HR CERTIF: 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 CERTIF
Largest movements
- Tangible fixed assets +€292,147
up €292,147 (+361%), from €80,925 to €373,072
of which Land and buildings: +€217,877
- Receivables within one year +€33,684
up €33,684 (+99.4%), from €33,900 to €67,584
of which Other amounts receivable: +€40,291
- Cash -€7,221
down €7,221 (-26.7%), from €27,015 to €19,794
mainly Investment in fixed assets (net) (-€332,006) and Receivables within one year (-€33,684)
- Debts after one year +€227,884
up €227,884 (+469%), from €48,637 to €276,521
- Accrued charges and deferred income +€37,066
up €37,066 (+154,442%), from €24 to €37,090
- Other debts +€25,000
new in 2025: €25,000
- Profit (loss) carried forward +€19,396
up €19,396 (+34.0%), from €56,979 to €76,375
- Current portion of long-term debt +€13,562
up €13,562 (+86.6%), from €15,665 to €29,227
- Gross operating margin +€48,292
up €48,292 (+85.2%), from €56,704 to €104,996
- Depreciation +€32,049
up €32,049 (+410%), from €7,810 to €39,859
- Financial charges +€8,713
up €8,713 (+222%), from €3,932 to €12,645
of which Financial charges: +€6,174
- Taxes -€3,462
down €3,462 (-38.7%), from €8,937 to €5,475
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 | €145,413 | €461,817 | +€316,404 | +218% |
| Fixed assets | 21/28 | €81,175 | €373,322 | +€292,147 | +360% |
| Tangible fixed assets | 22/27 | €80,925 | €373,072 | +€292,147 | +361% |
| Land and buildings | 22 | €38,494 | €256,371 | +€217,877 | +566% |
| Plant, machinery and equipment | 23 | €20,453 | €29,578 | +€9,125 | +44.6% |
| Furniture and vehicles | 24 | €4,885 | €7,916 | +€3,031 | +62.0% |
| Leasing and similar rights | 25 | €17,093 | €79,207 | +€62,114 | +363% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €64,238 | €88,495 | +€24,257 | +37.8% |
| Amounts receivable within one year | 40/41 | €33,900 | €67,584 | +€33,684 | +99.4% |
| Trade receivables | 40 | €21,828 | €15,221 | -€6,607 | -30.3% |
| Other amounts receivable | 41 | €12,072 | €52,363 | +€40,291 | +334% |
| Cash at bank and in hand | 54/58 | €27,015 | €19,794 | -€7,221 | -26.7% |
| Deferred charges and accrued income | 490/1 | €3,323 | €1,117 | -€2,206 | -66.4% |
| Total equity and liabilities | 10/49 | €145,413 | €461,817 | +€316,404 | +218% |
| Equity | 10/15 | €59,979 | €79,375 | +€19,396 | +32.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,979 | €76,375 | +€19,396 | +34.0% |
| Amounts payable | 17/49 | €85,434 | €382,442 | +€297,008 | +348% |
| Amounts payable after more than one year | 17 | €48,637 | €276,521 | +€227,884 | +469% |
| Financial debts | 170/4 | €48,637 | €276,521 | +€227,884 | +469% |
| Amounts payable within one year | 42/48 | €36,773 | €68,831 | +€32,058 | +87.2% |
| Current portion of amounts payable after more than one year | 42 | €15,665 | €29,227 | +€13,562 | +86.6% |
| Trade debts | 44 | €7,489 | - | -€7,489 | |
| Suppliers | 440/4 | €7,489 | - | -€7,489 | |
| Taxes, remuneration and social security | 45 | €13,619 | €14,604 | +€985 | +7.2% |
| Taxes | 450/3 | €5,619 | €14,604 | +€8,985 | +160% |
| Remuneration and social security | 454/9 | €8,000 | - | -€8,000 | |
| Other amounts payable | 47/48 | - | €25,000 | +€25,000 | |
| Accrued charges and deferred income | 492/3 | €24 | €37,090 | +€37,066 | +154,442% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,810 | €39,859 | +€32,049 | +410% |
| Other operating charges | 640/8 | €2,653 | €2,631 | -€22 | -0.8% |
| Gross operating margin | 9900 | €56,704 | €104,996 | +€48,292 | +85.2% |
| Operating profit (loss) | 9901 | €46,241 | €62,506 | +€16,265 | +35.2% |
| Financial income | 75/76B | €165 | €10 | -€155 | -93.9% |
| Recurring financial income | 75 | €84 | €3 | -€81 | -96.4% |
| Non-recurring financial income | 76B | €81 | €7 | -€74 | -91.4% |
| Financial charges | 65/66B | €3,932 | €12,645 | +€8,713 | +222% |
| Recurring financial charges | 65 | €3,909 | €10,083 | +€6,174 | +158% |
| Non-recurring financial charges | 66B | €23 | €2,562 | +€2,539 | +11,039% |
| Profit (loss) for the period before taxes | 9903 | €42,474 | €49,871 | +€7,397 | +17.4% |
| Income taxes | 67/77 | €8,937 | €5,475 | -€3,462 | -38.7% |
| Profit (loss) for the period | 9904 | €33,537 | €44,396 | +€10,859 | +32.4% |
| Profit (loss) for the period to be appropriated | 9905 | €33,537 | €44,396 | +€10,859 | +32.4% |
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 14 October 2026 via checked.be.