HARMONY: 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.
HARMONY
Largest movements
- Receivables within one year +€111,144
up €111,144 (+23.4%), from €474,562 to €585,706
of which Trade receivables: +€119,805
- Tangible fixed assets -€10,306
down €10,306 (-17.0%), from €60,468 to €50,161
- Other debts +€81,412
up €81,412 (+17.9%), from €454,636 to €536,047
- Reserves +€32,000
up €32,000 (+36.0%), from €89,000 to €121,000
- Debts after one year -€21,380
down €21,380 (-66.4%), from €32,176 to €10,795
- Trade debts +€17,816
up €17,816 (+24.1%), from €73,937 to €91,753
- Current portion of long-term debt -€10,585
down €10,585 (-33.1%), from €31,965 to €21,380
- Gross operating margin +€9,208
up €9,208 (+6.1%), from €150,592 to €159,800
- Depreciation +€5,687
up €5,687 (+16.6%), from €34,311 to €39,998
- Staff costs +€1,886
up €1,886 (+2.7%), from €69,775 to €71,662
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 | €763,654 | €870,088 | +€106,434 | +13.9% |
| Fixed assets | 21/28 | €72,656 | €61,411 | -€11,245 | -15.5% |
| Intangible fixed assets | 21 | €939 | - | -€939 | |
| Tangible fixed assets | 22/27 | €60,468 | €50,161 | -€10,306 | -17.0% |
| Plant, machinery and equipment | 23 | €40,049 | €36,783 | -€3,266 | -8.2% |
| Furniture and vehicles | 24 | €9,314 | €5,783 | -€3,531 | -37.9% |
| Other tangible fixed assets | 26 | €11,104 | €7,595 | -€3,509 | -31.6% |
| Financial fixed assets | 28 | €11,250 | €11,250 | = | 0.0% |
| Current assets | 29/58 | €690,998 | €808,676 | +€117,679 | +17.0% |
| Stocks and contracts in progress | 3 | €148,595 | €152,330 | +€3,735 | +2.5% |
| Stocks | 30/36 | €148,595 | €152,330 | +€3,735 | +2.5% |
| Amounts receivable within one year | 40/41 | €474,562 | €585,706 | +€111,144 | +23.4% |
| Trade receivables | 40 | €394,562 | €514,366 | +€119,805 | +30.4% |
| Other amounts receivable | 41 | €80,000 | €71,340 | -€8,660 | -10.8% |
| Cash at bank and in hand | 54/58 | €66,327 | €70,164 | +€3,837 | +5.8% |
| Deferred charges and accrued income | 490/1 | €1,514 | €477 | -€1,037 | -68.5% |
| Total equity and liabilities | 10/49 | €763,654 | €870,088 | +€106,434 | +13.9% |
| Equity | 10/15 | €134,712 | €166,807 | +€32,095 | +23.8% |
| Contributions | 10/11 | €30,592 | €30,592 | = | 0.0% |
| Reserves | 13 | €89,000 | €121,000 | +€32,000 | +36.0% |
| Distributable reserves | 133 | €89,000 | €121,000 | +€32,000 | +36.0% |
| Profit (loss) carried forward | 14 | €15,120 | €15,215 | +€95 | +0.6% |
| Amounts payable | 17/49 | €628,942 | €703,281 | +€74,338 | +11.8% |
| Amounts payable after more than one year | 17 | €32,176 | €10,795 | -€21,380 | -66.4% |
| Financial debts | 170/4 | €32,176 | €10,795 | -€21,380 | -66.4% |
| Amounts payable within one year | 42/48 | €596,767 | €692,485 | +€95,719 | +16.0% |
| Current portion of amounts payable after more than one year | 42 | €31,965 | €21,380 | -€10,585 | -33.1% |
| Trade debts | 44 | €73,937 | €91,753 | +€17,816 | +24.1% |
| Suppliers | 440/4 | €73,937 | €91,753 | +€17,816 | +24.1% |
| Taxes, remuneration and social security | 45 | €36,229 | €43,305 | +€7,076 | +19.5% |
| Taxes | 450/3 | €26,143 | €32,553 | +€6,410 | +24.5% |
| Remuneration and social security | 454/9 | €10,086 | €10,752 | +€666 | +6.6% |
| Other amounts payable | 47/48 | €454,636 | €536,047 | +€81,412 | +17.9% |
| Remuneration, social security and pensions | 62 | €69,775 | €71,662 | +€1,886 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,311 | €39,998 | +€5,687 | +16.6% |
| Other operating charges | 640/8 | €1,987 | €1,207 | -€780 | -39.3% |
| Gross operating margin | 9900 | €150,592 | €159,800 | +€9,208 | +6.1% |
| Operating profit (loss) | 9901 | €44,519 | €46,934 | +€2,414 | +5.4% |
| Financial income | 75/76B | €5,595 | €5,527 | -€68 | -1.2% |
| Recurring financial income | 75 | €5,595 | €5,527 | -€68 | -1.2% |
| Financial charges | 65/66B | €6,593 | €5,786 | -€807 | -12.2% |
| Recurring financial charges | 65 | €6,593 | €5,786 | -€807 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €43,521 | €46,674 | +€3,153 | +7.2% |
| Income taxes | 67/77 | €14,096 | €14,579 | +€483 | +3.4% |
| Profit (loss) for the period | 9904 | €29,425 | €32,095 | +€2,670 | +9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €29,425 | €32,095 | +€2,670 | +9.1% |
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 1 October 2026 via checked.be.