HR FREEL: 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 FREEL
Largest movements
- Cash +€12,287
up €12,287 (+34.8%), from €35,282 to €47,569
mainly Net result for the year (+€11,803) and Receivables within one year (+€1,287)
- Receivables within one year -€1,287
down €1,287 (-14.0%), from €9,194 to €7,907
of which Trade receivables: -€3,166
- Reserves +€11,803
up €11,803 (+37.3%), from €31,675 to €43,478
- Trade debts -€1,766
down €1,766 (-60.9%), from €2,902 to €1,136
- Gross operating margin -€22,344
down €22,344 (-53.1%), from €42,050 to €19,706
- Taxes -€5,175
down €5,175 (-47.6%), from €10,873 to €5,698
- Staff costs -€3,072
down €3,072 (-100%), from €3,072 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 | €45,336 | €55,926 | +€10,590 | +23.4% |
| Fixed assets | 21/28 | €570 | €157 | -€413 | -72.4% |
| Tangible fixed assets | 22/27 | €570 | €157 | -€413 | -72.4% |
| Plant, machinery and equipment | 23 | €570 | €157 | -€413 | -72.4% |
| Current assets | 29/58 | €44,766 | €55,769 | +€11,003 | +24.6% |
| Amounts receivable within one year | 40/41 | €9,194 | €7,907 | -€1,287 | -14.0% |
| Trade receivables | 40 | €6,466 | €3,300 | -€3,166 | -49.0% |
| Other amounts receivable | 41 | €2,728 | €4,607 | +€1,879 | +68.9% |
| Cash at bank and in hand | 54/58 | €35,282 | €47,569 | +€12,287 | +34.8% |
| Deferred charges and accrued income | 490/1 | €290 | €293 | +€3 | +1.0% |
| Total equity and liabilities | 10/49 | €45,336 | €55,926 | +€10,590 | +23.4% |
| Equity | 10/15 | €36,675 | €48,478 | +€11,803 | +32.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €31,675 | €43,478 | +€11,803 | +37.3% |
| Distributable reserves | 133 | €31,675 | €43,478 | +€11,803 | +37.3% |
| Amounts payable | 17/49 | €8,661 | €7,448 | -€1,213 | -14.0% |
| Amounts payable within one year | 42/48 | €8,661 | €7,178 | -€1,484 | -17.1% |
| Trade debts | 44 | €2,902 | €1,136 | -€1,766 | -60.9% |
| Suppliers | 440/4 | €2,902 | €1,136 | -€1,766 | -60.9% |
| Taxes, remuneration and social security | 45 | €5,759 | €6,042 | +€283 | +4.9% |
| Taxes | 450/3 | €5,759 | €6,042 | +€283 | +4.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €271 | +€271 | |
| Remuneration, social security and pensions | 62 | €3,072 | €0 | -€3,072 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €413 | €413 | = | 0.0% |
| Other operating charges | 640/8 | €391 | €525 | +€134 | +34.3% |
| Gross operating margin | 9900 | €42,050 | €19,706 | -€22,344 | -53.1% |
| Operating profit (loss) | 9901 | €38,174 | €18,767 | -€19,406 | -50.8% |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €1,634 | €1,267 | -€368 | -22.5% |
| Recurring financial charges | 65 | €1,634 | €1,267 | -€368 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | €36,539 | €17,502 | -€19,038 | -52.1% |
| Income taxes | 67/77 | €10,873 | €5,698 | -€5,175 | -47.6% |
| Profit (loss) for the period | 9904 | €25,666 | €11,803 | -€13,863 | -54.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,666 | €11,803 | -€13,863 | -54.0% |
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 13 October 2026 via checked.be.