HARMONIES: 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.
HARMONIES
Largest movements
- Tangible fixed assets -€14,682
down €14,682 (-4.0%), from €365,077 to €350,395
of which Land and buildings: -€10,928
- Stocks and contracts +€11,492
up €11,492 (+5.2%), from €219,772 to €231,264
- Receivables within one year +€9,121
up €9,121 (+36.8%), from €24,754 to €33,875
of which Trade receivables: +€9,162
- Accrued charges and deferred income +€11,776
up €11,776 (+29.3%), from €40,150 to €51,926
- Reserves +€9,089
up €9,089 (+2.7%), from €336,825 to €345,914
- Gross operating margin +€61,638
up €61,638 (+104.8%), from €58,792 to €120,429
- Taxes +€10,200
new in 2025: €10,200
- Staff costs -€2,749
down €2,749 (-3.5%), from €78,421 to €75,672
- Depreciation -€1,214
down €1,214 (-6.6%), from €18,337 to €17,123
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 | €731,663 | €745,388 | +€13,725 | +1.9% |
| Fixed assets | 21/28 | €365,077 | €352,544 | -€12,533 | -3.4% |
| Intangible fixed assets | 21 | - | €2,148 | +€2,148 | |
| Tangible fixed assets | 22/27 | €365,077 | €350,395 | -€14,682 | -4.0% |
| Land and buildings | 22 | €351,428 | €340,500 | -€10,928 | -3.1% |
| Plant, machinery and equipment | 23 | €13,451 | €9,895 | -€3,556 | -26.4% |
| Furniture and vehicles | 24 | €198 | - | -€198 | |
| Current assets | 29/58 | €366,586 | €392,844 | +€26,258 | +7.2% |
| Stocks and contracts in progress | 3 | €219,772 | €231,264 | +€11,492 | +5.2% |
| Stocks | 30/36 | €219,772 | €231,264 | +€11,492 | +5.2% |
| Amounts receivable within one year | 40/41 | €24,754 | €33,875 | +€9,121 | +36.8% |
| Trade receivables | 40 | €24,714 | €33,875 | +€9,162 | +37.1% |
| Other amounts receivable | 41 | €41 | - | -€41 | |
| Cash at bank and in hand | 54/58 | €115,113 | €118,107 | +€2,994 | +2.6% |
| Deferred charges and accrued income | 490/1 | €6,947 | €9,598 | +€2,651 | +38.2% |
| Total equity and liabilities | 10/49 | €731,663 | €745,388 | +€13,725 | +1.9% |
| Equity | 10/15 | €361,614 | €370,703 | +€9,089 | +2.5% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Outside capital | 11 | €24,789 | €24,789 | = | 0.0% |
| Share premium | 1100/10 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €336,825 | €345,914 | +€9,089 | +2.7% |
| Distributable reserves | 133 | €336,825 | €345,914 | +€9,089 | +2.7% |
| Amounts payable | 17/49 | €370,049 | €374,685 | +€4,636 | +1.3% |
| Amounts payable after more than one year | 17 | €274,730 | €271,923 | -€2,807 | -1.0% |
| Other amounts payable | 178/9 | €274,730 | €271,923 | -€2,807 | -1.0% |
| Amounts payable within one year | 42/48 | €55,169 | €50,835 | -€4,333 | -7.9% |
| Trade debts | 44 | €27,635 | €24,486 | -€3,149 | -11.4% |
| Suppliers | 440/4 | €27,635 | €24,486 | -€3,149 | -11.4% |
| Taxes, remuneration and social security | 45 | €27,533 | €26,349 | -€1,184 | -4.3% |
| Taxes | 450/3 | €6,604 | €8,010 | +€1,406 | +21.3% |
| Remuneration and social security | 454/9 | €20,929 | €18,339 | -€2,590 | -12.4% |
| Accrued charges and deferred income | 492/3 | €40,150 | €51,926 | +€11,776 | +29.3% |
| Non-recurring operating income | 76A | - | €191 | +€191 | |
| Remuneration, social security and pensions | 62 | €78,421 | €75,672 | -€2,749 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,337 | €17,123 | -€1,214 | -6.6% |
| Other operating charges | 640/8 | €2,436 | €1,920 | -€516 | -21.2% |
| Gross operating margin | 9900 | €58,792 | €120,429 | +€61,638 | +104.8% |
| Operating profit (loss) | 9901 | -€40,403 | €25,714 | +€66,116 | |
| Financial income | 75/76B | €5,466 | €6,299 | +€833 | +15.2% |
| Recurring financial income | 75 | €5,466 | €6,299 | +€833 | +15.2% |
| Financial charges | 65/66B | €12,840 | €12,724 | -€116 | -0.9% |
| Recurring financial charges | 65 | €12,840 | €12,724 | -€116 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | -€47,776 | €19,289 | +€67,065 | |
| Income taxes | 67/77 | - | €10,200 | +€10,200 | |
| Profit (loss) for the period | 9904 | -€47,776 | €9,089 | +€56,866 | |
| Profit (loss) for the period to be appropriated | 9905 | -€47,776 | €9,089 | +€56,866 |
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 4 October 2026 via checked.be.