HANSWAL: what changed
Two fiscal 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.
What changed
HANSWAL
NACE 78.100, Employment placement agencies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€11.6m
2024 · €1.9m+€9.6m
Equity
€30.9m
2024 · €19.3m+€11.6m
Cash
€84,443
2024 · €152,208-€67,765
Balance sheet total
€31.5m
2024 · €20.1m+€11.4m
Largest movements
Assets
- Current investments +€11.0m
up €11.0m (+148.8%), from €7.4m to €18.4m
- Receivables within one year +€961,918
up €961,918 (+64.7%), from €1.5m to €2.4m
of which Other amounts receivable: +€550,078
- Receivables after one year -€530,112
down €530,112 (-8.9%), from €6.0m to €5.4m
Equity and liabilities
- Reserves +€11.6m
up €11.6m (+60.4%), from €19.2m to €30.7m
of which Distributable reserves: +€10.7m
Income statement
- Financial income +€9.6m
up €9.6m (+2048.0%), from €466,340 to €10.0m
- Gross operating margin +€151,372
up €151,372 (+4.9%), from €3.1m to €3.3m
- Other operating charges -€54,899
down €54,899 (-34.8%), from €157,573 to €102,674
- Financial charges +€54,801
up €54,801 (+6251.6%), from €877 to €55,677
- Staff costs +€44,018
up €44,018 (+5.8%), from €760,511 to €804,529
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.
Result 2024
€1.9m
Gross operating margin
+€151,372
Staff costs
-€44,018
Depreciation
-€12,511
Other operating charges
+€54,899
Financial income
+€9.6m
Financial charges
-€54,801
Taxes
-€10,971
Result 2025
€11.6m
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.
From operations
+€11.0m
Investment
-€11.1m
Financing
€0
Cash 2024
€152,208
From operations (derived)
+€11.0m
Net result for the year
+€11.6m
Depreciation
+€71,735
Receivables after one year
+€530,112
Receivables within one year
-€961,918
Deferred charges and accrued income
-€85,747
Smaller working-capital items
-€2,958
Trade debts
-€49,370
Tax, wage and social debts
-€87,072
Investment (derived)
-€11.1m
Investment in fixed assets (net)
-€49,637
Current investments
-€11.0m
Cash 2025
€84,443
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,083,756 | €31,519,045 | +€11.4m | +56.9% |
| Fixed assets | 21/28 | €4,969,908 | €4,947,810 | -€22,098 | -0.4% |
| Tangible fixed assets | 22/27 | €3,051,660 | €3,029,562 | -€22,098 | -0.7% |
| Land and buildings | 22 | €2,875,511 | €2,877,218 | +€1,707 | +0.1% |
| Plant, machinery and equipment | 23 | €2,163 | €1,478 | -€685 | -31.7% |
| Furniture and vehicles | 24 | €173,985 | €150,865 | -€23,120 | -13.3% |
| Financial fixed assets | 28 | €1,918,248 | €1,918,248 | = | 0.0% |
| Current assets | 29/58 | €15,113,848 | €26,571,235 | +€11.5m | +75.8% |
| Amounts receivable after more than one year | 29 | €5,961,145 | €5,431,033 | -€530,112 | -8.9% |
| Other amounts receivable | 291 | €5,961,145 | €5,431,033 | -€530,112 | -8.9% |
| Amounts receivable within one year | 40/41 | €1,487,541 | €2,449,459 | +€961,918 | +64.7% |
| Trade receivables | 40 | €265,235 | €677,075 | +€411,839 | +155.3% |
| Other amounts receivable | 41 | €1,222,306 | €1,772,384 | +€550,078 | +45.0% |
| Current investments | 50/53 | €7,400,000 | €18,407,600 | +€11.0m | +148.8% |
| Cash at bank and in hand | 54/58 | €152,208 | €84,443 | -€67,765 | -44.5% |
| Deferred charges and accrued income | 490/1 | €112,954 | €198,701 | +€85,747 | +75.9% |
| Total equity and liabilities | 10/49 | €20,083,756 | €31,519,045 | +€11.4m | +56.9% |
| Equity | 10/15 | €19,313,911 | €30,888,600 | +€11.6m | +59.9% |
| Contributions | 10/11 | €140,000 | €140,000 | = | 0.0% |
| Capital | 10 | €140,000 | €140,000 | = | 0.0% |
| Issued capital | 100 | €140,000 | €140,000 | = | 0.0% |
| Reserves | 13 | €19,173,911 | €30,748,600 | +€11.6m | +60.4% |
| Non-distributable reserves | 130/1 | €14,000 | €14,000 | = | 0.0% |
| Legal reserve | 130 | €14,000 | €14,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,361,490 | €4,203,591 | +€842,101 | +25.1% |
| Distributable reserves | 133 | €15,798,420 | €26,531,009 | +€10.7m | +67.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €49,849 | €46,268 | -€3,580 | -7.2% |
| Deferred taxes | 168 | €49,849 | €46,268 | -€3,580 | -7.2% |
| Amounts payable | 17/49 | €719,996 | €584,176 | -€135,820 | -18.9% |
| Amounts payable within one year | 42/48 | €719,860 | €583,418 | -€136,442 | -19.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €469,233 | €419,863 | -€49,370 | -10.5% |
| Suppliers | 440/4 | €469,233 | €419,863 | -€49,370 | -10.5% |
| Taxes, remuneration and social security | 45 | €250,627 | €163,556 | -€87,072 | -34.7% |
| Taxes | 450/3 | €94,197 | €11,442 | -€82,756 | -87.9% |
| Remuneration and social security | 454/9 | €156,430 | €152,114 | -€4,316 | -2.8% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €136 | €758 | +€622 | +458.2% |
| Remuneration, social security and pensions | 62 | €760,511 | €804,529 | +€44,018 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,224 | €71,735 | +€12,511 | +21.1% |
| Other operating charges | 640/8 | €157,573 | €102,674 | -€54,899 | -34.8% |
| Gross operating margin | 9900 | €3,118,163 | €3,269,535 | +€151,372 | +4.9% |
| Operating profit (loss) | 9901 | €2,140,855 | €2,290,597 | +€149,742 | +7.0% |
| Financial income | 75/76B | €466,340 | €10,016,977 | +€9.6m | +2048.0% |
| Recurring financial income | 75 | €466,340 | €10,016,977 | +€9.6m | +2048.0% |
| Financial charges | 65/66B | €877 | €55,677 | +€54,801 | +6251.6% |
| Recurring financial charges | 65 | €877 | €55,677 | +€54,801 | +6251.6% |
| Profit (loss) for the period before taxes | 9903 | €2,606,319 | €12,251,897 | +€9.6m | +370.1% |
| Transfer from deferred taxes | 780 | €3,580 | €3,580 | = | 0.0% |
| Income taxes | 67/77 | €669,817 | €680,788 | +€10,971 | +1.6% |
| Profit (loss) for the period | 9904 | €1,940,082 | €11,574,689 | +€9.6m | +496.6% |
| Transfer from tax-exempt reserves | 789 | €10,741 | €145,461 | +€134,720 | +1254.2% |
| Transfer to tax-exempt reserves | 689 | €254,388 | €987,562 | +€733,174 | +288.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,696,436 | €10,732,589 | +€9.0m | +532.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.