HR ZEBRA: 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 ZEBRA
Largest movements
- Tangible fixed assets +€18,227
up €18,227 (+206%), from €8,827 to €27,055
of which Other tangible fixed assets: +€19,230
- Cash -€8,213
down €8,213 (-28.0%), from €29,364 to €21,150
mainly Investment in fixed assets (net) (-€23,420) and Trade debts (-€1,592)
- Receivables within one year -€3,272
down €3,272 (-13.4%), from €24,474 to €21,202
- Reserves +€5,384
up €5,384 (+13.7%), from €39,159 to €44,543
- Other debts +€2,974
up €2,974 (+884%), from €336 to €3,310
- Trade debts -€1,592
down €1,592 (-30.5%), from €5,217 to €3,625
- Gross operating margin +€15,569
up €15,569 (+59.7%), from €26,071 to €41,639
- Taxes -€4,292
down €4,292 (-63.1%), from €6,797 to €2,505
- Depreciation +€2,453
up €2,453 (+89.6%), from €2,739 to €5,192
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 | €62,710 | €69,452 | +€6,742 | +10.8% |
| Fixed assets | 21/28 | €8,872 | €27,100 | +€18,227 | +205% |
| Tangible fixed assets | 22/27 | €8,827 | €27,055 | +€18,227 | +206% |
| Furniture and vehicles | 24 | €8,827 | €7,825 | -€1,002 | -11.4% |
| Other tangible fixed assets | 26 | - | €19,230 | +€19,230 | |
| Financial fixed assets | 28 | €45 | €45 | = | 0.0% |
| Current assets | 29/58 | €53,837 | €42,352 | -€11,485 | -21.3% |
| Amounts receivable within one year | 40/41 | €24,474 | €21,202 | -€3,272 | -13.4% |
| Trade receivables | 40 | €24,474 | €21,202 | -€3,272 | -13.4% |
| Cash at bank and in hand | 54/58 | €29,364 | €21,150 | -€8,213 | -28.0% |
| Total equity and liabilities | 10/49 | €62,710 | €69,452 | +€6,742 | +10.8% |
| Equity | 10/15 | €41,659 | €47,043 | +€5,384 | +12.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €39,159 | €44,543 | +€5,384 | +13.7% |
| Distributable reserves | 133 | €39,159 | €44,543 | +€5,384 | +13.7% |
| Amounts payable | 17/49 | €21,051 | €22,409 | +€1,358 | +6.5% |
| Amounts payable within one year | 42/48 | €21,051 | €22,409 | +€1,358 | +6.5% |
| Trade debts | 44 | €5,217 | €3,625 | -€1,592 | -30.5% |
| Suppliers | 440/4 | €5,217 | €3,625 | -€1,592 | -30.5% |
| Taxes, remuneration and social security | 45 | €15,497 | €15,474 | -€24 | -0.2% |
| Taxes | 450/3 | €15,497 | €15,474 | -€24 | -0.2% |
| Other amounts payable | 47/48 | €336 | €3,310 | +€2,974 | +884% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,739 | €5,192 | +€2,453 | +89.6% |
| Other operating charges | 640/8 | €487 | €752 | +€265 | +54.5% |
| Non-recurring operating charges | 66A | - | €27,659 | +€27,659 | |
| Gross operating margin | 9900 | €26,071 | €41,639 | +€15,569 | +59.7% |
| Operating profit (loss) | 9901 | €22,845 | €8,036 | -€14,809 | -64.8% |
| Financial income | 75/76B | €14 | €5 | -€9 | -65.7% |
| Recurring financial income | 75 | €14 | €5 | -€9 | -65.7% |
| Financial charges | 65/66B | €284 | €152 | -€133 | -46.7% |
| Recurring financial charges | 65 | €284 | €152 | -€133 | -46.7% |
| Profit (loss) for the period before taxes | 9903 | €22,574 | €7,889 | -€14,685 | -65.1% |
| Income taxes | 67/77 | €6,797 | €2,505 | -€4,292 | -63.1% |
| Profit (loss) for the period | 9904 | €15,778 | €5,384 | -€10,394 | -65.9% |
| Profit (loss) for the period to be appropriated | 9905 | €15,778 | €5,384 | -€10,394 | -65.9% |
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 23 October 2026 via checked.be.