Bailly - Hardy: 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.
What changed
Bailly - Hardy
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€17,119
2024 · €4,488+€12,631
Equity
€359,974
2024 · €371,342-€11,367
Cash
€138,561
2024 · €141,831-€3,270
Balance sheet total
€549,842
2024 · €507,814+€42,028
Largest movements
Assets
- Tangible fixed assets +€25,479
up €25,479 (+7.6%), from €334,599 to €360,078
of which Furniture and vehicles: +€44,293
- Receivables within one year +€10,625
up €10,625 (+83.2%), from €12,769 to €23,394
of which Trade receivables: +€12,886
Equity and liabilities
- Other debts +€28,734
up €28,734 (+47.8%), from €60,055 to €88,789
- Debts after one year +€24,410
up €24,410 (+2,048%), from €1,192 to €25,602
- Reserves -€10,877
down €10,877 (-3.1%), from €352,251 to €341,374
of which Tax-exempt reserves: -€18,266
- Tax, wage and social debts +€9,349
up €9,349 (+275%), from €3,405 to €12,755
Income statement
- Gross operating margin +€12,311
up €12,311 (+22.9%), from €53,878 to €66,189
- Depreciation -€7,523
down €7,523 (-17.0%), from €44,200 to €36,678
- Taxes +€6,642
up €6,642 (+72.4%), from €9,168 to €15,809
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
€4,488
Gross operating margin
+€12,311
Depreciation
+€7,523
Other operating charges
-€135
Financial income
+€79
Financial charges
-€505
Taxes
-€6,642
Result 2025
€17,119
raises the resultlowers the result
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.
From operations
+€66,332
Investment
-€62,157
Financing
-€7,445
Cash 2024
€141,831
From operations (derived)
+€66,332
Net result for the year
+€17,119
Depreciation
+€36,678
Stocks and contracts
-€3,919
Receivables within one year
-€10,625
Deferred charges and accrued income
-€5,275
Provisions
-€4,566
Trade debts
-€400
Tax, wage and social debts
+€9,349
Other debts
+€28,734
Accrued charges and deferred income
-€764
Investment (derived)
-€62,157
Investment in fixed assets (net)
-€62,157
Financing
-€7,445
Debts after one year
+€24,410
Current portion of long-term debt
-€3,368
Contributions, distributions and other
-€28,487
Cash 2025
€138,561
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €507,814 | €549,842 | +€42,028 | +8.3% |
| Fixed assets | 21/28 | €334,599 | €360,078 | +€25,479 | +7.6% |
| Tangible fixed assets | 22/27 | €334,599 | €360,078 | +€25,479 | +7.6% |
| Land and buildings | 22 | €277,413 | €264,090 | -€13,323 | -4.8% |
| Plant, machinery and equipment | 23 | €14,927 | €9,436 | -€5,491 | -36.8% |
| Furniture and vehicles | 24 | €42,259 | €86,552 | +€44,293 | +105% |
| Current assets | 29/58 | €173,214 | €189,763 | +€16,549 | +9.6% |
| Stocks and contracts in progress | 3 | €18,607 | €22,526 | +€3,919 | +21.1% |
| Stocks | 30/36 | €18,607 | €22,526 | +€3,919 | +21.1% |
| Amounts receivable within one year | 40/41 | €12,769 | €23,394 | +€10,625 | +83.2% |
| Trade receivables | 40 | €9,671 | €22,557 | +€12,886 | +133% |
| Other amounts receivable | 41 | €3,098 | €837 | -€2,261 | -73.0% |
| Cash at bank and in hand | 54/58 | €141,831 | €138,561 | -€3,270 | -2.3% |
| Deferred charges and accrued income | 490/1 | €8 | €5,282 | +€5,275 | +67,537% |
| Total equity and liabilities | 10/49 | €507,814 | €549,842 | +€42,028 | +8.3% |
| Equity | 10/15 | €371,342 | €359,974 | -€11,367 | -3.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €352,251 | €341,374 | -€10,877 | -3.1% |
| Tax-exempt reserves | 132 | €208,418 | €190,152 | -€18,266 | -8.8% |
| Distributable reserves | 133 | €143,833 | €151,222 | +€7,389 | +5.1% |
| Profit (loss) carried forward | 14 | €491 | €0 | -€491 | -100% |
| Provisions and deferred taxes | 16 | €52,105 | €47,538 | -€4,566 | -8.8% |
| Deferred taxes | 168 | €52,105 | €47,538 | -€4,566 | -8.8% |
| Amounts payable | 17/49 | €84,367 | €142,329 | +€57,962 | +68.7% |
| Amounts payable after more than one year | 17 | €1,192 | €25,602 | +€24,410 | +2,048% |
| Financial debts | 170/4 | €1,192 | €25,602 | +€24,410 | +2,048% |
| Amounts payable within one year | 42/48 | €79,414 | €113,729 | +€34,315 | +43.2% |
| Current portion of amounts payable after more than one year | 42 | €14,236 | €10,868 | -€3,368 | -23.7% |
| Trade debts | 44 | €1,718 | €1,317 | -€400 | -23.3% |
| Suppliers | 440/4 | €1,718 | €1,317 | -€400 | -23.3% |
| Taxes, remuneration and social security | 45 | €3,405 | €12,755 | +€9,349 | +275% |
| Taxes | 450/3 | €3,405 | €12,755 | +€9,349 | +275% |
| Other amounts payable | 47/48 | €60,055 | €88,789 | +€28,734 | +47.8% |
| Accrued charges and deferred income | 492/3 | €3,762 | €2,998 | -€764 | -20.3% |
| Non-recurring operating income | 76A | €0 | €20,816 | +€20,816 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,200 | €36,678 | -€7,523 | -17.0% |
| Other operating charges | 640/8 | €2,291 | €2,426 | +€135 | +5.9% |
| Gross operating margin | 9900 | €53,878 | €66,189 | +€12,311 | +22.9% |
| Operating profit (loss) | 9901 | €7,386 | €27,085 | +€19,699 | +267% |
| Financial income | 75/76B | €2,137 | €2,216 | +€79 | +3.7% |
| Recurring financial income | 75 | €2,137 | €2,216 | +€79 | +3.7% |
| Financial charges | 65/66B | €433 | €939 | +€505 | +117% |
| Recurring financial charges | 65 | €433 | €939 | +€505 | +117% |
| Profit (loss) for the period before taxes | 9903 | €9,089 | €28,362 | +€19,273 | +212% |
| Transfer from deferred taxes | 780 | €4,566 | €4,566 | -€0 | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €9,168 | €15,809 | +€6,642 | +72.4% |
| Profit (loss) for the period | 9904 | €4,488 | €17,119 | +€12,631 | +281% |
| Transfer from tax-exempt reserves | 789 | €18,266 | €18,266 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €22,754 | €35,385 | +€12,631 | +55.5% |
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.