Ets Frédéric 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.
Ets Frédéric HARDY
Largest movements
- Cash +€8,655
up €8,655 (+7.6%), from €113,229 to €121,883
mainly Net result for the year (+€10,432) and Receivables within one year (+€5,014)
- Receivables within one year -€5,014
down €5,014 (-49.7%), from €10,080 to €5,066
of which Trade receivables: -€7,267
- Tangible fixed assets -€2,491
no longer reported in 2025 (was €2,491)
- Profit (loss) carried forward +€10,432
up €10,432 (+50.7%), from -€20,590 to -€10,158
- Other debts -€6,392
no longer reported in 2025 (was €6,392)
- Trade debts -€3,769
down €3,769 (-58.8%), from €6,414 to €2,645
- Gross operating margin -€5,121
down €5,121 (-27.7%), from €18,501 to €13,381
- Depreciation -€4,566
down €4,566 (-64.7%), from €7,058 to €2,491
- Financial charges -€531
down €531 (-74.0%), from €717 to €187
- Financial income -€476
down €476 (-46.1%), from €1,033 to €557
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 | €128,098 | €129,829 | +€1,731 | +1.4% |
| Fixed assets | 21/28 | €3,221 | €730 | -€2,491 | -77.3% |
| Tangible fixed assets | 22/27 | €2,491 | - | -€2,491 | |
| Furniture and vehicles | 24 | €2,491 | - | -€2,491 | |
| Financial fixed assets | 28 | €730 | €730 | = | 0.0% |
| Current assets | 29/58 | €124,877 | €129,099 | +€4,222 | +3.4% |
| Amounts receivable within one year | 40/41 | €10,080 | €5,066 | -€5,014 | -49.7% |
| Trade receivables | 40 | €7,956 | €690 | -€7,267 | -91.3% |
| Other amounts receivable | 41 | €2,124 | €4,376 | +€2,253 | +106% |
| Cash at bank and in hand | 54/58 | €113,229 | €121,883 | +€8,655 | +7.6% |
| Deferred charges and accrued income | 490/1 | €1,568 | €2,149 | +€581 | +37.1% |
| Total equity and liabilities | 10/49 | €128,098 | €129,829 | +€1,731 | +1.4% |
| Equity | 10/15 | €115,170 | €125,602 | +€10,432 | +9.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €117,160 | €117,160 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €115,300 | €115,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,590 | -€10,158 | +€10,432 | +50.7% |
| Amounts payable | 17/49 | €12,928 | €4,227 | -€8,701 | -67.3% |
| Amounts payable within one year | 42/48 | €12,928 | €3,827 | -€9,101 | -70.4% |
| Trade debts | 44 | €6,414 | €2,645 | -€3,769 | -58.8% |
| Suppliers | 440/4 | €6,414 | €2,645 | -€3,769 | -58.8% |
| Taxes, remuneration and social security | 45 | €122 | €1,182 | +€1,060 | +868% |
| Taxes | 450/3 | €122 | €142 | +€20 | +16.5% |
| Remuneration and social security | 454/9 | - | €1,040 | +€1,040 | |
| Other amounts payable | 47/48 | €6,392 | - | -€6,392 | |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,058 | €2,491 | -€4,566 | -64.7% |
| Other operating charges | 640/8 | €754 | €686 | -€68 | -9.0% |
| Gross operating margin | 9900 | €18,501 | €13,381 | -€5,121 | -27.7% |
| Operating profit (loss) | 9901 | €10,690 | €10,203 | -€487 | -4.6% |
| Financial income | 75/76B | €1,033 | €557 | -€476 | -46.1% |
| Recurring financial income | 75 | €1,033 | €557 | -€476 | -46.1% |
| Financial charges | 65/66B | €717 | €187 | -€531 | -74.0% |
| Recurring financial charges | 65 | €717 | €187 | -€531 | -74.0% |
| Profit (loss) for the period before taxes | 9903 | €11,006 | €10,574 | -€432 | -3.9% |
| Income taxes | 67/77 | €137 | €142 | +€5 | +3.7% |
| Profit (loss) for the period | 9904 | €10,869 | €10,432 | -€437 | -4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,869 | €10,432 | -€437 | -4.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.