HARDES: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
HARDES
Largest movements
- Financial fixed assets -€71,200
no longer reported in 2025 (was €71,200)
- Cash +€42,937
up €42,937 (+172%), from €24,895 to €67,832
mainly Net result for the year (+€73,911) and Investment in fixed assets (net) (+€42,188)
- Receivables within one year +€32,702
up €32,702 (+1,203%), from €2,717 to €35,419
of which Other amounts receivable: +€18,449
- Tangible fixed assets +€18,093
up €18,093 (+13.5%), from €133,611 to €151,704
of which Land and buildings: +€14,407
- Deferred charges and accrued income +€2,757
up €2,757 (+154%), from €1,788 to €4,545
- Profit (loss) carried forward +€61,775
up €61,775 (+317%), from €19,497 to €81,272
- Contributions -€39,684
down €39,684 (-56.7%), from €70,000 to €30,316
- Short-term financial debts +€12,529
new in 2025: €12,529
- Debts after one year -€9,629
down €9,629 (-7.5%), from €127,879 to €118,250
- Gross operating margin +€29,736
up €29,736 (+225%), from €13,226 to €42,963
- Taxes +€6,956
up €6,956 (+638%), from €1,090 to €8,046
- Financial charges +€5,564
up €5,564 (+133%), from €4,175 to €9,739
- Financial income +€2,435
up €2,435 (+4.1%), from €59,174 to €61,609
of which Non-recurring financial income: +€4,266
- Depreciation +€2,210
up €2,210 (+25.4%), from €8,708 to €10,918
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €234,211 | €260,500 | +€26,290 | +11.2% |
| Fixed assets | 21/28 | €204,811 | €151,704 | -€53,107 | -25.9% |
| Tangible fixed assets | 22/27 | €133,611 | €151,704 | +€18,093 | +13.5% |
| Land and buildings | 22 | €133,422 | €147,829 | +€14,407 | +10.8% |
| Furniture and vehicles | 24 | €189 | €3,876 | +€3,686 | +1,949% |
| Financial fixed assets | 28 | €71,200 | - | -€71,200 | |
| Current assets | 29/58 | €29,400 | €108,796 | +€79,396 | +270% |
| Amounts receivable within one year | 40/41 | €2,717 | €35,419 | +€32,702 | +1,203% |
| Trade receivables | 40 | - | €14,253 | +€14,253 | |
| Other amounts receivable | 41 | €2,717 | €21,166 | +€18,449 | +679% |
| Current investments | 50/53 | - | €1,000 | +€1,000 | |
| Cash at bank and in hand | 54/58 | €24,895 | €67,832 | +€42,937 | +172% |
| Deferred charges and accrued income | 490/1 | €1,788 | €4,545 | +€2,757 | +154% |
| Total equity and liabilities | 10/49 | €234,211 | €260,500 | +€26,290 | +11.2% |
| Equity | 10/15 | €89,700 | €111,791 | +€22,091 | +24.6% |
| Contributions | 10/11 | €70,000 | €30,316 | -€39,684 | -56.7% |
| Reserves | 13 | €203 | €203 | = | 0.0% |
| Tax-exempt reserves | 132 | €203 | €203 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,497 | €81,272 | +€61,775 | +317% |
| Amounts payable | 17/49 | €144,510 | €148,710 | +€4,199 | +2.9% |
| Amounts payable after more than one year | 17 | €127,879 | €118,250 | -€9,629 | -7.5% |
| Financial debts | 170/4 | €127,879 | €118,250 | -€9,629 | -7.5% |
| Amounts payable within one year | 42/48 | €16,631 | €30,459 | +€13,828 | +83.1% |
| Current portion of amounts payable after more than one year | 42 | €9,390 | €9,629 | +€239 | +2.5% |
| Financial debts | 43 | - | €12,529 | +€12,529 | |
| Credit institutions | 430/8 | - | €12,529 | +€12,529 | |
| Trade debts | 44 | €398 | €1,487 | +€1,089 | +274% |
| Suppliers | 440/4 | €398 | €1,487 | +€1,089 | +274% |
| Taxes, remuneration and social security | 45 | €6,844 | €6,815 | -€29 | -0.4% |
| Taxes | 450/3 | €5,137 | €6,481 | +€1,344 | +26.2% |
| Remuneration and social security | 454/9 | €1,706 | €334 | -€1,373 | -80.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,708 | €10,918 | +€2,210 | +25.4% |
| Other operating charges | 640/8 | €1,514 | €1,958 | +€444 | +29.3% |
| Gross operating margin | 9900 | €13,226 | €42,963 | +€29,736 | +225% |
| Operating profit (loss) | 9901 | €3,005 | €30,087 | +€27,082 | +901% |
| Financial income | 75/76B | €59,174 | €61,609 | +€2,435 | +4.1% |
| Recurring financial income | 75 | €59,174 | €57,343 | -€1,831 | -3.1% |
| Non-recurring financial income | 76B | - | €4,266 | +€4,266 | |
| Financial charges | 65/66B | €4,175 | €9,739 | +€5,564 | +133% |
| Recurring financial charges | 65 | €4,175 | €9,739 | +€5,564 | +133% |
| Profit (loss) for the period before taxes | 9903 | €58,004 | €81,957 | +€23,953 | +41.3% |
| Income taxes | 67/77 | €1,090 | €8,046 | +€6,956 | +638% |
| Profit (loss) for the period | 9904 | €56,914 | €73,911 | +€16,997 | +29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €56,914 | €73,911 | +€16,997 | +29.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.