HARFANG MANAGEMENT: what changed
HARFANG MANAGEMENT
Largest movements
- Receivables within one year -€412,966
down €412,966 (-53.7%), from €769,400 to €356,435
of which Other amounts receivable: -€260,000
- Cash -€309,892
down €309,892 (-57.5%), from €538,539 to €228,647
mainly Other debts (-€376,937) and Contributions, distributions and other (-€375,000)
- Other debts -€376,937
down €376,937 (-48.8%), from €772,993 to €396,056
- Profit (loss) carried forward -€228,845
down €228,845 (-70.8%), from €323,079 to €94,234
- Tax, wage and social debts -€137,395
down €137,395 (-77.3%), from €177,802 to €40,407
of which Taxes: -€138,645
- Trade debts +€20,320
up €20,320 (+149%), from €13,605 to €33,925
- Gross operating margin -€90,576
down €90,576 (-31.6%), from €286,484 to €195,908
- Taxes -€24,632
down €24,632 (-32.0%), from €76,889 to €52,257
- Financial income +€23,395
up €23,395 (+516%), from €4,530 to €27,926
- Financial charges +€23,317
up €23,317 (+18,566%), from €126 to €23,443
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,307,939 | €585,081 | -€722,858 | -55.3% |
| Current assets | 29/58 | €1,307,939 | €585,081 | -€722,858 | -55.3% |
| Amounts receivable within one year | 40/41 | €769,400 | €356,435 | -€412,966 | -53.7% |
| Trade receivables | 40 | €170,986 | €18,021 | -€152,966 | -89.5% |
| Other amounts receivable | 41 | €598,414 | €338,414 | -€260,000 | -43.4% |
| Cash at bank and in hand | 54/58 | €538,539 | €228,647 | -€309,892 | -57.5% |
| Total equity and liabilities | 10/49 | €1,307,939 | €585,081 | -€722,858 | -55.3% |
| Equity | 10/15 | €343,539 | €114,694 | -€228,845 | -66.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 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 | €323,079 | €94,234 | -€228,845 | -70.8% |
| Amounts payable | 17/49 | €964,400 | €470,388 | -€494,013 | -51.2% |
| Amounts payable within one year | 42/48 | €964,400 | €470,388 | -€494,013 | -51.2% |
| Trade debts | 44 | €13,605 | €33,925 | +€20,320 | +149% |
| Suppliers | 440/4 | €13,605 | €33,925 | +€20,320 | +149% |
| Taxes, remuneration and social security | 45 | €177,802 | €40,407 | -€137,395 | -77.3% |
| Taxes | 450/3 | €173,856 | €35,211 | -€138,645 | -79.7% |
| Remuneration and social security | 454/9 | €3,946 | €5,196 | +€1,250 | +31.7% |
| Other amounts payable | 47/48 | €772,993 | €396,056 | -€376,937 | -48.8% |
| Other operating charges | 640/8 | - | €1,980 | +€1,980 | |
| Gross operating margin | 9900 | €286,484 | €195,908 | -€90,576 | -31.6% |
| Operating profit (loss) | 9901 | €286,484 | €193,928 | -€92,556 | -32.3% |
| Financial income | 75/76B | €4,530 | €27,926 | +€23,395 | +516% |
| Recurring financial income | 75 | €4,530 | €27,926 | +€23,395 | +516% |
| Financial charges | 65/66B | €126 | €23,443 | +€23,317 | +18,566% |
| Recurring financial charges | 65 | €126 | €23,443 | +€23,317 | +18,566% |
| Profit (loss) for the period before taxes | 9903 | €290,889 | €198,411 | -€92,478 | -31.8% |
| Income taxes | 67/77 | €76,889 | €52,257 | -€24,632 | -32.0% |
| Profit (loss) for the period | 9904 | €214,000 | €146,155 | -€67,845 | -31.7% |
| Profit (loss) for the period to be appropriated | 9905 | €214,000 | €146,155 | -€67,845 | -31.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.