HARELBOUW: 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.
HARELBOUW
Largest movements
- Stocks and contracts +€76,173
up €76,173 (+14.6%), from €523,242 to €599,415
- Receivables within one year +€27,073
up €27,073 (+72.5%), from €37,335 to €64,408
of which Other amounts receivable: +€27,073
- Debts after one year +€124,500
new in 2025: €124,500
- Profit (loss) carried forward -€36,467
down €36,467 (-108%), from -€33,862 to -€70,329
- Accrued charges and deferred income +€19,403
new in 2025: €19,403
- Financial charges +€2,907
up €2,907 (+17.0%), from €17,142 to €20,049
- Staff costs -€2,533
no longer reported in 2025 (was €2,533)
- Financial income +€1,343
up €1,343 (+244%), from €550 to €1,893
- Gross operating margin -€1,224
down €1,224 (-8.2%), from -€15,010 to -€16,234
- Depreciation +€845
up €845 (+120%), from €705 to €1,550
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 | €572,111 | €671,492 | +€99,381 | +17.4% |
| Fixed assets | 21/28 | €5,992 | €6,138 | +€146 | +2.4% |
| Tangible fixed assets | 22/27 | €1,188 | €4,638 | +€3,450 | +291% |
| Furniture and vehicles | 24 | €1,188 | €4,638 | +€3,450 | +291% |
| Financial fixed assets | 28 | €4,804 | €1,500 | -€3,304 | -68.8% |
| Current assets | 29/58 | €566,119 | €665,354 | +€99,235 | +17.5% |
| Stocks and contracts in progress | 3 | €523,242 | €599,415 | +€76,173 | +14.6% |
| Stocks | 30/36 | €523,242 | €599,415 | +€76,173 | +14.6% |
| Amounts receivable within one year | 40/41 | €37,335 | €64,408 | +€27,073 | +72.5% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €37,335 | €64,408 | +€27,073 | +72.5% |
| Cash at bank and in hand | 54/58 | €5,543 | €1,531 | -€4,012 | -72.4% |
| Total equity and liabilities | 10/49 | €572,111 | €671,492 | +€99,381 | +17.4% |
| Equity | 10/15 | €277,595 | €241,129 | -€36,467 | -13.1% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €241,457 | €241,457 | = | 0.0% |
| Distributable reserves | 133 | €241,457 | €241,457 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,862 | -€70,329 | -€36,467 | -108% |
| Amounts payable | 17/49 | €294,515 | €430,363 | +€135,848 | +46.1% |
| Amounts payable after more than one year | 17 | - | €124,500 | +€124,500 | |
| Other amounts payable | 178/9 | - | €124,500 | +€124,500 | |
| Amounts payable within one year | 42/48 | €294,515 | €286,461 | -€8,055 | -2.7% |
| Trade debts | 44 | €3,737 | €674 | -€3,063 | -82.0% |
| Suppliers | 440/4 | €3,737 | €674 | -€3,063 | -82.0% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €290,778 | €285,786 | -€4,992 | -1.7% |
| Accrued charges and deferred income | 492/3 | - | €19,403 | +€19,403 | |
| Remuneration, social security and pensions | 62 | €2,533 | - | -€2,533 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €705 | €1,550 | +€845 | +120% |
| Other operating charges | 640/8 | €513 | €528 | +€14 | +2.8% |
| Gross operating margin | 9900 | -€15,010 | -€16,234 | -€1,224 | -8.2% |
| Operating profit (loss) | 9901 | -€18,761 | -€18,312 | +€450 | +2.4% |
| Financial income | 75/76B | €550 | €1,893 | +€1,343 | +244% |
| Recurring financial income | 75 | €550 | €1,893 | +€1,343 | +244% |
| Financial charges | 65/66B | €17,142 | €20,049 | +€2,907 | +17.0% |
| Recurring financial charges | 65 | €17,142 | €20,049 | +€2,907 | +17.0% |
| Profit (loss) for the period before taxes | 9903 | -€35,353 | -€36,467 | -€1,114 | -3.2% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€35,353 | -€36,467 | -€1,114 | -3.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,353 | -€36,467 | -€1,114 | -3.2% |
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.