HR-Connect: 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.
HR-Connect
Largest movements
- Receivables within one year +€45,027
up €45,027 (+724.4%), from €6,216 to €51,243
- Cash -€40,997
down €40,997 (-60.3%), from €67,980 to €26,983
mainly Receivables within one year (-€45,027) and Investment in fixed assets (net) (-€16,016)
- Tangible fixed assets +€13,592
up €13,592 (+632.5%), from €2,149 to €15,741
- Deferred charges and accrued income -€1,797
down €1,797 (-16.5%), from €10,867 to €9,070
- Profit (loss) carried forward +€13,713
up €13,713 (+21.5%), from €63,642 to €77,355
- Tax, wage and social debts +€4,114
up €4,114 (+33.2%), from €12,389 to €16,503
- Other debts -€1,973
down €1,973 (-25.9%), from €7,612 to €5,639
- Gross operating margin -€18,413
down €18,413 (-47.2%), from €39,006 to €20,593
- Taxes -€3,293
down €3,293 (-48.9%), from €6,732 to €3,439
- Depreciation +€1,918
up €1,918 (+379.1%), from €506 to €2,424
- Other operating charges -€494
down €494 (-36.1%), from €1,367 to €873
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €87,212 | €103,037 | +€15,825 | +18.1% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €2,149 | €15,741 | +€13,592 | +632.5% |
| Tangible fixed assets | 22/27 | €2,149 | €15,741 | +€13,592 | +632.5% |
| Plant, machinery and equipment | 23 | €2,149 | €15,741 | +€13,592 | +632.5% |
| Current assets | 29/58 | €85,063 | €87,296 | +€2,233 | +2.6% |
| Amounts receivable within one year | 40/41 | €6,216 | €51,243 | +€45,027 | +724.4% |
| Trade receivables | 40 | €6,216 | €51,243 | +€45,027 | +724.4% |
| Cash at bank and in hand | 54/58 | €67,980 | €26,983 | -€40,997 | -60.3% |
| Deferred charges and accrued income | 490/1 | €10,867 | €9,070 | -€1,797 | -16.5% |
| Total equity and liabilities | 10/49 | €87,212 | €103,037 | +€15,825 | +18.1% |
| Equity | 10/15 | €66,642 | €80,355 | +€13,713 | +20.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,642 | €77,355 | +€13,713 | +21.5% |
| Amounts payable | 17/49 | €20,570 | €22,682 | +€2,112 | +10.3% |
| Amounts payable within one year | 42/48 | €20,570 | €22,682 | +€2,112 | +10.3% |
| Trade debts | 44 | €569 | €540 | -€29 | -5.1% |
| Suppliers | 440/4 | €569 | €540 | -€29 | -5.1% |
| Taxes, remuneration and social security | 45 | €12,389 | €16,503 | +€4,114 | +33.2% |
| Taxes | 450/3 | €12,389 | €16,503 | +€4,114 | +33.2% |
| Other amounts payable | 47/48 | €7,612 | €5,639 | -€1,973 | -25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €506 | €2,424 | +€1,918 | +379.1% |
| Other operating charges | 640/8 | €1,367 | €873 | -€494 | -36.1% |
| Gross operating margin | 9900 | €39,006 | €20,593 | -€18,413 | -47.2% |
| Operating profit (loss) | 9901 | €37,133 | €17,296 | -€19,837 | -53.4% |
| Financial charges | 65/66B | €112 | €144 | +€32 | +28.6% |
| Recurring financial charges | 65 | €112 | €144 | +€32 | +28.6% |
| Profit (loss) for the period before taxes | 9903 | €37,021 | €17,152 | -€19,869 | -53.7% |
| Income taxes | 67/77 | €6,732 | €3,439 | -€3,293 | -48.9% |
| Profit (loss) for the period | 9904 | €30,289 | €13,713 | -€16,576 | -54.7% |
| Profit (loss) for the period to be appropriated | 9905 | €30,289 | €13,713 | -€16,576 | -54.7% |
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 8 October 2026 via checked.be.