HARES IMMO: 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.
HARES IMMO
Largest movements
- Receivables within one year -€147,711
down €147,711 (-77.2%), from €191,220 to €43,509
of which Trade receivables: -€147,556
- Tangible fixed assets -€93,004
down €93,004 (-6.6%), from €1.4m to €1.3m
of which Land and buildings: -€47,220
- Profit (loss) carried forward -€140,009
down €140,009 (-49.3%), from -€283,845 to -€423,854
- Debts after one year -€64,614
down €64,614 (-8.7%), from €742,167 to €677,554
- Other debts -€49,824
down €49,824 (-13.3%), from €373,712 to €323,888
- Trade debts +€16,314
up €16,314 (+58.3%), from €27,996 to €44,310
- Gross operating margin -€212,739
down €212,739 (-91.9%), from €231,591 to €18,852
- Staff costs -€67,120
down €67,120 (-65.6%), from €102,353 to €35,233
- Other operating charges -€9,179
down €9,179 (-48.1%), from €19,069 to €9,891
- Financial charges +€3,819
up €3,819 (+22.3%), from €17,114 to €20,933
- Depreciation -€2,402
down €2,402 (-2.5%), from €95,406 to €93,004
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 | €1,624,434 | €1,373,513 | -€250,922 | -15.4% |
| Fixed assets | 21/28 | €1,416,642 | €1,323,638 | -€93,004 | -6.6% |
| Tangible fixed assets | 22/27 | €1,411,482 | €1,318,478 | -€93,004 | -6.6% |
| Land and buildings | 22 | €1,209,156 | €1,161,935 | -€47,220 | -3.9% |
| Plant, machinery and equipment | 23 | €201,109 | €156,040 | -€45,069 | -22.4% |
| Furniture and vehicles | 24 | €1,217 | €503 | -€714 | -58.7% |
| Financial fixed assets | 28 | €5,160 | €5,160 | = | 0.0% |
| Current assets | 29/58 | €207,792 | €49,874 | -€157,918 | -76.0% |
| Amounts receivable within one year | 40/41 | €191,220 | €43,509 | -€147,711 | -77.2% |
| Trade receivables | 40 | €191,065 | €43,509 | -€147,556 | -77.2% |
| Other amounts receivable | 41 | €155 | €0 | -€155 | -100.0% |
| Cash at bank and in hand | 54/58 | €15,177 | €4,823 | -€10,354 | -68.2% |
| Deferred charges and accrued income | 490/1 | €1,395 | €1,543 | +€148 | +10.6% |
| Total equity and liabilities | 10/49 | €1,624,434 | €1,373,513 | -€250,922 | -15.4% |
| Equity | 10/15 | €394,615 | €254,606 | -€140,009 | -35.5% |
| Contributions | 10/11 | €206,600 | €206,600 | = | 0.0% |
| Revaluation surpluses | 12 | €470,000 | €470,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€283,845 | -€423,854 | -€140,009 | -49.3% |
| Amounts payable | 17/49 | €1,229,819 | €1,118,906 | -€110,912 | -9.0% |
| Amounts payable after more than one year | 17 | €742,167 | €677,554 | -€64,614 | -8.7% |
| Financial debts | 170/4 | €742,167 | €677,554 | -€64,614 | -8.7% |
| Amounts payable within one year | 42/48 | €487,652 | €441,353 | -€46,299 | -9.5% |
| Current portion of amounts payable after more than one year | 42 | €63,412 | €64,614 | +€1,201 | +1.9% |
| Trade debts | 44 | €27,996 | €44,310 | +€16,314 | +58.3% |
| Suppliers | 440/4 | €27,996 | €44,310 | +€16,314 | +58.3% |
| Taxes, remuneration and social security | 45 | €22,532 | €8,542 | -€13,990 | -62.1% |
| Taxes | 450/3 | €13,600 | €8,542 | -€5,058 | -37.2% |
| Remuneration and social security | 454/9 | €8,932 | €0 | -€8,932 | -100.0% |
| Other amounts payable | 47/48 | €373,712 | €323,888 | -€49,824 | -13.3% |
| Remuneration, social security and pensions | 62 | €102,353 | €35,233 | -€67,120 | -65.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,406 | €93,004 | -€2,402 | -2.5% |
| Other operating charges | 640/8 | €19,069 | €9,891 | -€9,179 | -48.1% |
| Gross operating margin | 9900 | €231,591 | €18,852 | -€212,739 | -91.9% |
| Operating profit (loss) | 9901 | €14,763 | -€119,276 | -€134,039 | |
| Financial income | 75/76B | €28 | €294 | +€266 | +956.6% |
| Recurring financial income | 75 | €28 | €294 | +€266 | +956.6% |
| Financial charges | 65/66B | €17,114 | €20,933 | +€3,819 | +22.3% |
| Recurring financial charges | 65 | €17,114 | €20,933 | +€3,819 | +22.3% |
| Profit (loss) for the period before taxes | 9903 | -€2,324 | -€139,915 | -€137,592 | -5921.6% |
| Income taxes | 67/77 | €366 | €94 | -€272 | -74.4% |
| Profit (loss) for the period | 9904 | -€2,690 | -€140,009 | -€137,319 | -5105.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,690 | -€140,009 | -€137,319 | -5105.4% |
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 10 October 2026 via checked.be.