HARDEF: 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.
HARDEF
Largest movements
- Tangible fixed assets -€9,446
down €9,446 (-9.3%), from €101,822 to €92,377
of which Furniture and vehicles: -€6,533
- Cash -€7,039
down €7,039 (-39.3%), from €17,898 to €10,859
mainly Investment in fixed assets (net) (-€12,096) and Debts after one year (-€6,609)
- Receivables within one year +€1,589
up €1,589 (+482.7%), from €329 to €1,918
of which Trade receivables: +€1,621
- Debts after one year -€6,609
down €6,609 (-21.7%), from €30,500 to €23,890
- Trade debts -€4,765
down €4,765 (-39.2%), from €12,153 to €7,388
- Other debts -€3,579
down €3,579 (-4.7%), from €75,518 to €71,939
- Gross operating margin +€13,087
up €13,087 (+85.1%), from €15,378 to €28,465
- Depreciation +€4,807
up €4,807 (+28.7%), from €16,735 to €21,541
- Financial charges +€1,778
up €1,778 (+73.4%), from €2,422 to €4,200
- Other operating charges +€1,637
up €1,637 (+90.8%), from €1,803 to €3,439
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 | €121,674 | €106,724 | -€14,950 | -12.3% |
| Fixed assets | 21/28 | €101,822 | €92,377 | -€9,446 | -9.3% |
| Tangible fixed assets | 22/27 | €101,822 | €92,377 | -€9,446 | -9.3% |
| Land and buildings | 22 | €78,994 | €77,675 | -€1,319 | -1.7% |
| Plant, machinery and equipment | 23 | €4,370 | €2,777 | -€1,593 | -36.5% |
| Furniture and vehicles | 24 | €18,457 | €11,925 | -€6,533 | -35.4% |
| Current assets | 29/58 | €19,852 | €14,348 | -€5,504 | -27.7% |
| Amounts receivable within one year | 40/41 | €329 | €1,918 | +€1,589 | +482.7% |
| Trade receivables | 40 | €101 | €1,722 | +€1,621 | +1608.1% |
| Other amounts receivable | 41 | €228 | €197 | -€32 | -13.9% |
| Cash at bank and in hand | 54/58 | €17,898 | €10,859 | -€7,039 | -39.3% |
| Deferred charges and accrued income | 490/1 | €1,624 | €1,570 | -€54 | -3.3% |
| Total equity and liabilities | 10/49 | €121,674 | €106,724 | -€14,950 | -12.3% |
| Equity | 10/15 | -€3,272 | -€3,932 | -€660 | -20.2% |
| Contributions | 10/11 | €6,600 | €6,600 | = | 0.0% |
| Outside capital | 11 | €6,600 | €6,600 | = | 0.0% |
| Other | 1109/19 | €6,600 | €6,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,872 | -€10,532 | -€660 | -6.7% |
| Amounts payable | 17/49 | €124,946 | €110,656 | -€14,290 | -11.4% |
| Amounts payable after more than one year | 17 | €30,500 | €23,890 | -€6,609 | -21.7% |
| Financial debts | 170/4 | €30,500 | €23,890 | -€6,609 | -21.7% |
| Amounts payable within one year | 42/48 | €94,446 | €86,766 | -€7,680 | -8.1% |
| Current portion of amounts payable after more than one year | 42 | €6,000 | €6,425 | +€425 | +7.1% |
| Trade debts | 44 | €12,153 | €7,388 | -€4,765 | -39.2% |
| Suppliers | 440/4 | €12,153 | €7,388 | -€4,765 | -39.2% |
| Taxes, remuneration and social security | 45 | €775 | €1,014 | +€239 | +30.9% |
| Taxes | 450/3 | €775 | €1,014 | +€239 | +30.9% |
| Other amounts payable | 47/48 | €75,518 | €71,939 | -€3,579 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,735 | €21,541 | +€4,807 | +28.7% |
| Other operating charges | 640/8 | €1,803 | €3,439 | +€1,637 | +90.8% |
| Gross operating margin | 9900 | €15,378 | €28,465 | +€13,087 | +85.1% |
| Operating profit (loss) | 9901 | -€3,159 | €3,485 | +€6,644 | |
| Financial income | 75/76B | €11 | €74 | +€63 | +565.8% |
| Recurring financial income | 75 | €11 | €74 | +€63 | +565.8% |
| Financial charges | 65/66B | €2,422 | €4,200 | +€1,778 | +73.4% |
| Recurring financial charges | 65 | €2,422 | €4,200 | +€1,778 | +73.4% |
| Profit (loss) for the period before taxes | 9903 | -€5,570 | -€641 | +€4,929 | +88.5% |
| Income taxes | 67/77 | - | €19 | +€19 | |
| Profit (loss) for the period | 9904 | -€5,570 | -€660 | +€4,910 | +88.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,570 | -€660 | +€4,910 | +88.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.