HRT Management: 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.
HRT Management
Largest movements
- Cash +€3,533
up €3,533 (+33.5%), from €10,534 to €14,067
mainly Tax, wage and social debts (+€4,727) and Net result for the year (+€3,352)
- Tangible fixed assets +€1,869
up €1,869 (+109.4%), from €1,709 to €3,579
- Receivables within one year -€511
down €511 (-4.1%), from €12,330 to €11,819
of which Trade receivables: -€9,583
- Tax, wage and social debts +€4,727
up €4,727 (+36.3%), from €13,037 to €17,764
- Profit (loss) carried forward +€3,352
up €3,352, from -€2,687 to €665
- Other debts -€2,515
no longer reported in 2025 (was €2,515)
- Trade debts -€673
down €673 (-95.0%), from €709 to €36
- Gross operating margin +€7,761
up €7,761 (+906.0%), from €857 to €8,618
- Taxes +€1,200
up €1,200 (+87.8%), from €1,367 to €2,567
- Other operating charges -€669
down €669 (-39.1%), from €1,712 to €1,043
- Depreciation +€644
up €644 (+73.0%), from €883 to €1,527
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 | €24,574 | €29,465 | +€4,891 | +19.9% |
| Fixed assets | 21/28 | €1,709 | €3,579 | +€1,869 | +109.4% |
| Tangible fixed assets | 22/27 | €1,709 | €3,579 | +€1,869 | +109.4% |
| Furniture and vehicles | 24 | €1,709 | €3,579 | +€1,869 | +109.4% |
| Current assets | 29/58 | €22,864 | €25,886 | +€3,022 | +13.2% |
| Amounts receivable within one year | 40/41 | €12,330 | €11,819 | -€511 | -4.1% |
| Trade receivables | 40 | €12,330 | €2,747 | -€9,583 | -77.7% |
| Other amounts receivable | 41 | - | €9,073 | +€9,073 | |
| Cash at bank and in hand | 54/58 | €10,534 | €14,067 | +€3,533 | +33.5% |
| Total equity and liabilities | 10/49 | €24,574 | €29,465 | +€4,891 | +19.9% |
| Equity | 10/15 | €8,313 | €11,665 | +€3,352 | +40.3% |
| Reserves | 13 | €11,000 | €11,000 | = | 0.0% |
| Distributable reserves | 133 | €11,000 | €11,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,687 | €665 | +€3,352 | |
| Amounts payable | 17/49 | €16,261 | €17,800 | +€1,539 | +9.5% |
| Amounts payable within one year | 42/48 | €16,261 | €17,800 | +€1,539 | +9.5% |
| Trade debts | 44 | €709 | €36 | -€673 | -95.0% |
| Suppliers | 440/4 | €709 | €36 | -€673 | -95.0% |
| Taxes, remuneration and social security | 45 | €13,037 | €17,764 | +€4,727 | +36.3% |
| Taxes | 450/3 | €13,037 | €17,764 | +€4,727 | +36.3% |
| Other amounts payable | 47/48 | €2,515 | - | -€2,515 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €883 | €1,527 | +€644 | +73.0% |
| Other operating charges | 640/8 | €1,712 | €1,043 | -€669 | -39.1% |
| Gross operating margin | 9900 | €857 | €8,618 | +€7,761 | +906.0% |
| Operating profit (loss) | 9901 | -€1,738 | €6,048 | +€7,786 | |
| Financial charges | 65/66B | €67 | €128 | +€61 | +90.7% |
| Recurring financial charges | 65 | €67 | €128 | +€61 | +90.7% |
| Profit (loss) for the period before taxes | 9903 | -€1,805 | €5,920 | +€7,725 | |
| Income taxes | 67/77 | €1,367 | €2,567 | +€1,200 | +87.8% |
| Profit (loss) for the period | 9904 | -€3,172 | €3,352 | +€6,525 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,172 | €3,352 | +€6,525 |
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 11 October 2026 via checked.be.