HR Capital: 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.
HR Capital
Largest movements
- Cash +€158,625
up €158,625 (+139%), from €114,354 to €272,978
mainly Net result for the year (+€174,630) and Other debts (+€174,333)
- Tangible fixed assets -€27,416
down €27,416 (-36.0%), from €76,134 to €48,718
of which Furniture and vehicles: -€15,821
- Receivables within one year +€10,215
up €10,215 (+6.7%), from €152,411 to €162,626
of which Trade receivables: +€7,518
- Other debts +€174,333
up €174,333 (+58,656%), from €297 to €174,630
- Debts after one year -€17,380
down €17,380 (-56.7%), from €30,675 to €13,295
- Current portion of long-term debt -€14,210
down €14,210 (-58.9%), from €24,115 to €9,905
- Accrued charges and deferred income -€8,540
no longer reported in 2025 (was €8,540)
- Tax, wage and social debts +€6,966
up €6,966 (+7.4%), from €94,053 to €101,019
of which Taxes: +€4,152
- Gross operating margin +€187,471
up €187,471 (+32.0%), from €586,403 to €773,874
- Staff costs +€96,184
up €96,184 (+24.4%), from €394,629 to €490,814
- Taxes +€14,707
up €14,707 (+30.1%), from €48,824 to €63,531
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 | €345,089 | €485,302 | +€140,213 | +40.6% |
| Fixed assets | 21/28 | €76,134 | €48,718 | -€27,416 | -36.0% |
| Tangible fixed assets | 22/27 | €76,134 | €48,718 | -€27,416 | -36.0% |
| Plant, machinery and equipment | 23 | €5,258 | €3,978 | -€1,280 | -24.3% |
| Furniture and vehicles | 24 | €37,702 | €21,880 | -€15,821 | -42.0% |
| Leasing and similar rights | 25 | €33,175 | €22,860 | -€10,314 | -31.1% |
| Current assets | 29/58 | €268,955 | €436,584 | +€167,629 | +62.3% |
| Amounts receivable within one year | 40/41 | €152,411 | €162,626 | +€10,215 | +6.7% |
| Trade receivables | 40 | €151,236 | €158,754 | +€7,518 | +5.0% |
| Other amounts receivable | 41 | €1,176 | €3,872 | +€2,697 | +229% |
| Cash at bank and in hand | 54/58 | €114,354 | €272,978 | +€158,625 | +139% |
| Deferred charges and accrued income | 490/1 | €2,190 | €979 | -€1,211 | -55.3% |
| Total equity and liabilities | 10/49 | €345,089 | €485,302 | +€140,213 | +40.6% |
| Equity | 10/15 | €172,302 | €172,302 | = | 0.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €169,301 | €169,301 | = | 0.0% |
| Distributable reserves | 133 | €169,301 | €169,301 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1 | €1 | = | 0.0% |
| Amounts payable | 17/49 | €172,787 | €313,000 | +€140,213 | +81.1% |
| Amounts payable after more than one year | 17 | €30,675 | €13,295 | -€17,380 | -56.7% |
| Financial debts | 170/4 | €30,675 | €13,295 | -€17,380 | -56.7% |
| Amounts payable within one year | 42/48 | €133,572 | €299,704 | +€166,133 | +124% |
| Current portion of amounts payable after more than one year | 42 | €24,115 | €9,905 | -€14,210 | -58.9% |
| Trade debts | 44 | €15,107 | €14,151 | -€957 | -6.3% |
| Suppliers | 440/4 | €15,107 | €14,151 | -€957 | -6.3% |
| Taxes, remuneration and social security | 45 | €94,053 | €101,019 | +€6,966 | +7.4% |
| Taxes | 450/3 | €46,905 | €51,057 | +€4,152 | +8.9% |
| Remuneration and social security | 454/9 | €47,148 | €49,962 | +€2,814 | +6.0% |
| Other amounts payable | 47/48 | €297 | €174,630 | +€174,333 | +58,656% |
| Accrued charges and deferred income | 492/3 | €8,540 | - | -€8,540 | |
| Non-recurring operating income | 76A | - | €111 | +€111 | |
| Remuneration, social security and pensions | 62 | €394,629 | €490,814 | +€96,184 | +24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,614 | €28,545 | +€1,931 | +7.3% |
| Other operating charges | 640/8 | €4,617 | €4,211 | -€406 | -8.8% |
| Non-recurring operating charges | 66A | €2,166 | - | -€2,166 | |
| Gross operating margin | 9900 | €586,403 | €773,874 | +€187,471 | +32.0% |
| Operating profit (loss) | 9901 | €158,377 | €250,304 | +€91,927 | +58.0% |
| Financial charges | 65/66B | €9,481 | €12,143 | +€2,662 | +28.1% |
| Recurring financial charges | 65 | €9,481 | €12,143 | +€2,662 | +28.1% |
| Profit (loss) for the period before taxes | 9903 | €148,896 | €238,161 | +€89,265 | +60.0% |
| Income taxes | 67/77 | €48,824 | €63,531 | +€14,707 | +30.1% |
| Profit (loss) for the period | 9904 | €100,072 | €174,630 | +€74,558 | +74.5% |
| Profit (loss) for the period to be appropriated | 9905 | €100,072 | €174,630 | +€74,558 | +74.5% |
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 30 October 2026 via checked.be.