HR Linkup: 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 Linkup
Largest movements
- Cash -€55,845
down €55,845 (-65.8%), from €84,824 to €28,979
mainly Net result for the year (-€26,899) and Receivables after one year (-€23,430)
- Receivables after one year +€23,430
up €23,430 (+179%), from €13,106 to €36,536
- Receivables within one year -€8,462
down €8,462 (-48.8%), from €17,351 to €8,888
of which Trade receivables: -€8,946
- Deferred charges and accrued income +€4,277
new in 2025: €4,277
- Reserves -€25,940
down €25,940 (-31.4%), from €82,700 to €56,760
of which Tax-exempt reserves: -€15,000
- Other debts -€8,000
down €8,000 (-46.3%), from €17,293 to €9,293
- Tax, wage and social debts -€3,895
down €3,895 (-67.7%), from €5,757 to €1,862
of which Taxes: -€4,453
- Gross operating margin -€47,566
down €47,566, from €22,572 to -€24,994
- Taxes -€3,322
down €3,322 (-95.5%), from €3,478 to €156
- Depreciation -€1,219
down €1,219 (-53.6%), from €2,275 to €1,056
- Other operating charges -€306
down €306 (-33.2%), from €921 to €615
- Financial charges -€266
down €266 (-77.5%), from €344 to €77
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 | €117,635 | €79,979 | -€37,656 | -32.0% |
| Fixed assets | 21/28 | €2,355 | €1,299 | -€1,056 | -44.8% |
| Tangible fixed assets | 22/27 | €2,355 | €1,299 | -€1,056 | -44.8% |
| Other tangible fixed assets | 26 | €2,355 | €1,299 | -€1,056 | -44.8% |
| Current assets | 29/58 | €115,280 | €78,680 | -€36,600 | -31.7% |
| Amounts receivable after more than one year | 29 | €13,106 | €36,536 | +€23,430 | +179% |
| Other amounts receivable | 291 | €13,106 | €36,536 | +€23,430 | +179% |
| Amounts receivable within one year | 40/41 | €17,351 | €8,888 | -€8,462 | -48.8% |
| Trade receivables | 40 | €17,351 | €8,404 | -€8,946 | -51.6% |
| Other amounts receivable | 41 | - | €484 | +€484 | |
| Cash at bank and in hand | 54/58 | €84,824 | €28,979 | -€55,845 | -65.8% |
| Deferred charges and accrued income | 490/1 | - | €4,277 | +€4,277 | |
| Total equity and liabilities | 10/49 | €117,635 | €79,979 | -€37,656 | -32.0% |
| Equity | 10/15 | €89,858 | €62,960 | -€26,899 | -29.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €82,700 | €56,760 | -€25,940 | -31.4% |
| Tax-exempt reserves | 132 | €15,000 | - | -€15,000 | |
| Distributable reserves | 133 | €67,700 | €56,760 | -€10,940 | -16.2% |
| Profit (loss) carried forward | 14 | €958 | - | -€958 | |
| Amounts payable | 17/49 | €27,777 | €17,020 | -€10,758 | -38.7% |
| Amounts payable within one year | 42/48 | €27,474 | €16,717 | -€10,758 | -39.2% |
| Trade debts | 44 | €4,424 | €5,561 | +€1,137 | +25.7% |
| Suppliers | 440/4 | €4,424 | €5,561 | +€1,137 | +25.7% |
| Taxes, remuneration and social security | 45 | €5,757 | €1,862 | -€3,895 | -67.7% |
| Taxes | 450/3 | €5,757 | €1,305 | -€4,453 | -77.3% |
| Remuneration and social security | 454/9 | - | €558 | +€558 | |
| Other amounts payable | 47/48 | €17,293 | €9,293 | -€8,000 | -46.3% |
| Accrued charges and deferred income | 492/3 | €303 | €303 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,275 | €1,056 | -€1,219 | -53.6% |
| Other operating charges | 640/8 | €921 | €615 | -€306 | -33.2% |
| Gross operating margin | 9900 | €22,572 | -€24,994 | -€47,566 | |
| Operating profit (loss) | 9901 | €19,376 | -€26,666 | -€46,041 | |
| Financial income | 75/76B | €53 | - | -€53 | |
| Recurring financial income | 75 | €53 | - | -€53 | |
| Financial charges | 65/66B | €344 | €77 | -€266 | -77.5% |
| Recurring financial charges | 65 | €344 | €77 | -€266 | -77.5% |
| Profit (loss) for the period before taxes | 9903 | €19,085 | -€26,743 | -€45,828 | |
| Income taxes | 67/77 | €3,478 | €156 | -€3,322 | -95.5% |
| Profit (loss) for the period | 9904 | €15,607 | -€26,899 | -€42,506 | |
| Transfer from tax-exempt reserves | 789 | - | €15,000 | +€15,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,607 | -€11,899 | -€27,506 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.