HARDBOUW: what changed
Two financial 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.
HARDBOUW
Largest movements
- Receivables within one year -€38,696
down €38,696 (-44.6%), from €86,669 to €47,972
of which Other amounts receivable: -€43,816
- Cash +€29,520
up €29,520 (+48.5%), from €60,845 to €90,365
mainly Receivables within one year (+€38,696) and Depreciation (+€28,190)
- Tangible fixed assets -€26,055
down €26,055 (-27.4%), from €95,147 to €69,091
- Deferred charges and accrued income +€3,732
up €3,732 (+7.9%), from €46,970 to €50,701
- Debts after one year -€22,636
down €22,636 (-39.5%), from €57,370 to €34,734
- Trade debts -€20,750
down €20,750 (-41.8%), from €49,614 to €28,864
- Tax, wage and social debts +€5,551
up €5,551 (+45.8%), from €12,117 to €17,668
of which Remuneration and social security: +€7,433
- Other debts +€4,822
up €4,822 (+8.2%), from €59,168 to €63,990
- Gross operating margin +€61,866
up €61,866 (+340%), from €18,190 to €80,057
- Depreciation +€7,031
up €7,031 (+33.2%), from €21,159 to €28,190
- Staff costs +€3,982
up €3,982 (+9.6%), from €41,368 to €45,350
- Taxes +€1,754
up €1,754, from -€1,415 to €339
- Financial income -€1,110
down €1,110 (-77.6%), from €1,431 to €321
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.
Derived cash bridge
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 | €293,680 | €262,180 | -€31,500 | -10.7% |
| Fixed assets | 21/28 | €95,147 | €69,091 | -€26,055 | -27.4% |
| Tangible fixed assets | 22/27 | €95,147 | €69,091 | -€26,055 | -27.4% |
| Furniture and vehicles | 24 | €95,147 | €69,091 | -€26,055 | -27.4% |
| Current assets | 29/58 | €198,533 | €193,089 | -€5,444 | -2.7% |
| Stocks and contracts in progress | 3 | €4,050 | €4,050 | = | 0.0% |
| Stocks | 30/36 | €4,050 | €4,050 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €86,669 | €47,972 | -€38,696 | -44.6% |
| Trade receivables | 40 | €30,977 | €36,097 | +€5,119 | +16.5% |
| Other amounts receivable | 41 | €55,692 | €11,876 | -€43,816 | -78.7% |
| Cash at bank and in hand | 54/58 | €60,845 | €90,365 | +€29,520 | +48.5% |
| Deferred charges and accrued income | 490/1 | €46,970 | €50,701 | +€3,732 | +7.9% |
| Total equity and liabilities | 10/49 | €293,680 | €262,180 | -€31,500 | -10.7% |
| Equity | 10/15 | €93,310 | €94,045 | +€734 | +0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €72,850 | €73,585 | +€734 | +1.0% |
| Amounts payable | 17/49 | €200,369 | €168,135 | -€32,234 | -16.1% |
| Amounts payable after more than one year | 17 | €57,370 | €34,734 | -€22,636 | -39.5% |
| Financial debts | 170/4 | €57,370 | €34,734 | -€22,636 | -39.5% |
| Amounts payable within one year | 42/48 | €142,999 | €133,401 | -€9,598 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €22,100 | €22,879 | +€779 | +3.5% |
| Trade debts | 44 | €49,614 | €28,864 | -€20,750 | -41.8% |
| Suppliers | 440/4 | €49,614 | €28,864 | -€20,750 | -41.8% |
| Taxes, remuneration and social security | 45 | €12,117 | €17,668 | +€5,551 | +45.8% |
| Taxes | 450/3 | €6,766 | €4,884 | -€1,882 | -27.8% |
| Remuneration and social security | 454/9 | €5,351 | €12,784 | +€7,433 | +139% |
| Other amounts payable | 47/48 | €59,168 | €63,990 | +€4,822 | +8.2% |
| Remuneration, social security and pensions | 62 | €41,368 | €45,350 | +€3,982 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,159 | €28,190 | +€7,031 | +33.2% |
| Other operating charges | 640/8 | €1,793 | €792 | -€1,000 | -55.8% |
| Gross operating margin | 9900 | €18,190 | €80,057 | +€61,866 | +340% |
| Operating profit (loss) | 9901 | -€46,129 | €5,724 | +€51,853 | |
| Financial income | 75/76B | €1,431 | €321 | -€1,110 | -77.6% |
| Recurring financial income | 75 | €1,431 | €321 | -€1,110 | -77.6% |
| Financial charges | 65/66B | €4,130 | €4,972 | +€842 | +20.4% |
| Recurring financial charges | 65 | €4,130 | €4,972 | +€842 | +20.4% |
| Profit (loss) for the period before taxes | 9903 | -€48,828 | €1,073 | +€49,901 | |
| Income taxes | 67/77 | -€1,415 | €339 | +€1,754 | |
| Profit (loss) for the period | 9904 | -€47,412 | €734 | +€48,147 | |
| Profit (loss) for the period to be appropriated | 9905 | -€47,412 | €734 | +€48,147 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.