HARDEMAN: 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.
HARDEMAN
Largest movements
- Cash -€29,964
down €29,964 (-55.4%), from €54,050 to €24,086
mainly Trade debts (-€17,603) and Stocks and contracts (-€12,723)
- Stocks and contracts +€12,723
up €12,723 (+15.0%), from €84,797 to €97,520
- Tangible fixed assets -€12,551
down €12,551 (-61.9%), from €20,265 to €7,714
of which Furniture and vehicles: -€7,774
- Deferred charges and accrued income -€3,438
down €3,438 (-100.0%), from €3,438 to €0
- Receivables within one year +€1,792
up €1,792 (+80.8%), from €2,219 to €4,011
of which Trade receivables: +€930
- Trade debts -€17,603
down €17,603 (-83.8%), from €21,013 to €3,410
- Other debts -€7,247
down €7,247 (-18.2%), from €39,822 to €32,575
- Profit (loss) carried forward -€6,945
new in 2025: -€6,945
- Staff costs +€31,478
up €31,478 (+48.6%), from €64,706 to €96,184
- Gross operating margin -€24,526
down €24,526 (-18.4%), from €133,538 to €109,013
- Taxes -€13,649
down €13,649 (-99.0%), from €13,790 to €141
- Depreciation -€3,675
down €3,675 (-22.6%), from €16,225 to €12,551
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 | €164,910 | €133,472 | -€31,438 | -19.1% |
| Fixed assets | 21/28 | €20,406 | €7,856 | -€12,551 | -61.5% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €20,265 | €7,714 | -€12,551 | -61.9% |
| Land and buildings | 22 | €4,270 | €1,281 | -€2,989 | -70.0% |
| Plant, machinery and equipment | 23 | €5,341 | €3,554 | -€1,787 | -33.5% |
| Furniture and vehicles | 24 | €10,653 | €2,879 | -€7,774 | -73.0% |
| Financial fixed assets | 28 | €142 | €142 | = | 0.0% |
| Current assets | 29/58 | €144,504 | €125,616 | -€18,887 | -13.1% |
| Stocks and contracts in progress | 3 | €84,797 | €97,520 | +€12,723 | +15.0% |
| Stocks | 30/36 | €84,797 | €97,520 | +€12,723 | +15.0% |
| Amounts receivable within one year | 40/41 | €2,219 | €4,011 | +€1,792 | +80.8% |
| Trade receivables | 40 | €943 | €1,873 | +€930 | +98.6% |
| Other amounts receivable | 41 | €1,275 | €2,137 | +€862 | +67.6% |
| Cash at bank and in hand | 54/58 | €54,050 | €24,086 | -€29,964 | -55.4% |
| Deferred charges and accrued income | 490/1 | €3,438 | €0 | -€3,438 | -100.0% |
| Total equity and liabilities | 10/49 | €164,910 | €133,472 | -€31,438 | -19.1% |
| Equity | 10/15 | €63,854 | €56,909 | -€6,945 | -10.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €57,654 | €57,654 | = | 0.0% |
| Distributable reserves | 133 | €57,654 | €57,654 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€6,945 | -€6,945 | |
| Amounts payable | 17/49 | €101,055 | €76,562 | -€24,493 | -24.2% |
| Amounts payable within one year | 42/48 | €101,055 | €76,562 | -€24,493 | -24.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €21,013 | €3,410 | -€17,603 | -83.8% |
| Suppliers | 440/4 | €21,013 | €3,410 | -€17,603 | -83.8% |
| Taxes, remuneration and social security | 45 | €40,221 | €40,578 | +€357 | +0.9% |
| Taxes | 450/3 | €25,043 | €17,476 | -€7,567 | -30.2% |
| Remuneration and social security | 454/9 | €15,177 | €23,102 | +€7,925 | +52.2% |
| Other amounts payable | 47/48 | €39,822 | €32,575 | -€7,247 | -18.2% |
| Remuneration, social security and pensions | 62 | €64,706 | €96,184 | +€31,478 | +48.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,225 | €12,551 | -€3,675 | -22.6% |
| Other operating charges | 640/8 | €1,866 | €1,894 | +€27 | +1.5% |
| Gross operating margin | 9900 | €133,538 | €109,013 | -€24,526 | -18.4% |
| Operating profit (loss) | 9901 | €50,741 | -€1,615 | -€52,356 | |
| Financial income | 75/76B | €107 | €146 | +€39 | +36.5% |
| Recurring financial income | 75 | €107 | €146 | +€39 | +36.5% |
| Financial charges | 65/66B | €3,039 | €3,460 | +€421 | +13.8% |
| Recurring financial charges | 65 | €3,039 | €3,460 | +€421 | +13.8% |
| Profit (loss) for the period before taxes | 9903 | €47,808 | -€4,930 | -€52,738 | |
| Income taxes | 67/77 | €13,790 | €141 | -€13,649 | -99.0% |
| Profit (loss) for the period | 9904 | €34,019 | -€5,070 | -€39,089 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,019 | -€5,070 | -€39,089 |
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 2 October 2026 via checked.be.