HR44: 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.
HR44
Largest movements
- Current investments +€100,000
up €100,000 (+40.0%), from €250,000 to €350,000
- Cash +€37,339
up €37,339 (+34.2%), from €109,064 to €146,403
mainly Net result for the year (+€133,558) and Depreciation (+€14,958)
- Tangible fixed assets -€14,958
down €14,958 (-33.9%), from €44,131 to €29,172
of which Furniture and vehicles: -€13,539
- Reserves +€133,558
up €133,558 (+37.0%), from €361,075 to €494,633
- Tax, wage and social debts -€7,142
down €7,142 (-13.2%), from €54,116 to €46,973
- Gross operating margin -€9,530
down €9,530 (-5.0%), from €191,818 to €182,288
- Financial income +€5,354
new in 2026: €5,354
- Financial charges -€2,490
down €2,490 (-96.9%), from €2,571 to €81
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €427,398 | €558,000 | +€130,602 | +30.6% |
| Fixed assets | 21/28 | €44,131 | €29,172 | -€14,958 | -33.9% |
| Tangible fixed assets | 22/27 | €44,131 | €29,172 | -€14,958 | -33.9% |
| Plant, machinery and equipment | 23 | €2,550 | €1,130 | -€1,419 | -55.7% |
| Furniture and vehicles | 24 | €41,581 | €28,042 | -€13,539 | -32.6% |
| Current assets | 29/58 | €383,267 | €528,827 | +€145,560 | +38.0% |
| Amounts receivable within one year | 40/41 | €24,203 | €28,977 | +€4,774 | +19.7% |
| Trade receivables | 40 | €22,002 | €28,977 | +€6,975 | +31.7% |
| Other amounts receivable | 41 | €2,201 | - | -€2,201 | |
| Current investments | 50/53 | €250,000 | €350,000 | +€100,000 | +40.0% |
| Cash at bank and in hand | 54/58 | €109,064 | €146,403 | +€37,339 | +34.2% |
| Deferred charges and accrued income | 490/1 | - | €3,448 | +€3,448 | |
| Total equity and liabilities | 10/49 | €427,398 | €558,000 | +€130,602 | +30.6% |
| Equity | 10/15 | €371,075 | €504,633 | +€133,558 | +36.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €361,075 | €494,633 | +€133,558 | +37.0% |
| Distributable reserves | 133 | €361,075 | €494,633 | +€133,558 | +37.0% |
| Amounts payable | 17/49 | €56,322 | €53,366 | -€2,956 | -5.2% |
| Amounts payable within one year | 42/48 | €56,322 | €53,366 | -€2,956 | -5.2% |
| Trade debts | 44 | €2,207 | €4,910 | +€2,704 | +122.5% |
| Suppliers | 440/4 | €2,207 | €4,910 | +€2,704 | +122.5% |
| Taxes, remuneration and social security | 45 | €54,116 | €46,973 | -€7,142 | -13.2% |
| Taxes | 450/3 | €54,116 | €46,973 | -€7,142 | -13.2% |
| Other amounts payable | 47/48 | - | €1,483 | +€1,483 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,474 | €14,958 | -€515 | -3.3% |
| Other operating charges | 640/8 | €569 | €585 | +€16 | +2.9% |
| Gross operating margin | 9900 | €191,818 | €182,288 | -€9,530 | -5.0% |
| Operating profit (loss) | 9901 | €175,775 | €166,744 | -€9,031 | -5.1% |
| Financial income | 75/76B | - | €5,354 | +€5,354 | |
| Recurring financial income | 75 | - | €5,354 | +€5,354 | |
| Financial charges | 65/66B | €2,571 | €81 | -€2,490 | -96.9% |
| Recurring financial charges | 65 | €2,571 | €81 | -€2,490 | -96.9% |
| Profit (loss) for the period before taxes | 9903 | €173,204 | €172,018 | -€1,186 | -0.7% |
| Income taxes | 67/77 | €38,717 | €38,460 | -€257 | -0.7% |
| Profit (loss) for the period | 9904 | €134,488 | €133,558 | -€930 | -0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €134,488 | €133,558 | -€930 | -0.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.