HR Transformation: 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 Transformation
Largest movements
- Cash +€68,820
up €68,820 (+56.0%), from €122,935 to €191,754
mainly Net result for the year (+€36,460) and Receivables within one year (+€20,991)
- Receivables within one year -€20,991
down €20,991 (-80.9%), from €25,949 to €4,958
of which Trade receivables: -€21,147
- Reserves +€36,460
up €36,460 (+27.4%), from €132,982 to €169,442
- Tax, wage and social debts +€6,665
up €6,665 (+20.3%), from €32,856 to €39,521
- Gross operating margin -€82,712
down €82,712 (-60.6%), from €136,488 to €53,776
- Taxes -€18,276
down €18,276 (-63.1%), from €28,948 to €10,672
- Depreciation -€1,482
down €1,482 (-21.8%), from €6,798 to €5,316
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 | €175,462 | €220,810 | +€45,348 | +25.8% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €25,244 | €23,596 | -€1,648 | -6.5% |
| Tangible fixed assets | 22/27 | €25,244 | €23,596 | -€1,648 | -6.5% |
| Plant, machinery and equipment | 23 | €2,811 | €2,375 | -€436 | -15.5% |
| Furniture and vehicles | 24 | €10,990 | €10,660 | -€330 | -3.0% |
| Other tangible fixed assets | 26 | €11,443 | €10,562 | -€881 | -7.7% |
| Current assets | 29/58 | €150,218 | €197,214 | +€46,996 | +31.3% |
| Stocks and contracts in progress | 3 | €100 | €50 | -€50 | -50.0% |
| Stocks | 30/36 | €100 | €50 | -€50 | -50.0% |
| Amounts receivable within one year | 40/41 | €25,949 | €4,958 | -€20,991 | -80.9% |
| Trade receivables | 40 | €25,948 | €4,801 | -€21,147 | -81.5% |
| Other amounts receivable | 41 | €2 | €157 | +€155 | +9,353% |
| Cash at bank and in hand | 54/58 | €122,935 | €191,754 | +€68,820 | +56.0% |
| Deferred charges and accrued income | 490/1 | €1,234 | €451 | -€783 | -63.4% |
| Total equity and liabilities | 10/49 | €175,462 | €220,810 | +€45,348 | +25.8% |
| Equity | 10/15 | €134,982 | €171,442 | +€36,460 | +27.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €132,982 | €169,442 | +€36,460 | +27.4% |
| Distributable reserves | 133 | €132,982 | €169,442 | +€36,460 | +27.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €40,480 | €49,368 | +€8,888 | +22.0% |
| Amounts payable within one year | 42/48 | €40,422 | €49,100 | +€8,678 | +21.5% |
| Financial debts | 43 | €240 | €0 | -€240 | -100% |
| Credit institutions | 430/8 | €240 | €0 | -€240 | -100% |
| Trade debts | 44 | €3,888 | €3,981 | +€93 | +2.4% |
| Suppliers | 440/4 | €3,888 | €3,981 | +€93 | +2.4% |
| Taxes, remuneration and social security | 45 | €32,856 | €39,521 | +€6,665 | +20.3% |
| Taxes | 450/3 | €32,856 | €39,521 | +€6,665 | +20.3% |
| Other amounts payable | 47/48 | €3,438 | €5,599 | +€2,161 | +62.9% |
| Accrued charges and deferred income | 492/3 | €58 | €268 | +€210 | +363% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,798 | €5,316 | -€1,482 | -21.8% |
| Other operating charges | 640/8 | €624 | €676 | +€51 | +8.2% |
| Non-recurring operating charges | 66A | - | €689 | +€689 | |
| Gross operating margin | 9900 | €136,488 | €53,776 | -€82,712 | -60.6% |
| Operating profit (loss) | 9901 | €129,065 | €47,094 | -€81,971 | -63.5% |
| Financial income | 75/76B | €202 | €250 | +€48 | +23.9% |
| Recurring financial income | 75 | €202 | €250 | +€48 | +23.9% |
| Financial charges | 65/66B | €243 | €213 | -€30 | -12.3% |
| Recurring financial charges | 65 | €243 | €213 | -€30 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €129,025 | €47,132 | -€81,893 | -63.5% |
| Income taxes | 67/77 | €28,948 | €10,672 | -€18,276 | -63.1% |
| Profit (loss) for the period | 9904 | €100,077 | €36,460 | -€63,617 | -63.6% |
| Profit (loss) for the period to be appropriated | 9905 | €100,077 | €36,460 | -€63,617 | -63.6% |
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 31 October 2026 via checked.be.