Robert Half: 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.
What changed
Robert Half
NACE 78.200, Temporary employment agencies and other provision of personnel
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4.2m
2024 · €10.9m-€6.6m
Equity
€37.3m
2024 · €53.1m-€15.8m
Cash
€3.7m
2024 · €28.2m-€24.4m
Balance sheet total
€49.8m
2024 · €67.8m-€18.0m
Largest movements
Assets
- Cash -€24.4m
down €24.4m (-86.8%), from €28.2m to €3.7m
mainly Contributions, distributions and other (-€20.0m) and Receivables after one year (-€3.4m)
- Receivables after one year +€3.4m
up €3.4m (+37.3%), from €9.2m to €12.6m
- Receivables within one year +€2.6m
up €2.6m (+9.2%), from €27.9m to €30.4m
of which Trade receivables: +€10.0m
Equity and liabilities
- Profit (loss) carried forward -€15.8m
down €15.8m (-29.7%), from €53.0m to €37.2m
- Other debts -€2.3m
down €2.3m (-87.8%), from €2.6m to €314,550
- Trade debts +€1.6m
up €1.6m (+170.7%), from €944,645 to €2.6m
- Tax, wage and social debts -€1.3m
down €1.3m (-12.5%), from €10.1m to €8.8m
of which Remuneration and social security: -€733,031
Income statement
- Turnover -€20.5m
down €20.5m (-14.8%), from €137.8m to €117.4m
- Staff costs -€9.3m
down €9.3m (-11.8%), from €79.0m to €69.7m
- Services and other goods -€5.7m
down €5.7m (-8.6%), from €66.3m to €60.6m
- Financial charges +€2.5m
up €2.5m (+520.8%), from €472,846 to €2.9m
of which Non-recurring financial charges: +€2.4m
- Taxes -€1.5m
down €1.5m (-32.6%), from €4.5m to €3.0m
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.
Result 2024
€10.9m
Turnover
-€20.5m
Other operating income
+€807,462
Services and other goods
+€5.7m
Staff costs
+€9.3m
Depreciation
+€85,251
Write-downs
+€361,352
Provisions
-€1.3m
Other operating charges
+€10,251
Other operating items
+€81,463
Financial income
-€321,671
Financial charges
-€2.5m
Taxes
+€1.5m
Result 2025
€4.2m
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.
From operations
-€3.6m
Investment
-€808,276
Financing
-€20.0m
Cash 2024
€28.2m
From operations (derived)
-€3.6m
Net result for the year
+€4.2m
Depreciation
+€512,912
Receivables after one year
-€3.4m
Receivables within one year
-€2.6m
Deferred charges and accrued income
-€178,488
Trade debts
+€1.6m
Tax, wage and social debts
-€1.3m
Advances received
-€20,109
Other debts
-€2.3m
Accrued charges and deferred income
-€257,738
Investment (derived)
-€808,276
Investment in fixed assets (net)
-€472,949
Current investments
-€335,327
Financing
-€20.0m
Contributions, distributions and other
-€20.0m
Cash 2025
€3.7m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €67,775,210 | €49,823,641 | -€18.0m | -26.5% |
| Fixed assets | 21/28 | €1,722,442 | €1,682,479 | -€39,963 | -2.3% |
| Intangible fixed assets | 21 | €17,628 | €452,128 | +€434,500 | +2464.8% |
| Tangible fixed assets | 22/27 | €1,123,164 | €1,150,351 | +€27,187 | +2.4% |
| Plant, machinery and equipment | 23 | €257,141 | €693,307 | +€436,166 | +169.6% |
| Furniture and vehicles | 24 | €76,744 | €31,181 | -€45,563 | -59.4% |
| Other tangible fixed assets | 26 | €581,008 | €382,095 | -€198,913 | -34.2% |
| Assets under construction and advance payments | 27 | €208,271 | €43,768 | -€164,503 | -79.0% |
| Financial fixed assets | 28 | €581,650 | €80,000 | -€501,650 | -86.2% |
| Affiliated companies | 280/1 | €500,000 | - | -€500,000 | |
| Participating interests | 280 | €500,000 | - | -€500,000 | |
| Other financial fixed assets | 284/8 | €81,650 | €80,000 | -€1,650 | -2.0% |
| Amounts receivable and cash guarantees | 285/8 | €81,650 | €80,000 | -€1,650 | -2.0% |
| Current assets | 29/58 | €66,052,768 | €48,141,162 | -€17.9m | -27.1% |
| Amounts receivable after more than one year | 29 | €9,205,000 | €12,638,769 | +€3.4m | +37.3% |
| Other amounts receivable | 291 | €9,205,000 | €12,638,769 | +€3.4m | +37.3% |
| Amounts receivable within one year | 40/41 | €27,874,952 | €30,447,706 | +€2.6m | +9.2% |
| Trade receivables | 40 | €15,873,718 | €25,869,059 | +€10.0m | +63.0% |
| Other amounts receivable | 41 | €12,001,234 | €4,578,647 | -€7.4m | -61.8% |
| Current investments | 50/53 | - | €335,327 | +€335,327 | |
| Other investments | 51/53 | - | €335,327 | +€335,327 | |
| Cash at bank and in hand | 54/58 | €28,162,982 | €3,731,038 | -€24.4m | -86.8% |
| Deferred charges and accrued income | 490/1 | €809,834 | €988,322 | +€178,488 | +22.0% |
| Total equity and liabilities | 10/49 | €67,775,210 | €49,823,641 | -€18.0m | -26.5% |
| Equity | 10/15 | €53,074,804 | €37,315,820 | -€15.8m | -29.7% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €6,250 | €6,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,250 | €6,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,006,054 | €37,247,070 | -€15.8m | -29.7% |
| Provisions and deferred taxes | 16 | €45,377 | €45,377 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €45,377 | €45,377 | = | 0.0% |
| Other liabilities and charges | 164/5 | €45,377 | €45,377 | = | 0.0% |
| Amounts payable | 17/49 | €14,655,029 | €12,462,444 | -€2.2m | -15.0% |
| Amounts payable within one year | 42/48 | €13,650,526 | €11,715,679 | -€1.9m | -14.2% |
| Trade debts | 44 | €944,645 | €2,557,315 | +€1.6m | +170.7% |
| Suppliers | 440/4 | €944,645 | €2,557,315 | +€1.6m | +170.7% |
| Advances received on contracts in progress | 46 | €20,109 | - | -€20,109 | |
| Taxes, remuneration and social security | 45 | €10,106,728 | €8,843,814 | -€1.3m | -12.5% |
| Taxes | 450/3 | €2,540,701 | €2,010,818 | -€529,883 | -20.9% |
| Remuneration and social security | 454/9 | €7,566,027 | €6,832,996 | -€733,031 | -9.7% |
| Other amounts payable | 47/48 | €2,579,044 | €314,550 | -€2.3m | -87.8% |
| Accrued charges and deferred income | 492/3 | €1,004,503 | €746,765 | -€257,738 | -25.7% |
| Operating income | 70/76A | €159,756,098 | €140,141,857 | -€19.6m | -12.3% |
| Turnover | 70 | €137,809,528 | €117,355,726 | -€20.5m | -14.8% |
| Other operating income | 74 | €21,810,200 | €22,617,662 | +€807,462 | +3.7% |
| Non-recurring operating income | 76A | €136,370 | €168,469 | +€32,099 | +23.5% |
| Operating charges | 60/66A | €145,355,712 | €131,065,523 | -€14.3m | -9.8% |
| Services and other goods | 61 | €66,310,389 | €60,604,286 | -€5.7m | -8.6% |
| Remuneration, social security and pensions | 62 | €79,011,018 | €69,671,822 | -€9.3m | -11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €598,163 | €512,912 | -€85,251 | -14.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €434,030 | €72,678 | -€361,352 | -83.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€1,261,328 | - | +€1.3m | |
| Other operating charges | 640/8 | €169,557 | €159,306 | -€10,251 | -6.0% |
| Non-recurring operating charges | 66A | €93,883 | €44,519 | -€49,364 | -52.6% |
| Operating profit (loss) | 9901 | €14,400,386 | €9,076,334 | -€5.3m | -37.0% |
| Financial income | 75/76B | €1,461,674 | €1,140,003 | -€321,671 | -22.0% |
| Recurring financial income | 75 | €1,461,674 | €1,140,003 | -€321,671 | -22.0% |
| Income from current assets | 751 | €1,461,674 | €1,140,003 | -€321,671 | -22.0% |
| Financial charges | 65/66B | €472,846 | €2,935,498 | +€2.5m | +520.8% |
| Recurring financial charges | 65 | €472,846 | €535,498 | +€62,652 | +13.2% |
| Debt charges | 650 | €301,701 | €391,675 | +€89,974 | +29.8% |
| Other financial charges | 652/9 | €171,145 | €143,823 | -€27,322 | -16.0% |
| Non-recurring financial charges | 66B | - | €2,400,000 | +€2.4m | |
| Profit (loss) for the period before taxes | 9903 | €15,389,214 | €7,280,839 | -€8.1m | -52.7% |
| Income taxes | 67/77 | €4,507,039 | €3,038,623 | -€1.5m | -32.6% |
| Taxes | 670/3 | €4,507,039 | €3,038,623 | -€1.5m | -32.6% |
| Profit (loss) for the period | 9904 | €10,882,175 | €4,242,216 | -€6.6m | -61.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,882,175 | €4,242,216 | -€6.6m | -61.0% |
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 4 October 2026 via checked.be.