HR DEVELOPMENT: 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 DEVELOPMENT
Largest movements
- Receivables within one year -€63,623
down €63,623 (-32.3%), from €196,926 to €133,302
of which Trade receivables: -€57,600
- Cash -€20,768
down €20,768 (-23.3%), from €89,052 to €68,284
mainly Net result for the year (-€84,539) and Stocks and contracts (-€13,500)
- Tangible fixed assets -€15,256
down €15,256 (-30.6%), from €49,790 to €34,534
- Stocks and contracts +€13,500
up €13,500 (+90.0%), from €15,000 to €28,500
- Reserves -€85,000
down €85,000 (-40.1%), from €212,000 to €127,000
- Gross operating margin -€45,375
down €45,375 (-219.6%), from -€20,658 to -€66,033
- Depreciation +€4,097
up €4,097 (+33.0%), from €12,426 to €16,523
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 | €353,493 | €266,850 | -€86,643 | -24.5% |
| Fixed assets | 21/28 | €49,790 | €34,534 | -€15,256 | -30.6% |
| Tangible fixed assets | 22/27 | €49,790 | €34,534 | -€15,256 | -30.6% |
| Furniture and vehicles | 24 | €49,790 | €34,534 | -€15,256 | -30.6% |
| Current assets | 29/58 | €303,703 | €232,316 | -€71,386 | -23.5% |
| Stocks and contracts in progress | 3 | €15,000 | €28,500 | +€13,500 | +90.0% |
| Stocks | 30/36 | €15,000 | €28,500 | +€13,500 | +90.0% |
| Amounts receivable within one year | 40/41 | €196,926 | €133,302 | -€63,623 | -32.3% |
| Trade receivables | 40 | €188,850 | €131,250 | -€57,600 | -30.5% |
| Other amounts receivable | 41 | €8,076 | €2,052 | -€6,023 | -74.6% |
| Cash at bank and in hand | 54/58 | €89,052 | €68,284 | -€20,768 | -23.3% |
| Deferred charges and accrued income | 490/1 | €2,725 | €2,230 | -€495 | -18.2% |
| Total equity and liabilities | 10/49 | €353,493 | €266,850 | -€86,643 | -24.5% |
| Equity | 10/15 | €217,049 | €132,510 | -€84,539 | -38.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €212,000 | €127,000 | -€85,000 | -40.1% |
| Distributable reserves | 133 | €212,000 | €127,000 | -€85,000 | -40.1% |
| Profit (loss) carried forward | 14 | €49 | €510 | +€461 | +934.2% |
| Amounts payable | 17/49 | €136,443 | €134,340 | -€2,104 | -1.5% |
| Amounts payable within one year | 42/48 | €5,193 | €3,090 | -€2,104 | -40.5% |
| Trade debts | 44 | €842 | €437 | -€405 | -48.1% |
| Suppliers | 440/4 | €842 | €437 | -€405 | -48.1% |
| Taxes, remuneration and social security | 45 | €128 | €141 | +€13 | +10.1% |
| Taxes | 450/3 | €128 | €141 | +€13 | +10.1% |
| Other amounts payable | 47/48 | €4,223 | €2,512 | -€1,711 | -40.5% |
| Accrued charges and deferred income | 492/3 | €131,250 | €131,250 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,426 | €16,523 | +€4,097 | +33.0% |
| Other operating charges | 640/8 | €1,257 | €1,806 | +€549 | +43.7% |
| Gross operating margin | 9900 | -€20,658 | -€66,033 | -€45,375 | -219.6% |
| Operating profit (loss) | 9901 | -€34,341 | -€84,362 | -€50,021 | -145.7% |
| Financial income | 75/76B | €0 | €0 | +€0 | +400.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +400.0% |
| Financial charges | 65/66B | €32 | €36 | +€4 | +12.6% |
| Recurring financial charges | 65 | €32 | €36 | +€4 | +12.6% |
| Profit (loss) for the period before taxes | 9903 | -€34,373 | -€84,398 | -€50,025 | -145.5% |
| Income taxes | 67/77 | €128 | €141 | +€13 | +10.1% |
| Profit (loss) for the period | 9904 | -€34,501 | -€84,539 | -€50,038 | -145.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,501 | -€84,539 | -€50,038 | -145.0% |
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 10 October 2026 via checked.be.