HARE HILL: 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.
HARE HILL
Largest movements
- Cash -€298,861
down €298,861 (-84.2%), from €355,088 to €56,227
mainly Contributions, distributions and other (-€2.2m) and Debts after one year (-€333,333)
- Current investments +€85,806
up €85,806 (+10.0%), from €856,174 to €941,980
- Reserves -€1.9m
down €1.9m (-58.4%), from €3.2m to €1.3m
- Other debts +€1.8m
up €1.8m (+1,113%), from €159,748 to €1.9m
- Debts after one year -€333,333
down €333,333 (-50.0%), from €666,667 to €333,333
- Tax, wage and social debts +€208,824
up €208,824 (+144%), from €145,017 to €353,841
- Financial income -€413,134
down €413,134 (-56.1%), from €736,956 to €323,823
- Taxes -€71,272
down €71,272 (-83.2%), from €85,684 to €14,413
- Gross operating margin -€2,428
down €2,428 (-4.3%), from €56,845 to €54,418
- Depreciation -€1,466
down €1,466 (-9.1%), from €16,136 to €14,670
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 | €4,676,270 | €4,453,872 | -€222,397 | -4.8% |
| Fixed assets | 21/28 | €3,446,984 | €3,436,602 | -€10,382 | -0.3% |
| Tangible fixed assets | 22/27 | €15,969 | €1,299 | -€14,670 | -91.9% |
| Furniture and vehicles | 24 | €15,969 | €1,299 | -€14,670 | -91.9% |
| Financial fixed assets | 28 | €3,431,016 | €3,435,304 | +€4,288 | +0.1% |
| Current assets | 29/58 | €1,229,285 | €1,017,270 | -€212,015 | -17.2% |
| Amounts receivable within one year | 40/41 | €14,956 | €16,238 | +€1,282 | +8.6% |
| Trade receivables | 40 | €14,948 | €13,238 | -€1,710 | -11.4% |
| Other amounts receivable | 41 | €8 | €3,000 | +€2,992 | +36,396% |
| Current investments | 50/53 | €856,174 | €941,980 | +€85,806 | +10.0% |
| Cash at bank and in hand | 54/58 | €355,088 | €56,227 | -€298,861 | -84.2% |
| Deferred charges and accrued income | 490/1 | €3,067 | €2,825 | -€242 | -7.9% |
| Total equity and liabilities | 10/49 | €4,676,270 | €4,453,872 | -€222,397 | -4.8% |
| Equity | 10/15 | €3,366,195 | €1,489,366 | -€1.9m | -55.8% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €3,216,195 | €1,339,366 | -€1.9m | -58.4% |
| Distributable reserves | 133 | €3,216,195 | €1,339,366 | -€1.9m | -58.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,310,074 | €2,964,506 | +€1.7m | +126% |
| Amounts payable after more than one year | 17 | €666,667 | €333,333 | -€333,333 | -50.0% |
| Financial debts | 170/4 | €666,667 | €333,333 | -€333,333 | -50.0% |
| Amounts payable within one year | 42/48 | €639,338 | €2,628,503 | +€2.0m | +311% |
| Current portion of amounts payable after more than one year | 42 | €333,333 | €333,333 | = | 0.0% |
| Trade debts | 44 | €1,240 | €3,127 | +€1,887 | +152% |
| Suppliers | 440/4 | €1,240 | €3,127 | +€1,887 | +152% |
| Taxes, remuneration and social security | 45 | €145,017 | €353,841 | +€208,824 | +144% |
| Taxes | 450/3 | €145,017 | €353,841 | +€208,824 | +144% |
| Other amounts payable | 47/48 | €159,748 | €1,938,202 | +€1.8m | +1,113% |
| Accrued charges and deferred income | 492/3 | €4,070 | €2,670 | -€1,400 | -34.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,136 | €14,670 | -€1,466 | -9.1% |
| Other operating charges | 640/8 | €1,364 | €1,534 | +€170 | +12.5% |
| Gross operating margin | 9900 | €56,845 | €54,418 | -€2,428 | -4.3% |
| Operating profit (loss) | 9901 | €39,346 | €38,214 | -€1,132 | -2.9% |
| Financial income | 75/76B | €736,956 | €323,823 | -€413,134 | -56.1% |
| Recurring financial income | 75 | €736,956 | €323,823 | -€413,134 | -56.1% |
| Financial charges | 65/66B | €9,602 | €9,754 | +€152 | +1.6% |
| Recurring financial charges | 65 | €9,602 | €9,754 | +€152 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €766,700 | €352,283 | -€414,417 | -54.1% |
| Income taxes | 67/77 | €85,684 | €14,413 | -€71,272 | -83.2% |
| Profit (loss) for the period | 9904 | €681,016 | €337,870 | -€343,146 | -50.4% |
| Profit (loss) for the period to be appropriated | 9905 | €681,016 | €337,870 | -€343,146 | -50.4% |
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 18 October 2026 via checked.be.