HRED: 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.
HRED
Largest movements
- Current investments -€700,000
no longer reported in 2025 (was €700,000)
- Cash +€210,733
up €210,733 (+98.6%), from €213,803 to €424,536
mainly Current investments (+€700,000) and Depreciation (+€18,906)
- Receivables within one year +€20,722
up €20,722 (+62.0%), from €33,432 to €54,154
of which Other amounts receivable: +€17,881
- Reserves -€310,604
down €310,604 (-90.2%), from €344,193 to €33,589
- Other debts -€144,729
down €144,729 (-26.3%), from €551,109 to €406,380
- Debts after one year -€13,092
down €13,092 (-35.2%), from €37,189 to €24,097
- Gross operating margin -€174,429
down €174,429, from €79,288 to -€95,141
- Taxes -€14,159
down €14,159 (-98.8%), from €14,332 to €173
- Depreciation +€8,062
up €8,062 (+74.3%), from €10,844 to €18,906
- Financial charges -€2,217
down €2,217 (-31.1%), from €7,132 to €4,914
- Financial income +€1,106
up €1,106 (+14.4%), from €7,677 to €8,783
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 | €1,032,113 | €554,624 | -€477,489 | -46.3% |
| Fixed assets | 21/28 | €68,426 | €63,804 | -€4,622 | -6.8% |
| Tangible fixed assets | 22/27 | €67,260 | €63,804 | -€3,456 | -5.1% |
| Plant, machinery and equipment | 23 | €14,144 | €23,158 | +€9,014 | +63.7% |
| Furniture and vehicles | 24 | €53,115 | €40,646 | -€12,470 | -23.5% |
| Financial fixed assets | 28 | €1,166 | - | -€1,166 | |
| Current assets | 29/58 | €963,687 | €490,820 | -€472,867 | -49.1% |
| Stocks and contracts in progress | 3 | €9,862 | €10,938 | +€1,076 | +10.9% |
| Contracts in progress | 37 | €9,862 | €10,938 | +€1,076 | +10.9% |
| Amounts receivable within one year | 40/41 | €33,432 | €54,154 | +€20,722 | +62.0% |
| Trade receivables | 40 | €4 | €2,845 | +€2,840 | +69279.0% |
| Other amounts receivable | 41 | €33,428 | €51,310 | +€17,881 | +53.5% |
| Current investments | 50/53 | €700,000 | - | -€700,000 | |
| Cash at bank and in hand | 54/58 | €213,803 | €424,536 | +€210,733 | +98.6% |
| Deferred charges and accrued income | 490/1 | €6,590 | €1,192 | -€5,398 | -81.9% |
| Total equity and liabilities | 10/49 | €1,032,113 | €554,624 | -€477,489 | -46.3% |
| Equity | 10/15 | €406,193 | €95,589 | -€310,604 | -76.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €344,193 | €33,589 | -€310,604 | -90.2% |
| Distributable reserves | 133 | €344,193 | €33,589 | -€310,604 | -90.2% |
| Amounts payable | 17/49 | €625,920 | €459,035 | -€166,885 | -26.7% |
| Amounts payable after more than one year | 17 | €37,189 | €24,097 | -€13,092 | -35.2% |
| Financial debts | 170/4 | €37,189 | €24,097 | -€13,092 | -35.2% |
| Amounts payable within one year | 42/48 | €582,782 | €430,275 | -€152,507 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €12,620 | €13,092 | +€471 | +3.7% |
| Financial debts | 43 | €10,991 | €1,688 | -€9,303 | -84.6% |
| Other loans | 439 | €10,991 | €1,688 | -€9,303 | -84.6% |
| Trade debts | 44 | €4,162 | €5,216 | +€1,054 | +25.3% |
| Suppliers | 440/4 | €4,162 | €5,216 | +€1,054 | +25.3% |
| Taxes, remuneration and social security | 45 | €3,900 | €3,900 | = | 0.0% |
| Taxes | 450/3 | €2,000 | €2,000 | = | 0.0% |
| Remuneration and social security | 454/9 | €1,900 | €1,900 | = | 0.0% |
| Other amounts payable | 47/48 | €551,109 | €406,380 | -€144,729 | -26.3% |
| Accrued charges and deferred income | 492/3 | €5,950 | €4,663 | -€1,287 | -21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,844 | €18,906 | +€8,062 | +74.3% |
| Other operating charges | 640/8 | €790 | €251 | -€538 | -68.2% |
| Gross operating margin | 9900 | €79,288 | -€95,141 | -€174,429 | |
| Operating profit (loss) | 9901 | €67,654 | -€114,299 | -€181,952 | |
| Financial income | 75/76B | €7,677 | €8,783 | +€1,106 | +14.4% |
| Recurring financial income | 75 | €7,677 | €8,783 | +€1,106 | +14.4% |
| Financial charges | 65/66B | €7,132 | €4,914 | -€2,217 | -31.1% |
| Recurring financial charges | 65 | €7,132 | €4,914 | -€2,217 | -31.1% |
| Profit (loss) for the period before taxes | 9903 | €68,199 | -€110,431 | -€178,629 | |
| Income taxes | 67/77 | €14,332 | €173 | -€14,159 | -98.8% |
| Profit (loss) for the period | 9904 | €53,867 | -€110,604 | -€164,470 | |
| Profit (loss) for the period to be appropriated | 9905 | €53,867 | -€110,604 | -€164,470 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.