HARDY-GENTILI: 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.
HARDY-GENTILI
Largest movements
- Cash +€19,759
up €19,759 (+25.6%), from €77,153 to €96,911
mainly Depreciation (+€21,312) and Tax, wage and social debts (+€4,089)
- Tangible fixed assets -€19,122
down €19,122 (-25.3%), from €75,626 to €56,504
of which Furniture and vehicles: -€10,437
- Profit (loss) carried forward +€15,838
up €15,838 (+29.3%), from €53,972 to €69,810
- Reserves -€15,025
down €15,025 (-30.6%), from €49,179 to €34,154
- Tax, wage and social debts +€4,089
up €4,089 (+191%), from €2,145 to €6,235
of which Taxes: +€2,368
- Provisions -€3,756
down €3,756 (-30.6%), from €12,295 to €8,539
- Debts after one year -€2,907
down €2,907 (-100%), from €2,907 to €0
- Staff costs +€16,153
up €16,153 (+57.1%), from €28,272 to €44,425
- Gross operating margin +€8,889
up €8,889 (+14.2%), from €62,729 to €71,618
- Taxes -€1,826
down €1,826 (-29.8%), from €6,122 to €4,296
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 | €167,749 | €167,362 | -€387 | -0.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €79,989 | €60,867 | -€19,122 | -23.9% |
| Tangible fixed assets | 22/27 | €75,626 | €56,504 | -€19,122 | -25.3% |
| Land and buildings | 22 | €52,430 | €45,019 | -€7,411 | -14.1% |
| Furniture and vehicles | 24 | €21,451 | €11,013 | -€10,437 | -48.7% |
| Other tangible fixed assets | 26 | €1,745 | €471 | -€1,274 | -73.0% |
| Financial fixed assets | 28 | €4,363 | €4,363 | = | 0.0% |
| Current assets | 29/58 | €87,760 | €106,495 | +€18,735 | +21.3% |
| Stocks and contracts in progress | 3 | €5,724 | €4,548 | -€1,177 | -20.6% |
| Stocks | 30/36 | €5,724 | €4,548 | -€1,177 | -20.6% |
| Amounts receivable within one year | 40/41 | €4,564 | €4,761 | +€197 | +4.3% |
| Trade receivables | 40 | €3,137 | €1,761 | -€1,376 | -43.9% |
| Other amounts receivable | 41 | €1,426 | €3,000 | +€1,574 | +110% |
| Cash at bank and in hand | 54/58 | €77,153 | €96,911 | +€19,759 | +25.6% |
| Deferred charges and accrued income | 490/1 | €319 | €275 | -€44 | -13.8% |
| Total equity and liabilities | 10/49 | €167,749 | €167,362 | -€387 | -0.2% |
| Equity | 10/15 | €123,150 | €123,964 | +€813 | +0.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €49,179 | €34,154 | -€15,025 | -30.6% |
| Tax-exempt reserves | 132 | €49,179 | €34,154 | -€15,025 | -30.6% |
| Profit (loss) carried forward | 14 | €53,972 | €69,810 | +€15,838 | +29.3% |
| Provisions and deferred taxes | 16 | €12,295 | €8,539 | -€3,756 | -30.6% |
| Deferred taxes | 168 | €12,295 | €8,539 | -€3,756 | -30.6% |
| Amounts payable | 17/49 | €32,304 | €34,860 | +€2,556 | +7.9% |
| Amounts payable after more than one year | 17 | €2,907 | €0 | -€2,907 | -100% |
| Financial debts | 170/4 | €2,907 | €0 | -€2,907 | -100% |
| Amounts payable within one year | 42/48 | €29,397 | €34,860 | +€5,463 | +18.6% |
| Current portion of amounts payable after more than one year | 42 | €7,659 | €7,210 | -€448 | -5.9% |
| Trade debts | 44 | €6,055 | €6,955 | +€900 | +14.9% |
| Suppliers | 440/4 | €6,055 | €6,955 | +€900 | +14.9% |
| Taxes, remuneration and social security | 45 | €2,145 | €6,235 | +€4,089 | +191% |
| Taxes | 450/3 | €597 | €2,965 | +€2,368 | +396% |
| Remuneration and social security | 454/9 | €1,548 | €3,269 | +€1,721 | +111% |
| Other amounts payable | 47/48 | €13,538 | €14,460 | +€922 | +6.8% |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Remuneration, social security and pensions | 62 | €28,272 | €44,425 | +€16,153 | +57.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,767 | €21,312 | +€546 | +2.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €985 | €1,038 | +€53 | +5.4% |
| Non-recurring operating charges | 66A | - | €1,015 | +€1,015 | |
| Gross operating margin | 9900 | €62,729 | €71,618 | +€8,889 | +14.2% |
| Operating profit (loss) | 9901 | €12,706 | €3,828 | -€8,878 | -69.9% |
| Financial income | 75/76B | €26 | €26 | -€0 | -0.6% |
| Recurring financial income | 75 | €26 | €26 | -€0 | -0.6% |
| Financial charges | 65/66B | €3,070 | €2,501 | -€569 | -18.5% |
| Recurring financial charges | 65 | €3,070 | €2,501 | -€569 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €9,662 | €1,353 | -€8,308 | -86.0% |
| Transfer from deferred taxes | 780 | €3,756 | €3,756 | -€0 | 0.0% |
| Income taxes | 67/77 | €6,122 | €4,296 | -€1,826 | -29.8% |
| Profit (loss) for the period | 9904 | €7,296 | €813 | -€6,482 | -88.9% |
| Transfer from tax-exempt reserves | 789 | €15,025 | €15,025 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €22,320 | €15,838 | -€6,482 | -29.0% |
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 31 October 2026 via checked.be.