HFR International: what changed
What changed
HFR International
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€749,430
2024 · €700,873+€48,557
Equity
€26.2m
2024 · €25.4m+€749,430
Cash
€929,916
2024 · €199,740+€730,176
Balance sheet total
€28.0m
2024 · €28.5m-€478,632
Largest movements
Assets
- Current investments -€1.0m
no longer reported in 2025 (was €1.0m)
- Cash +€730,176
up €730,176 (+366%), from €199,740 to €929,916
mainly Short-term financial debts (+€1.2m) and Current investments (+€1.0m)
- Financial fixed assets -€312,842
down €312,842 (-1.2%), from €27.1m to €26.8m
Equity and liabilities
- Debts after one year -€1.6m
down €1.6m (-89.5%), from €1.8m to €190,000
- Short-term financial debts +€1.2m
new in 2025: €1.2m
- Current portion of long-term debt -€825,083
no longer reported in 2025 (was €825,083)
- Profit (loss) carried forward +€713,930
up €713,930 (+17.9%), from €4.0m to €4.7m
Income statement
- Gross operating margin +€55,921
up €55,921 (+8.9%), from €631,094 to €687,015
- Turnover +€47,605
up €47,605 (+7.0%), from €683,846 to €731,451
- Financial charges -€23,579
down €23,579 (-44.9%), from €52,525 to €28,946
- Taxes +€22,170
up €22,170 (+12.7%), from €174,026 to €196,196
- Financial income -€8,798
down €8,798 (-2.9%), from €298,368 to €289,570
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€700,873
Gross operating margin
+€55,921
Other operating charges
+€26
Financial income
-€8,798
Financial charges
+€23,579
Taxes
-€22,170
Result 2025
€749,430
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€660,418
Investment
+€1.3m
Financing
-€1.2m
Cash 2024
€199,740
From operations (derived)
+€660,418
Net result for the year
+€749,430
Receivables after one year
-€100,000
Receivables within one year
-€17,169
Deferred charges and accrued income
+€13,136
Smaller working-capital items
+€1,296
Tax, wage and social debts
+€13,724
Investment (derived)
+€1.3m
Investment in fixed assets (net)
+€312,842
Current investments
+€1.0m
Financing
-€1.2m
Debts after one year
-€1.6m
Current portion of long-term debt
-€825,083
Short-term financial debts
+€1.2m
Cash 2025
€929,916
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €28,460,705 | €27,982,073 | -€478,632 | -1.7% |
| Fixed assets | 21/28 | €27,119,133 | €26,806,291 | -€312,842 | -1.2% |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €27,119,133 | €26,806,291 | -€312,842 | -1.2% |
| Current assets | 29/58 | €1,341,572 | €1,175,782 | -€165,790 | -12.4% |
| Amounts receivable after more than one year | 29 | - | €100,000 | +€100,000 | |
| Trade receivables | 290 | - | €100,000 | +€100,000 | |
| Amounts receivable within one year | 40/41 | €68,016 | €85,185 | +€17,169 | +25.2% |
| Trade receivables | 40 | €65,927 | €81,322 | +€15,395 | +23.4% |
| Other amounts receivable | 41 | €2,090 | €3,863 | +€1,774 | +84.9% |
| Current investments | 50/53 | €1,000,000 | - | -€1.0m | |
| Cash at bank and in hand | 54/58 | €199,740 | €929,916 | +€730,176 | +366% |
| Deferred charges and accrued income | 490/1 | €73,816 | €60,680 | -€13,136 | -17.8% |
| Total equity and liabilities | 10/49 | €28,460,705 | €27,982,073 | -€478,632 | -1.7% |
| Equity | 10/15 | €25,443,211 | €26,192,642 | +€749,430 | +2.9% |
| Contributions | 10/11 | €21,325,000 | €21,325,000 | = | 0.0% |
| Reserves | 13 | €127,500 | €163,000 | +€35,500 | +27.8% |
| Distributable reserves | 133 | €127,500 | €163,000 | +€35,500 | +27.8% |
| Profit (loss) carried forward | 14 | €3,990,711 | €4,704,642 | +€713,930 | +17.9% |
| Amounts payable | 17/49 | €3,017,493 | €1,789,431 | -€1.2m | -40.7% |
| Amounts payable after more than one year | 17 | €1,808,000 | €190,000 | -€1.6m | -89.5% |
| Other amounts payable | 178/9 | €1,808,000 | €190,000 | -€1.6m | -89.5% |
| Amounts payable within one year | 42/48 | €1,109,964 | €1,496,509 | +€386,545 | +34.8% |
| Current portion of amounts payable after more than one year | 42 | €825,083 | - | -€825,083 | |
| Financial debts | 43 | - | €1,200,000 | +€1.2m | |
| Credit institutions | 430/8 | - | €1,200,000 | +€1.2m | |
| Trade debts | 44 | €8,795 | €6,546 | -€2,249 | -25.6% |
| Suppliers | 440/4 | €8,795 | €6,546 | -€2,249 | -25.6% |
| Taxes, remuneration and social security | 45 | €275,920 | €289,645 | +€13,724 | +5.0% |
| Taxes | 450/3 | €275,920 | €289,645 | +€13,724 | +5.0% |
| Other amounts payable | 47/48 | €166 | €318 | +€152 | +91.9% |
| Accrued charges and deferred income | 492/3 | €99,529 | €102,922 | +€3,393 | +3.4% |
| Turnover | 70 | €683,846 | €731,451 | +€47,605 | +7.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €52,753 | €44,436 | -€8,317 | -15.8% |
| Other operating charges | 640/8 | €2,038 | €2,012 | -€26 | -1.3% |
| Gross operating margin | 9900 | €631,094 | €687,015 | +€55,921 | +8.9% |
| Operating profit (loss) | 9901 | €629,056 | €685,003 | +€55,947 | +8.9% |
| Financial income | 75/76B | €298,368 | €289,570 | -€8,798 | -2.9% |
| Recurring financial income | 75 | €298,368 | €289,570 | -€8,798 | -2.9% |
| Financial charges | 65/66B | €52,525 | €28,946 | -€23,579 | -44.9% |
| Recurring financial charges | 65 | €52,525 | €28,946 | -€23,579 | -44.9% |
| Profit (loss) for the period before taxes | 9903 | €874,899 | €945,627 | +€70,728 | +8.1% |
| Income taxes | 67/77 | €174,026 | €196,196 | +€22,170 | +12.7% |
| Profit (loss) for the period | 9904 | €700,873 | €749,430 | +€48,557 | +6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €700,873 | €749,430 | +€48,557 | +6.9% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.