HARDOGA: 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.
HARDOGA
Largest movements
- Receivables within one year -€8,878
down €8,878 (-91.2%), from €9,736 to €858
of which Trade receivables: -€8,878
- Cash +€6,733
up €6,733 (+37.3%), from €18,058 to €24,792
mainly Receivables within one year (+€8,878) and Depreciation (+€3,613)
- Tangible fixed assets -€3,613
down €3,613 (-32.8%), from €11,001 to €7,388
of which Plant, machinery and equipment: -€3,335
- Stocks and contracts +€1,000
up €1,000 (+26.9%), from €3,722 to €4,722
- Profit (loss) carried forward -€2,462
down €2,462 (-5.1%), from -€48,669 to -€51,131
- Trade debts -€1,970
down €1,970 (-26.7%), from €7,388 to €5,417
- Tax, wage and social debts -€507
down €507 (-4.1%), from €12,485 to €11,978
of which Taxes: -€566
- Gross operating margin -€11,931
down €11,931 (-16.7%), from €71,377 to €59,446
- Depreciation -€2,413
down €2,413 (-40.0%), from €6,026 to €3,613
- Other operating charges -€1,618
down €1,618 (-48.2%), from €3,359 to €1,740
- Staff costs +€983
up €983 (+1.8%), from €55,521 to €56,504
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 | €46,417 | €41,659 | -€4,758 | -10.2% |
| Fixed assets | 21/28 | €14,901 | €11,288 | -€3,613 | -24.2% |
| Tangible fixed assets | 22/27 | €11,001 | €7,388 | -€3,613 | -32.8% |
| Plant, machinery and equipment | 23 | €10,723 | €7,388 | -€3,335 | -31.1% |
| Furniture and vehicles | 24 | €278 | €0 | -€278 | -100% |
| Financial fixed assets | 28 | €3,900 | €3,900 | = | 0.0% |
| Current assets | 29/58 | €31,516 | €30,371 | -€1,145 | -3.6% |
| Stocks and contracts in progress | 3 | €3,722 | €4,722 | +€1,000 | +26.9% |
| Stocks | 30/36 | €3,722 | €4,722 | +€1,000 | +26.9% |
| Amounts receivable within one year | 40/41 | €9,736 | €858 | -€8,878 | -91.2% |
| Trade receivables | 40 | €9,736 | €858 | -€8,878 | -91.2% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €18,058 | €24,792 | +€6,733 | +37.3% |
| Total equity and liabilities | 10/49 | €46,417 | €41,659 | -€4,758 | -10.2% |
| Equity | 10/15 | -€3,103 | -€5,565 | -€2,462 | -79.4% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €10,567 | €10,567 | = | 0.0% |
| Distributable reserves | 133 | €10,567 | €10,567 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€48,669 | -€51,131 | -€2,462 | -5.1% |
| Amounts payable | 17/49 | €49,520 | €47,224 | -€2,296 | -4.6% |
| Amounts payable within one year | 42/48 | €49,520 | €47,224 | -€2,296 | -4.6% |
| Trade debts | 44 | €7,388 | €5,417 | -€1,970 | -26.7% |
| Suppliers | 440/4 | €7,388 | €5,417 | -€1,970 | -26.7% |
| Taxes, remuneration and social security | 45 | €12,485 | €11,978 | -€507 | -4.1% |
| Taxes | 450/3 | €5,628 | €5,062 | -€566 | -10.1% |
| Remuneration and social security | 454/9 | €6,857 | €6,916 | +€59 | +0.9% |
| Other amounts payable | 47/48 | €29,647 | €29,829 | +€182 | +0.6% |
| Remuneration, social security and pensions | 62 | €55,521 | €56,504 | +€983 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,026 | €3,613 | -€2,413 | -40.0% |
| Other operating charges | 640/8 | €3,359 | €1,740 | -€1,618 | -48.2% |
| Gross operating margin | 9900 | €71,377 | €59,446 | -€11,931 | -16.7% |
| Operating profit (loss) | 9901 | €6,472 | -€2,411 | -€8,883 | |
| Financial charges | 65/66B | €60 | €51 | -€9 | -15.4% |
| Recurring financial charges | 65 | €60 | €51 | -€9 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €6,411 | -€2,462 | -€8,873 | |
| Profit (loss) for the period | 9904 | €6,411 | -€2,462 | -€8,873 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,411 | -€2,462 | -€8,873 |
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 17 October 2026 via checked.be.