Hardo: 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.
What changed
Hardo
NACE 42.110, Construction of roads and motorways
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.2m
2024 · €2.4m-€178,715
Equity
€11.5m
2024 · €9.4m+€2.2m
Cash
€1.4m
2024 · €1.0m+€321,465
Balance sheet total
€16.5m
2024 · €13.9m+€2.6m
Largest movements
Assets
- Receivables within one year +€2.3m
up €2.3m (+32.1%), from €7.3m to €9.6m
of which Other amounts receivable: +€1.9m
- Stocks and contracts -€658,638
down €658,638 (-40.9%), from €1.6m to €952,201
- Tangible fixed assets +€571,010
up €571,010 (+20.2%), from €2.8m to €3.4m
of which Leasing and similar rights: +€314,585
- Cash +€321,465
up €321,465 (+30.7%), from €1.0m to €1.4m
mainly Net result for the year (+€2.2m) and Depreciation (+€1.1m)
Equity and liabilities
- Reserves +€2.2m
up €2.2m (+23.4%), from €9.3m to €11.5m
- Trade debts -€342,521
down €342,521 (-17.6%), from €1.9m to €1.6m
- Short-term financial debts +€270,142
up €270,142 (+211%), from €128,117 to €398,259
of which Credit institutions: +€397,409
- Tax, wage and social debts +€196,406
up €196,406 (+57.9%), from €339,502 to €535,908
of which Remuneration and social security: +€99,810
- Current portion of long-term debt +€168,837
up €168,837 (+23.4%), from €721,458 to €890,295
Income statement
- Turnover +€5.1m
up €5.1m (+23.2%), from €22.0m to €27.0m
- Services and other goods +€1.5m
up €1.5m (+33.9%), from €4.5m to €6.1m
- Goods and materials +€1.3m
up €1.3m (+12.8%), from €10.1m to €11.4m
- Staff costs +€1.2m
up €1.2m (+37.2%), from €3.2m to €4.4m
- Taxes +€449,613
up €449,613 (+78.0%), from €576,705 to €1.0m
of which Taxes: +€449,613
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.
Result 2024
€2.4m
Turnover
+€5.1m
Other operating income
-€91,642
Goods and materials
-€1.3m
Services and other goods
-€1.5m
Staff costs
-€1.2m
Depreciation
-€356,158
Other operating charges
-€1,685
Other operating items
+€3,673
Financial income
-€52,684
Financial charges
-€284,468
Taxes
-€449,613
Result 2025
€2.2m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.5m
Investment
-€1.6m
Financing
+€476,313
Cash 2024
€1.0m
From operations (derived)
+€1.5m
Net result for the year
+€2.2m
Depreciation
+€1.1m
Receivables after one year
-€36,743
Stocks and contracts
+€658,638
Receivables within one year
-€2.3m
Deferred charges and accrued income
-€2,652
Trade debts
-€342,521
Tax, wage and social debts
+€196,406
Other debts
+€100,554
Accrued charges and deferred income
-€7,200
Investment (derived)
-€1.6m
Investment in fixed assets (net)
-€1.7m
Current investments
+€8,584
Financing
+€476,313
Debts after one year
+€37,335
Current portion of long-term debt
+€168,837
Short-term financial debts
+€270,142
Cash 2025
€1.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,944,040 | €16,549,045 | +€2.6m | +18.7% |
| Fixed assets | 21/28 | €2,847,388 | €3,419,669 | +€572,280 | +20.1% |
| Tangible fixed assets | 22/27 | €2,825,526 | €3,396,536 | +€571,010 | +20.2% |
| Land and buildings | 22 | €29,908 | €34,116 | +€4,208 | +14.1% |
| Plant, machinery and equipment | 23 | €99,623 | €149,545 | +€49,922 | +50.1% |
| Furniture and vehicles | 24 | €237,587 | €435,292 | +€197,705 | +83.2% |
| Leasing and similar rights | 25 | €2,227,006 | €2,541,591 | +€314,585 | +14.1% |
| Other tangible fixed assets | 26 | €231,402 | €235,991 | +€4,589 | +2.0% |
| Financial fixed assets | 28 | €21,863 | €23,133 | +€1,270 | +5.8% |
| Other financial fixed assets | 284/8 | €21,863 | €23,133 | +€1,270 | +5.8% |
| Amounts receivable and cash guarantees | 285/8 | €21,863 | €23,133 | +€1,270 | +5.8% |
| Current assets | 29/58 | €11,096,652 | €13,129,376 | +€2.0m | +18.3% |
| Amounts receivable after more than one year | 29 | €1,083,604 | €1,120,347 | +€36,743 | +3.4% |
| Other amounts receivable | 291 | €1,083,604 | €1,120,347 | +€36,743 | +3.4% |
| Stocks and contracts in progress | 3 | €1,610,839 | €952,201 | -€658,638 | -40.9% |
| Contracts in progress | 37 | €1,610,839 | €952,201 | -€658,638 | -40.9% |
| Amounts receivable within one year | 40/41 | €7,285,312 | €9,624,398 | +€2.3m | +32.1% |
| Trade receivables | 40 | €2,491,175 | €2,923,782 | +€432,607 | +17.4% |
| Other amounts receivable | 41 | €4,794,137 | €6,700,616 | +€1.9m | +39.8% |
| Current investments | 50/53 | €8,584 | €0 | -€8,584 | -100% |
| Other investments | 51/53 | €8,584 | €0 | -€8,584 | -100% |
| Cash at bank and in hand | 54/58 | €1,047,529 | €1,368,994 | +€321,465 | +30.7% |
| Deferred charges and accrued income | 490/1 | €60,784 | €63,436 | +€2,652 | +4.4% |
| Total equity and liabilities | 10/49 | €13,944,040 | €16,549,045 | +€2.6m | +18.7% |
| Equity | 10/15 | €9,350,800 | €11,532,253 | +€2.2m | +23.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €9,332,200 | €11,513,653 | +€2.2m | +23.4% |
| Distributable reserves | 133 | €9,332,200 | €11,513,653 | +€2.2m | +23.4% |
| Amounts payable | 17/49 | €4,593,241 | €5,016,792 | +€423,552 | +9.2% |
| Amounts payable after more than one year | 17 | €1,353,945 | €1,391,280 | +€37,335 | +2.8% |
| Financial debts | 170/4 | €1,303,945 | €1,341,280 | +€37,335 | +2.9% |
| Leasing and similar obligations | 172 | €1,303,945 | €1,341,280 | +€37,335 | +2.9% |
| Credit institutions | 173 | €0 | - | = | |
| Other amounts payable | 178/9 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,232,095 | €3,625,513 | +€393,417 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €721,458 | €890,295 | +€168,837 | +23.4% |
| Financial debts | 43 | €128,117 | €398,259 | +€270,142 | +211% |
| Credit institutions | 430/8 | - | €397,409 | +€397,409 | |
| Other loans | 439 | €128,117 | €850 | -€127,267 | -99.3% |
| Trade debts | 44 | €1,943,032 | €1,600,511 | -€342,521 | -17.6% |
| Suppliers | 440/4 | €1,943,032 | €1,600,511 | -€342,521 | -17.6% |
| Taxes, remuneration and social security | 45 | €339,502 | €535,908 | +€196,406 | +57.9% |
| Taxes | 450/3 | €43,512 | €140,108 | +€96,596 | +222% |
| Remuneration and social security | 454/9 | €295,990 | €395,800 | +€99,810 | +33.7% |
| Other amounts payable | 47/48 | €99,986 | €200,540 | +€100,554 | +101% |
| Accrued charges and deferred income | 492/3 | €7,200 | €0 | -€7,200 | -100% |
| Operating income | 70/76A | €21,634,005 | €26,638,958 | +€5.0m | +23.1% |
| Turnover | 70 | €21,954,939 | €27,047,355 | +€5.1m | +23.2% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€714,007 | -€658,638 | +€55,369 | +7.8% |
| Other operating income | 74 | €334,855 | €243,213 | -€91,642 | -27.4% |
| Non-recurring operating income | 76A | €58,219 | €7,027 | -€51,192 | -87.9% |
| Operating charges | 60/66A | €18,694,267 | €23,091,169 | +€4.4m | +23.5% |
| Goods for resale, raw materials and consumables | 60 | €10,144,463 | €11,441,384 | +€1.3m | +12.8% |
| Purchases | 600/8 | €10,144,463 | €11,441,384 | +€1.3m | +12.8% |
| Services and other goods | 61 | €4,539,408 | €6,076,204 | +€1.5m | +33.9% |
| Remuneration, social security and pensions | 62 | €3,236,286 | €4,441,124 | +€1.2m | +37.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €727,866 | €1,084,023 | +€356,158 | +48.9% |
| Other operating charges | 640/8 | €42,799 | €44,484 | +€1,685 | +3.9% |
| Non-recurring operating charges | 66A | €3,446 | €3,950 | +€504 | +14.6% |
| Operating profit (loss) | 9901 | €2,939,738 | €3,547,789 | +€608,051 | +20.7% |
| Financial income | 75/76B | €96,450 | €43,766 | -€52,684 | -54.6% |
| Recurring financial income | 75 | €96,450 | €43,766 | -€52,684 | -54.6% |
| Income from financial fixed assets | 750 | €35,577 | €0 | -€35,577 | -100% |
| Income from current assets | 751 | €46,437 | €41,373 | -€5,063 | -10.9% |
| Other financial income | 752/9 | €14,436 | €2,392 | -€12,044 | -83.4% |
| Financial charges | 65/66B | €99,315 | €383,783 | +€284,468 | +286% |
| Recurring financial charges | 65 | €99,315 | €383,783 | +€284,468 | +286% |
| Debt charges | 650 | €86,878 | €123,075 | +€36,197 | +41.7% |
| Other financial charges | 652/9 | €12,437 | €260,708 | +€248,271 | +1,996% |
| Profit (loss) for the period before taxes | 9903 | €2,936,873 | €3,207,771 | +€270,898 | +9.2% |
| Income taxes | 67/77 | €576,705 | €1,026,318 | +€449,613 | +78.0% |
| Taxes | 670/3 | €576,705 | €1,026,318 | +€449,613 | +78.0% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €2,360,168 | €2,181,453 | -€178,715 | -7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,360,168 | €2,181,453 | -€178,715 | -7.6% |
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.