HARDIES: 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.
HARDIES
Largest movements
- Stocks and contracts +€205,132
new in 2025: €205,132
- Tangible fixed assets -€13,346
down €13,346 (-50.0%), from €26,674 to €13,328
of which Furniture and vehicles: -€10,204
- Cash -€12,167
down €12,167 (-89.3%), from €13,628 to €1,460
mainly Stocks and contracts (-€205,132) and Net result for the year (-€25,910)
- Receivables within one year -€6,976
down €6,976 (-11.8%), from €58,962 to €51,986
of which Trade receivables: -€17,041
- Other debts +€204,767
up €204,767 (+555%), from €36,901 to €241,668
- Profit (loss) carried forward -€25,910
down €25,910 (-204%), from -€12,730 to -€38,640
- Debts after one year -€7,758
down €7,758 (-100%), from €7,758 to €0
of which Financial debts: -€7,758
- Gross operating margin +€10,114
up €10,114 (+46.0%), from -€21,985 to -€11,871
- Other operating charges -€9,387
down €9,387 (-88.4%), from €10,621 to €1,234
- Depreciation -€2,945
down €2,945 (-16.9%), from €17,407 to €14,462
- Financial charges -€1,788
down €1,788 (-68.7%), from €2,602 to €814
- Financial income -€725
down €725 (-21.6%), from €3,358 to €2,633
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 | €108,226 | €280,263 | +€172,038 | +159% |
| Fixed assets | 21/28 | €31,874 | €19,428 | -€12,446 | -39.0% |
| Intangible fixed assets | 21 | €200 | €100 | -€100 | -50.1% |
| Tangible fixed assets | 22/27 | €26,674 | €13,328 | -€13,346 | -50.0% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €4,059 | €2,506 | -€1,553 | -38.3% |
| Furniture and vehicles | 24 | €17,761 | €7,557 | -€10,204 | -57.5% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €4,854 | €3,265 | -€1,589 | -32.7% |
| Financial fixed assets | 28 | €5,000 | €6,000 | +€1,000 | +20.0% |
| Current assets | 29/58 | €76,352 | €260,835 | +€184,483 | +242% |
| Stocks and contracts in progress | 3 | - | €205,132 | +€205,132 | |
| Stocks | 30/36 | - | €205,132 | +€205,132 | |
| Amounts receivable within one year | 40/41 | €58,962 | €51,986 | -€6,976 | -11.8% |
| Trade receivables | 40 | €17,402 | €361 | -€17,041 | -97.9% |
| Other amounts receivable | 41 | €41,560 | €51,625 | +€10,065 | +24.2% |
| Cash at bank and in hand | 54/58 | €13,628 | €1,460 | -€12,167 | -89.3% |
| Deferred charges and accrued income | 490/1 | €3,762 | €2,257 | -€1,505 | -40.0% |
| Total equity and liabilities | 10/49 | €108,226 | €280,263 | +€172,038 | +159% |
| Equity | 10/15 | €49,782 | €23,871 | -€25,910 | -52.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €43,912 | €43,912 | = | 0.0% |
| Distributable reserves | 133 | €43,912 | €43,912 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,730 | -€38,640 | -€25,910 | -204% |
| Amounts payable | 17/49 | €58,444 | €256,392 | +€197,948 | +339% |
| Amounts payable after more than one year | 17 | €7,758 | €0 | -€7,758 | -100% |
| Financial debts | 170/4 | €7,758 | €0 | -€7,758 | -100% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €50,686 | €256,392 | +€205,706 | +406% |
| Current portion of amounts payable after more than one year | 42 | €8,884 | €7,758 | -€1,126 | -12.7% |
| Financial debts | 43 | €7 | €50 | +€43 | +629% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €7 | €50 | +€43 | +629% |
| Trade debts | 44 | €4,425 | €4,451 | +€25 | +0.6% |
| Suppliers | 440/4 | €4,425 | €4,451 | +€25 | +0.6% |
| Advances received on contracts in progress | 46 | €250 | €0 | -€250 | -100% |
| Taxes, remuneration and social security | 45 | €218 | €2,465 | +€2,247 | +1,030% |
| Taxes | 450/3 | €218 | €2,465 | +€2,247 | +1,030% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €36,901 | €241,668 | +€204,767 | +555% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €15,469 | €0 | -€15,469 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,407 | €14,462 | -€2,945 | -16.9% |
| Other operating charges | 640/8 | €10,621 | €1,234 | -€9,387 | -88.4% |
| Gross operating margin | 9900 | -€21,985 | -€11,871 | +€10,114 | +46.0% |
| Operating profit (loss) | 9901 | -€50,012 | -€27,566 | +€22,447 | +44.9% |
| Financial income | 75/76B | €3,358 | €2,633 | -€725 | -21.6% |
| Recurring financial income | 75 | €3,358 | €2,633 | -€725 | -21.6% |
| Financial charges | 65/66B | €2,602 | €814 | -€1,788 | -68.7% |
| Recurring financial charges | 65 | €2,602 | €814 | -€1,788 | -68.7% |
| Profit (loss) for the period before taxes | 9903 | -€49,256 | -€25,746 | +€23,509 | +47.7% |
| Income taxes | 67/77 | €223 | €164 | -€59 | -26.5% |
| Profit (loss) for the period | 9904 | -€49,479 | -€25,910 | +€23,568 | +47.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€49,479 | -€25,910 | +€23,568 | +47.6% |
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 15 October 2026 via checked.be.