HR VOICE: 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 VOICE
Largest movements
- Tangible fixed assets +€128,870
up €128,870 (+25.0%), from €515,778 to €644,648
of which Furniture and vehicles: +€136,414
- Cash -€70,603
down €70,603 (-82.4%), from €85,671 to €15,069
mainly Investment in fixed assets (net) (-€192,285) and Contributions, distributions and other (-€35,363)
- Receivables within one year -€17,851
down €17,851 (-32.4%), from €55,172 to €37,321
of which Trade receivables: -€22,601
- Debts after one year +€58,178
up €58,178 (+19.2%), from €302,408 to €360,586
- Reserves -€28,201
down €28,201 (-12.5%), from €224,758 to €196,558
- Current portion of long-term debt +€26,987
up €26,987 (+76.8%), from €35,125 to €62,112
- Tax, wage and social debts -€20,213
down €20,213 (-45.5%), from €44,446 to €24,233
of which Taxes: -€19,584
- Other debts +€8,763
up €8,763 (+32.9%), from €26,600 to €35,363
- Gross operating margin -€70,697
down €70,697 (-41.9%), from €168,806 to €98,109
- Taxes -€28,875
down €28,875 (-79.0%), from €36,564 to €7,689
- Depreciation +€25,266
up €25,266 (+66.2%), from €38,149 to €63,415
- Other operating charges +€7,927
up €7,927 (+256%), from €3,091 to €11,018
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 | €659,636 | €700,620 | +€40,983 | +6.2% |
| Fixed assets | 21/28 | €515,778 | €644,648 | +€128,870 | +25.0% |
| Tangible fixed assets | 22/27 | €515,778 | €644,648 | +€128,870 | +25.0% |
| Land and buildings | 22 | €511,691 | €504,865 | -€6,825 | -1.3% |
| Plant, machinery and equipment | 23 | €2,447 | €1,728 | -€718 | -29.4% |
| Furniture and vehicles | 24 | €1,640 | €138,054 | +€136,414 | +8,316% |
| Current assets | 29/58 | €143,859 | €55,972 | -€87,887 | -61.1% |
| Amounts receivable within one year | 40/41 | €55,172 | €37,321 | -€17,851 | -32.4% |
| Trade receivables | 40 | €54,120 | €31,520 | -€22,601 | -41.8% |
| Other amounts receivable | 41 | €1,051 | €5,801 | +€4,750 | +452% |
| Cash at bank and in hand | 54/58 | €85,671 | €15,069 | -€70,603 | -82.4% |
| Deferred charges and accrued income | 490/1 | €3,016 | €3,583 | +€567 | +18.8% |
| Total equity and liabilities | 10/49 | €659,636 | €700,620 | +€40,983 | +6.2% |
| Equity | 10/15 | €235,937 | €207,736 | -€28,201 | -12.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €224,758 | €196,558 | -€28,201 | -12.5% |
| Distributable reserves | 133 | €224,758 | €196,558 | -€28,201 | -12.5% |
| Profit (loss) carried forward | 14 | €4,979 | €4,979 | = | 0.0% |
| Amounts payable | 17/49 | €423,700 | €492,883 | +€69,184 | +16.3% |
| Amounts payable after more than one year | 17 | €302,408 | €360,586 | +€58,178 | +19.2% |
| Financial debts | 170/4 | €302,408 | €360,586 | +€58,178 | +19.2% |
| Amounts payable within one year | 42/48 | €121,291 | €132,297 | +€11,006 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €35,125 | €62,112 | +€26,987 | +76.8% |
| Trade debts | 44 | €15,120 | €10,589 | -€4,531 | -30.0% |
| Suppliers | 440/4 | €15,120 | €10,589 | -€4,531 | -30.0% |
| Taxes, remuneration and social security | 45 | €44,446 | €24,233 | -€20,213 | -45.5% |
| Taxes | 450/3 | €43,817 | €24,233 | -€19,584 | -44.7% |
| Remuneration and social security | 454/9 | €629 | €0 | -€629 | -100% |
| Other amounts payable | 47/48 | €26,600 | €35,363 | +€8,763 | +32.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,149 | €63,415 | +€25,266 | +66.2% |
| Other operating charges | 640/8 | €3,091 | €11,018 | +€7,927 | +256% |
| Gross operating margin | 9900 | €168,806 | €98,109 | -€70,697 | -41.9% |
| Operating profit (loss) | 9901 | €127,566 | €23,676 | -€103,890 | -81.4% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €7,392 | €8,825 | +€1,433 | +19.4% |
| Recurring financial charges | 65 | €7,392 | €8,825 | +€1,433 | +19.4% |
| Profit (loss) for the period before taxes | 9903 | €120,174 | €14,851 | -€105,324 | -87.6% |
| Income taxes | 67/77 | €36,564 | €7,689 | -€28,875 | -79.0% |
| Profit (loss) for the period | 9904 | €83,611 | €7,162 | -€76,449 | -91.4% |
| Profit (loss) for the period to be appropriated | 9905 | €83,611 | €7,162 | -€76,449 | -91.4% |
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.