Harlo: 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.
Harlo
Largest movements
- Intangible fixed assets +€27,570
new in 2025: €27,570
- Stocks and contracts -€2,652
down €2,652 (-17.7%), from €14,991 to €12,339
- Receivables within one year +€2,623
up €2,623 (+25.3%), from €10,385 to €13,008
of which Other amounts receivable: +€1,386
- Cash -€1,860
down €1,860 (-12.7%), from €14,685 to €12,825
mainly Investment in fixed assets (net) (-€30,313) and Other debts (-€5,793)
- Trade debts +€30,168
up €30,168 (+265.3%), from €11,372 to €41,540
- Other debts -€5,793
down €5,793 (-56.0%), from €10,349 to €4,556
- Current portion of long-term debt +€4,798
new in 2025: €4,798
- Profit (loss) carried forward -€2,218
down €2,218 (-2.2%), from -€100,195 to -€102,412
- Gross operating margin -€5,706
down €5,706 (-3.0%), from €187,378 to €181,673
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 | €50,723 | €76,633 | +€25,910 | +51.1% |
| Fixed assets | 21/28 | €9,764 | €37,735 | +€27,970 | +286.5% |
| Intangible fixed assets | 21 | - | €27,570 | +€27,570 | |
| Tangible fixed assets | 22/27 | €6,358 | €6,758 | +€400 | +6.3% |
| Land and buildings | 22 | €210 | €145 | -€65 | -30.9% |
| Plant, machinery and equipment | 23 | €6,148 | €5,866 | -€282 | -4.6% |
| Furniture and vehicles | 24 | - | €746 | +€746 | |
| Financial fixed assets | 28 | €3,407 | €3,407 | = | 0.0% |
| Current assets | 29/58 | €40,958 | €38,898 | -€2,060 | -5.0% |
| Stocks and contracts in progress | 3 | €14,991 | €12,339 | -€2,652 | -17.7% |
| Stocks | 30/36 | €14,991 | €12,339 | -€2,652 | -17.7% |
| Amounts receivable within one year | 40/41 | €10,385 | €13,008 | +€2,623 | +25.3% |
| Trade receivables | 40 | - | €1,236 | +€1,236 | |
| Other amounts receivable | 41 | €10,385 | €11,771 | +€1,386 | +13.3% |
| Cash at bank and in hand | 54/58 | €14,685 | €12,825 | -€1,860 | -12.7% |
| Deferred charges and accrued income | 490/1 | €897 | €727 | -€170 | -18.9% |
| Total equity and liabilities | 10/49 | €50,723 | €76,633 | +€25,910 | +51.1% |
| Equity | 10/15 | €1,265 | -€952 | -€2,218 | |
| Contributions | 10/11 | €99,600 | €99,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€100,195 | -€102,412 | -€2,218 | -2.2% |
| Amounts payable | 17/49 | €49,457 | €77,585 | +€28,128 | +56.9% |
| Amounts payable within one year | 42/48 | €49,110 | €77,585 | +€28,475 | +58.0% |
| Current portion of amounts payable after more than one year | 42 | - | €4,798 | +€4,798 | |
| Trade debts | 44 | €11,372 | €41,540 | +€30,168 | +265.3% |
| Suppliers | 440/4 | €11,372 | €41,540 | +€30,168 | +265.3% |
| Taxes, remuneration and social security | 45 | €27,389 | €26,692 | -€697 | -2.5% |
| Taxes | 450/3 | €8,557 | €8,232 | -€325 | -3.8% |
| Remuneration and social security | 454/9 | €18,832 | €18,460 | -€372 | -2.0% |
| Other amounts payable | 47/48 | €10,349 | €4,556 | -€5,793 | -56.0% |
| Accrued charges and deferred income | 492/3 | €348 | - | -€348 | |
| Non-recurring operating income | 76A | €708 | €348 | -€361 | -50.9% |
| Remuneration, social security and pensions | 62 | €176,893 | €175,212 | -€1,681 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,909 | €2,343 | +€434 | +22.8% |
| Other operating charges | 640/8 | €4,125 | €4,279 | +€154 | +3.7% |
| Non-recurring operating charges | 66A | €1,491 | €1,456 | -€34 | -2.3% |
| Gross operating margin | 9900 | €187,378 | €181,673 | -€5,706 | -3.0% |
| Operating profit (loss) | 9901 | €2,961 | -€1,618 | -€4,579 | |
| Financial income | 75/76B | €796 | €924 | +€128 | +16.1% |
| Recurring financial income | 75 | €796 | €924 | +€128 | +16.1% |
| Financial charges | 65/66B | €2,899 | €1,524 | -€1,375 | -47.4% |
| Recurring financial charges | 65 | €2,899 | €1,524 | -€1,375 | -47.4% |
| Profit (loss) for the period before taxes | 9903 | €857 | -€2,218 | -€3,075 | |
| Profit (loss) for the period | 9904 | €857 | -€2,218 | -€3,075 | |
| Profit (loss) for the period to be appropriated | 9905 | €857 | -€2,218 | -€3,075 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.