HARLY: 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.
HARLY
Largest movements
- Receivables within one year -€127,902
down €127,902 (-69.2%), from €184,790 to €56,888
of which Trade receivables: -€108,977
- Stocks and contracts -€34,393
down €34,393 (-19.5%), from €176,113 to €141,720
of which Contracts in progress: -€29,468
- Cash +€17,250
up €17,250 (+602.3%), from €2,864 to €20,114
mainly Receivables within one year (+€127,902) and Stocks and contracts (+€34,393)
- Tangible fixed assets -€9,467
down €9,467 (-19.0%), from €49,918 to €40,451
of which Plant, machinery and equipment: -€8,597
- Deferred charges and accrued income -€7,092
down €7,092 (-56.2%), from €12,622 to €5,530
- Trade debts -€58,918
down €58,918 (-34.4%), from €171,340 to €112,422
- Profit (loss) carried forward -€38,857
down €38,857 (-71.8%), from -€54,098 to -€92,955
- Tax, wage and social debts -€26,917
down €26,917 (-70.8%), from €37,997 to €11,080
- Short-term financial debts -€22,475
down €22,475 (-15.5%), from €145,351 to €122,876
- Debts after one year -€12,563
down €12,563 (-18.6%), from €67,563 to €55,000
of which Other amounts payable: -€55,000
- Turnover -€239,713
down €239,713 (-16.4%), from €1.5m to €1.2m
- Gross operating margin -€45,084
down €45,084 (-19.4%), from €232,973 to €187,889
- Purchases and services -€16,333
down €16,333 (-1.3%), from €1.2m to €1.2m
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 | €426,307 | €264,703 | -€161,604 | -37.9% |
| Fixed assets | 21/28 | €49,918 | €40,451 | -€9,467 | -19.0% |
| Tangible fixed assets | 22/27 | €49,918 | €40,451 | -€9,467 | -19.0% |
| Plant, machinery and equipment | 23 | €39,180 | €30,583 | -€8,597 | -21.9% |
| Furniture and vehicles | 24 | €7,620 | €6,750 | -€870 | -11.4% |
| Other tangible fixed assets | 26 | €3,118 | €3,118 | = | 0.0% |
| Current assets | 29/58 | €376,389 | €224,252 | -€152,137 | -40.4% |
| Stocks and contracts in progress | 3 | €176,113 | €141,720 | -€34,393 | -19.5% |
| Stocks | 30/36 | €24,798 | €19,873 | -€4,925 | -19.9% |
| Contracts in progress | 37 | €151,315 | €121,847 | -€29,468 | -19.5% |
| Amounts receivable within one year | 40/41 | €184,790 | €56,888 | -€127,902 | -69.2% |
| Trade receivables | 40 | €150,750 | €41,773 | -€108,977 | -72.3% |
| Other amounts receivable | 41 | €34,040 | €15,115 | -€18,925 | -55.6% |
| Cash at bank and in hand | 54/58 | €2,864 | €20,114 | +€17,250 | +602.3% |
| Deferred charges and accrued income | 490/1 | €12,622 | €5,530 | -€7,092 | -56.2% |
| Total equity and liabilities | 10/49 | €426,307 | €264,703 | -€161,604 | -37.9% |
| Equity | 10/15 | -€47,898 | -€86,762 | -€38,864 | -81.1% |
| Contributions | 10/11 | €6,200 | €6,193 | -€7 | -0.1% |
| Capital | 10 | €6,200 | €6,193 | -€7 | -0.1% |
| Issued capital | 100 | €18,600 | €18,593 | -€7 | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€54,098 | -€92,955 | -€38,857 | -71.8% |
| Amounts payable | 17/49 | €474,205 | €351,465 | -€122,740 | -25.9% |
| Amounts payable after more than one year | 17 | €67,563 | €55,000 | -€12,563 | -18.6% |
| Financial debts | 170/4 | €12,563 | €55,000 | +€42,437 | +337.8% |
| Other amounts payable | 178/9 | €55,000 | - | -€55,000 | |
| Amounts payable within one year | 42/48 | €406,590 | €296,465 | -€110,125 | -27.1% |
| Financial debts | 43 | €145,351 | €122,876 | -€22,475 | -15.5% |
| Credit institutions | 430/8 | €145,351 | €122,876 | -€22,475 | -15.5% |
| Trade debts | 44 | €171,340 | €112,422 | -€58,918 | -34.4% |
| Suppliers | 440/4 | €171,340 | €112,422 | -€58,918 | -34.4% |
| Taxes, remuneration and social security | 45 | €37,997 | €11,080 | -€26,917 | -70.8% |
| Remuneration and social security | 454/9 | €37,997 | €11,080 | -€26,917 | -70.8% |
| Other amounts payable | 47/48 | €51,902 | €50,087 | -€1,815 | -3.5% |
| Accrued charges and deferred income | 492/3 | €52 | - | -€52 | |
| Turnover | 70 | €1,459,564 | €1,219,851 | -€239,713 | -16.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,226,391 | €1,210,058 | -€16,333 | -1.3% |
| Remuneration, social security and pensions | 62 | €208,669 | €194,600 | -€14,069 | -6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,800 | €9,467 | +€1,667 | +21.4% |
| Other operating charges | 640/8 | €760 | €2,148 | +€1,388 | +182.6% |
| Gross operating margin | 9900 | €232,973 | €187,889 | -€45,084 | -19.4% |
| Operating profit (loss) | 9901 | €15,744 | -€18,326 | -€34,070 | |
| Financial income | 75/76B | €471 | €309 | -€162 | -34.4% |
| Recurring financial income | 75 | €471 | €309 | -€162 | -34.4% |
| Financial charges | 65/66B | €20,481 | €20,840 | +€359 | +1.8% |
| Recurring financial charges | 65 | €20,481 | €20,840 | +€359 | +1.8% |
| Profit (loss) for the period before taxes | 9903 | -€4,266 | -€38,857 | -€34,591 | -810.9% |
| Profit (loss) for the period | 9904 | -€4,266 | -€38,857 | -€34,591 | -810.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,266 | -€38,857 | -€34,591 | -810.9% |
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 9 October 2026 via checked.be.