HR SELECTION: 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 SELECTION
Largest movements
- Receivables within one year -€240,613
down €240,613 (-88.1%), from €273,183 to €32,570
of which Other amounts receivable: -€240,695
- Cash +€34,526
up €34,526 (+29.8%), from €116,012 to €150,538
mainly Receivables within one year (+€240,613) and Net result for the year (+€63,048)
- Deferred charges and accrued income +€10,975
up €10,975 (+271%), from €4,054 to €15,029
- Reserves -€197,193
down €197,193 (-56.4%), from €349,581 to €152,388
- Trade debts +€4,201
up €4,201 (+106%), from €3,948 to €8,149
- Turnover -€235,973
no longer reported in 2025 (was €235,973)
- Purchases and services -€128,190
no longer reported in 2025 (was €128,190)
- Financial income +€12,194
up €12,194 (+1,141%), from €1,069 to €13,262
- Gross operating margin -€3,348
down €3,348 (-4.1%), from €81,593 to €78,244
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 | €395,035 | €202,092 | -€192,943 | -48.8% |
| Fixed assets | 21/28 | €1,785 | €3,954 | +€2,169 | +121% |
| Tangible fixed assets | 22/27 | €1,785 | €3,954 | +€2,169 | +121% |
| Plant, machinery and equipment | 23 | €1,528 | €1,134 | -€394 | -25.8% |
| Furniture and vehicles | 24 | €258 | €2,820 | +€2,563 | +995% |
| Current assets | 29/58 | €393,249 | €198,138 | -€195,112 | -49.6% |
| Amounts receivable within one year | 40/41 | €273,183 | €32,570 | -€240,613 | -88.1% |
| Trade receivables | 40 | €29,496 | €29,578 | +€82 | +0.3% |
| Other amounts receivable | 41 | €243,687 | €2,992 | -€240,695 | -98.8% |
| Cash at bank and in hand | 54/58 | €116,012 | €150,538 | +€34,526 | +29.8% |
| Deferred charges and accrued income | 490/1 | €4,054 | €15,029 | +€10,975 | +271% |
| Total equity and liabilities | 10/49 | €395,035 | €202,092 | -€192,943 | -48.8% |
| Equity | 10/15 | €368,181 | €170,988 | -€197,193 | -53.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €349,581 | €152,388 | -€197,193 | -56.4% |
| Distributable reserves | 133 | €349,581 | €152,388 | -€197,193 | -56.4% |
| Amounts payable | 17/49 | €26,854 | €31,104 | +€4,250 | +15.8% |
| Amounts payable within one year | 42/48 | €26,854 | €31,104 | +€4,250 | +15.8% |
| Trade debts | 44 | €3,948 | €8,149 | +€4,201 | +106% |
| Suppliers | 440/4 | €3,948 | €8,149 | +€4,201 | +106% |
| Taxes, remuneration and social security | 45 | €22,905 | €19,287 | -€3,618 | -15.8% |
| Taxes | 450/3 | €12,940 | €19,287 | +€6,347 | +49.0% |
| Remuneration and social security | 454/9 | €9,965 | - | -€9,965 | |
| Other amounts payable | 47/48 | - | €3,667 | +€3,667 | |
| Turnover | 70 | €235,973 | - | -€235,973 | |
| Non-recurring operating income | 76A | €810 | - | -€810 | |
| Goods, raw materials, services and sundry goods | 60/61 | €128,190 | - | -€128,190 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €401 | €863 | +€462 | +115% |
| Other operating charges | 640/8 | €1,133 | €547 | -€586 | -51.7% |
| Gross operating margin | 9900 | €81,593 | €78,244 | -€3,348 | -4.1% |
| Operating profit (loss) | 9901 | €80,059 | €76,834 | -€3,225 | -4.0% |
| Financial income | 75/76B | €1,069 | €13,262 | +€12,194 | +1,141% |
| Recurring financial income | 75 | €1,069 | €13,262 | +€12,194 | +1,141% |
| Financial charges | 65/66B | €2,379 | €2,751 | +€372 | +15.6% |
| Recurring financial charges | 65 | €2,379 | €2,751 | +€372 | +15.6% |
| Profit (loss) for the period before taxes | 9903 | €78,749 | €87,346 | +€8,597 | +10.9% |
| Income taxes | 67/77 | €22,948 | €24,298 | +€1,349 | +5.9% |
| Profit (loss) for the period | 9904 | €55,800 | €63,048 | +€7,248 | +13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €55,800 | €63,048 | +€7,248 | +13.0% |
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 28 October 2026 via checked.be.