HR Matters: 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 Matters
Largest movements
- Tangible fixed assets -€25,722
down €25,722 (-15.2%), from €169,272 to €143,550
of which Land and buildings: -€21,775
- Cash +€17,200
up €17,200 (+2,413%), from €713 to €17,913
mainly Depreciation (+€27,331) and Net result for the year (+€11,603)
- Receivables within one year +€2,331
up €2,331 (+8.6%), from €27,190 to €29,521
of which Other amounts receivable: +€7,535
- Debts after one year -€21,530
down €21,530 (-23.1%), from €93,347 to €71,817
- Other debts +€10,270
up €10,270 (+12,753%), from €81 to €10,351
- Trade debts +€3,681
up €3,681 (+134%), from €2,755 to €6,436
- Tax, wage and social debts +€2,383
up €2,383 (+21.2%), from €11,227 to €13,610
- Gross operating margin +€10,639
up €10,639 (+24.9%), from €42,713 to €53,352
- Taxes +€3,246
up €3,246 (+123%), from €2,632 to €5,878
- Financial charges -€2,656
down €2,656 (-28.7%), from €9,245 to €6,589
- Other operating charges +€614
up €614 (+45.6%), from €1,345 to €1,959
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 | €197,591 | €191,581 | -€6,010 | -3.0% |
| Fixed assets | 21/28 | €169,272 | €143,550 | -€25,722 | -15.2% |
| Tangible fixed assets | 22/27 | €169,272 | €143,550 | -€25,722 | -15.2% |
| Land and buildings | 22 | €153,958 | €132,183 | -€21,775 | -14.1% |
| Plant, machinery and equipment | 23 | €5,762 | €4,805 | -€957 | -16.6% |
| Furniture and vehicles | 24 | €9,552 | €6,562 | -€2,990 | -31.3% |
| Current assets | 29/58 | €28,319 | €48,032 | +€19,712 | +69.6% |
| Amounts receivable within one year | 40/41 | €27,190 | €29,521 | +€2,331 | +8.6% |
| Trade receivables | 40 | €24,558 | €19,354 | -€5,204 | -21.2% |
| Other amounts receivable | 41 | €2,632 | €10,167 | +€7,535 | +286% |
| Cash at bank and in hand | 54/58 | €713 | €17,913 | +€17,200 | +2,413% |
| Deferred charges and accrued income | 490/1 | €416 | €598 | +€181 | +43.6% |
| Total equity and liabilities | 10/49 | €197,591 | €191,581 | -€6,010 | -3.0% |
| Equity | 10/15 | €68,602 | €67,382 | -€1,220 | -1.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Revaluation surpluses | 12 | €3,950 | €3,950 | = | 0.0% |
| Reserves | 13 | €52,253 | €51,032 | -€1,220 | -2.3% |
| Tax-exempt reserves | 132 | €721 | €721 | = | 0.0% |
| Distributable reserves | 133 | €51,532 | €50,312 | -€1,220 | -2.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €128,989 | €124,199 | -€4,790 | -3.7% |
| Amounts payable after more than one year | 17 | €93,347 | €71,817 | -€21,530 | -23.1% |
| Financial debts | 170/4 | €93,347 | €71,817 | -€21,530 | -23.1% |
| Amounts payable within one year | 42/48 | €35,642 | €52,382 | +€16,740 | +47.0% |
| Current portion of amounts payable after more than one year | 42 | €21,530 | €21,530 | = | 0.0% |
| Financial debts | 43 | €49 | €456 | +€406 | +827% |
| Credit institutions | 430/8 | €49 | €456 | +€406 | +827% |
| Trade debts | 44 | €2,755 | €6,436 | +€3,681 | +134% |
| Suppliers | 440/4 | €2,755 | €6,436 | +€3,681 | +134% |
| Taxes, remuneration and social security | 45 | €11,227 | €13,610 | +€2,383 | +21.2% |
| Taxes | 450/3 | €11,227 | €13,610 | +€2,383 | +21.2% |
| Other amounts payable | 47/48 | €81 | €10,351 | +€10,270 | +12,753% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,854 | €27,331 | +€477 | +1.8% |
| Other operating charges | 640/8 | €1,345 | €1,959 | +€614 | +45.6% |
| Gross operating margin | 9900 | €42,713 | €53,352 | +€10,639 | +24.9% |
| Operating profit (loss) | 9901 | €14,514 | €24,063 | +€9,549 | +65.8% |
| Financial income | 75/76B | €4 | €7 | +€3 | +74.5% |
| Recurring financial income | 75 | €4 | €7 | +€3 | +74.5% |
| Financial charges | 65/66B | €9,245 | €6,589 | -€2,656 | -28.7% |
| Recurring financial charges | 65 | €9,245 | €6,589 | -€2,656 | -28.7% |
| Profit (loss) for the period before taxes | 9903 | €5,273 | €17,481 | +€12,207 | +231% |
| Income taxes | 67/77 | €2,632 | €5,878 | +€3,246 | +123% |
| Profit (loss) for the period | 9904 | €2,641 | €11,603 | +€8,962 | +339% |
| Profit (loss) for the period to be appropriated | 9905 | €2,641 | €11,603 | +€8,962 | +339% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.