HARALD VANHERF: 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.
HARALD VANHERF
Largest movements
- Cash -€24,433
down €24,433 (-58.0%), from €42,126 to €17,693
mainly Investment in fixed assets (net) (-€27,332) and Receivables within one year (-€17,216)
- Tangible fixed assets +€19,125
up €19,125 (+163%), from €11,727 to €30,852
of which Land and buildings: +€14,437
- Receivables within one year +€17,216
up €17,216 (+302%), from €5,702 to €22,918
of which Trade receivables: +€12,077
- Other debts +€18,958
up €18,958 (+221%), from €8,596 to €27,554
- Tax, wage and social debts -€7,246
down €7,246 (-53.3%), from €13,596 to €6,350
- Short-term financial debts +€4,706
new in 2025: €4,706
- Reserves -€3,565
down €3,565 (-1.7%), from €206,002 to €202,437
- Gross operating margin -€10,841
down €10,841 (-77.1%), from €14,062 to €3,221
- Taxes -€6,691
down €6,691 (-83.2%), from €8,038 to €1,347
- Financial charges +€2,465
up €2,465, from -€1,651 to €814
- Financial income -€2,097
down €2,097 (-29.7%), from €7,049 to €4,952
- Depreciation +€920
up €920 (+12.6%), from €7,287 to €8,207
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 | €237,236 | €249,260 | +€12,024 | +5.1% |
| Fixed assets | 21/28 | €11,727 | €30,852 | +€19,125 | +163% |
| Tangible fixed assets | 22/27 | €11,727 | €30,852 | +€19,125 | +163% |
| Land and buildings | 22 | - | €14,437 | +€14,437 | |
| Plant, machinery and equipment | 23 | €547 | €3,433 | +€2,886 | +528% |
| Furniture and vehicles | 24 | €11,180 | €12,981 | +€1,801 | +16.1% |
| Current assets | 29/58 | €225,509 | €218,408 | -€7,101 | -3.1% |
| Amounts receivable within one year | 40/41 | €5,702 | €22,918 | +€17,216 | +302% |
| Trade receivables | 40 | €0 | €12,077 | +€12,077 | |
| Other amounts receivable | 41 | €5,702 | €10,841 | +€5,139 | +90.1% |
| Current investments | 50/53 | €176,976 | €176,976 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €42,126 | €17,693 | -€24,433 | -58.0% |
| Deferred charges and accrued income | 490/1 | €705 | €821 | +€116 | +16.5% |
| Total equity and liabilities | 10/49 | €237,236 | €249,260 | +€12,024 | +5.1% |
| Equity | 10/15 | €212,202 | €208,637 | -€3,565 | -1.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €206,002 | €202,437 | -€3,565 | -1.7% |
| Distributable reserves | 133 | €206,002 | €202,437 | -€3,565 | -1.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €25,034 | €40,623 | +€15,589 | +62.3% |
| Amounts payable within one year | 42/48 | €25,034 | €40,623 | +€15,589 | +62.3% |
| Financial debts | 43 | - | €4,706 | +€4,706 | |
| Credit institutions | 430/8 | - | €4,706 | +€4,706 | |
| Trade debts | 44 | €2,842 | €2,012 | -€829 | -29.2% |
| Suppliers | 440/4 | €2,842 | €2,012 | -€829 | -29.2% |
| Taxes, remuneration and social security | 45 | €13,596 | €6,350 | -€7,246 | -53.3% |
| Taxes | 450/3 | €13,596 | €6,350 | -€7,246 | -53.3% |
| Other amounts payable | 47/48 | €8,596 | €27,554 | +€18,958 | +221% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,287 | €8,207 | +€920 | +12.6% |
| Other operating charges | 640/8 | €1,608 | €1,371 | -€237 | -14.8% |
| Gross operating margin | 9900 | €14,062 | €3,221 | -€10,841 | -77.1% |
| Operating profit (loss) | 9901 | €5,167 | -€6,356 | -€11,523 | |
| Financial income | 75/76B | €7,049 | €4,952 | -€2,097 | -29.7% |
| Recurring financial income | 75 | €7,049 | €4,952 | -€2,097 | -29.7% |
| Financial charges | 65/66B | -€1,651 | €814 | +€2,465 | |
| Recurring financial charges | 65 | -€1,651 | €814 | +€2,465 | |
| Profit (loss) for the period before taxes | 9903 | €13,867 | -€2,218 | -€16,085 | |
| Income taxes | 67/77 | €8,038 | €1,347 | -€6,691 | -83.2% |
| Profit (loss) for the period | 9904 | €5,829 | -€3,565 | -€9,394 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,829 | -€3,565 | -€9,394 |
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 16 October 2026 via checked.be.