SELECT HUMAN RESOURCES: 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
SELECT HUMAN RESOURCES
NACE 78.200, Temporary employment agencies and other provision of personnel
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€365,138
2024 · €551,421-€186,282
Equity
€3.2m
2024 · €2.9m+€275,138
Cash
€213,328
2024 · €220,247-€6,919
Balance sheet total
€8.0m
2024 · €10.4m-€2.3m
Largest movements
Assets
- Receivables within one year -€1.8m
down €1.8m (-19.9%), from €9.3m to €7.5m
of which Other amounts receivable: -€1.9m
- Deferred charges and accrued income -€435,841
down €435,841 (-80.8%), from €539,234 to €103,393
Equity and liabilities
- Trade debts -€1.2m
down €1.2m (-54.6%), from €2.2m to €1.0m
- Tax, wage and social debts -€962,028
down €962,028 (-27.7%), from €3.5m to €2.5m
of which Remuneration and social security: -€849,436
- Other debts -€226,460
down €226,460 (-51.0%), from €443,969 to €217,509
- Profit (loss) carried forward +€220,408
up €220,408 (+11.6%), from €1.9m to €2.1m
- Short-term financial debts -€133,792
down €133,792 (-15.3%), from €875,088 to €741,296
Income statement
- Turnover -€4.6m
down €4.6m (-15.9%), from €29.1m to €24.4m
- Staff costs -€3.8m
down €3.8m (-15.3%), from €25.1m to €21.2m
- Services and other goods -€604,378
down €604,378 (-11.7%), from €5.1m to €4.5m
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
€551,421
Turnover
-€4.6m
Other operating income
+€67,098
Services and other goods
+€604,378
Staff costs
+€3.8m
Depreciation
+€20,355
Write-downs
-€45,678
Provisions
-€42,994
Other operating charges
+€45
Other operating items
-€27,350
Financial income
-€221,119
Financial charges
+€92,191
Taxes
+€171,019
Result 2025
€365,138
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
+€261,455
Investment
-€44,581
Financing
-€223,792
Cash 2024
€220,247
From operations (derived)
+€261,455
Net result for the year
+€365,138
Depreciation
+€97,045
Receivables within one year
+€1.8m
Deferred charges and accrued income
+€435,841
Provisions
-€50,164
Trade debts
-€1.2m
Tax, wage and social debts
-€962,028
Other debts
-€226,460
Accrued charges and deferred income
-€40,970
Investment (derived)
-€44,581
Investment in fixed assets (net)
-€44,581
Financing
-€223,792
Short-term financial debts
-€133,792
Contributions, distributions and other
-€90,000
Cash 2025
€213,328
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,363,445 | €8,018,356 | -€2.3m | -22.6% |
| Formation expenses | 20 | €2,519 | €1,088 | -€1,431 | -56.8% |
| Fixed assets | 21/28 | €288,298 | €237,265 | -€51,033 | -17.7% |
| Intangible fixed assets | 21 | €55,535 | €47,133 | -€8,402 | -15.1% |
| Tangible fixed assets | 22/27 | €228,219 | €147,806 | -€80,414 | -35.2% |
| Plant, machinery and equipment | 23 | €38,163 | €19,149 | -€19,014 | -49.8% |
| Furniture and vehicles | 24 | €59,239 | €35,936 | -€23,303 | -39.3% |
| Other tangible fixed assets | 26 | €130,817 | €92,721 | -€38,097 | -29.1% |
| Financial fixed assets | 28 | €4,544 | €42,327 | +€37,783 | +831.6% |
| Affiliated companies | 280/1 | €186 | €186 | = | 0.0% |
| Participating interests | 280 | €186 | €186 | = | 0.0% |
| Other financial fixed assets | 284/8 | €4,358 | €42,141 | +€37,783 | +867.0% |
| Amounts receivable and cash guarantees | 285/8 | €4,358 | €42,141 | +€37,783 | +867.0% |
| Current assets | 29/58 | €10,072,627 | €7,780,002 | -€2.3m | -22.8% |
| Amounts receivable within one year | 40/41 | €9,313,146 | €7,463,281 | -€1.8m | -19.9% |
| Trade receivables | 40 | €2,554,863 | €2,635,223 | +€80,361 | +3.1% |
| Other amounts receivable | 41 | €6,758,284 | €4,828,058 | -€1.9m | -28.6% |
| Cash at bank and in hand | 54/58 | €220,247 | €213,328 | -€6,919 | -3.1% |
| Deferred charges and accrued income | 490/1 | €539,234 | €103,393 | -€435,841 | -80.8% |
| Total equity and liabilities | 10/49 | €10,363,445 | €8,018,356 | -€2.3m | -22.6% |
| Equity | 10/15 | €2,935,216 | €3,210,354 | +€275,138 | +9.4% |
| Contributions | 10/11 | €608,124 | €608,124 | = | 0.0% |
| Capital | 10 | €608,124 | €608,124 | = | 0.0% |
| Issued capital | 100 | €608,124 | €608,124 | = | 0.0% |
| Reserves | 13 | €434,150 | €488,880 | +€54,730 | +12.6% |
| Non-distributable reserves | 130/1 | €65,000 | €65,000 | = | 0.0% |
| Legal reserve | 130 | €65,000 | €65,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €252,600 | €223,130 | -€29,470 | -11.7% |
| Distributable reserves | 133 | €116,550 | €200,750 | +€84,200 | +72.2% |
| Profit (loss) carried forward | 14 | €1,892,942 | €2,113,350 | +€220,408 | +11.6% |
| Provisions and deferred taxes | 16 | €50,164 | - | -€50,164 | |
| Provisions for liabilities and charges | 160/5 | €50,164 | - | -€50,164 | |
| Other liabilities and charges | 164/5 | €50,164 | - | -€50,164 | |
| Amounts payable | 17/49 | €7,378,065 | €4,808,002 | -€2.6m | -34.8% |
| Amounts payable within one year | 42/48 | €7,096,313 | €4,567,220 | -€2.5m | -35.6% |
| Financial debts | 43 | €875,088 | €741,296 | -€133,792 | -15.3% |
| Credit institutions | 430/8 | €875,088 | €741,296 | -€133,792 | -15.3% |
| Trade debts | 44 | €2,209,885 | €1,003,072 | -€1.2m | -54.6% |
| Suppliers | 440/4 | €2,209,885 | €1,003,072 | -€1.2m | -54.6% |
| Advances received on contracts in progress | 46 | €90,937 | €90,937 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €3,476,434 | €2,514,406 | -€962,028 | -27.7% |
| Taxes | 450/3 | €800,523 | €687,930 | -€112,592 | -14.1% |
| Remuneration and social security | 454/9 | €2,675,912 | €1,826,476 | -€849,436 | -31.7% |
| Other amounts payable | 47/48 | €443,969 | €217,509 | -€226,460 | -51.0% |
| Accrued charges and deferred income | 492/3 | €281,751 | €240,781 | -€40,970 | -14.5% |
| Operating income | 70/76A | €31,237,964 | €26,598,710 | -€4.6m | -14.9% |
| Turnover | 70 | €29,060,198 | €24,431,667 | -€4.6m | -15.9% |
| Other operating income | 74 | €2,083,349 | €2,150,447 | +€67,098 | +3.2% |
| Non-recurring operating income | 76A | €94,418 | €16,596 | -€77,822 | -82.4% |
| Operating charges | 60/66A | €30,296,144 | €25,885,263 | -€4.4m | -14.6% |
| Services and other goods | 61 | €5,148,996 | €4,544,618 | -€604,378 | -11.7% |
| Remuneration, social security and pensions | 62 | €25,057,457 | €21,233,154 | -€3.8m | -15.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,400 | €97,045 | -€20,355 | -17.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,697 | €48,375 | +€45,678 | +1693.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€93,159 | -€50,164 | +€42,994 | +46.2% |
| Other operating charges | 640/8 | €9,649 | €9,604 | -€45 | -0.5% |
| Non-recurring operating charges | 66A | €53,104 | €2,632 | -€50,472 | -95.0% |
| Operating profit (loss) | 9901 | €941,820 | €713,448 | -€228,373 | -24.2% |
| Financial income | 75/76B | €360,118 | €138,999 | -€221,119 | -61.4% |
| Recurring financial income | 75 | €360,118 | €138,999 | -€221,119 | -61.4% |
| Income from financial fixed assets | 750 | €10,750 | €11,000 | +€250 | +2.3% |
| Income from current assets | 751 | €348,767 | €127,319 | -€221,448 | -63.5% |
| Other financial income | 752/9 | €601 | €680 | +€78 | +13.0% |
| Financial charges | 65/66B | €296,673 | €204,482 | -€92,191 | -31.1% |
| Recurring financial charges | 65 | €296,673 | €204,365 | -€92,307 | -31.1% |
| Debt charges | 650 | €291,858 | €199,600 | -€92,258 | -31.6% |
| Other financial charges | 652/9 | €4,815 | €4,766 | -€49 | -1.0% |
| Non-recurring financial charges | 66B | - | €117 | +€117 | |
| Profit (loss) for the period before taxes | 9903 | €1,005,265 | €647,964 | -€357,301 | -35.5% |
| Income taxes | 67/77 | €453,845 | €282,826 | -€171,019 | -37.7% |
| Taxes | 670/3 | €453,845 | €282,826 | -€171,019 | -37.7% |
| Profit (loss) for the period | 9904 | €551,421 | €365,138 | -€186,282 | -33.8% |
| Transfer from tax-exempt reserves | 789 | €63,150 | €84,200 | +€21,050 | +33.3% |
| Transfer to tax-exempt reserves | 689 | €50,520 | €54,730 | +€4,210 | +8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €564,051 | €394,608 | -€169,442 | -30.0% |
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 6 October 2026 via checked.be.