HSR: 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.
HSR
Largest movements
- Current investments +€324,202
new in 2024: €324,202
- Receivables within one year +€163,940
up €163,940 (+47.3%), from €346,847 to €510,787
of which Trade receivables: +€173,229
- Cash -€126,233
no longer reported in 2024 (was €126,233)
mainly Current investments (-€324,202) and Receivables within one year (-€163,940)
- Tangible fixed assets -€18,729
down €18,729 (-82.7%), from €22,634 to €3,904
- Profit (loss) carried forward +€313,100
up €313,100 (+298%), from €105,006 to €418,106
- Trade debts +€72,644
up €72,644 (+19.6%), from €371,302 to €443,946
- Tax, wage and social debts -€33,849
down €33,849 (-40.1%), from €84,399 to €50,550
of which Remuneration and social security: -€26,994
- Gross operating margin +€261,552
up €261,552 (+119%), from €220,042 to €481,594
- Staff costs +€19,382
up €19,382 (+15.3%), from €126,317 to €145,699
- Depreciation -€10,586
down €10,586 (-36.1%), from €29,316 to €18,729
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €577,422 | €920,602 | +€343,180 | +59.4% |
| Fixed assets | 21/28 | €32,534 | €13,804 | -€18,729 | -57.6% |
| Tangible fixed assets | 22/27 | €22,634 | €3,904 | -€18,729 | -82.7% |
| Furniture and vehicles | 24 | €22,634 | €3,904 | -€18,729 | -82.7% |
| Financial fixed assets | 28 | €9,900 | €9,900 | = | 0.0% |
| Current assets | 29/58 | €544,888 | €906,797 | +€361,909 | +66.4% |
| Stocks and contracts in progress | 3 | €71,809 | €71,809 | = | 0.0% |
| Contracts in progress | 37 | €71,809 | €71,809 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €346,847 | €510,787 | +€163,940 | +47.3% |
| Trade receivables | 40 | €292,390 | €465,619 | +€173,229 | +59.2% |
| Other amounts receivable | 41 | €54,457 | €45,168 | -€9,289 | -17.1% |
| Current investments | 50/53 | - | €324,202 | +€324,202 | |
| Cash at bank and in hand | 54/58 | €126,233 | - | -€126,233 | |
| Total equity and liabilities | 10/49 | €577,422 | €920,602 | +€343,180 | +59.4% |
| Equity | 10/15 | €113,006 | €426,106 | +€313,100 | +277% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €105,006 | €418,106 | +€313,100 | +298% |
| Amounts payable | 17/49 | €464,416 | €494,496 | +€30,080 | +6.5% |
| Amounts payable within one year | 42/48 | €464,416 | €494,496 | +€30,080 | +6.5% |
| Trade debts | 44 | €371,302 | €443,946 | +€72,644 | +19.6% |
| Suppliers | 440/4 | €371,302 | €443,946 | +€72,644 | +19.6% |
| Taxes, remuneration and social security | 45 | €84,399 | €50,550 | -€33,849 | -40.1% |
| Taxes | 450/3 | €27,800 | €20,945 | -€6,855 | -24.7% |
| Remuneration and social security | 454/9 | €56,599 | €29,605 | -€26,994 | -47.7% |
| Other amounts payable | 47/48 | €8,715 | - | -€8,715 | |
| Remuneration, social security and pensions | 62 | €126,317 | €145,699 | +€19,382 | +15.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,316 | €18,729 | -€10,586 | -36.1% |
| Other operating charges | 640/8 | €9,321 | €5,223 | -€4,098 | -44.0% |
| Gross operating margin | 9900 | €220,042 | €481,594 | +€261,552 | +119% |
| Operating profit (loss) | 9901 | €55,089 | €311,943 | +€256,854 | +466% |
| Financial income | 75/76B | - | €1,478 | +€1,478 | |
| Recurring financial income | 75 | - | €1,478 | +€1,478 | |
| Financial charges | 65/66B | €262 | €321 | +€60 | +22.8% |
| Recurring financial charges | 65 | €262 | €321 | +€60 | +22.8% |
| Profit (loss) for the period before taxes | 9903 | €54,827 | €313,100 | +€258,272 | +471% |
| Profit (loss) for the period | 9904 | €54,827 | €313,100 | +€258,272 | +471% |
| Profit (loss) for the period to be appropriated | 9905 | €54,827 | €313,100 | +€258,272 | +471% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.