HARMATTAN: 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.
HARMATTAN
Largest movements
- Receivables within one year +€265,734
up €265,734 (+107.6%), from €247,061 to €512,796
of which Other amounts receivable: +€264,875
- Tangible fixed assets -€175,190
down €175,190 (-10.6%), from €1.7m to €1.5m
- Current investments +€29,502
up €29,502 (+1432149.0%), from €2 to €29,504
- Reserves +€186,563
up €186,563 (+180.1%), from €103,565 to €290,128
of which Tax-exempt reserves: +€186,563
- Debts after one year -€138,771
down €138,771 (-9.3%), from €1.5m to €1.4m
- Provisions +€62,188
up €62,188 (+92.3%), from €67,356 to €129,544
- Gross operating margin +€330,199
up €330,199 (+218.3%), from €151,286 to €481,484
- Other operating charges -€52,622
down €52,622 (-76.4%), from €68,843 to €16,221
- Financial charges +€31,797
up €31,797 (+108.9%), from €29,204 to €61,001
- Depreciation +€29,261
up €29,261 (+46.5%), from €62,876 to €92,137
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 | €1,946,358 | €2,048,028 | +€101,670 | +5.2% |
| Fixed assets | 21/28 | €1,658,714 | €1,483,523 | -€175,190 | -10.6% |
| Tangible fixed assets | 22/27 | €1,658,714 | €1,483,523 | -€175,190 | -10.6% |
| Land and buildings | 22 | €1,658,714 | €1,483,523 | -€175,190 | -10.6% |
| Current assets | 29/58 | €287,644 | €564,505 | +€276,860 | +96.3% |
| Amounts receivable within one year | 40/41 | €247,061 | €512,796 | +€265,734 | +107.6% |
| Trade receivables | 40 | €5,991 | €6,851 | +€860 | +14.4% |
| Other amounts receivable | 41 | €241,070 | €505,944 | +€264,875 | +109.9% |
| Current investments | 50/53 | €2 | €29,504 | +€29,502 | +1432149.0% |
| Cash at bank and in hand | 54/58 | €37,418 | €18,888 | -€18,530 | -49.5% |
| Deferred charges and accrued income | 490/1 | €3,163 | €3,317 | +€154 | +4.9% |
| Total equity and liabilities | 10/49 | €1,946,358 | €2,048,028 | +€101,670 | +5.2% |
| Equity | 10/15 | €175,826 | €364,162 | +€188,335 | +107.1% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €103,565 | €290,128 | +€186,563 | +180.1% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €97,315 | €283,878 | +€186,563 | +191.7% |
| Profit (loss) carried forward | 14 | €9,761 | €11,534 | +€1,772 | +18.2% |
| Provisions and deferred taxes | 16 | €67,356 | €129,544 | +€62,188 | +92.3% |
| Deferred taxes | 168 | €67,356 | €129,544 | +€62,188 | +92.3% |
| Amounts payable | 17/49 | €1,703,176 | €1,554,322 | -€148,853 | -8.7% |
| Amounts payable after more than one year | 17 | €1,488,871 | €1,350,100 | -€138,771 | -9.3% |
| Financial debts | 170/4 | €1,488,871 | €1,350,100 | -€138,771 | -9.3% |
| Amounts payable within one year | 42/48 | €214,305 | €204,223 | -€10,082 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €97,718 | €93,152 | -€4,567 | -4.7% |
| Trade debts | 44 | €688 | €401 | -€287 | -41.7% |
| Suppliers | 440/4 | €688 | €401 | -€287 | -41.7% |
| Taxes, remuneration and social security | 45 | €919 | €661 | -€258 | -28.1% |
| Taxes | 450/3 | €919 | €661 | -€258 | -28.1% |
| Other amounts payable | 47/48 | €114,980 | €110,009 | -€4,971 | -4.3% |
| Non-recurring operating income | 76A | - | €283,529 | +€283,529 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,876 | €92,137 | +€29,261 | +46.5% |
| Other operating charges | 640/8 | €68,843 | €16,221 | -€52,622 | -76.4% |
| Gross operating margin | 9900 | €151,286 | €481,484 | +€330,199 | +218.3% |
| Operating profit (loss) | 9901 | €19,567 | €373,126 | +€353,560 | +1806.9% |
| Financial income | 75/76B | €12,770 | €14,101 | +€1,331 | +10.4% |
| Recurring financial income | 75 | €12,770 | €14,101 | +€1,331 | +10.4% |
| Financial charges | 65/66B | €29,204 | €61,001 | +€31,797 | +108.9% |
| Recurring financial charges | 65 | €29,204 | €61,001 | +€31,797 | +108.9% |
| Profit (loss) for the period before taxes | 9903 | €3,133 | €326,226 | +€323,094 | +10312.8% |
| Transfer from deferred taxes | 780 | €6,332 | €8,694 | +€2,363 | +37.3% |
| Transfer to deferred taxes | 680 | - | €70,882 | +€70,882 | |
| Income taxes | 67/77 | €941 | €703 | -€238 | -25.2% |
| Profit (loss) for the period | 9904 | €8,524 | €263,335 | +€254,812 | +2989.4% |
| Transfer from tax-exempt reserves | 789 | €18,995 | €26,083 | +€7,088 | +37.3% |
| Transfer to tax-exempt reserves | 689 | - | €212,646 | +€212,646 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,519 | €76,772 | +€49,253 | +179.0% |
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 3 October 2026 via checked.be.