HR Connection: 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 Connection
Largest movements
- Receivables within one year +€21,960
up €21,960 (+180%), from €12,226 to €34,186
of which Other amounts receivable: +€23,068
- Deferred charges and accrued income +€1,041
new in 2025: €1,041
- Tangible fixed assets -€883
down €883 (-10.8%), from €8,148 to €7,264
- Cash -€722
down €722 (-8.5%), from €8,517 to €7,795
mainly Receivables within one year (-€21,960) and Other debts (-€2,155)
- Reserves +€23,880
up €23,880 (+154%), from €15,498 to €39,378
- Other debts -€2,155
no longer reported in 2025 (was €2,155)
- Gross operating margin +€11,293
up €11,293 (+49.4%), from €22,855 to €34,148
- Taxes +€2,330
up €2,330 (+49.9%), from €4,672 to €7,002
- Financial charges +€1,262
up €1,262 (+119%), from €1,063 to €2,326
- Other operating charges -€502
down €502 (-53.8%), from €934 to €432
- Financial income +€375
new in 2025: €375
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 | €29,116 | €50,510 | +€21,395 | +73.5% |
| Fixed assets | 21/28 | €8,373 | €7,489 | -€883 | -10.6% |
| Tangible fixed assets | 22/27 | €8,148 | €7,264 | -€883 | -10.8% |
| Plant, machinery and equipment | 23 | €8,148 | €7,264 | -€883 | -10.8% |
| Financial fixed assets | 28 | €225 | €225 | = | 0.0% |
| Current assets | 29/58 | €20,743 | €43,021 | +€22,278 | +107% |
| Amounts receivable within one year | 40/41 | €12,226 | €34,186 | +€21,960 | +180% |
| Trade receivables | 40 | €11,148 | €10,040 | -€1,108 | -9.9% |
| Other amounts receivable | 41 | €1,078 | €24,145 | +€23,068 | +2,141% |
| Cash at bank and in hand | 54/58 | €8,517 | €7,795 | -€722 | -8.5% |
| Deferred charges and accrued income | 490/1 | - | €1,041 | +€1,041 | |
| Total equity and liabilities | 10/49 | €29,116 | €50,510 | +€21,395 | +73.5% |
| Equity | 10/15 | €20,498 | €44,378 | +€23,880 | +116% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €15,498 | €39,378 | +€23,880 | +154% |
| Distributable reserves | 133 | €15,498 | €39,378 | +€23,880 | +154% |
| Amounts payable | 17/49 | €8,618 | €6,133 | -€2,485 | -28.8% |
| Amounts payable within one year | 42/48 | €8,618 | €6,133 | -€2,485 | -28.8% |
| Trade debts | 44 | €2,062 | €1,976 | -€86 | -4.1% |
| Suppliers | 440/4 | €2,062 | €1,976 | -€86 | -4.1% |
| Taxes, remuneration and social security | 45 | €4,401 | €4,156 | -€245 | -5.6% |
| Taxes | 450/3 | €4,401 | €4,156 | -€245 | -5.6% |
| Other amounts payable | 47/48 | €2,155 | - | -€2,155 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €687 | €883 | +€196 | +28.6% |
| Other operating charges | 640/8 | €934 | €432 | -€502 | -53.8% |
| Gross operating margin | 9900 | €22,855 | €34,148 | +€11,293 | +49.4% |
| Operating profit (loss) | 9901 | €21,234 | €32,833 | +€11,599 | +54.6% |
| Financial income | 75/76B | - | €375 | +€375 | |
| Recurring financial income | 75 | - | €375 | +€375 | |
| Financial charges | 65/66B | €1,063 | €2,326 | +€1,262 | +119% |
| Recurring financial charges | 65 | €1,063 | €2,326 | +€1,262 | +119% |
| Profit (loss) for the period before taxes | 9903 | €20,170 | €30,882 | +€10,712 | +53.1% |
| Income taxes | 67/77 | €4,672 | €7,002 | +€2,330 | +49.9% |
| Profit (loss) for the period | 9904 | €15,498 | €23,880 | +€8,382 | +54.1% |
| Profit (loss) for the period to be appropriated | 9905 | €15,498 | €23,880 | +€8,382 | +54.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.