HARDWHERE: 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.
HARDWHERE
Largest movements
- Receivables within one year +€218,962
up €218,962 (+129.6%), from €168,902 to €387,863
of which Other amounts receivable: +€282,786
- Current investments +€151,956
new in 2025: €151,956
- Cash -€33,324
down €33,324 (-14.1%), from €236,591 to €203,266
mainly Receivables within one year (-€218,962) and Current investments (-€151,956)
- Intangible fixed assets -€32,608
down €32,608 (-53.8%), from €60,609 to €28,001
- Other debts +€294,090
up €294,090 (+3405.1%), from €8,637 to €302,726
- Profit (loss) carried forward -€258,051
down €258,051, from €227,619 to -€30,433
- Reserves +€227,140
up €227,140 (+1102.1%), from €20,610 to €247,750
of which Non-distributable reserves: +€229,000
- Accrued charges and deferred income +€17,697
up €17,697 (+16.1%), from €109,620 to €127,317
- Trade debts +€16,023
up €16,023 (+90.6%), from €17,686 to €33,710
- Gross operating margin -€101,208
down €101,208 (-35.4%), from €285,649 to €184,441
- Financial charges +€25,557
up €25,557 (+1068.8%), from €2,391 to €27,948
- Staff costs +€7,723
up €7,723 (+5.5%), from €139,407 to €147,131
- Taxes +€6,104
up €6,104 (+224.0%), from €2,725 to €8,828
- Depreciation -€3,501
down €3,501 (-9.7%), from €36,082 to €32,581
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 | €610,708 | €915,860 | +€305,153 | +50.0% |
| Fixed assets | 21/28 | €205,093 | €170,257 | -€34,835 | -17.0% |
| Intangible fixed assets | 21 | €60,609 | €28,001 | -€32,608 | -53.8% |
| Tangible fixed assets | 22/27 | €131,334 | €129,106 | -€2,227 | -1.7% |
| Land and buildings | 22 | €131,334 | €126,375 | -€4,959 | -3.8% |
| Furniture and vehicles | 24 | - | €378 | +€378 | |
| Assets under construction and advance payments | 27 | - | €2,354 | +€2,354 | |
| Financial fixed assets | 28 | €13,150 | €13,150 | = | 0.0% |
| Current assets | 29/58 | €405,615 | €745,603 | +€339,988 | +83.8% |
| Amounts receivable within one year | 40/41 | €168,902 | €387,863 | +€218,962 | +129.6% |
| Trade receivables | 40 | €130,170 | €66,346 | -€63,824 | -49.0% |
| Other amounts receivable | 41 | €38,731 | €321,517 | +€282,786 | +730.1% |
| Current investments | 50/53 | - | €151,956 | +€151,956 | |
| Cash at bank and in hand | 54/58 | €236,591 | €203,266 | -€33,324 | -14.1% |
| Deferred charges and accrued income | 490/1 | €123 | €2,517 | +€2,395 | +1948.6% |
| Total equity and liabilities | 10/49 | €610,708 | €915,860 | +€305,153 | +50.0% |
| Equity | 10/15 | €334,429 | €303,517 | -€30,911 | -9.2% |
| Contributions | 10/11 | €86,200 | €86,200 | = | 0.0% |
| Reserves | 13 | €20,610 | €247,750 | +€227,140 | +1102.1% |
| Non-distributable reserves | 130/1 | - | €229,000 | +€229,000 | |
| Financial assistance | 1313 | - | €229,000 | +€229,000 | |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | - | -€1,860 | |
| Profit (loss) carried forward | 14 | €227,619 | -€30,433 | -€258,051 | |
| Amounts payable | 17/49 | €276,279 | €612,343 | +€336,064 | +121.6% |
| Amounts payable after more than one year | 17 | €76,877 | €70,443 | -€6,434 | -8.4% |
| Financial debts | 170/4 | €76,877 | €70,443 | -€6,434 | -8.4% |
| Amounts payable within one year | 42/48 | €89,782 | €414,583 | +€324,801 | +361.8% |
| Current portion of amounts payable after more than one year | 42 | €7,456 | €7,013 | -€443 | -5.9% |
| Trade debts | 44 | €17,686 | €33,710 | +€16,023 | +90.6% |
| Suppliers | 440/4 | €17,686 | €33,710 | +€16,023 | +90.6% |
| Taxes, remuneration and social security | 45 | €56,003 | €71,133 | +€15,130 | +27.0% |
| Taxes | 450/3 | €39,434 | €55,034 | +€15,600 | +39.6% |
| Remuneration and social security | 454/9 | €16,569 | €16,099 | -€470 | -2.8% |
| Other amounts payable | 47/48 | €8,637 | €302,726 | +€294,090 | +3405.1% |
| Accrued charges and deferred income | 492/3 | €109,620 | €127,317 | +€17,697 | +16.1% |
| Remuneration, social security and pensions | 62 | €139,407 | €147,131 | +€7,723 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,082 | €32,581 | -€3,501 | -9.7% |
| Other operating charges | 640/8 | €2,308 | €2,374 | +€66 | +2.9% |
| Gross operating margin | 9900 | €285,649 | €184,441 | -€101,208 | -35.4% |
| Operating profit (loss) | 9901 | €107,852 | €2,355 | -€105,497 | -97.8% |
| Financial income | 75/76B | €46 | €3,510 | +€3,464 | +7580.5% |
| Recurring financial income | 75 | €46 | €3,510 | +€3,464 | +7580.5% |
| Financial charges | 65/66B | €2,391 | €27,948 | +€25,557 | +1068.8% |
| Recurring financial charges | 65 | €2,391 | €27,948 | +€25,557 | +1068.8% |
| Profit (loss) for the period before taxes | 9903 | €105,507 | -€22,083 | -€127,590 | |
| Income taxes | 67/77 | €2,725 | €8,828 | +€6,104 | +224.0% |
| Profit (loss) for the period | 9904 | €102,782 | -€30,911 | -€133,693 | |
| Profit (loss) for the period to be appropriated | 9905 | €102,782 | -€30,911 | -€133,693 |
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 29 September 2026 via checked.be.