HRWD: 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.
HRWD
Largest movements
- Cash -€152,000
down €152,000 (-77.5%), from €196,041 to €44,041
mainly Receivables within one year (-€104,658) and Trade debts (-€75,582)
- Receivables within one year +€104,658
up €104,658 (+340.5%), from €30,734 to €135,392
of which Trade receivables: +€86,958
- Tangible fixed assets -€9,517
down €9,517 (-19.2%), from €49,521 to €40,004
of which Furniture and vehicles: -€6,913
- Financial fixed assets +€7,500
up €7,500 (+2500.0%), from €300 to €7,800
- Trade debts -€75,582
down €75,582 (-94.9%), from €79,674 to €4,092
- Profit (loss) carried forward +€21,293
up €21,293 (+15.3%), from €139,561 to €160,854
- Accrued charges and deferred income +€5,650
up €5,650 (+157.8%), from €3,580 to €9,230
- Gross operating margin -€46,730
down €46,730 (-21.4%), from €218,821 to €172,091
- Other operating charges -€25,935
down €25,935 (-94.1%), from €27,547 to €1,612
- Taxes -€5,105
down €5,105 (-36.8%), from €13,861 to €8,756
- Depreciation +€5,000
up €5,000 (+110.7%), from €4,517 to €9,517
- Staff costs -€2,326
down €2,326 (-1.8%), from €127,691 to €125,365
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 | €283,920 | €232,606 | -€51,314 | -18.1% |
| Fixed assets | 21/28 | €49,821 | €47,804 | -€2,017 | -4.0% |
| Tangible fixed assets | 22/27 | €49,521 | €40,004 | -€9,517 | -19.2% |
| Plant, machinery and equipment | 23 | €10,416 | €7,812 | -€2,604 | -25.0% |
| Furniture and vehicles | 24 | €39,105 | €32,192 | -€6,913 | -17.7% |
| Financial fixed assets | 28 | €300 | €7,800 | +€7,500 | +2500.0% |
| Current assets | 29/58 | €234,099 | €184,802 | -€49,297 | -21.1% |
| Amounts receivable within one year | 40/41 | €30,734 | €135,392 | +€104,658 | +340.5% |
| Trade receivables | 40 | €30,734 | €117,692 | +€86,958 | +282.9% |
| Other amounts receivable | 41 | - | €17,700 | +€17,700 | |
| Cash at bank and in hand | 54/58 | €196,041 | €44,041 | -€152,000 | -77.5% |
| Deferred charges and accrued income | 490/1 | €7,324 | €5,369 | -€1,955 | -26.7% |
| Total equity and liabilities | 10/49 | €283,920 | €232,606 | -€51,314 | -18.1% |
| Equity | 10/15 | €143,883 | €165,176 | +€21,293 | +14.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €2,322 | €2,322 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,322 | €2,322 | = | 0.0% |
| Other | 1319 | €2,322 | €2,322 | = | 0.0% |
| Profit (loss) carried forward | 14 | €139,561 | €160,854 | +€21,293 | +15.3% |
| Amounts payable | 17/49 | €140,037 | €67,430 | -€72,607 | -51.8% |
| Amounts payable within one year | 42/48 | €136,457 | €58,200 | -€78,257 | -57.3% |
| Trade debts | 44 | €79,674 | €4,092 | -€75,582 | -94.9% |
| Suppliers | 440/4 | €79,674 | €4,092 | -€75,582 | -94.9% |
| Taxes, remuneration and social security | 45 | €56,783 | €54,108 | -€2,675 | -4.7% |
| Taxes | 450/3 | €46,204 | €43,529 | -€2,675 | -5.8% |
| Remuneration and social security | 454/9 | €10,579 | €10,579 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,580 | €9,230 | +€5,650 | +157.8% |
| Remuneration, social security and pensions | 62 | €127,691 | €125,365 | -€2,326 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,517 | €9,517 | +€5,000 | +110.7% |
| Other operating charges | 640/8 | €27,547 | €1,612 | -€25,935 | -94.1% |
| Non-recurring operating charges | 66A | €4,658 | €4,752 | +€94 | +2.0% |
| Gross operating margin | 9900 | €218,821 | €172,091 | -€46,730 | -21.4% |
| Operating profit (loss) | 9901 | €54,408 | €30,845 | -€23,563 | -43.3% |
| Financial income | 75/76B | €79 | €34 | -€45 | -57.0% |
| Recurring financial income | 75 | €79 | €34 | -€45 | -57.0% |
| Financial charges | 65/66B | €704 | €830 | +€126 | +17.9% |
| Recurring financial charges | 65 | €704 | €830 | +€126 | +17.9% |
| Profit (loss) for the period before taxes | 9903 | €53,783 | €30,049 | -€23,734 | -44.1% |
| Income taxes | 67/77 | €13,861 | €8,756 | -€5,105 | -36.8% |
| Profit (loss) for the period | 9904 | €39,922 | €21,293 | -€18,629 | -46.7% |
| Profit (loss) for the period to be appropriated | 9905 | €39,922 | €21,293 | -€18,629 | -46.7% |
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 5 October 2026 via checked.be.