HRD Academy: 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.
HRD Academy
Largest movements
- Cash +€162,577
up €162,577 (+79.1%), from €205,568 to €368,145
mainly Receivables within one year (+€158,247) and Deferred charges and accrued income (+€94,869)
- Receivables within one year -€158,247
down €158,247 (-23.4%), from €677,174 to €518,927
of which Trade receivables: -€89,486
- Deferred charges and accrued income -€94,869
down €94,869 (-30.9%), from €307,461 to €212,592
- Tangible fixed assets -€37,428
down €37,428 (-5.3%), from €709,645 to €672,218
of which Land and buildings: -€23,436
- Trade debts -€76,822
down €76,822 (-21.9%), from €351,413 to €274,591
- Other debts -€63,627
down €63,627 (-98.7%), from €64,460 to €833
- Short-term financial debts +€50,000
up €50,000, from €0 to €50,000
- Debts after one year -€43,114
down €43,114 (-6.0%), from €718,823 to €675,709
- Accrued charges and deferred income -€24,542
down €24,542 (-3.7%), from €668,724 to €644,182
- Staff costs +€83,214
up €83,214 (+56.4%), from €147,639 to €230,853
- Gross operating margin +€80,320
up €80,320 (+27.2%), from €295,312 to €375,632
- Financial charges +€62,796
up €62,796 (+161%), from €38,902 to €101,698
- Taxes -€14,180
down €14,180 (-79.1%), from €17,916 to €3,736
- Financial income -€7,467
down €7,467 (-30.3%), from €24,669 to €17,202
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 | €2,223,807 | €2,096,852 | -€126,955 | -5.7% |
| Fixed assets | 21/28 | €713,603 | €677,188 | -€36,415 | -5.1% |
| Intangible fixed assets | 21 | €408 | €1,421 | +€1,012 | +248% |
| Tangible fixed assets | 22/27 | €709,645 | €672,218 | -€37,428 | -5.3% |
| Land and buildings | 22 | €663,340 | €639,904 | -€23,436 | -3.5% |
| Plant, machinery and equipment | 23 | €19,910 | €14,139 | -€5,771 | -29.0% |
| Furniture and vehicles | 24 | €26,395 | €18,175 | -€8,221 | -31.1% |
| Financial fixed assets | 28 | €3,550 | €3,550 | = | 0.0% |
| Current assets | 29/58 | €1,510,203 | €1,419,663 | -€90,540 | -6.0% |
| Amounts receivable within one year | 40/41 | €677,174 | €518,927 | -€158,247 | -23.4% |
| Trade receivables | 40 | €274,746 | €185,261 | -€89,486 | -32.6% |
| Other amounts receivable | 41 | €402,428 | €333,666 | -€68,762 | -17.1% |
| Current investments | 50/53 | €320,000 | €320,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €205,568 | €368,145 | +€162,577 | +79.1% |
| Deferred charges and accrued income | 490/1 | €307,461 | €212,592 | -€94,869 | -30.9% |
| Total equity and liabilities | 10/49 | €2,223,807 | €2,096,852 | -€126,955 | -5.7% |
| Equity | 10/15 | €338,600 | €345,320 | +€6,720 | +2.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €320,000 | €326,720 | +€6,720 | +2.1% |
| Non-distributable reserves | 130/1 | €320,000 | €320,000 | = | 0.0% |
| Own shares acquired | 1312 | €320,000 | €320,000 | = | 0.0% |
| Distributable reserves | 133 | - | €6,720 | +€6,720 | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,885,207 | €1,751,531 | -€133,676 | -7.1% |
| Amounts payable after more than one year | 17 | €718,823 | €675,709 | -€43,114 | -6.0% |
| Financial debts | 170/4 | €718,823 | €675,709 | -€43,114 | -6.0% |
| Amounts payable within one year | 42/48 | €497,660 | €431,640 | -€66,020 | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €41,437 | €43,114 | +€1,677 | +4.0% |
| Financial debts | 43 | €0 | €50,000 | +€50,000 | |
| Credit institutions | 430/8 | €0 | €50,000 | +€50,000 | |
| Trade debts | 44 | €351,413 | €274,591 | -€76,822 | -21.9% |
| Suppliers | 440/4 | €351,413 | €274,591 | -€76,822 | -21.9% |
| Taxes, remuneration and social security | 45 | €40,349 | €63,102 | +€22,752 | +56.4% |
| Taxes | 450/3 | €18,838 | €30,804 | +€11,965 | +63.5% |
| Remuneration and social security | 454/9 | €21,511 | €32,298 | +€10,787 | +50.1% |
| Other amounts payable | 47/48 | €64,460 | €833 | -€63,627 | -98.7% |
| Accrued charges and deferred income | 492/3 | €668,724 | €644,182 | -€24,542 | -3.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €147,639 | €230,853 | +€83,214 | +56.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,943 | €45,428 | -€515 | -1.1% |
| Other operating charges | 640/8 | €5,120 | €3,565 | -€1,556 | -30.4% |
| Gross operating margin | 9900 | €295,312 | €375,632 | +€80,320 | +27.2% |
| Operating profit (loss) | 9901 | €96,609 | €95,786 | -€823 | -0.9% |
| Financial income | 75/76B | €24,669 | €17,202 | -€7,467 | -30.3% |
| Recurring financial income | 75 | €24,669 | €17,202 | -€7,467 | -30.3% |
| Financial charges | 65/66B | €38,902 | €101,698 | +€62,796 | +161% |
| Recurring financial charges | 65 | €38,902 | €101,698 | +€62,796 | +161% |
| Profit (loss) for the period before taxes | 9903 | €82,377 | €11,290 | -€71,087 | -86.3% |
| Income taxes | 67/77 | €17,916 | €3,736 | -€14,180 | -79.1% |
| Profit (loss) for the period | 9904 | €64,460 | €7,553 | -€56,907 | -88.3% |
| Profit (loss) for the period to be appropriated | 9905 | €64,460 | €7,553 | -€56,907 | -88.3% |
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.