H.R.S.: 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.S.
Largest movements
- Cash +€20,336
up €20,336 (+15.0%), from €135,991 to €156,327
mainly Depreciation (+€26,723) and Other debts (+€24,637)
- Tangible fixed assets -€7,993
down €7,993 (-3.2%), from €246,804 to €238,811
of which Furniture and vehicles: -€10,025
- Receivables within one year +€7,022
up €7,022 (+59.2%), from €11,860 to €18,883
of which Trade receivables: +€8,545
- Other debts +€24,637
up €24,637 (+22.7%), from €108,351 to €132,987
- Debts after one year -€14,617
down €14,617 (-20.2%), from €72,318 to €57,701
- Accrued charges and deferred income +€9,641
up €9,641 (+162%), from €5,955 to €15,596
- Current portion of long-term debt -€5,882
down €5,882 (-22.0%), from €26,749 to €20,867
- Gross operating margin +€21,633
up €21,633 (+50.3%), from €43,039 to €64,673
- Taxes +€7,862
up €7,862 (+269%), from €2,921 to €10,782
- Other operating charges -€6,348
down €6,348 (-67.7%), from €9,371 to €3,023
- Depreciation +€2,023
up €2,023 (+8.2%), from €24,700 to €26,723
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 | €397,102 | €415,191 | +€18,090 | +4.6% |
| Fixed assets | 21/28 | €246,804 | €238,811 | -€7,993 | -3.2% |
| Tangible fixed assets | 22/27 | €246,804 | €238,811 | -€7,993 | -3.2% |
| Land and buildings | 22 | €185,106 | €185,004 | -€102 | -0.1% |
| Plant, machinery and equipment | 23 | €6,910 | €4,673 | -€2,238 | -32.4% |
| Furniture and vehicles | 24 | €52,628 | €42,603 | -€10,025 | -19.0% |
| Other tangible fixed assets | 26 | €2,160 | €6,531 | +€4,371 | +202% |
| Current assets | 29/58 | €150,298 | €176,380 | +€26,082 | +17.4% |
| Amounts receivable within one year | 40/41 | €11,860 | €18,883 | +€7,022 | +59.2% |
| Trade receivables | 40 | €6,967 | €15,512 | +€8,545 | +123% |
| Other amounts receivable | 41 | €4,893 | €3,371 | -€1,522 | -31.1% |
| Cash at bank and in hand | 54/58 | €135,991 | €156,327 | +€20,336 | +15.0% |
| Deferred charges and accrued income | 490/1 | €2,446 | €1,170 | -€1,276 | -52.2% |
| Total equity and liabilities | 10/49 | €397,102 | €415,191 | +€18,090 | +4.6% |
| Equity | 10/15 | €182,609 | €184,683 | +€2,075 | +1.1% |
| Contributions | 10/11 | €12,447 | €12,447 | = | 0.0% |
| Reserves | 13 | €170,161 | €172,236 | +€2,075 | +1.2% |
| Distributable reserves | 133 | €170,161 | €172,236 | +€2,075 | +1.2% |
| Amounts payable | 17/49 | €214,493 | €230,508 | +€16,015 | +7.5% |
| Amounts payable after more than one year | 17 | €72,318 | €57,701 | -€14,617 | -20.2% |
| Financial debts | 170/4 | €72,318 | €57,701 | -€14,617 | -20.2% |
| Amounts payable within one year | 42/48 | €136,221 | €157,211 | +€20,990 | +15.4% |
| Current portion of amounts payable after more than one year | 42 | €26,749 | €20,867 | -€5,882 | -22.0% |
| Trade debts | 44 | €1,121 | €218 | -€903 | -80.6% |
| Suppliers | 440/4 | €1,121 | €218 | -€903 | -80.6% |
| Taxes, remuneration and social security | 45 | - | €3,139 | +€3,139 | |
| Taxes | 450/3 | - | €3,139 | +€3,139 | |
| Other amounts payable | 47/48 | €108,351 | €132,987 | +€24,637 | +22.7% |
| Accrued charges and deferred income | 492/3 | €5,955 | €15,596 | +€9,641 | +162% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,700 | €26,723 | +€2,023 | +8.2% |
| Other operating charges | 640/8 | €9,371 | €3,023 | -€6,348 | -67.7% |
| Gross operating margin | 9900 | €43,039 | €64,673 | +€21,633 | +50.3% |
| Operating profit (loss) | 9901 | €8,969 | €34,927 | +€25,958 | +289% |
| Financial income | 75/76B | €421 | €507 | +€86 | +20.4% |
| Recurring financial income | 75 | €421 | €507 | +€86 | +20.4% |
| Financial charges | 65/66B | €3,841 | €3,576 | -€265 | -6.9% |
| Recurring financial charges | 65 | €3,841 | €3,576 | -€265 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €5,548 | €31,857 | +€26,309 | +474% |
| Income taxes | 67/77 | €2,921 | €10,782 | +€7,862 | +269% |
| Profit (loss) for the period | 9904 | €2,628 | €21,075 | +€18,447 | +702% |
| Profit (loss) for the period to be appropriated | 9905 | €2,628 | €21,075 | +€18,447 | +702% |
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 23 October 2026 via checked.be.