HR & M: 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 & M
Largest movements
- Cash -€29,445
down €29,445 (-39.7%), from €74,236 to €44,790
mainly Other debts (-€29,355) and Trade debts (-€19,744)
- Tangible fixed assets -€11,364
down €11,364 (-23.0%), from €49,507 to €38,144
of which Furniture and vehicles: -€8,765
- Receivables within one year -€9,232
down €9,232 (-31.9%), from €28,896 to €19,664
of which Trade receivables: -€16,677
- Deferred charges and accrued income +€3,417
up €3,417 (+47.4%), from €7,207 to €10,624
- Other debts -€29,355
down €29,355 (-94.9%), from €30,934 to €1,579
- Trade debts -€19,744
down €19,744 (-94.2%), from €20,957 to €1,213
- Debts after one year -€7,534
down €7,534 (-22.0%), from €34,203 to €26,669
- Tax, wage and social debts +€6,677
up €6,677 (+82.5%), from €8,099 to €14,776
of which Taxes: +€6,677
- Current portion of long-term debt +€2,077
up €2,077 (+38.1%), from €5,457 to €7,534
- Gross operating margin -€77,859
down €77,859 (-78.9%), from €98,739 to €20,880
- Taxes -€16,186
down €16,186 (-88.4%), from €18,317 to €2,131
- Depreciation +€6,448
up €6,448 (+131%), from €4,916 to €11,364
- Write-downs +€3,865
new in 2025: €3,865
- Other operating charges -€1,236
down €1,236 (-60.2%), from €2,055 to €819
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 | €169,271 | €121,822 | -€47,448 | -28.0% |
| Fixed assets | 21/28 | €51,007 | €39,644 | -€11,364 | -22.3% |
| Tangible fixed assets | 22/27 | €49,507 | €38,144 | -€11,364 | -23.0% |
| Plant, machinery and equipment | 23 | €8,485 | €5,886 | -€2,599 | -30.6% |
| Furniture and vehicles | 24 | €41,022 | €32,257 | -€8,765 | -21.4% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €118,263 | €82,179 | -€36,085 | -30.5% |
| Stocks and contracts in progress | 3 | €7,925 | €7,100 | -€825 | -10.4% |
| Stocks | 30/36 | €7,925 | €7,100 | -€825 | -10.4% |
| Amounts receivable within one year | 40/41 | €28,896 | €19,664 | -€9,232 | -31.9% |
| Trade receivables | 40 | €16,677 | €0 | -€16,677 | -100% |
| Other amounts receivable | 41 | €12,218 | €19,664 | +€7,446 | +60.9% |
| Cash at bank and in hand | 54/58 | €74,236 | €44,790 | -€29,445 | -39.7% |
| Deferred charges and accrued income | 490/1 | €7,207 | €10,624 | +€3,417 | +47.4% |
| Total equity and liabilities | 10/49 | €169,271 | €121,822 | -€47,448 | -28.0% |
| Equity | 10/15 | €69,587 | €69,920 | +€333 | +0.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €57,187 | €57,520 | +€333 | +0.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €55,327 | €55,660 | +€333 | +0.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €99,684 | €51,902 | -€47,782 | -47.9% |
| Amounts payable after more than one year | 17 | €34,203 | €26,669 | -€7,534 | -22.0% |
| Financial debts | 170/4 | €34,203 | €26,669 | -€7,534 | -22.0% |
| Amounts payable within one year | 42/48 | €65,446 | €25,102 | -€40,344 | -61.6% |
| Current portion of amounts payable after more than one year | 42 | €5,457 | €7,534 | +€2,077 | +38.1% |
| Trade debts | 44 | €20,957 | €1,213 | -€19,744 | -94.2% |
| Suppliers | 440/4 | €20,957 | €1,213 | -€19,744 | -94.2% |
| Taxes, remuneration and social security | 45 | €8,099 | €14,776 | +€6,677 | +82.5% |
| Taxes | 450/3 | €8,099 | €14,776 | +€6,677 | +82.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €30,934 | €1,579 | -€29,355 | -94.9% |
| Accrued charges and deferred income | 492/3 | €35 | €131 | +€97 | +280% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,916 | €11,364 | +€6,448 | +131% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,865 | +€3,865 | |
| Other operating charges | 640/8 | €2,055 | €819 | -€1,236 | -60.2% |
| Gross operating margin | 9900 | €98,739 | €20,880 | -€77,859 | -78.9% |
| Operating profit (loss) | 9901 | €91,768 | €4,833 | -€86,936 | -94.7% |
| Financial income | 75/76B | €4 | €0 | -€4 | -100% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -100% |
| Financial charges | 65/66B | €1,391 | €2,369 | +€977 | +70.2% |
| Recurring financial charges | 65 | €1,391 | €2,369 | +€977 | +70.2% |
| Profit (loss) for the period before taxes | 9903 | €90,381 | €2,464 | -€87,917 | -97.3% |
| Income taxes | 67/77 | €18,317 | €2,131 | -€16,186 | -88.4% |
| Profit (loss) for the period | 9904 | €72,064 | €333 | -€71,731 | -99.5% |
| Profit (loss) for the period to be appropriated | 9905 | €72,064 | €333 | -€71,731 | -99.5% |
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 17 October 2026 via checked.be.