HARFANG: 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.
HARFANG
Largest movements
- Tangible fixed assets +€421,244
up €421,244 (+202.2%), from €208,335 to €629,579
of which Land and buildings: +€429,514
- Deferred charges and accrued income -€42,399
down €42,399 (-89.5%), from €47,388 to €4,989
- Cash -€28,345
down €28,345 (-61.2%), from €46,295 to €17,950
mainly Investment in fixed assets (net) (-€453,069) and Net result for the year (-€76,205)
- Receivables within one year -€26,537
down €26,537 (-25.5%), from €104,130 to €77,593
of which Trade receivables: -€18,219
- Debts after one year +€433,646
up €433,646 (+636.5%), from €68,125 to €501,771
of which Financial debts: +€441,771
- Profit (loss) carried forward -€76,205
down €76,205, from €57,496 to -€18,709
- Trade debts -€43,414
down €43,414 (-85.1%), from €50,987 to €7,573
- Tax, wage and social debts +€8,534
up €8,534 (+53.1%), from €16,081 to €24,616
of which Taxes: +€5,947
- Other operating charges +€46,740
up €46,740 (+2933.6%), from €1,593 to €48,333
- Depreciation +€13,826
up €13,826 (+76.8%), from €17,999 to €31,825
- Financial charges +€11,991
up €11,991 (+825.5%), from €1,453 to €13,443
- Staff costs +€3,682
up €3,682 (+4.2%), from €86,714 to €90,397
- Gross operating margin -€1,738
down €1,738 (-1.6%), from €109,532 to €107,794
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 | €406,186 | €730,111 | +€323,925 | +79.7% |
| Fixed assets | 21/28 | €208,335 | €629,579 | +€421,244 | +202.2% |
| Tangible fixed assets | 22/27 | €208,335 | €629,579 | +€421,244 | +202.2% |
| Land and buildings | 22 | €179,798 | €609,311 | +€429,514 | +238.9% |
| Plant, machinery and equipment | 23 | €13,017 | €10,057 | -€2,959 | -22.7% |
| Furniture and vehicles | 24 | €13,514 | €10,210 | -€3,304 | -24.4% |
| Other tangible fixed assets | 26 | €2,006 | €0 | -€2,006 | -100.0% |
| Current assets | 29/58 | €197,851 | €100,532 | -€97,319 | -49.2% |
| Amounts receivable within one year | 40/41 | €104,130 | €77,593 | -€26,537 | -25.5% |
| Trade receivables | 40 | €95,754 | €77,535 | -€18,219 | -19.0% |
| Other amounts receivable | 41 | €8,376 | €58 | -€8,318 | -99.3% |
| Current investments | 50/53 | €38 | - | -€38 | |
| Cash at bank and in hand | 54/58 | €46,295 | €17,950 | -€28,345 | -61.2% |
| Deferred charges and accrued income | 490/1 | €47,388 | €4,989 | -€42,399 | -89.5% |
| Total equity and liabilities | 10/49 | €406,186 | €730,111 | +€323,925 | +79.7% |
| Equity | 10/15 | €231,742 | €155,537 | -€76,205 | -32.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €161,847 | €161,847 | = | 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% |
| Distributable reserves | 133 | €159,987 | €159,987 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,496 | -€18,709 | -€76,205 | |
| Amounts payable | 17/49 | €174,444 | €574,574 | +€400,130 | +229.4% |
| Amounts payable after more than one year | 17 | €68,125 | €501,771 | +€433,646 | +636.5% |
| Financial debts | 170/4 | €60,000 | €501,771 | +€441,771 | +736.3% |
| Other amounts payable | 178/9 | €8,125 | - | -€8,125 | |
| Amounts payable within one year | 42/48 | €106,319 | €71,923 | -€34,396 | -32.4% |
| Current portion of amounts payable after more than one year | 42 | €23,946 | €23,250 | -€696 | -2.9% |
| Trade debts | 44 | €50,987 | €7,573 | -€43,414 | -85.1% |
| Suppliers | 440/4 | €50,987 | €7,573 | -€43,414 | -85.1% |
| Taxes, remuneration and social security | 45 | €16,081 | €24,616 | +€8,534 | +53.1% |
| Taxes | 450/3 | €1,150 | €7,096 | +€5,947 | +517.3% |
| Remuneration and social security | 454/9 | €14,932 | €17,519 | +€2,588 | +17.3% |
| Other amounts payable | 47/48 | €15,304 | €16,484 | +€1,180 | +7.7% |
| Accrued charges and deferred income | 492/3 | €0 | €880 | +€880 | |
| Turnover | 70 | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €86,714 | €90,397 | +€3,682 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,999 | €31,825 | +€13,826 | +76.8% |
| Other operating charges | 640/8 | €1,593 | €48,333 | +€46,740 | +2933.6% |
| Gross operating margin | 9900 | €109,532 | €107,794 | -€1,738 | -1.6% |
| Operating profit (loss) | 9901 | €3,225 | -€62,761 | -€65,986 | |
| Financial charges | 65/66B | €1,453 | €13,443 | +€11,991 | +825.5% |
| Recurring financial charges | 65 | €1,453 | €13,443 | +€11,991 | +825.5% |
| Profit (loss) for the period before taxes | 9903 | €1,773 | -€76,205 | -€77,977 | |
| Income taxes | 67/77 | €241 | €0 | -€241 | -100.0% |
| Profit (loss) for the period | 9904 | €1,532 | -€76,205 | -€77,737 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,532 | -€76,205 | -€77,737 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.