HARDEMAN J.: 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 J.
Largest movements
- Tangible fixed assets -€49,997
down €49,997 (-11.2%), from €447,232 to €397,235
of which Plant, machinery and equipment: -€45,230
- Stocks and contracts -€16,500
down €16,500 (-82.5%), from €20,000 to €3,500
- Cash +€16,471
up €16,471 (+58.5%), from €28,156 to €44,627
mainly Depreciation (+€102,997) and Net result for the year (+€64,776)
- Receivables within one year +€9,307
up €9,307 (+38.1%), from €24,456 to €33,763
of which Trade receivables: +€11,568
- Other debts +€47,492
up €47,492 (+58.1%), from €81,708 to €129,200
- Debts after one year -€44,957
down €44,957 (-49.7%), from €90,513 to €45,556
- Short-term financial debts -€30,000
no longer reported in 2025 (was €30,000)
- Trade debts -€23,617
down €23,617 (-89.6%), from €26,371 to €2,754
- Tax, wage and social debts +€14,572
up €14,572 (+1774.3%), from €821 to €15,393
- Gross operating margin +€102,434
up €102,434 (+99.9%), from €102,584 to €205,018
- Depreciation -€11,959
down €11,959 (-10.4%), from €114,956 to €102,997
- Financial charges +€8,181
up €8,181 (+109.1%), from €7,499 to €15,680
- Taxes +€7,908
new in 2025: €7,908
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 | €532,950 | €491,250 | -€41,700 | -7.8% |
| Fixed assets | 21/28 | €447,232 | €397,235 | -€49,997 | -11.2% |
| Tangible fixed assets | 22/27 | €447,232 | €397,235 | -€49,997 | -11.2% |
| Plant, machinery and equipment | 23 | €423,398 | €378,168 | -€45,230 | -10.7% |
| Furniture and vehicles | 24 | €23,834 | €19,067 | -€4,767 | -20.0% |
| Current assets | 29/58 | €85,718 | €94,015 | +€8,297 | +9.7% |
| Stocks and contracts in progress | 3 | €20,000 | €3,500 | -€16,500 | -82.5% |
| Stocks | 30/36 | €20,000 | €3,500 | -€16,500 | -82.5% |
| Amounts receivable within one year | 40/41 | €24,456 | €33,763 | +€9,307 | +38.1% |
| Trade receivables | 40 | €16,502 | €28,070 | +€11,568 | +70.1% |
| Other amounts receivable | 41 | €7,954 | €5,693 | -€2,261 | -28.4% |
| Cash at bank and in hand | 54/58 | €28,156 | €44,627 | +€16,471 | +58.5% |
| Deferred charges and accrued income | 490/1 | €13,107 | €12,125 | -€982 | -7.5% |
| Total equity and liabilities | 10/49 | €532,950 | €491,250 | -€41,700 | -7.8% |
| Equity | 10/15 | €212,248 | €209,845 | -€2,403 | -1.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €193,656 | €191,253 | -€2,403 | -1.2% |
| Tax-exempt reserves | 132 | - | €26,467 | +€26,467 | |
| Distributable reserves | 133 | €193,656 | €164,786 | -€28,871 | -14.9% |
| Provisions and deferred taxes | 16 | - | €8,822 | +€8,822 | |
| Deferred taxes | 168 | - | €8,822 | +€8,822 | |
| Amounts payable | 17/49 | €320,701 | €272,582 | -€48,120 | -15.0% |
| Amounts payable after more than one year | 17 | €90,513 | €45,556 | -€44,957 | -49.7% |
| Financial debts | 170/4 | €90,513 | €45,556 | -€44,957 | -49.7% |
| Amounts payable within one year | 42/48 | €230,189 | €227,026 | -€3,162 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | €91,288 | €79,680 | -€11,609 | -12.7% |
| Financial debts | 43 | €30,000 | - | -€30,000 | |
| Credit institutions | 430/8 | €30,000 | - | -€30,000 | |
| Trade debts | 44 | €26,371 | €2,754 | -€23,617 | -89.6% |
| Suppliers | 440/4 | €26,371 | €2,754 | -€23,617 | -89.6% |
| Taxes, remuneration and social security | 45 | €821 | €15,393 | +€14,572 | +1774.3% |
| Taxes | 450/3 | €821 | €15,393 | +€14,572 | +1774.3% |
| Other amounts payable | 47/48 | €81,708 | €129,200 | +€47,492 | +58.1% |
| Non-recurring operating income | 76A | - | €36,000 | +€36,000 | |
| Remuneration, social security and pensions | 62 | - | €45 | +€45 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,956 | €102,997 | -€11,959 | -10.4% |
| Other operating charges | 640/8 | €4,190 | €5,048 | +€859 | +20.5% |
| Gross operating margin | 9900 | €102,584 | €205,018 | +€102,434 | +99.9% |
| Operating profit (loss) | 9901 | -€16,562 | €96,927 | +€113,489 | |
| Financial income | 75/76B | €1,137 | €258 | -€879 | -77.3% |
| Recurring financial income | 75 | €1,137 | €258 | -€879 | -77.3% |
| Financial charges | 65/66B | €7,499 | €15,680 | +€8,181 | +109.1% |
| Recurring financial charges | 65 | €7,499 | €15,680 | +€8,181 | +109.1% |
| Profit (loss) for the period before taxes | 9903 | -€22,924 | €81,506 | +€104,430 | |
| Transfer from deferred taxes | 780 | - | €178 | +€178 | |
| Transfer to deferred taxes | 680 | - | €9,000 | +€9,000 | |
| Income taxes | 67/77 | - | €7,908 | +€7,908 | |
| Profit (loss) for the period | 9904 | -€22,924 | €64,776 | +€87,700 | |
| Transfer from tax-exempt reserves | 789 | - | €533 | +€533 | |
| Transfer to tax-exempt reserves | 689 | - | €27,000 | +€27,000 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,924 | €38,309 | +€61,232 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.