HumanCap: 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.
HumanCap
Largest movements
- Receivables within one year +€20,602
up €20,602 (+270%), from €7,622 to €28,224
of which Trade receivables: +€11,397
- Cash -€4,086
down €4,086 (-27.4%), from €14,919 to €10,833
mainly Receivables within one year (-€20,602) and Deferred charges and accrued income (-€3,664)
- Deferred charges and accrued income +€3,664
up €3,664 (+1,392%), from €263 to €3,927
- Intangible fixed assets -€1,814
down €1,814 (-30.3%), from €5,986 to €4,172
- Tangible fixed assets -€711
down €711 (-79.5%), from €895 to €183
- Trade debts +€7,308
up €7,308 (+90.2%), from €8,102 to €15,410
- Tax, wage and social debts +€6,054
up €6,054 (+851%), from €711 to €6,765
- Reserves +€5,088
up €5,088 (+41.8%), from €12,186 to €17,275
- Investment grants -€786
down €786 (-31.7%), from €2,476 to €1,690
- Gross operating margin +€1,945
up €1,945 (+21.2%), from €9,172 to €11,117
- Other operating charges +€905
up €905 (+234%), from €387 to €1,293
- Taxes +€853
up €853 (+41.2%), from €2,070 to €2,923
- Depreciation +€325
up €325 (+14.7%), from €2,201 to €2,525
- Financial income +€276
up €276 (+42.1%), from €656 to €932
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 | €29,685 | €47,340 | +€17,655 | +59.5% |
| Fixed assets | 21/28 | €6,881 | €4,356 | -€2,525 | -36.7% |
| Intangible fixed assets | 21 | €5,986 | €4,172 | -€1,814 | -30.3% |
| Tangible fixed assets | 22/27 | €895 | €183 | -€711 | -79.5% |
| Furniture and vehicles | 24 | €895 | €183 | -€711 | -79.5% |
| Current assets | 29/58 | €22,804 | €42,984 | +€20,180 | +88.5% |
| Amounts receivable within one year | 40/41 | €7,622 | €28,224 | +€20,602 | +270% |
| Trade receivables | 40 | €7,192 | €18,589 | +€11,397 | +158% |
| Other amounts receivable | 41 | €430 | €9,636 | +€9,205 | +2,139% |
| Cash at bank and in hand | 54/58 | €14,919 | €10,833 | -€4,086 | -27.4% |
| Deferred charges and accrued income | 490/1 | €263 | €3,927 | +€3,664 | +1,392% |
| Total equity and liabilities | 10/49 | €29,685 | €47,340 | +€17,655 | +59.5% |
| Equity | 10/15 | €20,862 | €25,165 | +€4,302 | +20.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €12,186 | €17,275 | +€5,088 | +41.8% |
| Distributable reserves | 133 | €12,186 | €17,275 | +€5,088 | +41.8% |
| Investment grants | 15 | €2,476 | €1,690 | -€786 | -31.7% |
| Amounts payable | 17/49 | €8,823 | €22,176 | +€13,352 | +151% |
| Amounts payable within one year | 42/48 | €8,823 | €22,176 | +€13,352 | +151% |
| Trade debts | 44 | €8,102 | €15,410 | +€7,308 | +90.2% |
| Suppliers | 440/4 | €8,102 | €15,410 | +€7,308 | +90.2% |
| Taxes, remuneration and social security | 45 | €711 | €6,765 | +€6,054 | +851% |
| Taxes | 450/3 | €711 | €6,765 | +€6,054 | +851% |
| Other amounts payable | 47/48 | €10 | €0 | -€10 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,201 | €2,525 | +€325 | +14.7% |
| Other operating charges | 640/8 | €387 | €1,293 | +€905 | +234% |
| Gross operating margin | 9900 | €9,172 | €11,117 | +€1,945 | +21.2% |
| Operating profit (loss) | 9901 | €6,584 | €7,299 | +€715 | +10.9% |
| Financial income | 75/76B | €656 | €932 | +€276 | +42.1% |
| Recurring financial income | 75 | €656 | €932 | +€276 | +42.1% |
| Financial charges | 65/66B | €183 | €221 | +€38 | +20.6% |
| Recurring financial charges | 65 | €183 | €221 | +€38 | +20.6% |
| Profit (loss) for the period before taxes | 9903 | €7,057 | €8,011 | +€954 | +13.5% |
| Income taxes | 67/77 | €2,070 | €2,923 | +€853 | +41.2% |
| Profit (loss) for the period | 9904 | €4,988 | €5,088 | +€101 | +2.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,988 | €5,088 | +€101 | +2.0% |
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 27 October 2026 via checked.be.