HARDOUIN FT: 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.
HARDOUIN FT
Largest movements
- Receivables within one year -€127,093
down €127,093 (-79.9%), from €158,994 to €31,900
of which Trade receivables: -€121,981
- Cash +€31,150
up €31,150 (+143%), from €21,814 to €52,965
mainly Receivables within one year (+€127,093) and Depreciation (+€48,175)
- Tangible fixed assets -€9,131
down €9,131 (-5.5%), from €166,809 to €157,678
of which Furniture and vehicles: -€23,440
- Stocks and contracts +€7,952
up €7,952 (+160%), from €4,982 to €12,934
- Advances received -€34,838
down €34,838 (-100%), from €34,838 to €0
- Trade debts -€30,949
down €30,949 (-74.3%), from €41,660 to €10,711
- Reserves -€19,599
down €19,599 (-20.2%), from €97,055 to €77,456
- Debts after one year -€18,185
down €18,185 (-17.0%), from €107,284 to €89,100
of which Financial debts: -€15,015
- Current portion of long-term debt +€10,450
up €10,450 (+41.2%), from €25,347 to €35,798
- Gross operating margin -€50,600
down €50,600 (-26.0%), from €194,292 to €143,692
- Depreciation +€12,665
up €12,665 (+35.7%), from €35,510 to €48,175
- Staff costs -€4,841
down €4,841 (-4.2%), from €115,146 to €110,305
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 | €355,820 | €257,670 | -€98,150 | -27.6% |
| Fixed assets | 21/28 | €166,809 | €157,678 | -€9,131 | -5.5% |
| Tangible fixed assets | 22/27 | €166,809 | €157,678 | -€9,131 | -5.5% |
| Plant, machinery and equipment | 23 | €89,485 | €103,794 | +€14,309 | +16.0% |
| Furniture and vehicles | 24 | €77,324 | €53,884 | -€23,440 | -30.3% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €189,011 | €99,992 | -€89,019 | -47.1% |
| Stocks and contracts in progress | 3 | €4,982 | €12,934 | +€7,952 | +160% |
| Stocks | 30/36 | €4,982 | €12,934 | +€7,952 | +160% |
| Amounts receivable within one year | 40/41 | €158,994 | €31,900 | -€127,093 | -79.9% |
| Trade receivables | 40 | €144,888 | €22,908 | -€121,981 | -84.2% |
| Other amounts receivable | 41 | €14,106 | €8,993 | -€5,113 | -36.2% |
| Cash at bank and in hand | 54/58 | €21,814 | €52,965 | +€31,150 | +143% |
| Deferred charges and accrued income | 490/1 | €3,221 | €2,193 | -€1,028 | -31.9% |
| Total equity and liabilities | 10/49 | €355,820 | €257,670 | -€98,150 | -27.6% |
| Equity | 10/15 | €137,055 | €117,456 | -€19,599 | -14.3% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €97,055 | €77,456 | -€19,599 | -20.2% |
| Distributable reserves | 133 | €97,055 | €77,456 | -€19,599 | -20.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €218,765 | €140,214 | -€78,551 | -35.9% |
| Amounts payable after more than one year | 17 | €107,284 | €89,100 | -€18,185 | -17.0% |
| Financial debts | 170/4 | €97,309 | €82,293 | -€15,015 | -15.4% |
| Other amounts payable | 178/9 | €9,976 | €6,806 | -€3,169 | -31.8% |
| Amounts payable within one year | 42/48 | €111,336 | €51,115 | -€60,222 | -54.1% |
| Current portion of amounts payable after more than one year | 42 | €25,347 | €35,798 | +€10,450 | +41.2% |
| Trade debts | 44 | €41,660 | €10,711 | -€30,949 | -74.3% |
| Suppliers | 440/4 | €41,660 | €10,711 | -€30,949 | -74.3% |
| Advances received on contracts in progress | 46 | €34,838 | €0 | -€34,838 | -100% |
| Taxes, remuneration and social security | 45 | €7,825 | €4,606 | -€3,220 | -41.1% |
| Taxes | 450/3 | €2,805 | €2,564 | -€242 | -8.6% |
| Remuneration and social security | 454/9 | €5,020 | €2,042 | -€2,978 | -59.3% |
| Other amounts payable | 47/48 | €1,666 | €0 | -€1,666 | -100% |
| Accrued charges and deferred income | 492/3 | €144 | €0 | -€144 | -100% |
| Remuneration, social security and pensions | 62 | €115,146 | €110,305 | -€4,841 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,510 | €48,175 | +€12,665 | +35.7% |
| Other operating charges | 640/8 | €1,076 | €1,220 | +€145 | +13.4% |
| Gross operating margin | 9900 | €194,292 | €143,692 | -€50,600 | -26.0% |
| Operating profit (loss) | 9901 | €42,560 | -€16,008 | -€58,568 | |
| Financial income | 75/76B | €271 | €592 | +€321 | +118% |
| Recurring financial income | 75 | €271 | €592 | +€321 | +118% |
| Financial charges | 65/66B | €4,332 | €4,184 | -€148 | -3.4% |
| Recurring financial charges | 65 | €4,332 | €4,184 | -€148 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €38,500 | -€19,599 | -€58,099 | |
| Income taxes | 67/77 | €1,420 | €0 | -€1,420 | -100% |
| Profit (loss) for the period | 9904 | €37,080 | -€19,599 | -€56,680 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,080 | -€19,599 | -€56,680 |
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 30 October 2026 via checked.be.