HARE & HOUND: 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.
HARE & HOUND
Largest movements
- Cash +€85,241
up €85,241 (+69.0%), from €123,478 to €208,718
mainly Net result for the year (+€109,873) and Other debts (+€40,104)
- Tangible fixed assets -€31,265
down €31,265 (-18.0%), from €173,496 to €142,231
- Stocks and contracts +€8,158
new in 2025: €8,158
- Reserves +€53,343
up €53,343 (+19.0%), from €281,146 to €334,489
- Other debts +€40,104
up €40,104 (+244.2%), from €16,426 to €56,530
- Tax, wage and social debts -€19,839
down €19,839 (-38.8%), from €51,172 to €31,333
- Debts after one year -€16,365
down €16,365 (-35.3%), from €46,371 to €30,006
- Accrued charges and deferred income +€11,890
up €11,890 (+28.0%), from €42,423 to €54,313
- Gross operating margin +€43,945
up €43,945 (+29.1%), from €151,045 to €194,991
- Taxes +€14,318
up €14,318 (+46.0%), from €31,147 to €45,465
- Depreciation +€10,762
up €10,762 (+39.0%), from €27,591 to €38,353
- Financial income +€9,367
up €9,367 (+476.5%), from €1,966 to €11,332
- Financial charges +€2,688
up €2,688 (+31.2%), from €8,622 to €11,310
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 | €482,531 | €541,442 | +€58,911 | +12.2% |
| Fixed assets | 21/28 | €174,310 | €142,919 | -€31,391 | -18.0% |
| Intangible fixed assets | 21 | €554 | €428 | -€126 | -22.8% |
| Tangible fixed assets | 22/27 | €173,496 | €142,231 | -€31,265 | -18.0% |
| Plant, machinery and equipment | 23 | €35,391 | €30,390 | -€5,001 | -14.1% |
| Furniture and vehicles | 24 | €49,297 | €37,999 | -€11,298 | -22.9% |
| Other tangible fixed assets | 26 | €88,808 | €73,842 | -€14,966 | -16.9% |
| Financial fixed assets | 28 | €260 | €260 | = | 0.0% |
| Current assets | 29/58 | €308,220 | €398,523 | +€90,302 | +29.3% |
| Stocks and contracts in progress | 3 | - | €8,158 | +€8,158 | |
| Stocks | 30/36 | - | €8,158 | +€8,158 | |
| Amounts receivable within one year | 40/41 | €182,910 | €179,705 | -€3,205 | -1.8% |
| Trade receivables | 40 | €2,792 | €7,834 | +€5,042 | +180.6% |
| Other amounts receivable | 41 | €180,118 | €171,871 | -€8,247 | -4.6% |
| Cash at bank and in hand | 54/58 | €123,478 | €208,718 | +€85,241 | +69.0% |
| Deferred charges and accrued income | 490/1 | €1,832 | €1,941 | +€108 | +5.9% |
| Total equity and liabilities | 10/49 | €482,531 | €541,442 | +€58,911 | +12.2% |
| Equity | 10/15 | €287,346 | €340,689 | +€53,343 | +18.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €281,146 | €334,489 | +€53,343 | +19.0% |
| Distributable reserves | 133 | €281,146 | €334,489 | +€53,343 | +19.0% |
| Amounts payable | 17/49 | €195,185 | €200,753 | +€5,568 | +2.9% |
| Amounts payable after more than one year | 17 | €46,371 | €30,006 | -€16,365 | -35.3% |
| Financial debts | 170/4 | €46,371 | €30,006 | -€16,365 | -35.3% |
| Amounts payable within one year | 42/48 | €106,391 | €116,434 | +€10,043 | +9.4% |
| Current portion of amounts payable after more than one year | 42 | €19,094 | €16,365 | -€2,729 | -14.3% |
| Trade debts | 44 | €13,475 | €12,206 | -€1,268 | -9.4% |
| Suppliers | 440/4 | €13,475 | €12,206 | -€1,268 | -9.4% |
| Advances received on contracts in progress | 46 | €6,225 | - | -€6,225 | |
| Taxes, remuneration and social security | 45 | €51,172 | €31,333 | -€19,839 | -38.8% |
| Taxes | 450/3 | €51,172 | €31,333 | -€19,839 | -38.8% |
| Other amounts payable | 47/48 | €16,426 | €56,530 | +€40,104 | +244.2% |
| Accrued charges and deferred income | 492/3 | €42,423 | €54,313 | +€11,890 | +28.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,591 | €38,353 | +€10,762 | +39.0% |
| Other operating charges | 640/8 | €921 | €1,321 | +€400 | +43.5% |
| Gross operating margin | 9900 | €151,045 | €194,991 | +€43,945 | +29.1% |
| Operating profit (loss) | 9901 | €122,533 | €155,316 | +€32,783 | +26.8% |
| Financial income | 75/76B | €1,966 | €11,332 | +€9,367 | +476.5% |
| Recurring financial income | 75 | €1,966 | €11,332 | +€9,367 | +476.5% |
| Financial charges | 65/66B | €8,622 | €11,310 | +€2,688 | +31.2% |
| Recurring financial charges | 65 | €8,622 | €11,310 | +€2,688 | +31.2% |
| Profit (loss) for the period before taxes | 9903 | €115,877 | €155,339 | +€39,461 | +34.1% |
| Income taxes | 67/77 | €31,147 | €45,465 | +€14,318 | +46.0% |
| Profit (loss) for the period | 9904 | €84,730 | €109,873 | +€25,143 | +29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €84,730 | €109,873 | +€25,143 | +29.7% |
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 2 October 2026 via checked.be.