HR Incubator: 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 Incubator
Largest movements
- Receivables within one year -€61,651
down €61,651 (-62.2%), from €99,170 to €37,519
of which Other amounts receivable: -€75,000
- Cash -€17,670
down €17,670 (-34.3%), from €51,461 to €33,792
mainly Other debts (-€42,051) and Net result for the year (-€13,071)
- Other debts -€42,051
down €42,051 (-70.0%), from €60,067 to €18,016
- Profit (loss) carried forward -€13,071
down €13,071 (-3.6%), from €363,088 to €350,017
- Trade debts -€11,923
down €11,923 (-62.7%), from €19,024 to €7,101
- Financial charges -€43,804
down €43,804 (-99.6%), from €43,967 to €163
of which Non-recurring financial charges: -€42,265
- Gross operating margin +€33,295
up €33,295 (+75.3%), from -€44,192 to -€10,897
- Depreciation -€819
down €819 (-54.3%), from €1,508 to €689
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 | €591,061 | €515,328 | -€75,733 | -12.8% |
| Fixed assets | 21/28 | €440,430 | €442,836 | +€2,405 | +0.5% |
| Tangible fixed assets | 22/27 | €2,215 | €4,620 | +€2,405 | +109% |
| Plant, machinery and equipment | 23 | €2,215 | €574 | -€1,641 | -74.1% |
| Furniture and vehicles | 24 | - | €4,047 | +€4,047 | |
| Financial fixed assets | 28 | €438,215 | €438,215 | = | 0.0% |
| Current assets | 29/58 | €150,631 | €72,493 | -€78,138 | -51.9% |
| Amounts receivable within one year | 40/41 | €99,170 | €37,519 | -€61,651 | -62.2% |
| Trade receivables | 40 | €24,169 | €37,518 | +€13,349 | +55.2% |
| Other amounts receivable | 41 | €75,001 | €1 | -€75,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €51,461 | €33,792 | -€17,670 | -34.3% |
| Deferred charges and accrued income | 490/1 | €0 | €1,182 | +€1,182 | |
| Total equity and liabilities | 10/49 | €591,061 | €515,328 | -€75,733 | -12.8% |
| Equity | 10/15 | €497,415 | €484,344 | -€13,071 | -2.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €128,127 | €128,127 | = | 0.0% |
| Distributable reserves | 133 | €128,127 | €128,127 | = | 0.0% |
| Profit (loss) carried forward | 14 | €363,088 | €350,017 | -€13,071 | -3.6% |
| Amounts payable | 17/49 | €93,646 | €30,985 | -€62,662 | -66.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €93,646 | €30,985 | -€62,662 | -66.9% |
| Current portion of amounts payable after more than one year | 42 | €5,200 | €0 | -€5,200 | -100% |
| Trade debts | 44 | €19,024 | €7,101 | -€11,923 | -62.7% |
| Suppliers | 440/4 | €19,024 | €7,101 | -€11,923 | -62.7% |
| Taxes, remuneration and social security | 45 | €9,356 | €5,868 | -€3,488 | -37.3% |
| Taxes | 450/3 | €9,356 | €5,868 | -€3,488 | -37.3% |
| Other amounts payable | 47/48 | €60,067 | €18,016 | -€42,051 | -70.0% |
| Non-recurring operating income | 76A | €16,529 | €184 | -€16,345 | -98.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,508 | €689 | -€819 | -54.3% |
| Other operating charges | 640/8 | €1,747 | €1,324 | -€423 | -24.2% |
| Gross operating margin | 9900 | -€44,192 | -€10,897 | +€33,295 | +75.3% |
| Operating profit (loss) | 9901 | -€47,447 | -€12,909 | +€34,538 | +72.8% |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €43,967 | €163 | -€43,804 | -99.6% |
| Recurring financial charges | 65 | €1,702 | €163 | -€1,539 | -90.4% |
| Non-recurring financial charges | 66B | €42,265 | €0 | -€42,265 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€91,414 | -€13,071 | +€78,343 | +85.7% |
| Income taxes | 67/77 | €39 | €0 | -€39 | -100% |
| Profit (loss) for the period | 9904 | -€91,454 | -€13,071 | +€78,382 | +85.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€91,454 | -€13,071 | +€78,382 | +85.7% |
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 24 October 2026 via checked.be.