HARMATAN: 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.
HARMATAN
Largest movements
- Receivables within one year -€195,030
down €195,030 (-61.8%), from €315,447 to €120,418
of which Trade receivables: -€211,957
- Cash -€153,269
down €153,269 (-75.9%), from €202,010 to €48,741
mainly Investment in fixed assets (net) (-€222,988) and Trade debts (-€211,104)
- Tangible fixed assets +€33,709
up €33,709 (+1.9%), from €1.8m to €1.8m
of which Furniture and vehicles: +€37,543
- Trade debts -€211,104
down €211,104 (-67.4%), from €313,228 to €102,124
- Tax, wage and social debts +€87,602
up €87,602 (+3970.2%), from €2,207 to €89,809
- Other debts -€75,643
down €75,643 (-6.1%), from €1.2m to €1.2m
- Debts after one year -€74,366
down €74,366 (-6.7%), from €1.1m to €1.0m
- Depreciation +€141,687
up €141,687 (+317.7%), from €44,592 to €186,279
- Gross operating margin +€55,278
up €55,278 (+39.4%), from €140,226 to €195,503
- Other operating charges +€7,348
up €7,348 (+182.8%), from €4,019 to €11,367
- Financial charges +€4,679
up €4,679 (+14.3%), from €32,616 to €37,296
- Financial income +€2,140
up €2,140 (+1972.2%), from €109 to €2,248
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 | €3,120,510 | €2,808,760 | -€311,750 | -10.0% |
| Fixed assets | 21/28 | €2,357,550 | €2,394,259 | +€36,709 | +1.6% |
| Tangible fixed assets | 22/27 | €1,795,750 | €1,829,459 | +€33,709 | +1.9% |
| Land and buildings | 22 | €1,664,518 | €1,663,334 | -€1,184 | -0.1% |
| Plant, machinery and equipment | 23 | €5,094 | €4,352 | -€741 | -14.6% |
| Furniture and vehicles | 24 | €107,856 | €145,399 | +€37,543 | +34.8% |
| Other tangible fixed assets | 26 | €18,282 | €16,373 | -€1,909 | -10.4% |
| Financial fixed assets | 28 | €561,800 | €564,800 | +€3,000 | +0.5% |
| Current assets | 29/58 | €762,960 | €414,501 | -€348,459 | -45.7% |
| Stocks and contracts in progress | 3 | €244,400 | €244,400 | = | 0.0% |
| Stocks | 30/36 | €244,400 | €244,400 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €315,447 | €120,418 | -€195,030 | -61.8% |
| Trade receivables | 40 | €284,419 | €72,462 | -€211,957 | -74.5% |
| Other amounts receivable | 41 | €31,029 | €47,956 | +€16,927 | +54.6% |
| Cash at bank and in hand | 54/58 | €202,010 | €48,741 | -€153,269 | -75.9% |
| Deferred charges and accrued income | 490/1 | €1,102 | €942 | -€160 | -14.5% |
| Total equity and liabilities | 10/49 | €3,120,510 | €2,808,760 | -€311,750 | -10.0% |
| Equity | 10/15 | €365,235 | €330,336 | -€34,899 | -9.6% |
| Contributions | 10/11 | €497,500 | €497,500 | = | 0.0% |
| Reserves | 13 | €12,674 | €5,432 | -€7,242 | -57.1% |
| Tax-exempt reserves | 132 | €12,674 | €5,432 | -€7,242 | -57.1% |
| Profit (loss) carried forward | 14 | -€144,939 | -€172,596 | -€27,657 | -19.1% |
| Provisions and deferred taxes | 16 | €4,225 | €1,811 | -€2,414 | -57.1% |
| Deferred taxes | 168 | €4,225 | €1,811 | -€2,414 | -57.1% |
| Amounts payable | 17/49 | €2,751,050 | €2,476,613 | -€274,436 | -10.0% |
| Amounts payable after more than one year | 17 | €1,104,412 | €1,030,046 | -€74,366 | -6.7% |
| Financial debts | 170/4 | €1,104,412 | €1,030,046 | -€74,366 | -6.7% |
| Amounts payable within one year | 42/48 | €1,637,581 | €1,440,528 | -€197,053 | -12.0% |
| Current portion of amounts payable after more than one year | 42 | €72,275 | €74,366 | +€2,091 | +2.9% |
| Trade debts | 44 | €313,228 | €102,124 | -€211,104 | -67.4% |
| Suppliers | 440/4 | €313,228 | €102,124 | -€211,104 | -67.4% |
| Taxes, remuneration and social security | 45 | €2,207 | €89,809 | +€87,602 | +3970.2% |
| Taxes | 450/3 | €2,207 | €89,809 | +€87,602 | +3970.2% |
| Other amounts payable | 47/48 | €1,249,872 | €1,174,229 | -€75,643 | -6.1% |
| Accrued charges and deferred income | 492/3 | €9,057 | €6,039 | -€3,018 | -33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,592 | €186,279 | +€141,687 | +317.7% |
| Other operating charges | 640/8 | €4,019 | €11,367 | +€7,348 | +182.8% |
| Gross operating margin | 9900 | €140,226 | €195,503 | +€55,278 | +39.4% |
| Operating profit (loss) | 9901 | €91,615 | -€2,143 | -€93,758 | |
| Financial income | 75/76B | €109 | €2,248 | +€2,140 | +1972.2% |
| Recurring financial income | 75 | €109 | €2,248 | +€2,140 | +1972.2% |
| Financial charges | 65/66B | €32,616 | €37,296 | +€4,679 | +14.3% |
| Recurring financial charges | 65 | €32,616 | €37,296 | +€4,679 | +14.3% |
| Profit (loss) for the period before taxes | 9903 | €59,107 | -€37,191 | -€96,297 | |
| Transfer from deferred taxes | 780 | €2,414 | €2,414 | = | 0.0% |
| Income taxes | 67/77 | €445 | €123 | -€322 | -72.4% |
| Profit (loss) for the period | 9904 | €61,076 | -€34,899 | -€95,975 | |
| Transfer from tax-exempt reserves | 789 | €7,242 | €7,242 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €68,318 | -€27,657 | -€95,975 |
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 11 October 2026 via checked.be.