H.R. PROJECTS: 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. PROJECTS
Largest movements
- Stocks and contracts +€76,161
up €76,161 (+268.7%), from €28,349 to €104,510
- Cash -€18,957
down €18,957 (-89.7%), from €21,144 to €2,188
mainly Stocks and contracts (-€76,161) and Receivables within one year (-€876)
- Tangible fixed assets -€2,110
down €2,110 (-52.0%), from €4,059 to €1,949
- Debts after one year +€30,000
new in 2025: €30,000
- Trade debts +€13,582
up €13,582 (+253.2%), from €5,364 to €18,946
- Reserves +€9,172
up €9,172 (+35.9%), from €25,557 to €34,729
- Tax, wage and social debts +€2,794
up €2,794 (+90.1%), from €3,101 to €5,896
- Gross operating margin +€13,203
up €13,203, from -€3,584 to €9,619
- Financial income +€4,418
up €4,418, from €0 to €4,418
- Taxes +€895
up €895, from €0 to €895
- Other operating charges +€862
up €862 (+102.5%), from €841 to €1,703
- Financial charges -€130
down €130 (-45.2%), from €286 to €157
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 | €72,729 | €128,700 | +€55,970 | +77.0% |
| Fixed assets | 21/28 | €4,059 | €1,949 | -€2,110 | -52.0% |
| Tangible fixed assets | 22/27 | €4,059 | €1,949 | -€2,110 | -52.0% |
| Plant, machinery and equipment | 23 | €4,059 | €1,949 | -€2,110 | -52.0% |
| Current assets | 29/58 | €68,670 | €126,751 | +€58,081 | +84.6% |
| Stocks and contracts in progress | 3 | €28,349 | €104,510 | +€76,161 | +268.7% |
| Stocks | 30/36 | €28,349 | €104,510 | +€76,161 | +268.7% |
| Amounts receivable within one year | 40/41 | €19,177 | €20,053 | +€876 | +4.6% |
| Trade receivables | 40 | €19,177 | €20,053 | +€876 | +4.6% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €21,144 | €2,188 | -€18,957 | -89.7% |
| Total equity and liabilities | 10/49 | €72,729 | €128,700 | +€55,970 | +77.0% |
| Equity | 10/15 | €45,557 | €54,729 | +€9,172 | +20.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €25,557 | €34,729 | +€9,172 | +35.9% |
| Distributable reserves | 133 | €25,557 | €34,729 | +€9,172 | +35.9% |
| Amounts payable | 17/49 | €27,172 | €73,971 | +€46,798 | +172.2% |
| Amounts payable after more than one year | 17 | - | €30,000 | +€30,000 | |
| Other amounts payable | 178/9 | - | €30,000 | +€30,000 | |
| Amounts payable within one year | 42/48 | €27,172 | €43,971 | +€16,798 | +61.8% |
| Trade debts | 44 | €5,364 | €18,946 | +€13,582 | +253.2% |
| Suppliers | 440/4 | €5,364 | €18,946 | +€13,582 | +253.2% |
| Taxes, remuneration and social security | 45 | €3,101 | €5,896 | +€2,794 | +90.1% |
| Taxes | 450/3 | €3,101 | €5,896 | +€2,794 | +90.1% |
| Other amounts payable | 47/48 | €18,707 | €19,129 | +€422 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,110 | €2,110 | = | 0.0% |
| Other operating charges | 640/8 | €841 | €1,703 | +€862 | +102.5% |
| Gross operating margin | 9900 | -€3,584 | €9,619 | +€13,203 | |
| Operating profit (loss) | 9901 | -€6,536 | €5,806 | +€12,342 | |
| Financial income | 75/76B | €0 | €4,418 | +€4,418 | |
| Recurring financial income | 75 | €0 | €4,418 | +€4,418 | |
| Financial charges | 65/66B | €286 | €157 | -€130 | -45.2% |
| Recurring financial charges | 65 | €286 | €157 | -€130 | -45.2% |
| Profit (loss) for the period before taxes | 9903 | -€6,822 | €10,067 | +€16,889 | |
| Income taxes | 67/77 | €0 | €895 | +€895 | |
| Profit (loss) for the period | 9904 | -€6,822 | €9,172 | +€15,994 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,822 | €9,172 | +€15,994 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.