Hardenne Construct: 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.
Hardenne Construct
Largest movements
- Receivables within one year +€79,589
up €79,589 (+34.9%), from €227,888 to €307,477
of which Trade receivables: +€134,325
- Cash +€33,829
up €33,829 (+596%), from €5,673 to €39,501
mainly Other debts (+€121,802) and Trade debts (+€43,994)
- Tangible fixed assets +€18,757
up €18,757 (+29.3%), from €63,985 to €82,742
of which Plant, machinery and equipment: +€31,212
- Stocks and contracts +€7,725
up €7,725 (+5.4%), from €142,662 to €150,388
of which Stocks: +€15,082
- Deferred charges and accrued income +€5,961
new in 2025: €5,961
- Other debts +€121,802
new in 2025: €121,802
- Short-term financial debts -€59,701
no longer reported in 2025 (was €59,701)
- Trade debts +€43,994
up €43,994 (+13.7%), from €321,378 to €365,372
- Advances received +€41,000
up €41,000 (+1,367%), from €3,000 to €44,000
- Profit (loss) carried forward +€32,974
up €32,974 (+70.6%), from -€46,688 to -€13,714
- Gross operating margin +€89,971
up €89,971 (+765%), from €11,759 to €101,730
- Staff costs -€9,923
down €9,923 (-19.7%), from €50,377 to €40,455
- Depreciation +€9,677
up €9,677 (+184%), from €5,267 to €14,943
- Financial charges +€7,161
up €7,161 (+190%), from €3,768 to €10,928
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 | €440,209 | €586,069 | +€145,861 | +33.1% |
| Fixed assets | 21/28 | €63,985 | €82,742 | +€18,757 | +29.3% |
| Tangible fixed assets | 22/27 | €63,985 | €82,742 | +€18,757 | +29.3% |
| Plant, machinery and equipment | 23 | €6,070 | €37,282 | +€31,212 | +514% |
| Furniture and vehicles | 24 | €4,380 | €3,076 | -€1,304 | -29.8% |
| Leasing and similar rights | 25 | €53,535 | €42,383 | -€11,152 | -20.8% |
| Current assets | 29/58 | €376,223 | €503,327 | +€127,104 | +33.8% |
| Stocks and contracts in progress | 3 | €142,662 | €150,388 | +€7,725 | +5.4% |
| Stocks | 30/36 | €69,440 | €84,522 | +€15,082 | +21.7% |
| Contracts in progress | 37 | €73,222 | €65,865 | -€7,357 | -10.0% |
| Amounts receivable within one year | 40/41 | €227,888 | €307,477 | +€79,589 | +34.9% |
| Trade receivables | 40 | €137,769 | €272,094 | +€134,325 | +97.5% |
| Other amounts receivable | 41 | €90,119 | €35,383 | -€54,737 | -60.7% |
| Cash at bank and in hand | 54/58 | €5,673 | €39,501 | +€33,829 | +596% |
| Deferred charges and accrued income | 490/1 | - | €5,961 | +€5,961 | |
| Total equity and liabilities | 10/49 | €440,209 | €586,069 | +€145,861 | +33.1% |
| Equity | 10/15 | -€27,688 | €5,286 | +€32,974 | |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€46,688 | -€13,714 | +€32,974 | +70.6% |
| Amounts payable | 17/49 | €467,897 | €580,783 | +€112,887 | +24.1% |
| Amounts payable after more than one year | 17 | €46,478 | €31,957 | -€14,522 | -31.2% |
| Financial debts | 170/4 | €46,478 | €31,957 | -€14,522 | -31.2% |
| Amounts payable within one year | 42/48 | €421,418 | €548,623 | +€127,204 | +30.2% |
| Current portion of amounts payable after more than one year | 42 | €15,149 | €14,522 | -€627 | -4.1% |
| Financial debts | 43 | €59,701 | - | -€59,701 | |
| Credit institutions | 430/8 | €59,701 | - | -€59,701 | |
| Trade debts | 44 | €321,378 | €365,372 | +€43,994 | +13.7% |
| Suppliers | 440/4 | €321,378 | €365,372 | +€43,994 | +13.7% |
| Advances received on contracts in progress | 46 | €3,000 | €44,000 | +€41,000 | +1,367% |
| Taxes, remuneration and social security | 45 | €22,190 | €2,927 | -€19,263 | -86.8% |
| Taxes | 450/3 | €17,702 | €2,927 | -€14,775 | -83.5% |
| Remuneration and social security | 454/9 | €4,488 | - | -€4,488 | |
| Other amounts payable | 47/48 | - | €121,802 | +€121,802 | |
| Accrued charges and deferred income | 492/3 | - | €204 | +€204 | |
| Remuneration, social security and pensions | 62 | €50,377 | €40,455 | -€9,923 | -19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,267 | €14,943 | +€9,677 | +184% |
| Other operating charges | 640/8 | €2,294 | €2,373 | +€80 | +3.5% |
| Gross operating margin | 9900 | €11,759 | €101,730 | +€89,971 | +765% |
| Operating profit (loss) | 9901 | -€46,179 | €43,959 | +€90,138 | |
| Financial income | 75/76B | €794 | €1,026 | +€232 | +29.3% |
| Recurring financial income | 75 | €679 | €1,026 | +€347 | +51.2% |
| Non-recurring financial income | 76B | €115 | - | -€115 | |
| Financial charges | 65/66B | €3,768 | €10,928 | +€7,161 | +190% |
| Recurring financial charges | 65 | €3,768 | €10,928 | +€7,161 | +190% |
| Profit (loss) for the period before taxes | 9903 | -€49,153 | €34,057 | +€83,210 | |
| Income taxes | 67/77 | €960 | €1,083 | +€123 | +12.8% |
| Profit (loss) for the period | 9904 | -€50,113 | €32,974 | +€83,087 | |
| Profit (loss) for the period to be appropriated | 9905 | -€50,113 | €32,974 | +€83,087 |
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 13 October 2026 via checked.be.