 | +€1,288 | |
| Furniture and vehicles | 24 | €4,446 | €3,042 | -€1,403 | -31.6% |
| Current assets | 29/58 | €46,580 | €53,372 | +€6,792 | +14.6% |
| Amounts receivable after more than one year | 29 | €23,691 | €23,691 | = | 0.0% |
| Other amounts receivable | 291 | €23,691 | €23,691 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,905 | €1,905 | = | 0.0% |
| Trade receivables | 40 | €1,905 | €1,905 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,614 | €10,699 | +€9,086 | +563.1% |
| Deferred charges and accrued income | 490/1 | €19,371 | €17,077 | -€2,294 | -11.8% |
| Total equity and liabilities | 10/49 | €233,264 | €242,498 | +€9,234 | +4.0% |
| Equity | 10/15 | €116,090 | €140,483 | +€24,392 | +21.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €63,701 | €134,283 | +€70,582 | +110.8% |
| Distributable reserves | 133 | €63,701 | €134,283 | +€70,582 | +110.8% |
| Profit (loss) carried forward | 14 | €46,189 | - | -€46,189 | |
| Amounts payable | 17/49 | €117,174 | €102,016 | -€15,158 | -12.9% |
| Amounts payable after more than one year | 17 | €73,131 | €48,711 | -€24,420 | -33.4% |
| Financial debts | 170/4 | €73,131 | €48,711 | -€24,420 | -33.4% |
| Amounts payable within one year | 42/48 | €44,043 | €53,305 | +€9,262 | +21.0% |
| Current portion of amounts payable after more than one year | 42 | €24,687 | €24,420 | -€266 | -1.1% |
| Financial debts | 43 | €628 | €1,285 | +€656 | +104.4% |
| Credit institutions | 430/8 | €628 | €1,285 | +€656 | +104.4% |
| Trade debts | 44 | €5,361 | €7,960 | +€2,599 | +48.5% |
| Suppliers | 440/4 | €5,361 | €7,960 | +€2,599 | +48.5% |
| Taxes, remuneration and social security | 45 | €7,487 | €13,430 | +€5,943 | +79.4% |
| Taxes | 450/3 | €6,037 | €11,980 | +€5,943 | +98.5% |
| Remuneration and social security | 454/9 | €1,450 | €1,450 | = | 0.0% |
| Other amounts payable | 47/48 | €5,880 | €6,210 | +€330 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,175 | €13,563 | +€388 | +2.9% |
| Other operating charges | 640/8 | €1,874 | €1,850 | -€23 | -1.2% |
| Gross operating margin | 9900 | €43,956 | €59,820 | +€15,864 | +36.1% |
| Operating profit (loss) | 9901 | €28,908 | €44,407 | +€15,499 | +53.6% |
| Financial income | 75/76B | €1 | €1 | +€0 | +42.9% |
| Recurring financial income | 75 | €1 | €1 | +€0 | +42.9% |
| Financial charges | 65/66B | €6,974 | €5,739 | -€1,235 | -17.7% |
| Recurring financial charges | 65 | €6,974 | €5,739 | -€1,235 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | €21,934 | €38,669 | +€16,735 | +76.3% |
| Income taxes | 67/77 | €7,037 | €13,443 | +€6,407 | +91.0% |
| Profit (loss) for the period | 9904 | €14,897 | €25,225 | +€10,328 | +69.3% |
| Profit (loss) for the period to be appropriated | 9905 | €14,897 | €25,225 | +€10,328 | +69.3% |
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 12 October 2026 via checked.be.