HR2E: 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.
HR2E
Largest movements
- Receivables within one year +€20,840
new in 2025: €20,840
of which Trade receivables: +€16,722
- Deferred charges and accrued income -€12,500
no longer reported in 2025 (was €12,500)
- Cash -€8,499
down €8,499 (-25.2%), from €33,746 to €25,247
mainly Receivables within one year (-€20,840) and Investment in fixed assets (net) (-€8,273)
- Tangible fixed assets +€2,526
up €2,526 (+20.7%), from €12,211 to €14,737
of which Land and buildings: +€5,448
- Profit (loss) carried forward +€3,307
up €3,307 (+7.0%), from €47,048 to €50,356
- Tax, wage and social debts -€905
down €905 (-10.2%), from €8,874 to €7,969
- Gross operating margin -€24,041
down €24,041 (-64.0%), from €37,589 to €13,548
- Taxes -€4,900
down €4,900 (-59.2%), from €8,282 to €3,382
- Depreciation +€1,817
up €1,817 (+46.2%), from €3,929 to €5,747
- Other operating charges -€388
down €388 (-57.5%), from €675 to €287
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 | €58,457 | €60,825 | +€2,368 | +4.1% |
| Fixed assets | 21/28 | €12,211 | €14,737 | +€2,526 | +20.7% |
| Tangible fixed assets | 22/27 | €12,211 | €14,737 | +€2,526 | +20.7% |
| Land and buildings | 22 | - | €5,448 | +€5,448 | |
| Plant, machinery and equipment | 23 | €9,733 | €6,209 | -€3,523 | -36.2% |
| Furniture and vehicles | 24 | €2,479 | €3,080 | +€601 | +24.3% |
| Current assets | 29/58 | €46,246 | €46,087 | -€158 | -0.3% |
| Amounts receivable within one year | 40/41 | - | €20,840 | +€20,840 | |
| Trade receivables | 40 | - | €16,722 | +€16,722 | |
| Other amounts receivable | 41 | - | €4,118 | +€4,118 | |
| Cash at bank and in hand | 54/58 | €33,746 | €25,247 | -€8,499 | -25.2% |
| Deferred charges and accrued income | 490/1 | €12,500 | - | -€12,500 | |
| Total equity and liabilities | 10/49 | €58,457 | €60,825 | +€2,368 | +4.1% |
| Equity | 10/15 | €49,548 | €52,856 | +€3,307 | +6.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,048 | €50,356 | +€3,307 | +7.0% |
| Amounts payable | 17/49 | €8,909 | €7,969 | -€939 | -10.5% |
| Amounts payable within one year | 42/48 | €8,909 | €7,969 | -€939 | -10.5% |
| Trade debts | 44 | €35 | - | -€35 | |
| Suppliers | 440/4 | €35 | - | -€35 | |
| Taxes, remuneration and social security | 45 | €8,874 | €7,969 | -€905 | -10.2% |
| Taxes | 450/3 | €8,874 | €7,969 | -€905 | -10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,929 | €5,747 | +€1,817 | +46.2% |
| Other operating charges | 640/8 | €675 | €287 | -€388 | -57.5% |
| Gross operating margin | 9900 | €37,589 | €13,548 | -€24,041 | -64.0% |
| Operating profit (loss) | 9901 | €32,985 | €7,515 | -€25,471 | -77.2% |
| Financial income | 75/76B | €45 | - | -€45 | |
| Recurring financial income | 75 | €45 | - | -€45 | |
| Non-recurring financial income | 76B | €45 | - | -€45 | |
| Financial charges | 65/66B | €534 | €825 | +€291 | +54.4% |
| Recurring financial charges | 65 | €204 | €232 | +€27 | +13.3% |
| Non-recurring financial charges | 66B | €330 | €594 | +€264 | +79.9% |
| Profit (loss) for the period before taxes | 9903 | €32,496 | €6,689 | -€25,807 | -79.4% |
| Income taxes | 67/77 | €8,282 | €3,382 | -€4,900 | -59.2% |
| Profit (loss) for the period | 9904 | €24,214 | €3,307 | -€20,906 | -86.3% |
| Profit (loss) for the period to be appropriated | 9905 | €24,214 | €3,307 | -€20,906 | -86.3% |
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 7 October 2026 via checked.be.