HRL-305: 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.
HRL-305
Largest movements
- Intangible fixed assets -€26,009
down €26,009 (-53.4%), from €48,730 to €22,720
- Tangible fixed assets +€11,982
up €11,982 (+75.0%), from €15,971 to €27,953
of which Plant, machinery and equipment: +€8,135
- Receivables within one year +€8,386
up €8,386 (+6,659%), from €126 to €8,512
of which Trade receivables: +€5,728
- Stocks and contracts +€7,755
up €7,755 (+26.2%), from €29,609 to €37,365
- Cash -€7,388
down €7,388 (-23.1%), from €31,921 to €24,532
mainly Debts after one year (-€10,043) and Receivables within one year (-€8,386)
- Debts after one year -€10,043
down €10,043 (-20.9%), from €48,146 to €38,103
- Profit (loss) carried forward +€8,587
up €8,587 (+23.4%), from €36,696 to €45,284
- Other debts -€6,390
down €6,390 (-72.8%), from €8,775 to €2,385
- Trade debts -€4,538
down €4,538 (-38.9%), from €11,652 to €7,114
- Current portion of long-term debt +€4,278
up €4,278 (+27.5%), from €15,528 to €19,806
- Gross operating margin -€19,440
down €19,440 (-31.7%), from €61,419 to €41,978
- Depreciation +€8,663
up €8,663 (+201%), from €4,319 to €12,982
- Taxes -€6,880
down €6,880 (-69.6%), from €9,888 to €3,008
- Financial charges +€6,525
up €6,525 (+163%), from €4,006 to €10,530
- Other operating charges +€1,256
up €1,256 (+53.4%), from €2,352 to €3,608
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 | €135,357 | €130,083 | -€5,274 | -3.9% |
| Fixed assets | 21/28 | €73,701 | €59,673 | -€14,027 | -19.0% |
| Intangible fixed assets | 21 | €48,730 | €22,720 | -€26,009 | -53.4% |
| Tangible fixed assets | 22/27 | €15,971 | €27,953 | +€11,982 | +75.0% |
| Land and buildings | 22 | - | €1,930 | +€1,930 | |
| Plant, machinery and equipment | 23 | - | €8,135 | +€8,135 | |
| Furniture and vehicles | 24 | €15,971 | €17,888 | +€1,917 | +12.0% |
| Financial fixed assets | 28 | €9,000 | €9,000 | = | 0.0% |
| Current assets | 29/58 | €61,656 | €70,410 | +€8,753 | +14.2% |
| Stocks and contracts in progress | 3 | €29,609 | €37,365 | +€7,755 | +26.2% |
| Stocks | 30/36 | €29,609 | €37,365 | +€7,755 | +26.2% |
| Amounts receivable within one year | 40/41 | €126 | €8,512 | +€8,386 | +6,659% |
| Trade receivables | 40 | - | €5,728 | +€5,728 | |
| Other amounts receivable | 41 | €126 | €2,784 | +€2,658 | +2,111% |
| Cash at bank and in hand | 54/58 | €31,921 | €24,532 | -€7,388 | -23.1% |
| Total equity and liabilities | 10/49 | €135,357 | €130,083 | -€5,274 | -3.9% |
| Equity | 10/15 | €39,696 | €48,284 | +€8,587 | +21.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,696 | €45,284 | +€8,587 | +23.4% |
| Amounts payable | 17/49 | €95,661 | €81,799 | -€13,861 | -14.5% |
| Amounts payable after more than one year | 17 | €48,146 | €38,103 | -€10,043 | -20.9% |
| Financial debts | 170/4 | €48,146 | €38,103 | -€10,043 | -20.9% |
| Amounts payable within one year | 42/48 | €47,365 | €43,578 | -€3,787 | -8.0% |
| Current portion of amounts payable after more than one year | 42 | €15,528 | €19,806 | +€4,278 | +27.5% |
| Trade debts | 44 | €11,652 | €7,114 | -€4,538 | -38.9% |
| Suppliers | 440/4 | €11,652 | €7,114 | -€4,538 | -38.9% |
| Taxes, remuneration and social security | 45 | €11,410 | €14,274 | +€2,863 | +25.1% |
| Taxes | 450/3 | €10,165 | €12,924 | +€2,759 | +27.1% |
| Remuneration and social security | 454/9 | €1,245 | €1,349 | +€104 | +8.4% |
| Other amounts payable | 47/48 | €8,775 | €2,385 | -€6,390 | -72.8% |
| Accrued charges and deferred income | 492/3 | €150 | €118 | -€32 | -21.1% |
| Non-recurring operating income | 76A | - | €610 | +€610 | |
| Remuneration, social security and pensions | 62 | €4,163 | €3,369 | -€794 | -19.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,319 | €12,982 | +€8,663 | +201% |
| Other operating charges | 640/8 | €2,352 | €3,608 | +€1,256 | +53.4% |
| Gross operating margin | 9900 | €61,419 | €41,978 | -€19,440 | -31.7% |
| Operating profit (loss) | 9901 | €50,585 | €22,020 | -€28,565 | -56.5% |
| Financial income | 75/76B | €5 | €106 | +€101 | +1,957% |
| Recurring financial income | 75 | €5 | €106 | +€101 | +1,957% |
| Financial charges | 65/66B | €4,006 | €10,530 | +€6,525 | +163% |
| Recurring financial charges | 65 | €4,006 | €10,530 | +€6,525 | +163% |
| Profit (loss) for the period before taxes | 9903 | €46,585 | €11,595 | -€34,990 | -75.1% |
| Income taxes | 67/77 | €9,888 | €3,008 | -€6,880 | -69.6% |
| Profit (loss) for the period | 9904 | €36,696 | €8,587 | -€28,109 | -76.6% |
| Profit (loss) for the period to be appropriated | 9905 | €36,696 | €8,587 | -€28,109 | -76.6% |
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 31 October 2026 via checked.be.