Harbel: 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.
What changed
Harbel
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€49,245
2024 · €40,639+€8,606
Equity
€2.0m
2024 · €1.9m+€49,245
Cash
€58,791
2024 · €51,698+€7,093
Balance sheet total
€2.5m
2024 · €2.5m-€23,823
Largest movements
Assets
- Tangible fixed assets -€44,475
down €44,475 (-3.9%), from €1.1m to €1.1m
Equity and liabilities
- Current portion of long-term debt -€61,400
down €61,400 (-20.0%), from €307,000 to €245,600
- Reserves +€49,245
up €49,245 (+3.5%), from €1.4m to €1.4m
of which Distributable reserves: +€71,274
Income statement
- Other operating charges -€41,212
down €41,212 (-68.8%), from €59,865 to €18,652
- Gross operating margin -€33,222
down €33,222 (-20.6%), from €161,257 to €128,035
- Financial charges -€6,824
down €6,824 (-34.5%), from €19,803 to €12,980
- Financial income -€5,999
down €5,999 (-29.3%), from €20,467 to €14,468
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.
Result 2024
€40,639
Gross operating margin
-€33,222
Depreciation
+€0
Other operating charges
+€41,212
Financial income
-€5,999
Financial charges
+€6,824
Taxes
-€209
Result 2025
€49,245
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.
From operations
+€68,493
Investment
€0
Financing
-€61,400
Cash 2024
€51,698
From operations (derived)
+€68,493
Net result for the year
+€49,245
Depreciation
+€44,475
Receivables after one year
-€13,316
Smaller working-capital items
-€242
Provisions
-€7,343
Trade debts
+€2,166
Tax, wage and social debts
-€7,816
Other debts
+€1,324
Financing
-€61,400
Current portion of long-term debt
-€61,400
Cash 2025
€58,791
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,530,777 | €2,506,954 | -€23,823 | -0.9% |
| Fixed assets | 21/28 | €1,131,165 | €1,086,690 | -€44,475 | -3.9% |
| Tangible fixed assets | 22/27 | €1,131,165 | €1,086,690 | -€44,475 | -3.9% |
| Land and buildings | 22 | €1,131,165 | €1,086,690 | -€44,475 | -3.9% |
| Current assets | 29/58 | €1,399,612 | €1,420,264 | +€20,652 | +1.5% |
| Amounts receivable after more than one year | 29 | €1,331,649 | €1,344,965 | +€13,316 | +1.0% |
| Other amounts receivable | 291 | €1,331,649 | €1,344,965 | +€13,316 | +1.0% |
| Amounts receivable within one year | 40/41 | €14,124 | €14,266 | +€141 | +1.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €14,124 | €14,266 | +€141 | +1.0% |
| Cash at bank and in hand | 54/58 | €51,698 | €58,791 | +€7,093 | +13.7% |
| Deferred charges and accrued income | 490/1 | €2,141 | €2,242 | +€101 | +4.7% |
| Total equity and liabilities | 10/49 | €2,530,777 | €2,506,954 | -€23,823 | -0.9% |
| Equity | 10/15 | €1,934,684 | €1,983,930 | +€49,245 | +2.5% |
| Contributions | 10/11 | €545,366 | €545,366 | = | 0.0% |
| Capital | 10 | €545,366 | €545,366 | = | 0.0% |
| Issued capital | 100 | €545,366 | €545,366 | = | 0.0% |
| Reserves | 13 | €1,389,319 | €1,438,564 | +€49,245 | +3.5% |
| Non-distributable reserves | 130/1 | €54,537 | €54,537 | = | 0.0% |
| Legal reserve | 130 | €54,537 | €54,537 | = | 0.0% |
| Tax-exempt reserves | 132 | €570,770 | €548,741 | -€22,029 | -3.9% |
| Distributable reserves | 133 | €764,012 | €835,286 | +€71,274 | +9.3% |
| Provisions and deferred taxes | 16 | €228,076 | €220,733 | -€7,343 | -3.2% |
| Provisions for liabilities and charges | 160/5 | €66,252 | €66,252 | = | 0.0% |
| Major repairs and maintenance | 162 | €66,252 | €66,252 | = | 0.0% |
| Deferred taxes | 168 | €161,824 | €154,481 | -€7,343 | -4.5% |
| Amounts payable | 17/49 | €368,017 | €302,291 | -€65,726 | -17.9% |
| Amounts payable within one year | 42/48 | €368,017 | €302,291 | -€65,726 | -17.9% |
| Current portion of amounts payable after more than one year | 42 | €307,000 | €245,600 | -€61,400 | -20.0% |
| Trade debts | 44 | €0 | €2,166 | +€2,166 | |
| Suppliers | 440/4 | €0 | €2,166 | +€2,166 | |
| Taxes, remuneration and social security | 45 | €16,279 | €8,463 | -€7,816 | -48.0% |
| Taxes | 450/3 | €16,279 | €8,463 | -€7,816 | -48.0% |
| Other amounts payable | 47/48 | €44,738 | €46,063 | +€1,324 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,475 | €44,475 | -€0 | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €59,865 | €18,652 | -€41,212 | -68.8% |
| Gross operating margin | 9900 | €161,257 | €128,035 | -€33,222 | -20.6% |
| Operating profit (loss) | 9901 | €56,917 | €64,908 | +€7,990 | +14.0% |
| Financial income | 75/76B | €20,467 | €14,468 | -€5,999 | -29.3% |
| Recurring financial income | 75 | €20,467 | €14,468 | -€5,999 | -29.3% |
| Financial charges | 65/66B | €19,803 | €12,980 | -€6,824 | -34.5% |
| Recurring financial charges | 65 | €19,803 | €12,980 | -€6,824 | -34.5% |
| Profit (loss) for the period before taxes | 9903 | €57,580 | €66,396 | +€8,815 | +15.3% |
| Transfer from deferred taxes | 780 | €7,343 | €7,343 | = | 0.0% |
| Income taxes | 67/77 | €24,284 | €24,493 | +€209 | +0.9% |
| Profit (loss) for the period | 9904 | €40,639 | €49,245 | +€8,606 | +21.2% |
| Transfer from tax-exempt reserves | 789 | €22,029 | €22,029 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €62,668 | €71,274 | +€8,606 | +13.7% |
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 5 October 2026 via checked.be.