HARDECO: 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.
HARDECO
Largest movements
- Cash +€85,378
up €85,378 (+77.7%), from €109,935 to €195,312
mainly Other debts (+€48,539) and Net result for the year (+€43,894)
- Current investments +€50,000
up €50,000 (+11.1%), from €450,000 to €500,000
- Tangible fixed assets -€35,144
down €35,144 (-6.0%), from €590,219 to €555,075
of which Land and buildings: -€32,198
- Other debts +€48,539
up €48,539 (+7.6%), from €636,631 to €685,170
- Reserves +€43,894
up €43,894 (+17.4%), from €252,450 to €296,344
of which Distributable reserves: +€51,826
- Trade debts +€13,657
up €13,657 (+184%), from €7,422 to €21,079
- Depreciation -€4,223
down €4,223 (-10.2%), from €41,427 to €37,204
- Financial income -€4,064
down €4,064 (-32.1%), from €12,650 to €8,586
- Gross operating margin -€1,468
down €1,468 (-1.1%), from €129,056 to €127,588
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 | €1,159,998 | €1,262,870 | +€102,872 | +8.9% |
| Fixed assets | 21/28 | €590,238 | €555,094 | -€35,144 | -6.0% |
| Tangible fixed assets | 22/27 | €590,219 | €555,075 | -€35,144 | -6.0% |
| Land and buildings | 22 | €583,654 | €551,457 | -€32,198 | -5.5% |
| Plant, machinery and equipment | 23 | - | €1,308 | +€1,308 | |
| Furniture and vehicles | 24 | €6,565 | €2,310 | -€4,254 | -64.8% |
| Financial fixed assets | 28 | €19 | €19 | = | 0.0% |
| Current assets | 29/58 | €569,760 | €707,776 | +€138,016 | +24.2% |
| Amounts receivable within one year | 40/41 | €6,576 | €9,963 | +€3,387 | +51.5% |
| Trade receivables | 40 | - | €6,050 | +€6,050 | |
| Other amounts receivable | 41 | €6,576 | €3,913 | -€2,663 | -40.5% |
| Current investments | 50/53 | €450,000 | €500,000 | +€50,000 | +11.1% |
| Cash at bank and in hand | 54/58 | €109,935 | €195,312 | +€85,378 | +77.7% |
| Deferred charges and accrued income | 490/1 | €3,250 | €2,500 | -€749 | -23.1% |
| Total equity and liabilities | 10/49 | €1,159,998 | €1,262,870 | +€102,872 | +8.9% |
| Equity | 10/15 | €452,450 | €496,344 | +€43,894 | +9.7% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €252,450 | €296,344 | +€43,894 | +17.4% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €105,750 | €97,819 | -€7,931 | -7.5% |
| Distributable reserves | 133 | €126,700 | €178,525 | +€51,826 | +40.9% |
| Provisions and deferred taxes | 16 | €35,250 | €32,606 | -€2,644 | -7.5% |
| Deferred taxes | 168 | €35,250 | €32,606 | -€2,644 | -7.5% |
| Amounts payable | 17/49 | €672,298 | €733,920 | +€61,621 | +9.2% |
| Amounts payable within one year | 42/48 | €657,306 | €718,203 | +€60,897 | +9.3% |
| Trade debts | 44 | €7,422 | €21,079 | +€13,657 | +184% |
| Suppliers | 440/4 | €7,422 | €21,079 | +€13,657 | +184% |
| Taxes, remuneration and social security | 45 | €13,253 | €11,954 | -€1,299 | -9.8% |
| Taxes | 450/3 | €10,253 | €9,704 | -€549 | -5.4% |
| Remuneration and social security | 454/9 | €3,000 | €2,250 | -€750 | -25.0% |
| Other amounts payable | 47/48 | €636,631 | €685,170 | +€48,539 | +7.6% |
| Accrued charges and deferred income | 492/3 | €14,992 | €15,717 | +€724 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,427 | €37,204 | -€4,223 | -10.2% |
| Other operating charges | 640/8 | €15,259 | €16,081 | +€822 | +5.4% |
| Gross operating margin | 9900 | €129,056 | €127,588 | -€1,468 | -1.1% |
| Operating profit (loss) | 9901 | €72,370 | €74,303 | +€1,933 | +2.7% |
| Financial income | 75/76B | €12,650 | €8,586 | -€4,064 | -32.1% |
| Recurring financial income | 75 | €12,650 | €8,586 | -€4,064 | -32.1% |
| Financial charges | 65/66B | €22,352 | €22,976 | +€624 | +2.8% |
| Recurring financial charges | 65 | €22,352 | €22,976 | +€624 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €62,668 | €59,913 | -€2,755 | -4.4% |
| Transfer from deferred taxes | 780 | €2,644 | €2,644 | = | 0.0% |
| Income taxes | 67/77 | €19,171 | €18,663 | -€508 | -2.7% |
| Profit (loss) for the period | 9904 | €46,141 | €43,894 | -€2,247 | -4.9% |
| Transfer from tax-exempt reserves | 789 | €7,931 | €7,931 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,072 | €51,826 | -€2,247 | -4.2% |
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 15 October 2026 via checked.be.