HARD EIGHT: 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 EIGHT
Largest movements
- Tangible fixed assets -€616,266
down €616,266 (-96.1%), from €641,296 to €25,030
of which Land and buildings: -€635,792
- Receivables within one year +€16,632
up €16,632 (+10.7%), from €154,929 to €171,561
of which Other amounts receivable: +€20,369
- Cash -€13,709
down €13,709 (-17.2%), from €79,536 to €65,826
mainly Contributions, distributions and other (-€626,000) and Debts after one year (-€397,488)
- Debts after one year -€397,488
down €397,488 (-100.0%), from €397,488 to €0
- Reserves -€391,000
down €391,000 (-98.7%), from €396,000 to €5,000
- Other debts +€184,479
up €184,479, from €0 to €184,479
- Current portion of long-term debt -€44,936
down €44,936 (-100.0%), from €44,936 to €0
- Tax, wage and social debts +€24,488
up €24,488 (+106.4%), from €23,008 to €47,496
of which Taxes: +€29,488
- Gross operating margin -€15,414
down €15,414 (-4.7%), from €325,242 to €309,828
- Taxes -€7,869
down €7,869 (-9.9%), from €79,654 to €71,786
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €885,107 | €266,125 | -€618,982 | -69.9% |
| Fixed assets | 21/28 | €649,294 | €27,438 | -€621,856 | -95.8% |
| Tangible fixed assets | 22/27 | €641,296 | €25,030 | -€616,266 | -96.1% |
| Land and buildings | 22 | €635,792 | €0 | -€635,792 | -100.0% |
| Plant, machinery and equipment | 23 | - | €21,281 | +€21,281 | |
| Furniture and vehicles | 24 | €5,505 | €3,749 | -€1,755 | -31.9% |
| Financial fixed assets | 28 | €7,998 | €2,408 | -€5,590 | -69.9% |
| Current assets | 29/58 | €235,812 | €238,687 | +€2,874 | +1.2% |
| Amounts receivable within one year | 40/41 | €154,929 | €171,561 | +€16,632 | +10.7% |
| Trade receivables | 40 | €42,083 | €38,347 | -€3,737 | -8.9% |
| Other amounts receivable | 41 | €112,846 | €133,214 | +€20,369 | +18.0% |
| Cash at bank and in hand | 54/58 | €79,536 | €65,826 | -€13,709 | -17.2% |
| Deferred charges and accrued income | 490/1 | €1,348 | €1,300 | -€48 | -3.6% |
| Total equity and liabilities | 10/49 | €885,107 | €266,125 | -€618,982 | -69.9% |
| Equity | 10/15 | €415,574 | €24,348 | -€391,227 | -94.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €396,000 | €5,000 | -€391,000 | -98.7% |
| Distributable reserves | 133 | €396,000 | €5,000 | -€391,000 | -98.7% |
| Profit (loss) carried forward | 14 | €974 | €748 | -€227 | -23.3% |
| Amounts payable | 17/49 | €469,533 | €241,777 | -€227,755 | -48.5% |
| Amounts payable after more than one year | 17 | €397,488 | €0 | -€397,488 | -100.0% |
| Financial debts | 170/4 | €397,488 | €0 | -€397,488 | -100.0% |
| Amounts payable within one year | 42/48 | €72,044 | €241,777 | +€169,733 | +235.6% |
| Current portion of amounts payable after more than one year | 42 | €44,936 | €0 | -€44,936 | -100.0% |
| Trade debts | 44 | €4,101 | €9,803 | +€5,702 | +139.1% |
| Suppliers | 440/4 | €4,101 | €9,803 | +€5,702 | +139.1% |
| Taxes, remuneration and social security | 45 | €23,008 | €47,496 | +€24,488 | +106.4% |
| Taxes | 450/3 | €18,008 | €47,496 | +€29,488 | +163.8% |
| Remuneration and social security | 454/9 | €5,000 | €0 | -€5,000 | -100.0% |
| Other amounts payable | 47/48 | €0 | €184,479 | +€184,479 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,725 | €5,875 | -€850 | -12.6% |
| Other operating charges | 640/8 | €3,178 | €3,819 | +€641 | +20.2% |
| Gross operating margin | 9900 | €325,242 | €309,828 | -€15,414 | -4.7% |
| Operating profit (loss) | 9901 | €315,340 | €300,134 | -€15,206 | -4.8% |
| Financial income | 75/76B | €20,795 | €20,380 | -€414 | -2.0% |
| Recurring financial income | 75 | €20,795 | €20,380 | -€414 | -2.0% |
| Financial charges | 65/66B | €16,732 | €13,955 | -€2,777 | -16.6% |
| Recurring financial charges | 65 | €16,732 | €13,955 | -€2,777 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €319,402 | €306,559 | -€12,843 | -4.0% |
| Income taxes | 67/77 | €79,654 | €71,786 | -€7,869 | -9.9% |
| Profit (loss) for the period | 9904 | €239,748 | €234,773 | -€4,975 | -2.1% |
| Profit (loss) for the period to be appropriated | 9905 | €239,748 | €234,773 | -€4,975 | -2.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.