HARBOR: 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.
HARBOR
Largest movements
- Current investments -€352,044
down €352,044 (-40.1%), from €877,265 to €525,221
- Cash -€289,999
down €289,999 (-82.7%), from €350,807 to €60,808
mainly Contributions, distributions and other (-€645,940) and Other debts (-€645,709)
- Tangible fixed assets -€18,361
down €18,361 (-5.3%), from €347,799 to €329,437
of which Furniture and vehicles: -€10,733
- Other debts -€645,709
down €645,709 (-50.0%), from €1.3m to €645,940
- Financial income +€77,990
up €77,990 (+166.6%), from €46,808 to €124,797
- Gross operating margin -€14,635
down €14,635 (-1.8%), from €801,819 to €787,184
- Depreciation +€8,752
up €8,752 (+19.8%), from €44,163 to €52,914
- Financial charges +€8,301
up €8,301 (+108.4%), from €7,658 to €15,960
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 | €1,669,013 | €1,010,548 | -€658,466 | -39.5% |
| Fixed assets | 21/28 | €347,799 | €329,437 | -€18,361 | -5.3% |
| Tangible fixed assets | 22/27 | €347,799 | €329,437 | -€18,361 | -5.3% |
| Plant, machinery and equipment | 23 | €2,715 | €1,170 | -€1,545 | -56.9% |
| Furniture and vehicles | 24 | €97,673 | €86,940 | -€10,733 | -11.0% |
| Other tangible fixed assets | 26 | €247,412 | €241,327 | -€6,084 | -2.5% |
| Current assets | 29/58 | €1,321,214 | €681,110 | -€640,104 | -48.4% |
| Amounts receivable within one year | 40/41 | €81,867 | €85,201 | +€3,335 | +4.1% |
| Trade receivables | 40 | €68,567 | €67,377 | -€1,190 | -1.7% |
| Other amounts receivable | 41 | €13,299 | €17,824 | +€4,525 | +34.0% |
| Current investments | 50/53 | €877,265 | €525,221 | -€352,044 | -40.1% |
| Cash at bank and in hand | 54/58 | €350,807 | €60,808 | -€289,999 | -82.7% |
| Deferred charges and accrued income | 490/1 | €11,276 | €9,880 | -€1,396 | -12.4% |
| Total equity and liabilities | 10/49 | €1,669,013 | €1,010,548 | -€658,466 | -39.5% |
| Equity | 10/15 | €300,409 | €300,409 | = | 0.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €290,409 | €290,409 | = | 0.0% |
| Distributable reserves | 133 | €290,409 | €290,409 | = | 0.0% |
| Amounts payable | 17/49 | €1,368,604 | €710,138 | -€658,466 | -48.1% |
| Amounts payable after more than one year | 17 | €21,696 | €5,483 | -€16,213 | -74.7% |
| Financial debts | 170/4 | €21,696 | €5,483 | -€16,213 | -74.7% |
| Amounts payable within one year | 42/48 | €1,346,908 | €704,655 | -€642,253 | -47.7% |
| Current portion of amounts payable after more than one year | 42 | €15,863 | €16,213 | +€350 | +2.2% |
| Trade debts | 44 | €5,739 | €9,101 | +€3,363 | +58.6% |
| Suppliers | 440/4 | €5,739 | €9,101 | +€3,363 | +58.6% |
| Taxes, remuneration and social security | 45 | €33,657 | €33,401 | -€256 | -0.8% |
| Taxes | 450/3 | €33,657 | €33,401 | -€256 | -0.8% |
| Other amounts payable | 47/48 | €1,291,650 | €645,940 | -€645,709 | -50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,163 | €52,914 | +€8,752 | +19.8% |
| Other operating charges | 640/8 | €1,815 | €4,569 | +€2,754 | +151.7% |
| Gross operating margin | 9900 | €801,819 | €787,184 | -€14,635 | -1.8% |
| Operating profit (loss) | 9901 | €755,841 | €729,701 | -€26,141 | -3.5% |
| Financial income | 75/76B | €46,808 | €124,797 | +€77,990 | +166.6% |
| Recurring financial income | 75 | €46,808 | €124,797 | +€77,990 | +166.6% |
| Financial charges | 65/66B | €7,658 | €15,960 | +€8,301 | +108.4% |
| Recurring financial charges | 65 | €7,658 | €15,960 | +€8,301 | +108.4% |
| Profit (loss) for the period before taxes | 9903 | €794,990 | €838,538 | +€43,548 | +5.5% |
| Income taxes | 67/77 | €196,212 | €192,598 | -€3,615 | -1.8% |
| Profit (loss) for the period | 9904 | €598,778 | €645,940 | +€47,162 | +7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €598,778 | €645,940 | +€47,162 | +7.9% |
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 9 October 2026 via checked.be.