HRE: 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.
HRE
Largest movements
- Cash +€477,691
up €477,691 (+22.7%), from €2.1m to €2.6m
mainly Net result for the year (+€709,412) and Depreciation (+€80,773)
- Receivables within one year +€157,045
up €157,045 (+24.7%), from €635,963 to €793,009
of which Trade receivables: +€169,223
- Tangible fixed assets -€73,715
down €73,715 (-6.3%), from €1.2m to €1.1m
of which Land and buildings: -€46,677
- Reserves +€709,412
up €709,412 (+19.0%), from €3.7m to €4.4m
of which Distributable reserves: +€709,412
- Trade debts -€57,896
down €57,896 (-99.3%), from €58,320 to €424
- Current portion of long-term debt -€51,246
down €51,246 (-100%), from €51,246 to €0
- Financial income +€153,361
up €153,361 (+37.8%), from €405,240 to €558,600
- Gross operating margin -€18,268
down €18,268 (-4.5%), from €409,436 to €391,168
- Depreciation +€16,037
up €16,037 (+24.8%), from €64,736 to €80,773
- Taxes +€9,194
up €9,194 (+6.5%), from €141,511 to €150,705
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 | €3,950,364 | €4,508,789 | +€558,425 | +14.1% |
| Fixed assets | 21/28 | €1,202,618 | €1,128,904 | -€73,715 | -6.1% |
| Tangible fixed assets | 22/27 | €1,162,762 | €1,089,048 | -€73,715 | -6.3% |
| Land and buildings | 22 | €984,291 | €937,613 | -€46,677 | -4.7% |
| Plant, machinery and equipment | 23 | €81,270 | €75,092 | -€6,178 | -7.6% |
| Furniture and vehicles | 24 | €97,201 | €76,342 | -€20,860 | -21.5% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €39,856 | €39,856 | = | 0.0% |
| Current assets | 29/58 | €2,747,746 | €3,379,885 | +€632,139 | +23.0% |
| Amounts receivable within one year | 40/41 | €635,963 | €793,009 | +€157,045 | +24.7% |
| Trade receivables | 40 | €150,273 | €319,496 | +€169,223 | +113% |
| Other amounts receivable | 41 | €485,690 | €473,512 | -€12,178 | -2.5% |
| Cash at bank and in hand | 54/58 | €2,104,589 | €2,582,280 | +€477,691 | +22.7% |
| Deferred charges and accrued income | 490/1 | €7,194 | €4,596 | -€2,597 | -36.1% |
| Total equity and liabilities | 10/49 | €3,950,364 | €4,508,789 | +€558,425 | +14.1% |
| Equity | 10/15 | €3,757,734 | €4,467,146 | +€709,412 | +18.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €3,737,734 | €4,447,146 | +€709,412 | +19.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €3,735,734 | €4,445,146 | +€709,412 | +19.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €192,630 | €41,643 | -€150,987 | -78.4% |
| Amounts payable within one year | 42/48 | €192,630 | €41,643 | -€150,987 | -78.4% |
| Current portion of amounts payable after more than one year | 42 | €51,246 | €0 | -€51,246 | -100% |
| Trade debts | 44 | €58,320 | €424 | -€57,896 | -99.3% |
| Suppliers | 440/4 | €58,320 | €424 | -€57,896 | -99.3% |
| Taxes, remuneration and social security | 45 | €58,473 | €26,169 | -€32,304 | -55.2% |
| Taxes | 450/3 | €58,473 | €26,169 | -€32,304 | -55.2% |
| Other amounts payable | 47/48 | €24,591 | €15,050 | -€9,541 | -38.8% |
| Non-recurring operating income | 76A | €21,000 | €0 | -€21,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,736 | €80,773 | +€16,037 | +24.8% |
| Other operating charges | 640/8 | €6,892 | €8,678 | +€1,786 | +25.9% |
| Gross operating margin | 9900 | €409,436 | €391,168 | -€18,268 | -4.5% |
| Operating profit (loss) | 9901 | €337,808 | €301,717 | -€36,091 | -10.7% |
| Financial income | 75/76B | €405,240 | €558,600 | +€153,361 | +37.8% |
| Recurring financial income | 75 | €405,240 | €558,600 | +€153,361 | +37.8% |
| Financial charges | 65/66B | €1,593 | €201 | -€1,392 | -87.4% |
| Recurring financial charges | 65 | €1,593 | €201 | -€1,392 | -87.4% |
| Profit (loss) for the period before taxes | 9903 | €741,455 | €860,117 | +€118,662 | +16.0% |
| Income taxes | 67/77 | €141,511 | €150,705 | +€9,194 | +6.5% |
| Profit (loss) for the period | 9904 | €599,943 | €709,412 | +€109,468 | +18.2% |
| Profit (loss) for the period to be appropriated | 9905 | €599,943 | €709,412 | +€109,468 | +18.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.