HARD&CO: 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.
HARD&CO
Largest movements
- Receivables within one year -€95,177
down €95,177 (-25.1%), from €379,313 to €284,135
of which Trade receivables: -€93,672
- Cash +€32,328
up €32,328 (+10.0%), from €323,056 to €355,383
mainly Other debts (+€100,953) and Receivables within one year (+€95,177)
- Tangible fixed assets -€20,183
down €20,183 (-21.1%), from €95,500 to €75,317
of which Other tangible fixed assets: -€20,424
- Stocks and contracts +€17,784
up €17,784 (+13.8%), from €128,776 to €146,560
- Other debts +€100,953
up €100,953 (+46436.5%), from €217 to €101,170
- Profit (loss) carried forward -€80,906
down €80,906 (-48.5%), from €166,791 to €85,885
- Current portion of long-term debt -€36,068
down €36,068 (-57.9%), from €62,244 to €26,176
- Debts after one year -€26,176
no longer reported in 2025 (was €26,176)
- Trade debts -€18,572
down €18,572 (-48.5%), from €38,303 to €19,731
- Staff costs +€35,112
up €35,112 (+15.7%), from €223,796 to €258,907
- Gross operating margin +€17,005
up €17,005 (+6.7%), from €254,976 to €271,981
- Depreciation -€7,601
down €7,601 (-25.8%), from €29,479 to €21,878
- Financial income +€5,334
up €5,334 (+14.7%), from €36,253 to €41,587
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 | €947,277 | €882,390 | -€64,886 | -6.8% |
| Fixed assets | 21/28 | €112,358 | €92,175 | -€20,183 | -18.0% |
| Tangible fixed assets | 22/27 | €95,500 | €75,317 | -€20,183 | -21.1% |
| Plant, machinery and equipment | 23 | €1,235 | €1,838 | +€603 | +48.8% |
| Furniture and vehicles | 24 | €693 | €331 | -€361 | -52.2% |
| Other tangible fixed assets | 26 | €93,572 | €73,148 | -€20,424 | -21.8% |
| Financial fixed assets | 28 | €16,859 | €16,859 | = | 0.0% |
| Current assets | 29/58 | €834,918 | €790,215 | -€44,704 | -5.4% |
| Stocks and contracts in progress | 3 | €128,776 | €146,560 | +€17,784 | +13.8% |
| Stocks | 30/36 | €128,776 | €146,560 | +€17,784 | +13.8% |
| Amounts receivable within one year | 40/41 | €379,313 | €284,135 | -€95,177 | -25.1% |
| Trade receivables | 40 | €360,352 | €266,680 | -€93,672 | -26.0% |
| Other amounts receivable | 41 | €18,961 | €17,456 | -€1,505 | -7.9% |
| Cash at bank and in hand | 54/58 | €323,056 | €355,383 | +€32,328 | +10.0% |
| Deferred charges and accrued income | 490/1 | €3,774 | €4,136 | +€362 | +9.6% |
| Total equity and liabilities | 10/49 | €947,277 | €882,390 | -€64,886 | -6.8% |
| Equity | 10/15 | €266,791 | €185,885 | -€80,906 | -30.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €166,791 | €85,885 | -€80,906 | -48.5% |
| Amounts payable | 17/49 | €680,486 | €696,505 | +€16,019 | +2.4% |
| Amounts payable after more than one year | 17 | €26,176 | - | -€26,176 | |
| Financial debts | 170/4 | €26,176 | - | -€26,176 | |
| Amounts payable within one year | 42/48 | €654,310 | €696,505 | +€42,195 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €62,244 | €26,176 | -€36,068 | -57.9% |
| Trade debts | 44 | €38,303 | €19,731 | -€18,572 | -48.5% |
| Suppliers | 440/4 | €38,303 | €19,731 | -€18,572 | -48.5% |
| Advances received on contracts in progress | 46 | €522,506 | €506,503 | -€16,003 | -3.1% |
| Taxes, remuneration and social security | 45 | €31,040 | €42,925 | +€11,886 | +38.3% |
| Taxes | 450/3 | €32 | €4,472 | +€4,440 | +14096.7% |
| Remuneration and social security | 454/9 | €31,008 | €38,453 | +€7,445 | +24.0% |
| Other amounts payable | 47/48 | €217 | €101,170 | +€100,953 | +46436.5% |
| Non-recurring operating income | 76A | €2,740 | - | -€2,740 | |
| Remuneration, social security and pensions | 62 | €223,796 | €258,907 | +€35,112 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,479 | €21,878 | -€7,601 | -25.8% |
| Other operating charges | 640/8 | €1,588 | €1,717 | +€129 | +8.1% |
| Gross operating margin | 9900 | €254,976 | €271,981 | +€17,005 | +6.7% |
| Operating profit (loss) | 9901 | €114 | -€10,521 | -€10,635 | |
| Financial income | 75/76B | €36,253 | €41,587 | +€5,334 | +14.7% |
| Recurring financial income | 75 | €36,253 | €41,587 | +€5,334 | +14.7% |
| Financial charges | 65/66B | €4,655 | €3,457 | -€1,198 | -25.7% |
| Recurring financial charges | 65 | €4,655 | €3,457 | -€1,198 | -25.7% |
| Profit (loss) for the period before taxes | 9903 | €31,712 | €27,609 | -€4,103 | -12.9% |
| Income taxes | 67/77 | €8,425 | €8,515 | +€90 | +1.1% |
| Profit (loss) for the period | 9904 | €23,287 | €19,094 | -€4,193 | -18.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,287 | €19,094 | -€4,193 | -18.0% |
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 8 October 2026 via checked.be.