Human Project 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.
Human Project Management
Largest movements
- Current investments +€58,290
up €58,290 (+29.5%), from €197,316 to €255,606
- Cash +€29,543
up €29,543 (+31.4%), from €94,179 to €123,722
mainly Net result for the year (+€61,865) and Depreciation (+€33,060)
- Tangible fixed assets -€22,888
down €22,888 (-18.3%), from €124,771 to €101,883
of which Land and buildings: -€25,432
- Receivables within one year -€8,783
down €8,783 (-7.8%), from €112,444 to €103,661
of which Trade receivables: -€24,952
- Reserves +€61,865
up €61,865 (+21.8%), from €283,430 to €345,295
of which Distributable reserves: +€70,437
- Provisions +€27,563
up €27,563 (+62.8%), from €43,890 to €71,453
of which Provisions for liabilities and charges: +€30,420
- Other debts -€15,801
down €15,801 (-12.6%), from €125,686 to €109,886
- Tax, wage and social debts -€15,497
down €15,497 (-42.6%), from €36,363 to €20,866
- Provisions +€24,800
new in 2025: €24,800
- Gross operating margin -€12,365
down €12,365 (-7.6%), from €161,949 to €149,584
- Financial income +€11,109
up €11,109 (+157%), from €7,077 to €18,186
of which Financial income: +€11,071
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 | €534,121 | €590,239 | +€56,118 | +10.5% |
| Fixed assets | 21/28 | €124,771 | €101,883 | -€22,888 | -18.3% |
| Tangible fixed assets | 22/27 | €124,771 | €101,883 | -€22,888 | -18.3% |
| Land and buildings | 22 | €112,072 | €86,640 | -€25,432 | -22.7% |
| Plant, machinery and equipment | 23 | €9,304 | €11,966 | +€2,662 | +28.6% |
| Furniture and vehicles | 24 | €3,395 | €3,277 | -€118 | -3.5% |
| Current assets | 29/58 | €409,350 | €488,357 | +€79,006 | +19.3% |
| Amounts receivable within one year | 40/41 | €112,444 | €103,661 | -€8,783 | -7.8% |
| Trade receivables | 40 | €39,860 | €14,908 | -€24,952 | -62.6% |
| Other amounts receivable | 41 | €72,584 | €88,753 | +€16,169 | +22.3% |
| Current investments | 50/53 | €197,316 | €255,606 | +€58,290 | +29.5% |
| Cash at bank and in hand | 54/58 | €94,179 | €123,722 | +€29,543 | +31.4% |
| Deferred charges and accrued income | 490/1 | €5,411 | €5,368 | -€44 | -0.8% |
| Total equity and liabilities | 10/49 | €534,121 | €590,239 | +€56,118 | +10.5% |
| Equity | 10/15 | €324,502 | €386,367 | +€61,865 | +19.1% |
| Contributions | 10/11 | €9,482 | €9,482 | = | 0.0% |
| Reserves | 13 | €283,430 | €345,295 | +€61,865 | +21.8% |
| Tax-exempt reserves | 132 | €42,859 | €34,287 | -€8,572 | -20.0% |
| Distributable reserves | 133 | €240,571 | €311,008 | +€70,437 | +29.3% |
| Profit (loss) carried forward | 14 | €31,590 | €31,590 | = | 0.0% |
| Provisions and deferred taxes | 16 | €43,890 | €71,453 | +€27,563 | +62.8% |
| Provisions for liabilities and charges | 160/5 | €29,604 | €60,024 | +€30,420 | +103% |
| Pensions and similar obligations | 160 | €29,604 | €60,024 | +€30,420 | +103% |
| Deferred taxes | 168 | €14,286 | €11,429 | -€2,857 | -20.0% |
| Amounts payable | 17/49 | €165,728 | €132,419 | -€33,309 | -20.1% |
| Amounts payable within one year | 42/48 | €165,728 | €132,419 | -€33,309 | -20.1% |
| Trade debts | 44 | €3,679 | €1,668 | -€2,011 | -54.7% |
| Suppliers | 440/4 | €3,679 | €1,668 | -€2,011 | -54.7% |
| Taxes, remuneration and social security | 45 | €36,363 | €20,866 | -€15,497 | -42.6% |
| Taxes | 450/3 | €36,363 | €20,866 | -€15,497 | -42.6% |
| Other amounts payable | 47/48 | €125,686 | €109,886 | -€15,801 | -12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,467 | €33,060 | +€1,593 | +5.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €24,800 | +€24,800 | |
| Other operating charges | 640/8 | €505 | €259 | -€246 | -48.7% |
| Gross operating margin | 9900 | €161,949 | €149,584 | -€12,365 | -7.6% |
| Operating profit (loss) | 9901 | €129,977 | €91,465 | -€38,512 | -29.6% |
| Financial income | 75/76B | €7,077 | €18,186 | +€11,109 | +157% |
| Recurring financial income | 75 | €7,077 | €18,148 | +€11,071 | +156% |
| Non-recurring financial income | 76B | - | €38 | +€38 | |
| Financial charges | 65/66B | €12,047 | €13,426 | +€1,379 | +11.4% |
| Recurring financial charges | 65 | €12,046 | €13,426 | +€1,380 | +11.5% |
| Non-recurring financial charges | 66B | €1 | €0 | -€1 | -97.0% |
| Profit (loss) for the period before taxes | 9903 | €125,007 | €96,225 | -€28,782 | -23.0% |
| Transfer from deferred taxes | 780 | €2,857 | €2,857 | = | 0.0% |
| Income taxes | 67/77 | €38,046 | €37,217 | -€828 | -2.2% |
| Profit (loss) for the period | 9904 | €89,819 | €61,865 | -€27,954 | -31.1% |
| Transfer from tax-exempt reserves | 789 | €8,572 | €8,572 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €98,390 | €70,437 | -€27,954 | -28.4% |
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 15 October 2026 via checked.be.