HR²O: 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.
HR²O
Largest movements
- Tangible fixed assets -€38,059
down €38,059 (-3.8%), from €1.0m to €972,191
of which Other tangible fixed assets: -€26,001
- Receivables within one year +€24,423
up €24,423 (+9.8%), from €248,876 to €273,300
of which Trade receivables: +€16,345
- Cash -€14,991
down €14,991 (-61.6%), from €24,330 to €9,339
mainly Debts after one year (-€81,667) and Receivables within one year (-€24,423)
- Debts after one year -€81,667
down €81,667 (-10.2%), from €797,360 to €715,693
- Other debts +€33,968
up €33,968 (+6.7%), from €503,950 to €537,918
- Gross operating margin +€65,052
up €65,052 (+142%), from €45,739 to €110,791
- Financial charges +€7,906
up €7,906 (+15.4%), from €51,480 to €59,386
- Financial income +€2,581
up €2,581 (+50.5%), from €5,108 to €7,690
- Other operating charges -€2,006
down €2,006 (-31.0%), from €6,463 to €4,456
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,285,620 | €1,256,548 | -€29,073 | -2.3% |
| Fixed assets | 21/28 | €1,010,250 | €972,191 | -€38,059 | -3.8% |
| Tangible fixed assets | 22/27 | €1,010,250 | €972,191 | -€38,059 | -3.8% |
| Land and buildings | 22 | €180,166 | €171,641 | -€8,525 | -4.7% |
| Plant, machinery and equipment | 23 | €26,581 | €24,287 | -€2,294 | -8.6% |
| Furniture and vehicles | 24 | €8,048 | €6,809 | -€1,239 | -15.4% |
| Other tangible fixed assets | 26 | €795,455 | €769,454 | -€26,001 | -3.3% |
| Current assets | 29/58 | €275,370 | €284,357 | +€8,986 | +3.3% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €248,876 | €273,300 | +€24,423 | +9.8% |
| Trade receivables | 40 | €152,999 | €169,343 | +€16,345 | +10.7% |
| Other amounts receivable | 41 | €95,877 | €103,956 | +€8,079 | +8.4% |
| Cash at bank and in hand | 54/58 | €24,330 | €9,339 | -€14,991 | -61.6% |
| Deferred charges and accrued income | 490/1 | €2,164 | €1,718 | -€446 | -20.6% |
| Total equity and liabilities | 10/49 | €1,285,620 | €1,256,548 | -€29,073 | -2.3% |
| Equity | 10/15 | -€130,289 | -€117,509 | +€12,780 | +9.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,446 | €4,446 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €4,446 | €4,446 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€153,335 | -€140,555 | +€12,780 | +8.3% |
| Amounts payable | 17/49 | €1,415,910 | €1,374,057 | -€41,852 | -3.0% |
| Amounts payable after more than one year | 17 | €797,360 | €715,693 | -€81,667 | -10.2% |
| Financial debts | 170/4 | €797,360 | €715,693 | -€81,667 | -10.2% |
| Amounts payable within one year | 42/48 | €617,971 | €657,847 | +€39,876 | +6.5% |
| Current portion of amounts payable after more than one year | 42 | €81,667 | €81,667 | = | 0.0% |
| Financial debts | 43 | - | €169 | +€169 | |
| Credit institutions | 430/8 | - | €169 | +€169 | |
| Trade debts | 44 | €4,991 | €3,614 | -€1,377 | -27.6% |
| Suppliers | 440/4 | €4,991 | €3,614 | -€1,377 | -27.6% |
| Taxes, remuneration and social security | 45 | €27,364 | €34,479 | +€7,115 | +26.0% |
| Taxes | 450/3 | €10,194 | €14,048 | +€3,854 | +37.8% |
| Remuneration and social security | 454/9 | €17,169 | €20,431 | +€3,261 | +19.0% |
| Other amounts payable | 47/48 | €503,950 | €537,918 | +€33,968 | +6.7% |
| Accrued charges and deferred income | 492/3 | €578 | €517 | -€61 | -10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,473 | €41,689 | +€216 | +0.5% |
| Other operating charges | 640/8 | €6,463 | €4,456 | -€2,006 | -31.0% |
| Gross operating margin | 9900 | €45,739 | €110,791 | +€65,052 | +142% |
| Operating profit (loss) | 9901 | -€2,197 | €64,645 | +€66,842 | |
| Financial income | 75/76B | €5,108 | €7,690 | +€2,581 | +50.5% |
| Recurring financial income | 75 | €5,108 | €7,690 | +€2,581 | +50.5% |
| Financial charges | 65/66B | €51,480 | €59,386 | +€7,906 | +15.4% |
| Recurring financial charges | 65 | €51,480 | €59,386 | +€7,906 | +15.4% |
| Profit (loss) for the period before taxes | 9903 | -€48,568 | €12,949 | +€61,517 | |
| Income taxes | 67/77 | €177 | €169 | -€7 | -4.2% |
| Profit (loss) for the period | 9904 | -€48,745 | €12,780 | +€61,525 | |
| Profit (loss) for the period to be appropriated | 9905 | -€48,745 | €12,780 | +€61,525 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.