HARDY SHOE: 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 SHOE
Largest movements
- Stocks and contracts -€55,104
no longer reported in 2025 (was €55,104)
- Cash +€28,464
up €28,464 (+37.3%), from €76,255 to €104,719
mainly Stocks and contracts (+€55,104) and Depreciation (+€16,900)
- Tangible fixed assets -€16,900
down €16,900 (-34.6%), from €48,857 to €31,957
of which Furniture and vehicles: -€15,188
- Receivables within one year -€5,760
down €5,760 (-4.8%), from €120,524 to €114,764
of which Trade receivables: -€7,153
- Profit (loss) carried forward -€28,833
down €28,833 (-60.9%), from €47,364 to €18,530
- Tax, wage and social debts -€13,634
down €13,634 (-85.1%), from €16,015 to €2,381
- Trade debts -€6,919
down €6,919 (-70.6%), from €9,808 to €2,888
- Financial charges -€12,549
down €12,549 (-70.2%), from €17,886 to €5,337
- Gross operating margin -€2,298
down €2,298 (-113%), from -€2,037 to -€4,335
- Financial income -€1,951
down €1,951 (-86.8%), from €2,247 to €296
- Other operating charges +€324
up €324 (+30.1%), from €1,078 to €1,402
- Taxes -€70
down €70 (-5.7%), from €1,226 to €1,156
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 | €301,075 | €251,688 | -€49,387 | -16.4% |
| Fixed assets | 21/28 | €49,105 | €32,205 | -€16,900 | -34.4% |
| Tangible fixed assets | 22/27 | €48,857 | €31,957 | -€16,900 | -34.6% |
| Furniture and vehicles | 24 | €44,805 | €29,616 | -€15,188 | -33.9% |
| Other tangible fixed assets | 26 | €4,053 | €2,341 | -€1,712 | -42.2% |
| Financial fixed assets | 28 | €248 | €248 | = | 0.0% |
| Current assets | 29/58 | €251,970 | €219,483 | -€32,487 | -12.9% |
| Stocks and contracts in progress | 3 | €55,104 | - | -€55,104 | |
| Stocks | 30/36 | €55,104 | - | -€55,104 | |
| Amounts receivable within one year | 40/41 | €120,524 | €114,764 | -€5,760 | -4.8% |
| Trade receivables | 40 | €13,783 | €6,630 | -€7,153 | -51.9% |
| Other amounts receivable | 41 | €106,741 | €108,134 | +€1,393 | +1.3% |
| Cash at bank and in hand | 54/58 | €76,255 | €104,719 | +€28,464 | +37.3% |
| Deferred charges and accrued income | 490/1 | €87 | - | -€87 | |
| Total equity and liabilities | 10/49 | €301,075 | €251,688 | -€49,387 | -16.4% |
| Equity | 10/15 | €275,252 | €246,418 | -€28,833 | -10.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €209,296 | €209,296 | = | 0.0% |
| Distributable reserves | 133 | €209,296 | €209,296 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,364 | €18,530 | -€28,833 | -60.9% |
| Amounts payable | 17/49 | €25,823 | €5,270 | -€20,553 | -79.6% |
| Amounts payable within one year | 42/48 | €25,823 | €5,270 | -€20,553 | -79.6% |
| Trade debts | 44 | €9,808 | €2,888 | -€6,919 | -70.6% |
| Suppliers | 440/4 | €9,808 | €2,888 | -€6,919 | -70.6% |
| Taxes, remuneration and social security | 45 | €16,015 | €2,381 | -€13,634 | -85.1% |
| Taxes | 450/3 | €16,015 | €2,381 | -€13,634 | -85.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,900 | €16,900 | = | 0.0% |
| Other operating charges | 640/8 | €1,078 | €1,402 | +€324 | +30.1% |
| Gross operating margin | 9900 | -€2,037 | -€4,335 | -€2,298 | -113% |
| Operating profit (loss) | 9901 | -€20,015 | -€22,637 | -€2,622 | -13.1% |
| Financial income | 75/76B | €2,247 | €296 | -€1,951 | -86.8% |
| Recurring financial income | 75 | €2,247 | €296 | -€1,951 | -86.8% |
| Financial charges | 65/66B | €17,886 | €5,337 | -€12,549 | -70.2% |
| Recurring financial charges | 65 | €17,886 | €5,337 | -€12,549 | -70.2% |
| Profit (loss) for the period before taxes | 9903 | -€35,654 | -€27,678 | +€7,976 | +22.4% |
| Income taxes | 67/77 | €1,226 | €1,156 | -€70 | -5.7% |
| Profit (loss) for the period | 9904 | -€36,879 | -€28,833 | +€8,046 | +21.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,879 | -€28,833 | +€8,046 | +21.8% |
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 24 October 2026 via checked.be.