The Human Link: 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.
The Human Link
Largest movements
- Cash -€72,237
down €72,237 (-34.0%), from €212,529 to €140,292
mainly Contributions, distributions and other (-€102,186) and Accrued charges and deferred income (-€56,000)
- Receivables within one year +€43,058
up €43,058 (+12.8%), from €337,243 to €380,301
of which Other amounts receivable: +€129,303
- Intangible fixed assets -€30,620
down €30,620 (-33.2%), from €92,319 to €61,699
- Reserves -€57,136
down €57,136 (-12.8%), from €446,294 to €389,158
of which Distributable reserves: -€57,136
- Accrued charges and deferred income -€56,000
down €56,000 (-100%), from €56,000 to €0
- Tax, wage and social debts +€47,186
up €47,186 (+109%), from €43,190 to €90,376
of which Taxes: +€40,544
- Trade debts +€18,294
up €18,294 (+8.1%), from €227,127 to €245,421
- Debts after one year -€15,414
down €15,414 (-26.6%), from €57,930 to €42,516
- Gross operating margin -€96,287
down €96,287 (-13.6%), from €708,442 to €612,155
- Staff costs -€79,474
down €79,474 (-14.3%), from €555,213 to €475,740
- Other operating charges +€15,281
up €15,281 (+178%), from €8,583 to €23,864
- Taxes -€7,507
down €7,507 (-25.7%), from €29,179 to €21,671
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 | €970,655 | €905,857 | -€64,799 | -6.7% |
| Fixed assets | 21/28 | €129,754 | €93,365 | -€36,389 | -28.0% |
| Intangible fixed assets | 21 | €92,319 | €61,699 | -€30,620 | -33.2% |
| Tangible fixed assets | 22/27 | €37,285 | €31,516 | -€5,769 | -15.5% |
| Land and buildings | 22 | €600 | €450 | -€150 | -25.0% |
| Furniture and vehicles | 24 | €9,757 | €12,409 | +€2,652 | +27.2% |
| Leasing and similar rights | 25 | €26,928 | €18,657 | -€8,272 | -30.7% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €840,902 | €812,492 | -€28,410 | -3.4% |
| Amounts receivable within one year | 40/41 | €337,243 | €380,301 | +€43,058 | +12.8% |
| Trade receivables | 40 | €262,811 | €176,566 | -€86,245 | -32.8% |
| Other amounts receivable | 41 | €74,432 | €203,735 | +€129,303 | +174% |
| Current investments | 50/53 | €288,740 | €288,740 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €212,529 | €140,292 | -€72,237 | -34.0% |
| Deferred charges and accrued income | 490/1 | €2,389 | €3,158 | +€769 | +32.2% |
| Total equity and liabilities | 10/49 | €970,655 | €905,857 | -€64,799 | -6.7% |
| Equity | 10/15 | €471,453 | €412,130 | -€59,323 | -12.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €446,294 | €389,158 | -€57,136 | -12.8% |
| Non-distributable reserves | 130/1 | €288,740 | €288,740 | = | 0.0% |
| Own shares acquired | 1312 | €288,740 | €288,740 | = | 0.0% |
| Tax-exempt reserves | 132 | €282 | €282 | = | 0.0% |
| Distributable reserves | 133 | €157,273 | €100,136 | -€57,136 | -36.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €6,559 | €4,372 | -€2,186 | -33.3% |
| Amounts payable | 17/49 | €499,203 | €493,727 | -€5,476 | -1.1% |
| Amounts payable after more than one year | 17 | €57,930 | €42,516 | -€15,414 | -26.6% |
| Financial debts | 170/4 | €57,930 | €42,516 | -€15,414 | -26.6% |
| Amounts payable within one year | 42/48 | €385,272 | €451,211 | +€65,938 | +17.1% |
| Current portion of amounts payable after more than one year | 42 | €14,956 | €15,414 | +€458 | +3.1% |
| Trade debts | 44 | €227,127 | €245,421 | +€18,294 | +8.1% |
| Suppliers | 440/4 | €227,127 | €245,421 | +€18,294 | +8.1% |
| Taxes, remuneration and social security | 45 | €43,190 | €90,376 | +€47,186 | +109% |
| Taxes | 450/3 | €0 | €40,544 | +€40,544 | |
| Remuneration and social security | 454/9 | €43,190 | €49,832 | +€6,642 | +15.4% |
| Other amounts payable | 47/48 | €100,000 | €100,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €56,000 | €0 | -€56,000 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €555,213 | €475,740 | -€79,474 | -14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,602 | €46,501 | +€1,899 | +4.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,994 | €0 | -€4,994 | -100% |
| Other operating charges | 640/8 | €8,583 | €23,864 | +€15,281 | +178% |
| Gross operating margin | 9900 | €708,442 | €612,155 | -€96,287 | -13.6% |
| Operating profit (loss) | 9901 | €95,050 | €66,051 | -€29,000 | -30.5% |
| Financial income | 75/76B | €5,221 | €2,186 | -€3,035 | -58.1% |
| Recurring financial income | 75 | €5,221 | €2,186 | -€3,035 | -58.1% |
| Financial charges | 65/66B | €2,948 | €3,702 | +€754 | +25.6% |
| Recurring financial charges | 65 | €2,948 | €3,702 | +€754 | +25.6% |
| Profit (loss) for the period before taxes | 9903 | €97,324 | €64,535 | -€32,789 | -33.7% |
| Income taxes | 67/77 | €29,179 | €21,671 | -€7,507 | -25.7% |
| Profit (loss) for the period | 9904 | €68,145 | €42,864 | -€25,281 | -37.1% |
| Profit (loss) for the period to be appropriated | 9905 | €68,145 | €42,864 | -€25,281 | -37.1% |
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 14 October 2026 via checked.be.