HARMONIZE: 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.
HARMONIZE
Largest movements
- Cash +€103,804
up €103,804 (+309%), from €33,565 to €137,369
mainly Current investments (+€59,742) and Net result for the year (+€44,643)
- Current investments -€59,742
down €59,742 (-22.1%), from €270,000 to €210,258
- Stocks and contracts -€23,886
down €23,886 (-67.0%), from €35,629 to €11,744
- Deferred charges and accrued income -€22,624
down €22,624 (-90.5%), from €24,987 to €2,363
- Tangible fixed assets -€19,027
down €19,027 (-20.0%), from €95,233 to €76,206
of which Furniture and vehicles: -€14,551
- Reserves -€36,759
down €36,759 (-9.0%), from €408,987 to €372,228
- Other debts +€32,255
up €32,255 (+216%), from €14,928 to €47,183
- Trade debts -€12,474
down €12,474 (-62.8%), from €19,876 to €7,402
- Gross operating margin -€70,150
down €70,150 (-33.2%), from €211,023 to €140,874
- Taxes -€23,806
down €23,806 (-66.0%), from €36,095 to €12,289
- Staff costs -€16,051
down €16,051 (-28.7%), from €55,851 to €39,800
- Other operating charges +€12,285
up €12,285 (+760%), from €1,616 to €13,901
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.
Derived cash bridge
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 | €464,368 | €449,937 | -€14,430 | -3.1% |
| Fixed assets | 21/28 | €95,233 | €76,206 | -€19,027 | -20.0% |
| Tangible fixed assets | 22/27 | €95,233 | €76,206 | -€19,027 | -20.0% |
| Land and buildings | 22 | €15,311 | €21,575 | +€6,264 | +40.9% |
| Plant, machinery and equipment | 23 | €30,615 | €19,874 | -€10,741 | -35.1% |
| Furniture and vehicles | 24 | €49,307 | €34,756 | -€14,551 | -29.5% |
| Current assets | 29/58 | €369,134 | €373,731 | +€4,597 | +1.2% |
| Stocks and contracts in progress | 3 | €35,629 | €11,744 | -€23,886 | -67.0% |
| Stocks | 30/36 | €35,629 | €11,744 | -€23,886 | -67.0% |
| Amounts receivable within one year | 40/41 | €4,953 | €11,998 | +€7,045 | +142% |
| Trade receivables | 40 | €915 | €139 | -€776 | -84.8% |
| Other amounts receivable | 41 | €4,038 | €11,859 | +€7,821 | +194% |
| Current investments | 50/53 | €270,000 | €210,258 | -€59,742 | -22.1% |
| Cash at bank and in hand | 54/58 | €33,565 | €137,369 | +€103,804 | +309% |
| Deferred charges and accrued income | 490/1 | €24,987 | €2,363 | -€22,624 | -90.5% |
| Total equity and liabilities | 10/49 | €464,368 | €449,937 | -€14,430 | -3.1% |
| Equity | 10/15 | €427,587 | €390,828 | -€36,759 | -8.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €408,987 | €372,228 | -€36,759 | -9.0% |
| Distributable reserves | 133 | €408,987 | €372,228 | -€36,759 | -9.0% |
| Amounts payable | 17/49 | €36,781 | €59,110 | +€22,329 | +60.7% |
| Amounts payable within one year | 42/48 | €36,781 | €59,110 | +€22,329 | +60.7% |
| Trade debts | 44 | €19,876 | €7,402 | -€12,474 | -62.8% |
| Suppliers | 440/4 | €19,876 | €7,402 | -€12,474 | -62.8% |
| Taxes, remuneration and social security | 45 | €1,978 | €4,525 | +€2,547 | +129% |
| Taxes | 450/3 | €1,978 | €4,525 | +€2,547 | +129% |
| Other amounts payable | 47/48 | €14,928 | €47,183 | +€32,255 | +216% |
| Non-recurring operating income | 76A | €1,537 | - | -€1,537 | |
| Remuneration, social security and pensions | 62 | €55,851 | €39,800 | -€16,051 | -28.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,270 | €30,931 | -€339 | -1.1% |
| Other operating charges | 640/8 | €1,616 | €13,901 | +€12,285 | +760% |
| Non-recurring operating charges | 66A | €639 | - | -€639 | |
| Gross operating margin | 9900 | €211,023 | €140,874 | -€70,150 | -33.2% |
| Operating profit (loss) | 9901 | €121,647 | €56,242 | -€65,406 | -53.8% |
| Financial income | 75/76B | €993 | €1,204 | +€211 | +21.2% |
| Recurring financial income | 75 | €993 | €1,204 | +€211 | +21.2% |
| Financial charges | 65/66B | €764 | €514 | -€249 | -32.6% |
| Recurring financial charges | 65 | €764 | €514 | -€249 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | €121,877 | €56,932 | -€64,945 | -53.3% |
| Income taxes | 67/77 | €36,095 | €12,289 | -€23,806 | -66.0% |
| Profit (loss) for the period | 9904 | €85,782 | €44,643 | -€41,139 | -48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €85,782 | €44,643 | -€41,139 | -48.0% |
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 13 October 2026 via checked.be.