DRS. 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.
DRS. HARDY
Largest movements
- Cash -€27,138
down €27,138 (-8.4%), from €324,346 to €297,208
mainly Current portion of long-term debt (-€17,789) and Investment in fixed assets (net) (-€17,779)
- Receivables within one year +€11,833
up €11,833 (+24.0%), from €49,233 to €61,066
of which Other amounts receivable: +€11,074
- Tangible fixed assets -€8,108
down €8,108 (-6.9%), from €117,357 to €109,249
of which Furniture and vehicles: -€15,616
- Current portion of long-term debt -€17,789
no longer reported in 2025 (was €17,789)
- Reserves -€7,554
down €7,554 (-1.9%), from €401,553 to €393,999
- Gross operating margin -€63,208
down €63,208 (-71.8%), from €88,053 to €24,845
- Financial income -€18,087
down €18,087 (-43.2%), from €41,912 to €23,825
of which Non-recurring financial income: -€15,058
- Taxes -€13,616
down €13,616, from €5,877 to -€7,739
- Financial charges -€13,136
down €13,136 (-84.9%), from €15,473 to €2,337
of which Non-recurring financial charges: -€11,792
- Other operating charges -€7,417
down €7,417 (-17.2%), from €43,156 to €35,739
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 | €490,936 | €467,523 | -€23,413 | -4.8% |
| Fixed assets | 21/28 | €117,357 | €109,249 | -€8,108 | -6.9% |
| Tangible fixed assets | 22/27 | €117,357 | €109,249 | -€8,108 | -6.9% |
| Land and buildings | 22 | €50,117 | €57,171 | +€7,054 | +14.1% |
| Plant, machinery and equipment | 23 | €4,311 | €4,765 | +€454 | +10.5% |
| Furniture and vehicles | 24 | €62,929 | €47,313 | -€15,616 | -24.8% |
| Current assets | 29/58 | €373,579 | €358,274 | -€15,305 | -4.1% |
| Amounts receivable within one year | 40/41 | €49,233 | €61,066 | +€11,833 | +24.0% |
| Trade receivables | 40 | €11,545 | €12,304 | +€759 | +6.6% |
| Other amounts receivable | 41 | €37,688 | €48,762 | +€11,074 | +29.4% |
| Cash at bank and in hand | 54/58 | €324,346 | €297,208 | -€27,138 | -8.4% |
| Total equity and liabilities | 10/49 | €490,936 | €467,523 | -€23,413 | -4.8% |
| Equity | 10/15 | €426,342 | €418,788 | -€7,554 | -1.8% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €401,553 | €393,999 | -€7,554 | -1.9% |
| Distributable reserves | 133 | €401,553 | €393,999 | -€7,554 | -1.9% |
| Amounts payable | 17/49 | €64,594 | €48,735 | -€15,859 | -24.6% |
| Amounts payable after more than one year | 17 | €44,984 | €48,735 | +€3,751 | +8.3% |
| Financial debts | 170/4 | €44,984 | €31,714 | -€13,270 | -29.5% |
| Other amounts payable | 178/9 | - | €17,021 | +€17,021 | |
| Amounts payable within one year | 42/48 | €19,610 | - | -€19,610 | |
| Current portion of amounts payable after more than one year | 42 | €17,789 | - | -€17,789 | |
| Trade debts | 44 | €1,821 | - | -€1,821 | |
| Suppliers | 440/4 | €1,821 | - | -€1,821 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,906 | €25,887 | +€2,981 | +13.0% |
| Other operating charges | 640/8 | €43,156 | €35,739 | -€7,417 | -17.2% |
| Gross operating margin | 9900 | €88,053 | €24,845 | -€63,208 | -71.8% |
| Operating profit (loss) | 9901 | €21,991 | -€36,781 | -€58,772 | |
| Financial income | 75/76B | €41,912 | €23,825 | -€18,087 | -43.2% |
| Recurring financial income | 75 | €14,238 | €11,209 | -€3,029 | -21.3% |
| Non-recurring financial income | 76B | €27,674 | €12,616 | -€15,058 | -54.4% |
| Financial charges | 65/66B | €15,473 | €2,337 | -€13,136 | -84.9% |
| Recurring financial charges | 65 | €3,681 | €2,337 | -€1,344 | -36.5% |
| Non-recurring financial charges | 66B | €11,792 | - | -€11,792 | |
| Profit (loss) for the period before taxes | 9903 | €48,430 | -€15,293 | -€63,723 | |
| Income taxes | 67/77 | €5,877 | -€7,739 | -€13,616 | |
| Profit (loss) for the period | 9904 | €42,553 | -€7,554 | -€50,107 | |
| Profit (loss) for the period to be appropriated | 9905 | €42,553 | -€7,554 | -€50,107 |
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.