HReal: 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.
HReal
Largest movements
- Cash +€71,353
up €71,353 (+23.6%), from €302,927 to €374,280
mainly Net result for the year (+€147,532) and Depreciation (+€8,789)
- Tangible fixed assets -€8,789
down €8,789 (-25.5%), from €34,423 to €25,635
- Profit (loss) carried forward +€147,532
up €147,532 (+89.0%), from €165,812 to €313,345
- Other debts -€63,834
down €63,834 (-98.9%), from €64,515 to €681
- Tax, wage and social debts -€12,829
down €12,829 (-25.2%), from €50,881 to €38,052
- Current portion of long-term debt -€7,409
no longer reported in 2025 (was €7,409)
- Gross operating margin +€11,146
up €11,146 (+5.8%), from €193,125 to €204,271
- Taxes +€3,765
up €3,765 (+9.3%), from €40,565 to €44,329
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 | €339,895 | €402,436 | +€62,540 | +18.4% |
| Fixed assets | 21/28 | €34,423 | €25,635 | -€8,789 | -25.5% |
| Tangible fixed assets | 22/27 | €34,423 | €25,635 | -€8,789 | -25.5% |
| Leasing and similar rights | 25 | €34,423 | €25,635 | -€8,789 | -25.5% |
| Current assets | 29/58 | €305,472 | €376,801 | +€71,329 | +23.4% |
| Cash at bank and in hand | 54/58 | €302,927 | €374,280 | +€71,353 | +23.6% |
| Deferred charges and accrued income | 490/1 | €2,545 | €2,521 | -€23 | -0.9% |
| Total equity and liabilities | 10/49 | €339,895 | €402,436 | +€62,540 | +18.4% |
| Equity | 10/15 | €186,272 | €333,805 | +€147,532 | +79.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €165,812 | €313,345 | +€147,532 | +89.0% |
| Amounts payable | 17/49 | €153,623 | €68,631 | -€84,992 | -55.3% |
| Amounts payable after more than one year | 17 | €24,398 | €24,398 | = | 0.0% |
| Financial debts | 170/4 | €24,398 | €24,398 | = | 0.0% |
| Amounts payable within one year | 42/48 | €129,225 | €44,233 | -€84,992 | -65.8% |
| Current portion of amounts payable after more than one year | 42 | €7,409 | - | -€7,409 | |
| Trade debts | 44 | €6,420 | €5,500 | -€920 | -14.3% |
| Suppliers | 440/4 | €6,420 | €5,500 | -€920 | -14.3% |
| Taxes, remuneration and social security | 45 | €50,881 | €38,052 | -€12,829 | -25.2% |
| Taxes | 450/3 | €50,881 | €38,052 | -€12,829 | -25.2% |
| Other amounts payable | 47/48 | €64,515 | €681 | -€63,834 | -98.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,789 | €8,789 | = | 0.0% |
| Other operating charges | 640/8 | €1,236 | €959 | -€278 | -22.5% |
| Gross operating margin | 9900 | €193,125 | €204,271 | +€11,146 | +5.8% |
| Operating profit (loss) | 9901 | €183,100 | €194,524 | +€11,424 | +6.2% |
| Financial charges | 65/66B | €3,132 | €2,662 | -€470 | -15.0% |
| Recurring financial charges | 65 | €3,132 | €2,662 | -€470 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €179,968 | €191,862 | +€11,894 | +6.6% |
| Income taxes | 67/77 | €40,565 | €44,329 | +€3,765 | +9.3% |
| Profit (loss) for the period | 9904 | €139,403 | €147,532 | +€8,129 | +5.8% |
| Profit (loss) for the period to be appropriated | 9905 | €139,403 | €147,532 | +€8,129 | +5.8% |
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 9 October 2026 via checked.be.