HR answers: what changed
HR answers
Largest movements
- Receivables within one year +€41,086
up €41,086 (+100%), from €40,918 to €82,004
of which Trade receivables: +€25,757
- Current investments -€36,244
down €36,244 (-19.3%), from €188,218 to €151,975
- Tangible fixed assets -€13,121
down €13,121 (-20.3%), from €64,584 to €51,463
of which Leasing and similar rights: -€10,744
- Cash -€9,221
down €9,221 (-3.1%), from €295,339 to €286,118
mainly Other debts (-€120,007) and Receivables within one year (-€41,086)
- Other debts -€120,007
no longer reported in 2025 (was €120,007)
- Profit (loss) carried forward +€51,322
up €51,322 (+17.2%), from €298,948 to €350,270
- Reserves +€50,000
up €50,000 (+59.9%), from €83,439 to €133,439
of which Distributable reserves: +€50,000
- Debts after one year -€12,743
down €12,743 (-31.6%), from €40,297 to €27,554
- Tax, wage and social debts +€9,085
up €9,085 (+58.2%), from €15,616 to €24,701
- Gross operating margin +€12,914
up €12,914 (+9.1%), from €142,572 to €155,485
- Depreciation +€10,012
up €10,012 (+322%), from €3,109 to €13,121
- Financial income -€6,133
down €6,133 (-97.6%), from €6,281 to €149
- Taxes +€4,697
up €4,697 (+15.1%), from €31,013 to €35,710
- Other operating charges +€2,005
up €2,005 (+282%), from €711 to €2,716
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €592,583 | €574,339 | -€18,245 | -3.1% |
| Fixed assets | 21/28 | €64,584 | €51,463 | -€13,121 | -20.3% |
| Tangible fixed assets | 22/27 | €64,584 | €51,463 | -€13,121 | -20.3% |
| Furniture and vehicles | 24 | €2,035 | €770 | -€1,265 | -62.2% |
| Leasing and similar rights | 25 | €53,043 | €42,299 | -€10,744 | -20.3% |
| Other tangible fixed assets | 26 | €9,506 | €8,394 | -€1,112 | -11.7% |
| Current assets | 29/58 | €527,999 | €522,876 | -€5,123 | -1.0% |
| Amounts receivable within one year | 40/41 | €40,918 | €82,004 | +€41,086 | +100% |
| Trade receivables | 40 | €38,732 | €64,489 | +€25,757 | +66.5% |
| Other amounts receivable | 41 | €2,185 | €17,515 | +€15,330 | +702% |
| Current investments | 50/53 | €188,218 | €151,975 | -€36,244 | -19.3% |
| Cash at bank and in hand | 54/58 | €295,339 | €286,118 | -€9,221 | -3.1% |
| Deferred charges and accrued income | 490/1 | €3,524 | €2,778 | -€746 | -21.2% |
| Total equity and liabilities | 10/49 | €592,583 | €574,339 | -€18,245 | -3.1% |
| Equity | 10/15 | €400,987 | €502,309 | +€101,322 | +25.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €83,439 | €133,439 | +€50,000 | +59.9% |
| Tax-exempt reserves | 132 | €7,439 | €7,439 | = | 0.0% |
| Distributable reserves | 133 | €76,000 | €126,000 | +€50,000 | +65.8% |
| Profit (loss) carried forward | 14 | €298,948 | €350,270 | +€51,322 | +17.2% |
| Amounts payable | 17/49 | €191,596 | €72,030 | -€119,566 | -62.4% |
| Amounts payable after more than one year | 17 | €40,297 | €27,554 | -€12,743 | -31.6% |
| Financial debts | 170/4 | €40,297 | €27,554 | -€12,743 | -31.6% |
| Amounts payable within one year | 42/48 | €149,999 | €43,126 | -€106,873 | -71.2% |
| Current portion of amounts payable after more than one year | 42 | €12,404 | €12,743 | +€339 | +2.7% |
| Trade debts | 44 | €1,971 | €5,682 | +€3,711 | +188% |
| Suppliers | 440/4 | €1,971 | €5,682 | +€3,711 | +188% |
| Taxes, remuneration and social security | 45 | €15,616 | €24,701 | +€9,085 | +58.2% |
| Taxes | 450/3 | €15,616 | €24,701 | +€9,085 | +58.2% |
| Other amounts payable | 47/48 | €120,007 | - | -€120,007 | |
| Accrued charges and deferred income | 492/3 | €1,300 | €1,350 | +€50 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,109 | €13,121 | +€10,012 | +322% |
| Other operating charges | 640/8 | €711 | €2,716 | +€2,005 | +282% |
| Gross operating margin | 9900 | €142,572 | €155,485 | +€12,914 | +9.1% |
| Operating profit (loss) | 9901 | €138,752 | €139,648 | +€897 | +0.6% |
| Financial income | 75/76B | €6,281 | €149 | -€6,133 | -97.6% |
| Recurring financial income | 75 | €6,281 | €149 | -€6,133 | -97.6% |
| Financial charges | 65/66B | €3,506 | €2,765 | -€740 | -21.1% |
| Recurring financial charges | 65 | €3,506 | €2,765 | -€740 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | €141,527 | €137,032 | -€4,496 | -3.2% |
| Income taxes | 67/77 | €31,013 | €35,710 | +€4,697 | +15.1% |
| Profit (loss) for the period | 9904 | €110,514 | €101,322 | -€9,193 | -8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €110,514 | €101,322 | -€9,193 | -8.3% |
Next steps
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 2 November 2026 via checked.be.