H.A.R.T.: what changed
H.A.R.T.
Largest movements
- Financial fixed assets +€38,750
up €38,750 (+54.2%), from €71,497 to €110,247
- Receivables after one year -€12,500
down €12,500 (-100%), from €12,500 to €0
- Receivables within one year +€2,149
up €2,149 (+4.6%), from €46,630 to €48,779
of which Other amounts receivable: +€1,855
- Debts after one year +€21,588
up €21,588 (+25.2%), from €85,564 to €107,152
of which Financial debts: +€21,588
- Profit (loss) carried forward -€8,336
down €8,336 (-26.8%), from -€31,114 to -€39,449
- Current portion of long-term debt +€5,664
new in 2025: €5,664
- Trade debts +€5,468
up €5,468 (+12,787%), from €43 to €5,510
- Other debts +€5,224
up €5,224 (+30.0%), from €17,408 to €22,632
- Other operating charges +€1,002
up €1,002 (+298%), from €336 to €1,338
- Financial income +€972
up €972 (+1,730%), from €56 to €1,029
- Taxes +€318
up €318, from €0 to €318
- Financial charges +€153
up €153 (+5.3%), from €2,899 to €3,052
- Gross operating margin -€96
down €96 (-2.1%), from -€4,559 to -€4,655
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €136,684 | €165,482 | +€28,798 | +21.1% |
| Fixed assets | 21/28 | €71,497 | €110,247 | +€38,750 | +54.2% |
| Financial fixed assets | 28 | €71,497 | €110,247 | +€38,750 | +54.2% |
| Current assets | 29/58 | €65,187 | €55,235 | -€9,952 | -15.3% |
| Amounts receivable after more than one year | 29 | €12,500 | €0 | -€12,500 | -100% |
| Other amounts receivable | 291 | €12,500 | €0 | -€12,500 | -100% |
| Amounts receivable within one year | 40/41 | €46,630 | €48,779 | +€2,149 | +4.6% |
| Trade receivables | 40 | €44,218 | €44,511 | +€294 | +0.7% |
| Other amounts receivable | 41 | €2,413 | €4,268 | +€1,855 | +76.9% |
| Cash at bank and in hand | 54/58 | €5,792 | €6,364 | +€572 | +9.9% |
| Deferred charges and accrued income | 490/1 | €265 | €92 | -€173 | -65.1% |
| Total equity and liabilities | 10/49 | €136,684 | €165,482 | +€28,798 | +21.1% |
| Equity | 10/15 | €24,994 | €16,658 | -€8,336 | -33.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €37,557 | €37,557 | = | 0.0% |
| Distributable reserves | 133 | €37,557 | €37,557 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€31,114 | -€39,449 | -€8,336 | -26.8% |
| Amounts payable | 17/49 | €111,690 | €148,824 | +€37,133 | +33.2% |
| Amounts payable after more than one year | 17 | €85,564 | €107,152 | +€21,588 | +25.2% |
| Financial debts | 170/4 | - | €21,588 | +€21,588 | |
| Other amounts payable | 178/9 | €85,564 | €85,564 | = | 0.0% |
| Amounts payable within one year | 42/48 | €26,127 | €41,672 | +€15,545 | +59.5% |
| Current portion of amounts payable after more than one year | 42 | - | €5,664 | +€5,664 | |
| Trade debts | 44 | €43 | €5,510 | +€5,468 | +12,787% |
| Suppliers | 440/4 | €43 | €5,510 | +€5,468 | +12,787% |
| Taxes, remuneration and social security | 45 | €8,676 | €7,866 | -€810 | -9.3% |
| Taxes | 450/3 | €5,676 | €4,866 | -€810 | -14.3% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €17,408 | €22,632 | +€5,224 | +30.0% |
| Other operating charges | 640/8 | €336 | €1,338 | +€1,002 | +298% |
| Gross operating margin | 9900 | -€4,559 | -€4,655 | -€96 | -2.1% |
| Operating profit (loss) | 9901 | -€4,895 | -€5,994 | -€1,099 | -22.4% |
| Financial income | 75/76B | €56 | €1,029 | +€972 | +1,730% |
| Recurring financial income | 75 | €56 | €1,029 | +€972 | +1,730% |
| Financial charges | 65/66B | €2,899 | €3,052 | +€153 | +5.3% |
| Recurring financial charges | 65 | €2,899 | €3,052 | +€153 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | -€7,738 | -€8,018 | -€279 | -3.6% |
| Income taxes | 67/77 | €0 | €318 | +€318 | |
| Profit (loss) for the period | 9904 | -€7,738 | -€8,336 | -€597 | -7.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,738 | -€8,336 | -€597 | -7.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.