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 +€23,948
up €23,948 (+80.7%), from €29,680 to €53,628
mainly Net result for the year (+€26,829) and Depreciation (+€17,076)
- Receivables within one year +€22,107
up €22,107 (+104%), from €21,261 to €43,368
- Tangible fixed assets -€14,226
down €14,226 (-18.1%), from €78,463 to €64,237
of which Land and buildings: -€7,802
- Stocks and contracts -€2,764
no longer reported in 2025 (was €2,764)
- Profit (loss) carried forward +€26,829
up €26,829 (+77.3%), from €34,729 to €61,558
- Tax, wage and social debts +€8,307
up €8,307 (+227%), from €3,659 to €11,966
- Current portion of long-term debt -€6,310
down €6,310 (-82.1%), from €7,685 to €1,375
- Gross operating margin +€48,461
up €48,461 (+985%), from €4,921 to €53,382
- Taxes +€8,210
up €8,210 (+2,831%), from €290 to €8,500
- Financial charges -€582
down €582 (-71.7%), from €812 to €230
- Depreciation -€573
down €573 (-3.2%), from €17,649 to €17,076
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 | €133,380 | €162,480 | +€29,100 | +21.8% |
| Fixed assets | 21/28 | €78,463 | €64,237 | -€14,226 | -18.1% |
| Tangible fixed assets | 22/27 | €78,463 | €64,237 | -€14,226 | -18.1% |
| Land and buildings | 22 | €47,231 | €39,429 | -€7,802 | -16.5% |
| Plant, machinery and equipment | 23 | €9,557 | €6,253 | -€3,304 | -34.6% |
| Furniture and vehicles | 24 | €21,675 | €18,555 | -€3,120 | -14.4% |
| Current assets | 29/58 | €54,917 | €98,243 | +€43,326 | +78.9% |
| Stocks and contracts in progress | 3 | €2,764 | - | -€2,764 | |
| Contracts in progress | 37 | €2,764 | - | -€2,764 | |
| Amounts receivable within one year | 40/41 | €21,261 | €43,368 | +€22,107 | +104% |
| Trade receivables | 40 | €21,261 | €43,368 | +€22,107 | +104% |
| Cash at bank and in hand | 54/58 | €29,680 | €53,628 | +€23,948 | +80.7% |
| Deferred charges and accrued income | 490/1 | €1,212 | €1,247 | +€35 | +2.9% |
| Total equity and liabilities | 10/49 | €133,380 | €162,480 | +€29,100 | +21.8% |
| Equity | 10/15 | €119,647 | €146,476 | +€26,829 | +22.4% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €7,500 | €7,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,729 | €61,558 | +€26,829 | +77.3% |
| Investment grants | 15 | €2,418 | €2,418 | = | 0.0% |
| Amounts payable | 17/49 | €13,733 | €16,004 | +€2,271 | +16.5% |
| Amounts payable within one year | 42/48 | €13,733 | €16,004 | +€2,271 | +16.5% |
| Current portion of amounts payable after more than one year | 42 | €7,685 | €1,375 | -€6,310 | -82.1% |
| Trade debts | 44 | - | €544 | +€544 | |
| Suppliers | 440/4 | - | €544 | +€544 | |
| Taxes, remuneration and social security | 45 | €3,659 | €11,966 | +€8,307 | +227% |
| Taxes | 450/3 | €3,659 | €11,966 | +€8,307 | +227% |
| Other amounts payable | 47/48 | €2,389 | €2,119 | -€270 | -11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,649 | €17,076 | -€573 | -3.2% |
| Other operating charges | 640/8 | €1,050 | €749 | -€301 | -28.7% |
| Gross operating margin | 9900 | €4,921 | €53,382 | +€48,461 | +985% |
| Operating profit (loss) | 9901 | -€13,778 | €35,557 | +€49,335 | |
| Financial income | 75/76B | €2 | €2 | = | 0.0% |
| Recurring financial income | 75 | €2 | €2 | = | 0.0% |
| Financial charges | 65/66B | €812 | €230 | -€582 | -71.7% |
| Recurring financial charges | 65 | €812 | €230 | -€582 | -71.7% |
| Profit (loss) for the period before taxes | 9903 | -€14,588 | €35,329 | +€49,917 | |
| Income taxes | 67/77 | €290 | €8,500 | +€8,210 | +2,831% |
| Profit (loss) for the period | 9904 | -€14,878 | €26,829 | +€41,707 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,878 | €26,829 | +€41,707 |
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 24 October 2026 via checked.be.