HRD FIN: 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 FIN
Largest movements
- Receivables within one year +€8,694
up €8,694 (+37.1%), from €23,410 to €32,103
of which Trade receivables: +€5,663
- Deferred charges and accrued income +€1,194
up €1,194 (+162%), from €736 to €1,930
- Tangible fixed assets +€1,003
new in 2025: €1,003
- Trade debts +€10,278
up €10,278 (+5,297%), from €194 to €10,472
- Tax, wage and social debts +€734
up €734 (+7.3%), from €10,038 to €10,772
- Gross operating margin -€2,876
down €2,876 (-6.4%), from €45,071 to €42,195
- Taxes +€734
up €734 (+7.3%), from €10,038 to €10,772
- Financial charges +€495
up €495 (+662%), from €75 to €570
- Depreciation +€458
new in 2025: €458
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 | €50,638 | €61,472 | +€10,835 | +21.4% |
| Fixed assets | 21/28 | - | €1,003 | +€1,003 | |
| Tangible fixed assets | 22/27 | - | €1,003 | +€1,003 | |
| Plant, machinery and equipment | 23 | - | €1,003 | +€1,003 | |
| Current assets | 29/58 | €50,638 | €60,469 | +€9,831 | +19.4% |
| Amounts receivable within one year | 40/41 | €23,410 | €32,103 | +€8,694 | +37.1% |
| Trade receivables | 40 | €21,300 | €26,963 | +€5,663 | +26.6% |
| Other amounts receivable | 41 | €2,109 | €5,140 | +€3,031 | +144% |
| Cash at bank and in hand | 54/58 | €26,492 | €26,436 | -€56 | -0.2% |
| Deferred charges and accrued income | 490/1 | €736 | €1,930 | +€1,194 | +162% |
| Total equity and liabilities | 10/49 | €50,638 | €61,472 | +€10,835 | +21.4% |
| Equity | 10/15 | €40,406 | €40,229 | -€177 | -0.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,406 | €35,229 | -€177 | -0.5% |
| Amounts payable | 17/49 | €10,232 | €21,244 | +€11,012 | +108% |
| Amounts payable within one year | 42/48 | €10,232 | €21,244 | +€11,012 | +108% |
| Trade debts | 44 | €194 | €10,472 | +€10,278 | +5,297% |
| Suppliers | 440/4 | €194 | €10,472 | +€10,278 | +5,297% |
| Taxes, remuneration and social security | 45 | €10,038 | €10,772 | +€734 | +7.3% |
| Taxes | 450/3 | €10,038 | €10,772 | +€734 | +7.3% |
| Non-recurring operating income | 76A | - | €668 | +€668 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €458 | +€458 | |
| Other operating charges | 640/8 | €852 | €770 | -€83 | -9.7% |
| Gross operating margin | 9900 | €45,071 | €42,195 | -€2,876 | -6.4% |
| Operating profit (loss) | 9901 | €44,219 | €40,968 | -€3,251 | -7.4% |
| Financial income | 75/76B | €11 | €196 | +€185 | +1,686% |
| Recurring financial income | 75 | €11 | €196 | +€185 | +1,686% |
| Financial charges | 65/66B | €75 | €570 | +€495 | +662% |
| Recurring financial charges | 65 | €75 | €570 | +€495 | +662% |
| Profit (loss) for the period before taxes | 9903 | €44,155 | €40,594 | -€3,560 | -8.1% |
| Income taxes | 67/77 | €10,038 | €10,772 | +€734 | +7.3% |
| Profit (loss) for the period | 9904 | €34,117 | €29,823 | -€4,295 | -12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €34,117 | €29,823 | -€4,295 | -12.6% |
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 26 October 2026 via checked.be.