HARDKINE: 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.
HARDKINE
Largest movements
- Tangible fixed assets +€59,429
up €59,429 (+51.1%), from €116,271 to €175,700
of which Furniture and vehicles: +€65,321
- Receivables within one year -€5,273
down €5,273 (-83.0%), from €6,356 to €1,083
- Cash +€3,802
up €3,802 (+173.2%), from €2,195 to €5,997
mainly Debts after one year (+€28,296) and Net result for the year (+€25,288)
- Current investments -€2,461
down €2,461 (-5.4%), from €45,488 to €43,027
- Debts after one year +€28,296
up €28,296 (+68.6%), from €41,272 to €69,568
- Reserves +€25,288
up €25,288 (+32.0%), from €79,132 to €104,421
- Current portion of long-term debt +€7,935
up €7,935 (+57.6%), from €13,769 to €21,704
- Other debts -€7,686
down €7,686 (-43.2%), from €17,804 to €10,118
- Tax, wage and social debts +€4,019
up €4,019 (+51.1%), from €7,861 to €11,880
- Gross operating margin +€5,947
up €5,947 (+10.9%), from €54,496 to €60,443
- Depreciation -€5,179
down €5,179 (-24.6%), from €21,026 to €15,846
- Taxes +€2,502
up €2,502 (+26.1%), from €9,592 to €12,094
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 | €170,555 | €226,497 | +€55,942 | +32.8% |
| Fixed assets | 21/28 | €116,271 | €175,700 | +€59,429 | +51.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €116,271 | €175,700 | +€59,429 | +51.1% |
| Land and buildings | 22 | €86,447 | €82,223 | -€4,224 | -4.9% |
| Plant, machinery and equipment | 23 | €9,566 | €9,829 | +€263 | +2.7% |
| Furniture and vehicles | 24 | €9,841 | €75,161 | +€65,321 | +663.8% |
| Other tangible fixed assets | 26 | €10,418 | €8,487 | -€1,931 | -18.5% |
| Current assets | 29/58 | €54,284 | €50,797 | -€3,487 | -6.4% |
| Amounts receivable within one year | 40/41 | €6,356 | €1,083 | -€5,273 | -83.0% |
| Trade receivables | 40 | €6,356 | €1,083 | -€5,273 | -83.0% |
| Current investments | 50/53 | €45,488 | €43,027 | -€2,461 | -5.4% |
| Cash at bank and in hand | 54/58 | €2,195 | €5,997 | +€3,802 | +173.2% |
| Deferred charges and accrued income | 490/1 | €245 | €690 | +€445 | +181.7% |
| Total equity and liabilities | 10/49 | €170,555 | €226,497 | +€55,942 | +32.8% |
| Equity | 10/15 | €85,332 | €110,621 | +€25,288 | +29.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €79,132 | €104,421 | +€25,288 | +32.0% |
| Distributable reserves | 133 | €79,132 | €104,421 | +€25,288 | +32.0% |
| Amounts payable | 17/49 | €85,223 | €115,876 | +€30,654 | +36.0% |
| Amounts payable after more than one year | 17 | €41,272 | €69,568 | +€28,296 | +68.6% |
| Financial debts | 170/4 | €41,272 | €69,568 | +€28,296 | +68.6% |
| Amounts payable within one year | 42/48 | €42,901 | €45,259 | +€2,358 | +5.5% |
| Current portion of amounts payable after more than one year | 42 | €13,769 | €21,704 | +€7,935 | +57.6% |
| Trade debts | 44 | €3,466 | €1,556 | -€1,910 | -55.1% |
| Suppliers | 440/4 | €3,466 | €1,556 | -€1,910 | -55.1% |
| Taxes, remuneration and social security | 45 | €7,861 | €11,880 | +€4,019 | +51.1% |
| Taxes | 450/3 | €7,861 | €11,880 | +€4,019 | +51.1% |
| Other amounts payable | 47/48 | €17,804 | €10,118 | -€7,686 | -43.2% |
| Accrued charges and deferred income | 492/3 | €1,050 | €1,050 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,026 | €15,846 | -€5,179 | -24.6% |
| Other operating charges | 640/8 | €1,970 | €2,433 | +€463 | +23.5% |
| Non-recurring operating charges | 66A | - | €1,967 | +€1,967 | |
| Gross operating margin | 9900 | €54,496 | €60,443 | +€5,947 | +10.9% |
| Operating profit (loss) | 9901 | €31,500 | €40,196 | +€8,697 | +27.6% |
| Financial income | 75/76B | €102 | €249 | +€146 | +142.9% |
| Recurring financial income | 75 | €102 | €249 | +€146 | +142.9% |
| Financial charges | 65/66B | €3,407 | €3,063 | -€343 | -10.1% |
| Recurring financial charges | 65 | €3,407 | €3,063 | -€343 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €28,195 | €37,382 | +€9,186 | +32.6% |
| Income taxes | 67/77 | €9,592 | €12,094 | +€2,502 | +26.1% |
| Profit (loss) for the period | 9904 | €18,603 | €25,288 | +€6,685 | +35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €18,603 | €25,288 | +€6,685 | +35.9% |
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 8 October 2026 via checked.be.