Harbo: 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.
Harbo
Largest movements
- Cash -€1.5m
down €1.5m (-94.2%), from €1.6m to €91,434
mainly Current investments (-€994,846) and Debts after one year (-€967,525)
- Current investments +€994,846
up €994,846 (+40.2%), from €2.5m to €3.5m
- Current portion of long-term debt +€970,125
new in 2025: €970,125
- Debts after one year -€967,525
no longer reported in 2025 (was €967,525)
- Other debts -€749,269
down €749,269 (-48.5%), from €1.5m to €796,847
- Short-term financial debts +€150,000
new in 2025: €150,000
- Reserves +€144,038
up €144,038 (+4.3%), from €3.4m to €3.5m
of which Distributable reserves: +€144,038
- Gross operating margin -€491,479
down €491,479 (-92.8%), from €529,466 to €37,987
- Taxes -€300,021
down €300,021 (-97.2%), from €308,690 to €8,670
- Financial charges +€60,313
up €60,313 (+566.9%), from €10,639 to €70,952
- Financial income -€13,208
down €13,208 (-6.3%), from €209,210 to €196,003
- Other operating charges +€8,442
up €8,442 (+590.2%), from €1,430 to €9,873
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 | €11,128,594 | €10,601,338 | -€527,256 | -4.7% |
| Fixed assets | 21/28 | €20,855 | €20,397 | -€457 | -2.2% |
| Tangible fixed assets | 22/27 | €1,055 | €597 | -€457 | -43.4% |
| Furniture and vehicles | 24 | €1,055 | €597 | -€457 | -43.4% |
| Financial fixed assets | 28 | €19,800 | €19,800 | = | 0.0% |
| Current assets | 29/58 | €11,107,739 | €10,580,941 | -€526,798 | -4.7% |
| Stocks and contracts in progress | 3 | €1,291,165 | €1,185,781 | -€105,384 | -8.2% |
| Stocks | 30/36 | €1,168,944 | €1,063,559 | -€105,384 | -9.0% |
| Contracts in progress | 37 | €122,222 | €122,222 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €5,761,032 | €5,833,097 | +€72,066 | +1.3% |
| Trade receivables | 40 | €308,039 | €308,039 | = | 0.0% |
| Other amounts receivable | 41 | €5,452,992 | €5,525,058 | +€72,066 | +1.3% |
| Current investments | 50/53 | €2,475,783 | €3,470,629 | +€994,846 | +40.2% |
| Cash at bank and in hand | 54/58 | €1,579,760 | €91,434 | -€1.5m | -94.2% |
| Total equity and liabilities | 10/49 | €11,128,594 | €10,601,338 | -€527,256 | -4.7% |
| Equity | 10/15 | €8,519,723 | €8,663,761 | +€144,038 | +1.7% |
| Contributions | 10/11 | €5,147,739 | €5,147,739 | = | 0.0% |
| Reserves | 13 | €3,371,984 | €3,516,022 | +€144,038 | +4.3% |
| Non-distributable reserves | 130/1 | €90,000 | €90,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €90,000 | €90,000 | = | 0.0% |
| Distributable reserves | 133 | €3,281,984 | €3,426,022 | +€144,038 | +4.4% |
| Amounts payable | 17/49 | €2,608,871 | €1,937,577 | -€671,294 | -25.7% |
| Amounts payable after more than one year | 17 | €967,525 | - | -€967,525 | |
| Financial debts | 170/4 | €967,525 | - | -€967,525 | |
| Amounts payable within one year | 42/48 | €1,641,346 | €1,937,577 | +€296,231 | +18.0% |
| Current portion of amounts payable after more than one year | 42 | - | €970,125 | +€970,125 | |
| Financial debts | 43 | - | €150,000 | +€150,000 | |
| Credit institutions | 430/8 | - | €150,000 | +€150,000 | |
| Trade debts | 44 | €52,504 | €150 | -€52,353 | -99.7% |
| Suppliers | 440/4 | €52,504 | €150 | -€52,353 | -99.7% |
| Taxes, remuneration and social security | 45 | €42,725 | €20,454 | -€22,271 | -52.1% |
| Taxes | 450/3 | €42,725 | €20,454 | -€22,271 | -52.1% |
| Other amounts payable | 47/48 | €1,546,117 | €796,847 | -€749,269 | -48.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €457 | €457 | = | 0.0% |
| Other operating charges | 640/8 | €1,430 | €9,873 | +€8,442 | +590.2% |
| Gross operating margin | 9900 | €529,466 | €37,987 | -€491,479 | -92.8% |
| Operating profit (loss) | 9901 | €527,578 | €27,657 | -€499,921 | -94.8% |
| Financial income | 75/76B | €209,210 | €196,003 | -€13,208 | -6.3% |
| Recurring financial income | 75 | €209,210 | €196,003 | -€13,208 | -6.3% |
| Financial charges | 65/66B | €10,639 | €70,952 | +€60,313 | +566.9% |
| Recurring financial charges | 65 | €10,639 | €70,952 | +€60,313 | +566.9% |
| Profit (loss) for the period before taxes | 9903 | €726,150 | €152,708 | -€573,442 | -79.0% |
| Income taxes | 67/77 | €308,690 | €8,670 | -€300,021 | -97.2% |
| Profit (loss) for the period | 9904 | €417,459 | €144,038 | -€273,421 | -65.5% |
| Profit (loss) for the period to be appropriated | 9905 | €417,459 | €144,038 | -€273,421 | -65.5% |
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 12 October 2026 via checked.be.