HARDY ELAGAGE: what changed
HARDY ELAGAGE
Largest movements
- Receivables within one year +€97,003
up €97,003 (+96.4%), from €100,579 to €197,582
of which Trade receivables: +€93,302
- Cash -€91,619
down €91,619 (-65.4%), from €140,011 to €48,392
mainly Receivables within one year (-€97,003) and Debts after one year (-€70,041)
- Tangible fixed assets -€73,577
down €73,577 (-33.8%), from €217,759 to €144,181
of which Leasing and similar rights: -€55,476
- Stocks and contracts +€36,230
up €36,230 (+145%), from €24,950 to €61,180
- Deferred charges and accrued income +€19,788
up €19,788 (+3,852%), from €514 to €20,302
- Debts after one year -€70,041
down €70,041 (-49.1%), from €142,616 to €72,575
- Trade debts +€25,261
up €25,261 (+65.8%), from €38,386 to €63,647
- Profit (loss) carried forward +€17,158
up €17,158 (+14.8%), from €116,250 to €133,408
- Tax, wage and social debts +€14,178
up €14,178 (+172%), from €8,223 to €22,401
of which Taxes: +€14,178
- Taxes +€3,115
up €3,115 (+96.2%), from €3,238 to €6,353
- Gross operating margin -€2,969
down €2,969 (-2.4%), from €123,612 to €120,642
- Depreciation -€2,700
down €2,700 (-3.3%), from €81,658 to €78,958
- Other operating charges +€1,723
up €1,723 (+87.5%), from €1,970 to €3,693
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €483,813 | €471,638 | -€12,175 | -2.5% |
| Fixed assets | 21/28 | €217,759 | €144,181 | -€73,577 | -33.8% |
| Tangible fixed assets | 22/27 | €217,759 | €144,181 | -€73,577 | -33.8% |
| Plant, machinery and equipment | 23 | €5,619 | €1,226 | -€4,393 | -78.2% |
| Furniture and vehicles | 24 | €73,173 | €59,464 | -€13,709 | -18.7% |
| Leasing and similar rights | 25 | €138,967 | €83,492 | -€55,476 | -39.9% |
| Current assets | 29/58 | €266,054 | €327,457 | +€61,403 | +23.1% |
| Stocks and contracts in progress | 3 | €24,950 | €61,180 | +€36,230 | +145% |
| Stocks | 30/36 | €24,950 | €61,180 | +€36,230 | +145% |
| Amounts receivable within one year | 40/41 | €100,579 | €197,582 | +€97,003 | +96.4% |
| Trade receivables | 40 | €99,600 | €192,902 | +€93,302 | +93.7% |
| Other amounts receivable | 41 | €979 | €4,680 | +€3,701 | +378% |
| Cash at bank and in hand | 54/58 | €140,011 | €48,392 | -€91,619 | -65.4% |
| Deferred charges and accrued income | 490/1 | €514 | €20,302 | +€19,788 | +3,852% |
| Total equity and liabilities | 10/49 | €483,813 | €471,638 | -€12,175 | -2.5% |
| Equity | 10/15 | €141,250 | €158,408 | +€17,158 | +12.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €116,250 | €133,408 | +€17,158 | +14.8% |
| Amounts payable | 17/49 | €342,563 | €313,230 | -€29,333 | -8.6% |
| Amounts payable after more than one year | 17 | €142,616 | €72,575 | -€70,041 | -49.1% |
| Financial debts | 170/4 | €142,616 | €72,575 | -€70,041 | -49.1% |
| Amounts payable within one year | 42/48 | €195,964 | €235,249 | +€39,285 | +20.0% |
| Current portion of amounts payable after more than one year | 42 | €74,137 | €70,041 | -€4,096 | -5.5% |
| Trade debts | 44 | €38,386 | €63,647 | +€25,261 | +65.8% |
| Suppliers | 440/4 | €38,386 | €63,647 | +€25,261 | +65.8% |
| Taxes, remuneration and social security | 45 | €8,223 | €22,401 | +€14,178 | +172% |
| Taxes | 450/3 | €4,437 | €18,615 | +€14,178 | +320% |
| Remuneration and social security | 454/9 | €3,786 | €3,786 | = | 0.0% |
| Other amounts payable | 47/48 | €75,218 | €79,160 | +€3,942 | +5.2% |
| Accrued charges and deferred income | 492/3 | €3,984 | €5,406 | +€1,422 | +35.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,658 | €78,958 | -€2,700 | -3.3% |
| Other operating charges | 640/8 | €1,970 | €3,693 | +€1,723 | +87.5% |
| Gross operating margin | 9900 | €123,612 | €120,642 | -€2,969 | -2.4% |
| Operating profit (loss) | 9901 | €39,984 | €37,992 | -€1,992 | -5.0% |
| Financial income | 75/76B | €222 | €39 | -€183 | -82.3% |
| Recurring financial income | 75 | €222 | €39 | -€183 | -82.3% |
| Financial charges | 65/66B | €14,530 | €13,687 | -€844 | -5.8% |
| Recurring financial charges | 65 | €14,530 | €13,687 | -€844 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €25,676 | €24,344 | -€1,331 | -5.2% |
| Income taxes | 67/77 | €3,238 | €6,353 | +€3,115 | +96.2% |
| Profit (loss) for the period | 9904 | €22,438 | €17,991 | -€4,446 | -19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €22,438 | €17,991 | -€4,446 | -19.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.