HR SQUARE: what changed
Two fiscal 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 SQUARE
Largest movements
- Receivables within one year -€18,933
down €18,933 (-12.4%), from €152,400 to €133,467
- Deferred charges and accrued income -€12,752
down €12,752 (-35.1%), from €36,297 to €23,545
- Intangible fixed assets -€3,728
down €3,728 (-34.8%), from €10,714 to €6,986
- Trade debts -€209,816
down €209,816 (-57.4%), from €365,668 to €155,852
- Other debts +€146,043
up €146,043 (+604.4%), from €24,164 to €170,207
- Profit (loss) carried forward +€48,495
up €48,495 (+4.4%), from -€1.1m to -€1.0m
- Tax, wage and social debts -€19,516
down €19,516 (-55.5%), from €35,193 to €15,676
of which Remuneration and social security: -€10,815
- Accrued charges and deferred income -€7,170
down €7,170 (-20.7%), from €34,669 to €27,499
- Staff costs -€37,191
down €37,191 (-17.5%), from €212,740 to €175,549
- Gross operating margin +€11,887
up €11,887 (+5.4%), from €219,646 to €231,533
- Financial income -€3,661
down €3,661 (-84.3%), from €4,345 to €684
- Financial charges -€3,146
down €3,146 (-62.1%), from €5,066 to €1,920
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.
Cash bridge derived
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 | €242,842 | €207,159 | -€35,682 | -14.7% |
| Fixed assets | 21/28 | €53,864 | €50,115 | -€3,749 | -7.0% |
| Intangible fixed assets | 21 | €10,714 | €6,986 | -€3,728 | -34.8% |
| Tangible fixed assets | 22/27 | €528 | €507 | -€21 | -3.9% |
| Furniture and vehicles | 24 | €528 | €507 | -€21 | -3.9% |
| Financial fixed assets | 28 | €42,622 | €42,622 | = | 0.0% |
| Current assets | 29/58 | €188,978 | €157,044 | -€31,934 | -16.9% |
| Amounts receivable within one year | 40/41 | €152,400 | €133,467 | -€18,933 | -12.4% |
| Trade receivables | 40 | €152,400 | €133,467 | -€18,933 | -12.4% |
| Cash at bank and in hand | 54/58 | €281 | €32 | -€249 | -88.6% |
| Deferred charges and accrued income | 490/1 | €36,297 | €23,545 | -€12,752 | -35.1% |
| Total equity and liabilities | 10/49 | €242,842 | €207,159 | -€35,682 | -14.7% |
| Equity | 10/15 | -€216,853 | -€168,358 | +€48,495 | +22.4% |
| Contributions | 10/11 | €881,640 | €881,640 | = | 0.0% |
| Capital | 10 | €881,640 | €881,640 | = | 0.0% |
| Issued capital | 100 | €881,640 | €881,640 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,098,493 | -€1,049,998 | +€48,495 | +4.4% |
| Amounts payable | 17/49 | €459,694 | €375,517 | -€84,177 | -18.3% |
| Amounts payable within one year | 42/48 | €425,025 | €348,018 | -€77,007 | -18.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | €4,887 | +€4,887 | |
| Financial debts | 43 | - | €1,395 | +€1,395 | |
| Credit institutions | 430/8 | - | €1,395 | +€1,395 | |
| Trade debts | 44 | €365,668 | €155,852 | -€209,816 | -57.4% |
| Suppliers | 440/4 | €365,668 | €155,852 | -€209,816 | -57.4% |
| Taxes, remuneration and social security | 45 | €35,193 | €15,676 | -€19,516 | -55.5% |
| Taxes | 450/3 | €12,535 | €3,834 | -€8,701 | -69.4% |
| Remuneration and social security | 454/9 | €22,657 | €11,842 | -€10,815 | -47.7% |
| Other amounts payable | 47/48 | €24,164 | €170,207 | +€146,043 | +604.4% |
| Accrued charges and deferred income | 492/3 | €34,669 | €27,499 | -€7,170 | -20.7% |
| Remuneration, social security and pensions | 62 | €212,740 | €175,549 | -€37,191 | -17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,750 | €3,749 | -€1 | 0.0% |
| Other operating charges | 640/8 | €1,300 | €1,949 | +€650 | +50.0% |
| Gross operating margin | 9900 | €219,646 | €231,533 | +€11,887 | +5.4% |
| Operating profit (loss) | 9901 | €1,857 | €50,286 | +€48,429 | +2607.9% |
| Financial income | 75/76B | €4,345 | €684 | -€3,661 | -84.3% |
| Recurring financial income | 75 | €4,345 | €684 | -€3,661 | -84.3% |
| Financial charges | 65/66B | €5,066 | €1,920 | -€3,146 | -62.1% |
| Recurring financial charges | 65 | €5,066 | €1,920 | -€3,146 | -62.1% |
| Profit (loss) for the period before taxes | 9903 | €1,137 | €49,051 | +€47,914 | +4215.5% |
| Income taxes | 67/77 | €694 | €556 | -€138 | -19.9% |
| Profit (loss) for the period | 9904 | €442 | €48,495 | +€48,052 | +10864.7% |
| Profit (loss) for the period to be appropriated | 9905 | €442 | €48,495 | +€48,052 | +10864.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.