HARCOVEST: what changed
What changed
HARCOVEST
NACE 43.990, Other specialised construction activities
filed annual accounts (NBB)
Net result for the year
€1.0m
2025 · €844,345+€199,969
Equity
€1,200
2025 · €845,545-€844,345
Cash
€3,840
2025 · €1.1m-€1.1m
Balance sheet total
€1.6m
2025 · €1.2m+€429,952
Largest movements
Assets
- Receivables within one year +€1.5m
up €1.5m (+3,531%), from €43,024 to €1.6m
of which Trade receivables: +€1.5m
- Cash -€1.1m
down €1.1m (-99.6%), from €1.1m to €3,840
mainly Contributions, distributions and other (-€1.9m) and Receivables within one year (-€1.5m)
Equity and liabilities
- Other debts +€1.1m
up €1.1m (+1,508%), from €75,647 to €1.2m
- Reserves -€844,345
down €844,345 (-100%), from €844,345 to €0
- Tax, wage and social debts +€134,938
up €134,938 (+59.6%), from €226,457 to €361,395
of which Taxes: +€134,083
Income statement
- Gross operating margin +€278,558
up €278,558 (+24.9%), from €1.1m to €1.4m
- Taxes +€68,887
up €68,887 (+24.7%), from €278,383 to €347,270
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2025
€844,345
Gross operating margin
+€278,558
Depreciation
-€1,768
Other operating charges
+€412
Financial income
-€9,378
Financial charges
+€1,031
Taxes
-€68,887
Result 2026
€1.0m
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€799,973
Investment
€0
Financing
-€1.9m
Cash 2025
€1.1m
From operations (derived)
+€799,973
Net result for the year
+€1.0m
Depreciation
+€3,070
Receivables within one year
-€1.5m
Smaller working-capital items
-€3,859
Tax, wage and social debts
+€134,938
Other debts
+€1.1m
Financing
-€1.9m
Contributions, distributions and other
-€1.9m
Cash 2026
€3,840
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,150,111 | €1,580,063 | +€429,952 | +37.4% |
| Fixed assets | 21/28 | €13,111 | €10,040 | -€3,070 | -23.4% |
| Tangible fixed assets | 22/27 | €13,111 | €10,040 | -€3,070 | -23.4% |
| Plant, machinery and equipment | 23 | €662 | €455 | -€207 | -31.3% |
| Furniture and vehicles | 24 | €12,448 | €9,585 | -€2,863 | -23.0% |
| Current assets | 29/58 | €1,137,000 | €1,570,022 | +€433,022 | +38.1% |
| Amounts receivable within one year | 40/41 | €43,024 | €1,562,231 | +€1.5m | +3,531% |
| Trade receivables | 40 | €21,407 | €1,562,231 | +€1.5m | +7,198% |
| Other amounts receivable | 41 | €21,618 | €0 | -€21,618 | -100% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,092,526 | €3,840 | -€1.1m | -99.6% |
| Deferred charges and accrued income | 490/1 | €1,450 | €3,951 | +€2,502 | +173% |
| Total equity and liabilities | 10/49 | €1,150,111 | €1,580,063 | +€429,952 | +37.4% |
| Equity | 10/15 | €845,545 | €1,200 | -€844,345 | -99.9% |
| Contributions | 10/11 | €1,200 | €1,200 | = | 0.0% |
| Reserves | 13 | €844,345 | €0 | -€844,345 | -100% |
| Distributable reserves | 133 | €844,345 | €0 | -€844,345 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €304,566 | €1,578,863 | +€1.3m | +418% |
| Amounts payable within one year | 42/48 | €303,231 | €1,578,396 | +€1.3m | +421% |
| Trade debts | 44 | €1,128 | €638 | -€490 | -43.4% |
| Suppliers | 440/4 | €1,128 | €638 | -€490 | -43.4% |
| Taxes, remuneration and social security | 45 | €226,457 | €361,395 | +€134,938 | +59.6% |
| Taxes | 450/3 | €224,082 | €358,165 | +€134,083 | +59.8% |
| Remuneration and social security | 454/9 | €2,375 | €3,230 | +€855 | +36.0% |
| Other amounts payable | 47/48 | €75,647 | €1,216,363 | +€1.1m | +1,508% |
| Accrued charges and deferred income | 492/3 | €1,335 | €467 | -€868 | -65.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,303 | €3,070 | +€1,768 | +136% |
| Other operating charges | 640/8 | €1,421 | €1,009 | -€412 | -29.0% |
| Gross operating margin | 9900 | €1,117,643 | €1,396,201 | +€278,558 | +24.9% |
| Operating profit (loss) | 9901 | €1,114,919 | €1,392,121 | +€277,202 | +24.9% |
| Financial income | 75/76B | €9,378 | €0 | -€9,378 | -100% |
| Recurring financial income | 75 | €9,378 | €0 | -€9,378 | -100% |
| Financial charges | 65/66B | €1,569 | €538 | -€1,031 | -65.7% |
| Recurring financial charges | 65 | €1,569 | €538 | -€1,031 | -65.7% |
| Profit (loss) for the period before taxes | 9903 | €1,122,728 | €1,391,584 | +€268,856 | +23.9% |
| Income taxes | 67/77 | €278,383 | €347,270 | +€68,887 | +24.7% |
| Profit (loss) for the period | 9904 | €844,345 | €1,044,314 | +€199,969 | +23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €844,345 | €1,044,314 | +€199,969 | +23.7% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.