HARLEY ET DAVID: 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.
HARLEY ET DAVID
Largest movements
- Receivables within one year +€49,815
up €49,815 (+153%), from €32,586 to €82,400
of which Trade receivables: +€48,674
- Cash +€33,084
up €33,084 (+112%), from €29,584 to €62,668
mainly Advances received (+€64,363) and Depreciation (+€19,340)
- Tangible fixed assets -€19,627
down €19,627 (-13.9%), from €140,733 to €121,106
of which Leasing and similar rights: -€9,968
- Stocks and contracts -€10,438
down €10,438 (-59.9%), from €17,438 to €7,000
- Advances received +€64,363
up €64,363 (+6,095%), from €1,056 to €65,419
- Other debts -€6,832
down €6,832 (-3.9%), from €174,172 to €167,339
- Profit (loss) carried forward +€6,397
up €6,397 (+93.6%), from €6,832 to €13,229
- Current portion of long-term debt -€5,732
down €5,732 (-51.5%), from €11,122 to €5,390
- Debts after one year -€5,390
down €5,390 (-38.8%), from €13,881 to €8,491
- Gross operating margin -€7,283
down €7,283 (-17.0%), from €42,869 to €35,585
- Staff costs -€4,316
no longer reported in 2025 (was €4,316)
- Depreciation -€3,914
down €3,914 (-16.8%), from €23,254 to €19,340
- Taxes +€1,952
up €1,952 (+140%), from €1,391 to €3,343
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 | €223,252 | €275,819 | +€52,566 | +23.5% |
| Fixed assets | 21/28 | €140,733 | €121,106 | -€19,627 | -13.9% |
| Tangible fixed assets | 22/27 | €140,733 | €121,106 | -€19,627 | -13.9% |
| Land and buildings | 22 | €111,617 | €106,398 | -€5,218 | -4.7% |
| Plant, machinery and equipment | 23 | €15,520 | €14,708 | -€812 | -5.2% |
| Furniture and vehicles | 24 | €3,629 | - | -€3,629 | |
| Leasing and similar rights | 25 | €9,968 | - | -€9,968 | |
| Current assets | 29/58 | €82,520 | €154,712 | +€72,193 | +87.5% |
| Stocks and contracts in progress | 3 | €17,438 | €7,000 | -€10,438 | -59.9% |
| Stocks | 30/36 | €17,438 | €7,000 | -€10,438 | -59.9% |
| Amounts receivable within one year | 40/41 | €32,586 | €82,400 | +€49,815 | +153% |
| Trade receivables | 40 | €31,617 | €80,291 | +€48,674 | +154% |
| Other amounts receivable | 41 | €968 | €2,109 | +€1,141 | +118% |
| Cash at bank and in hand | 54/58 | €29,584 | €62,668 | +€33,084 | +112% |
| Deferred charges and accrued income | 490/1 | €2,912 | €2,644 | -€268 | -9.2% |
| Total equity and liabilities | 10/49 | €223,252 | €275,819 | +€52,566 | +23.5% |
| Equity | 10/15 | €9,832 | €16,229 | +€6,397 | +65.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,832 | €13,229 | +€6,397 | +93.6% |
| Amounts payable | 17/49 | €213,420 | €259,590 | +€46,169 | +21.6% |
| Amounts payable after more than one year | 17 | €13,881 | €8,491 | -€5,390 | -38.8% |
| Financial debts | 170/4 | €13,881 | €8,491 | -€5,390 | -38.8% |
| Amounts payable within one year | 42/48 | €199,540 | €251,099 | +€51,559 | +25.8% |
| Current portion of amounts payable after more than one year | 42 | €11,122 | €5,390 | -€5,732 | -51.5% |
| Trade debts | 44 | €7,500 | €9,848 | +€2,348 | +31.3% |
| Suppliers | 440/4 | €7,500 | €9,848 | +€2,348 | +31.3% |
| Advances received on contracts in progress | 46 | €1,056 | €65,419 | +€64,363 | +6,095% |
| Taxes, remuneration and social security | 45 | €5,691 | €3,102 | -€2,589 | -45.5% |
| Taxes | 450/3 | €5,532 | €2,944 | -€2,589 | -46.8% |
| Remuneration and social security | 454/9 | €158 | €158 | = | 0.0% |
| Other amounts payable | 47/48 | €174,172 | €167,339 | -€6,832 | -3.9% |
| Non-recurring operating income | 76A | - | €3,432 | +€3,432 | |
| Remuneration, social security and pensions | 62 | €4,316 | - | -€4,316 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,254 | €19,340 | -€3,914 | -16.8% |
| Other operating charges | 640/8 | €884 | €629 | -€255 | -28.8% |
| Gross operating margin | 9900 | €42,869 | €35,585 | -€7,283 | -17.0% |
| Operating profit (loss) | 9901 | €14,414 | €15,616 | +€1,202 | +8.3% |
| Financial income | 75/76B | €26 | - | -€26 | |
| Recurring financial income | 75 | €26 | - | -€26 | |
| Financial charges | 65/66B | €2,743 | €2,439 | -€304 | -11.1% |
| Recurring financial charges | 65 | €2,743 | €2,439 | -€304 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €11,697 | €13,177 | +€1,479 | +12.6% |
| Income taxes | 67/77 | €1,391 | €3,343 | +€1,952 | +140% |
| Profit (loss) for the period | 9904 | €10,306 | €9,833 | -€473 | -4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €10,306 | €9,833 | -€473 | -4.6% |
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 28 October 2026 via checked.be.