HARCAD: 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.
HARCAD
Largest movements
- Cash +€44,383
up €44,383 (+184.0%), from €24,122 to €68,505
mainly Depreciation (+€18,000) and Receivables within one year (+€11,200)
- Tangible fixed assets -€18,000
down €18,000 (-9.4%), from €191,524 to €173,524
of which Land and buildings: -€17,119
- Receivables within one year -€11,200
down €11,200 (-5.0%), from €223,585 to €212,385
of which Other amounts receivable: -€23,359
- Profit (loss) carried forward +€11,183
up €11,183 (+3.1%), from €362,746 to €373,929
- Accrued charges and deferred income +€5,575
new in 2025: €5,575
- Gross operating margin -€58,910
down €58,910 (-56.4%), from €104,408 to €45,498
- Staff costs -€43,746
down €43,746 (-98.9%), from €44,238 to €492
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 | €439,238 | €455,165 | +€15,927 | +3.6% |
| Fixed assets | 21/28 | €191,524 | €173,524 | -€18,000 | -9.4% |
| Tangible fixed assets | 22/27 | €191,524 | €173,524 | -€18,000 | -9.4% |
| Land and buildings | 22 | €188,605 | €171,486 | -€17,119 | -9.1% |
| Furniture and vehicles | 24 | €2,919 | €2,038 | -€881 | -30.2% |
| Current assets | 29/58 | €247,714 | €281,640 | +€33,927 | +13.7% |
| Amounts receivable within one year | 40/41 | €223,585 | €212,385 | -€11,200 | -5.0% |
| Trade receivables | 40 | €123,721 | €135,880 | +€12,159 | +9.8% |
| Other amounts receivable | 41 | €99,864 | €76,504 | -€23,359 | -23.4% |
| Cash at bank and in hand | 54/58 | €24,122 | €68,505 | +€44,383 | +184.0% |
| Deferred charges and accrued income | 490/1 | €7 | €751 | +€744 | +11022.7% |
| Total equity and liabilities | 10/49 | €439,238 | €455,165 | +€15,927 | +3.6% |
| Equity | 10/15 | €418,559 | €427,635 | +€9,077 | +2.2% |
| Contributions | 10/11 | €24,569 | €24,569 | = | 0.0% |
| Reserves | 13 | €10,179 | €10,179 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,179 | €10,179 | = | 0.0% |
| Profit (loss) carried forward | 14 | €362,746 | €373,929 | +€11,183 | +3.1% |
| Investment grants | 15 | €21,065 | €18,958 | -€2,106 | -10.0% |
| Amounts payable | 17/49 | €20,679 | €27,529 | +€6,850 | +33.1% |
| Amounts payable within one year | 42/48 | €20,679 | €21,954 | +€1,275 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €1,772 | - | -€1,772 | |
| Financial debts | 43 | €9,000 | €9,000 | = | 0.0% |
| Credit institutions | 430/8 | €9,000 | €9,000 | = | 0.0% |
| Trade debts | 44 | €2,351 | €6,841 | +€4,490 | +191.0% |
| Suppliers | 440/4 | €2,351 | €6,841 | +€4,490 | +191.0% |
| Taxes, remuneration and social security | 45 | €6,893 | €4,964 | -€1,929 | -28.0% |
| Taxes | 450/3 | €5,070 | €3,141 | -€1,929 | -38.0% |
| Remuneration and social security | 454/9 | €1,823 | €1,823 | = | 0.0% |
| Other amounts payable | 47/48 | €664 | €1,150 | +€486 | +73.2% |
| Accrued charges and deferred income | 492/3 | - | €5,575 | +€5,575 | |
| Remuneration, social security and pensions | 62 | €44,238 | €492 | -€43,746 | -98.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,042 | €18,000 | -€42 | -0.2% |
| Other operating charges | 640/8 | €10,883 | €11,084 | +€202 | +1.9% |
| Gross operating margin | 9900 | €104,408 | €45,498 | -€58,910 | -56.4% |
| Operating profit (loss) | 9901 | €31,245 | €15,923 | -€15,323 | -49.0% |
| Financial income | 75/76B | €2,106 | €2,106 | +€0 | 0.0% |
| Recurring financial income | 75 | €2,106 | €2,106 | +€0 | 0.0% |
| Financial charges | 65/66B | €1,966 | €1,382 | -€584 | -29.7% |
| Recurring financial charges | 65 | €1,966 | €1,382 | -€584 | -29.7% |
| Profit (loss) for the period before taxes | 9903 | €31,386 | €16,647 | -€14,739 | -47.0% |
| Income taxes | 67/77 | €5,990 | €5,464 | -€526 | -8.8% |
| Profit (loss) for the period | 9904 | €25,396 | €11,183 | -€14,213 | -56.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,396 | €11,183 | -€14,213 | -56.0% |
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 30 September 2026 via checked.be.