HR impact: 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 impact
Largest movements
- Receivables within one year +€40,024
up €40,024 (+301%), from €13,302 to €53,326
of which Trade receivables: +€36,183
- Current investments +€30,189
new in 2025: €30,189
- Receivables after one year +€21,600
new in 2025: €21,600
- Cash +€13,170
up €13,170 (+12.5%), from €105,236 to €118,406
mainly Net result for the year (+€83,715) and Trade debts (+€15,478)
- Reserves +€83,715
up €83,715 (+88.3%), from €94,861 to €178,576
- Trade debts +€15,478
up €15,478 (+1,170%), from €1,323 to €16,801
- Tax, wage and social debts +€4,937
up €4,937 (+19.0%), from €25,988 to €30,925
of which Taxes: +€4,901
- Gross operating margin +€41,567
up €41,567 (+62.3%), from €66,738 to €108,304
- Taxes +€8,693
up €8,693 (+65.0%), from €13,365 to €22,058
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 | €128,083 | €231,665 | +€103,582 | +80.9% |
| Fixed assets | 21/28 | €8,917 | €7,404 | -€1,513 | -17.0% |
| Tangible fixed assets | 22/27 | €8,342 | €6,829 | -€1,513 | -18.1% |
| Furniture and vehicles | 24 | €8,342 | €6,829 | -€1,513 | -18.1% |
| Financial fixed assets | 28 | €575 | €575 | = | 0.0% |
| Current assets | 29/58 | €119,166 | €224,261 | +€105,095 | +88.2% |
| Amounts receivable after more than one year | 29 | - | €21,600 | +€21,600 | |
| Other amounts receivable | 291 | - | €21,600 | +€21,600 | |
| Amounts receivable within one year | 40/41 | €13,302 | €53,326 | +€40,024 | +301% |
| Trade receivables | 40 | €11,743 | €47,926 | +€36,183 | +308% |
| Other amounts receivable | 41 | €1,558 | €5,400 | +€3,842 | +247% |
| Current investments | 50/53 | - | €30,189 | +€30,189 | |
| Cash at bank and in hand | 54/58 | €105,236 | €118,406 | +€13,170 | +12.5% |
| Deferred charges and accrued income | 490/1 | €628 | €740 | +€112 | +17.9% |
| Total equity and liabilities | 10/49 | €128,083 | €231,665 | +€103,582 | +80.9% |
| Equity | 10/15 | €99,861 | €183,576 | +€83,715 | +83.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €94,861 | €178,576 | +€83,715 | +88.3% |
| Distributable reserves | 133 | €94,861 | €178,576 | +€83,715 | +88.3% |
| Amounts payable | 17/49 | €28,222 | €48,089 | +€19,867 | +70.4% |
| Amounts payable within one year | 42/48 | €28,222 | €47,927 | +€19,704 | +69.8% |
| Trade debts | 44 | €1,323 | €16,801 | +€15,478 | +1,170% |
| Suppliers | 440/4 | €1,323 | €16,801 | +€15,478 | +1,170% |
| Taxes, remuneration and social security | 45 | €25,988 | €30,925 | +€4,937 | +19.0% |
| Taxes | 450/3 | €25,988 | €30,889 | +€4,901 | +18.9% |
| Remuneration and social security | 454/9 | - | €36 | +€36 | |
| Other amounts payable | 47/48 | €911 | €200 | -€711 | -78.0% |
| Accrued charges and deferred income | 492/3 | - | €163 | +€163 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,400 | €2,511 | +€112 | +4.7% |
| Other operating charges | 640/8 | €187 | €590 | +€403 | +216% |
| Gross operating margin | 9900 | €66,738 | €108,304 | +€41,567 | +62.3% |
| Operating profit (loss) | 9901 | €64,152 | €105,203 | +€41,051 | +64.0% |
| Financial income | 75/76B | €3 | €735 | +€732 | +22,867% |
| Recurring financial income | 75 | €3 | €735 | +€732 | +22,867% |
| Financial charges | 65/66B | €157 | €165 | +€8 | +5.0% |
| Recurring financial charges | 65 | €157 | €165 | +€8 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | €63,998 | €105,773 | +€41,775 | +65.3% |
| Income taxes | 67/77 | €13,365 | €22,058 | +€8,693 | +65.0% |
| Profit (loss) for the period | 9904 | €50,633 | €83,715 | +€33,082 | +65.3% |
| Profit (loss) for the period to be appropriated | 9905 | €50,633 | €83,715 | +€33,082 | +65.3% |
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 15 October 2026 via checked.be.