HADRO: what changed
Two fiscal 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.
HADRO
Largest movements
- Cash -€15,095
down €15,095 (-22.1%), from €68,401 to €53,305
mainly Contributions, distributions and other (-€81,286) and Other debts (-€15,950)
- Receivables within one year -€10,501
down €10,501 (-19.1%), from €54,883 to €44,382
of which Trade receivables: -€11,028
- Deferred charges and accrued income +€7,020
up €7,020 (+2011.1%), from €349 to €7,369
- Tangible fixed assets -€5,035
down €5,035 (-60.2%), from €8,362 to €3,327
of which Furniture and vehicles: -€4,347
- Other debts -€15,950
down €15,950 (-16.7%), from €95,790 to €79,841
- Tax, wage and social debts -€7,616
down €7,616 (-43.4%), from €17,558 to €9,942
of which Taxes: -€7,633
- Gross operating margin -€6,821
down €6,821 (-5.9%), from €115,327 to €108,506
- Taxes -€1,720
down €1,720 (-7.4%), from €23,193 to €21,473
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.
Cash bridge derived
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 | €131,994 | €108,383 | -€23,612 | -17.9% |
| Fixed assets | 21/28 | €8,362 | €3,327 | -€5,035 | -60.2% |
| Tangible fixed assets | 22/27 | €8,362 | €3,327 | -€5,035 | -60.2% |
| Plant, machinery and equipment | 23 | €764 | €75 | -€689 | -90.1% |
| Furniture and vehicles | 24 | €7,598 | €3,251 | -€4,347 | -57.2% |
| Current assets | 29/58 | €123,632 | €105,056 | -€18,576 | -15.0% |
| Amounts receivable within one year | 40/41 | €54,883 | €44,382 | -€10,501 | -19.1% |
| Trade receivables | 40 | €54,275 | €43,248 | -€11,028 | -20.3% |
| Other amounts receivable | 41 | €607 | €1,134 | +€527 | +86.8% |
| Cash at bank and in hand | 54/58 | €68,401 | €53,305 | -€15,095 | -22.1% |
| Deferred charges and accrued income | 490/1 | €349 | €7,369 | +€7,020 | +2011.1% |
| Total equity and liabilities | 10/49 | €131,994 | €108,383 | -€23,612 | -17.9% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Amounts payable | 17/49 | €113,394 | €89,783 | -€23,612 | -20.8% |
| Amounts payable within one year | 42/48 | €113,394 | €89,783 | -€23,612 | -20.8% |
| Trade debts | 44 | €46 | - | -€46 | |
| Suppliers | 440/4 | €46 | - | -€46 | |
| Taxes, remuneration and social security | 45 | €17,558 | €9,942 | -€7,616 | -43.4% |
| Taxes | 450/3 | €14,739 | €7,106 | -€7,633 | -51.8% |
| Remuneration and social security | 454/9 | €2,819 | €2,836 | +€18 | +0.6% |
| Other amounts payable | 47/48 | €95,790 | €79,841 | -€15,950 | -16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,035 | €5,035 | = | 0.0% |
| Other operating charges | 640/8 | €638 | €655 | +€17 | +2.7% |
| Gross operating margin | 9900 | €115,327 | €108,506 | -€6,821 | -5.9% |
| Operating profit (loss) | 9901 | €109,653 | €102,815 | -€6,838 | -6.2% |
| Financial charges | 65/66B | €54 | €55 | +€1 | +2.5% |
| Recurring financial charges | 65 | €54 | €55 | +€1 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €109,599 | €102,760 | -€6,840 | -6.2% |
| Income taxes | 67/77 | €23,193 | €21,473 | -€1,720 | -7.4% |
| Profit (loss) for the period | 9904 | €86,406 | €81,286 | -€5,120 | -5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €86,406 | €81,286 | -€5,120 | -5.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.