HARCO: 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.
HARCO
Largest movements
- Receivables within one year -€8,343
down €8,343 (-54.0%), from €15,442 to €7,099
of which Trade receivables: -€9,743
- Cash +€2,754
up €2,754 (+76.0%), from €3,624 to €6,379
mainly Receivables within one year (+€8,343) and Depreciation (+€1,151)
- Tangible fixed assets -€1,151
down €1,151 (-90.9%), from €1,266 to €116
- Profit (loss) carried forward -€5,179
down €5,179 (-101.4%), from -€5,108 to -€10,288
- Trade debts -€960
down €960 (-6.7%), from €14,389 to €13,429
- Tax, wage and social debts -€719
down €719 (-24.1%), from €2,987 to €2,268
- Gross operating margin -€12,903
down €12,903, from €10,768 to -€2,136
- Depreciation -€3,033
down €3,033 (-72.5%), from €4,183 to €1,151
- Taxes -€1,445
down €1,445 (-80.5%), from €1,794 to €350
- Other operating charges -€674
down €674 (-30.3%), from €2,226 to €1,552
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 | €21,468 | €14,609 | -€6,858 | -31.9% |
| Fixed assets | 21/28 | €1,266 | €116 | -€1,151 | -90.9% |
| Tangible fixed assets | 22/27 | €1,266 | €116 | -€1,151 | -90.9% |
| Land and buildings | 22 | €241 | €0 | -€241 | -100.0% |
| Plant, machinery and equipment | 23 | €533 | €0 | -€533 | -100.0% |
| Furniture and vehicles | 24 | €492 | €116 | -€377 | -76.5% |
| Current assets | 29/58 | €20,201 | €14,494 | -€5,708 | -28.3% |
| Amounts receivable within one year | 40/41 | €15,442 | €7,099 | -€8,343 | -54.0% |
| Trade receivables | 40 | €12,153 | €2,411 | -€9,743 | -80.2% |
| Other amounts receivable | 41 | €3,288 | €4,688 | +€1,400 | +42.6% |
| Cash at bank and in hand | 54/58 | €3,624 | €6,379 | +€2,754 | +76.0% |
| Deferred charges and accrued income | 490/1 | €1,135 | €1,016 | -€119 | -10.5% |
| Total equity and liabilities | 10/49 | €21,468 | €14,609 | -€6,858 | -31.9% |
| Equity | 10/15 | €4,092 | -€1,088 | -€5,179 | |
| Contributions | 10/11 | €9,200 | €9,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,108 | -€10,288 | -€5,179 | -101.4% |
| Amounts payable | 17/49 | €17,376 | €15,697 | -€1,679 | -9.7% |
| Amounts payable within one year | 42/48 | €17,376 | €15,697 | -€1,679 | -9.7% |
| Trade debts | 44 | €14,389 | €13,429 | -€960 | -6.7% |
| Suppliers | 440/4 | €14,389 | €13,429 | -€960 | -6.7% |
| Taxes, remuneration and social security | 45 | €2,987 | €2,268 | -€719 | -24.1% |
| Taxes | 450/3 | €2,987 | €2,268 | -€719 | -24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,183 | €1,151 | -€3,033 | -72.5% |
| Other operating charges | 640/8 | €2,226 | €1,552 | -€674 | -30.3% |
| Gross operating margin | 9900 | €10,768 | -€2,136 | -€12,903 | |
| Operating profit (loss) | 9901 | €4,359 | -€4,838 | -€9,196 | |
| Financial income | 75/76B | €8 | €8 | -€0 | -5.0% |
| Recurring financial income | 75 | €8 | €8 | -€0 | -5.0% |
| Financial charges | 65/66B | €100 | €0 | -€100 | -100.0% |
| Recurring financial charges | 65 | €100 | €0 | -€100 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €4,267 | -€4,830 | -€9,096 | |
| Income taxes | 67/77 | €1,794 | €350 | -€1,445 | -80.5% |
| Profit (loss) for the period | 9904 | €2,472 | -€5,179 | -€7,652 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,472 | -€5,179 | -€7,652 |
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.