HR -CONNECTIONS: 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 -CONNECTIONS
Largest movements
- Cash +€10,823
up €10,823 (+20.7%), from €52,372 to €63,195
mainly Trade debts (+€27,759) and Receivables within one year (+€2,083)
- Receivables within one year -€2,083
down €2,083 (-6.0%), from €34,493 to €32,410
of which Trade receivables: -€7,811
- Trade debts +€27,759
up €27,759 (+65.6%), from €42,300 to €70,059
- Profit (loss) carried forward -€14,099
down €14,099 (-79.6%), from €17,705 to €3,606
- Tax, wage and social debts -€3,065
down €3,065 (-100%), from €3,065 to €0
- Accrued charges and deferred income -€1,862
down €1,862 (-28.8%), from €6,462 to €4,600
- Gross operating margin -€28,002
down €28,002, from €14,282 to -€13,721
- Write-downs -€3,167
down €3,167 (-100%), from €3,167 to €0
- Taxes -€3,097
down €3,097 (-100%), from €3,097 to €0
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 | €87,388 | €96,121 | +€8,733 | +10.0% |
| Current assets | 29/58 | €87,388 | €96,121 | +€8,733 | +10.0% |
| Amounts receivable within one year | 40/41 | €34,493 | €32,410 | -€2,083 | -6.0% |
| Trade receivables | 40 | €8,476 | €665 | -€7,811 | -92.2% |
| Other amounts receivable | 41 | €26,017 | €31,745 | +€5,728 | +22.0% |
| Cash at bank and in hand | 54/58 | €52,372 | €63,195 | +€10,823 | +20.7% |
| Deferred charges and accrued income | 490/1 | €523 | €516 | -€7 | -1.4% |
| Total equity and liabilities | 10/49 | €87,388 | €96,121 | +€8,733 | +10.0% |
| Equity | 10/15 | €35,561 | €21,462 | -€14,099 | -39.6% |
| Contributions | 10/11 | €16,000 | €16,000 | = | 0.0% |
| Reserves | 13 | €1,856 | €1,856 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,856 | €1,856 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,856 | €1,856 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,705 | €3,606 | -€14,099 | -79.6% |
| Amounts payable | 17/49 | €51,827 | €74,659 | +€22,832 | +44.1% |
| Amounts payable within one year | 42/48 | €45,365 | €70,059 | +€24,694 | +54.4% |
| Trade debts | 44 | €42,300 | €70,059 | +€27,759 | +65.6% |
| Suppliers | 440/4 | €42,300 | €70,059 | +€27,759 | +65.6% |
| Taxes, remuneration and social security | 45 | €3,065 | €0 | -€3,065 | -100% |
| Taxes | 450/3 | €3,065 | €0 | -€3,065 | -100% |
| Accrued charges and deferred income | 492/3 | €6,462 | €4,600 | -€1,862 | -28.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,167 | €0 | -€3,167 | -100% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €14,282 | -€13,721 | -€28,002 | |
| Operating profit (loss) | 9901 | €10,727 | -€14,120 | -€24,848 | |
| Financial income | 75/76B | €98 | €95 | -€3 | -3.1% |
| Recurring financial income | 75 | €98 | €95 | -€3 | -3.1% |
| Financial charges | 65/66B | €44 | €74 | +€30 | +68.3% |
| Recurring financial charges | 65 | €44 | €74 | +€30 | +68.3% |
| Profit (loss) for the period before taxes | 9903 | €10,782 | -€14,099 | -€24,881 | |
| Income taxes | 67/77 | €3,097 | €0 | -€3,097 | -100% |
| Profit (loss) for the period | 9904 | €7,685 | -€14,099 | -€21,784 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,685 | -€14,099 | -€21,784 |
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.