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.
What changed
HARMONY
NACE 47.770, Retail sale of watches and jewellery
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€8,154
2024 · €21,369-€13,215
Equity
€422,726
2024 · €414,572+€8,154
Cash
€32,450
2024 · €63,801-€31,351
Balance sheet total
€489,069
2024 · €493,626-€4,557
Largest movements
Assets
- Cash -€31,351
down €31,351 (-49.1%), from €63,801 to €32,450
mainly Current investments (-€25,000) and Other debts (-€12,491)
- Current investments +€25,000
up €25,000 (+6.9%), from €360,762 to €385,762
Equity and liabilities
- Other debts -€12,491
down €12,491 (-54.5%), from €22,935 to €10,444
- Profit (loss) carried forward +€8,154
up €8,154 (+12.3%), from €66,211 to €74,365
Income statement
- Gross operating margin -€11,916
down €11,916 (-23.8%), from €49,984 to €38,068
- Depreciation +€3,315
up €3,315 (+43.7%), from €7,588 to €10,903
- Taxes -€2,878
down €2,878 (-56.3%), from €5,110 to €2,232
- Staff costs +€1,207
up €1,207 (+6.5%), from €18,685 to €19,893
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.
Result 2024
€21,369
Gross operating margin
-€11,916
Staff costs
-€1,207
Depreciation
-€3,315
Other operating charges
+€244
Other operating items
+€200
Financial income
-€8
Financial charges
-€91
Taxes
+€2,878
Result 2025
€8,154
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.
From operations
+€5,665
Investment
-€33,779
Financing
-€3,237
Cash 2024
€63,801
From operations (derived)
+€5,665
Net result for the year
+€8,154
Depreciation
+€10,903
Stocks and contracts
+€40
Receivables within one year
-€1,957
Deferred charges and accrued income
-€2,000
Trade debts
+€2,346
Tax, wage and social debts
+€672
Other debts
-€12,491
Investment (derived)
-€33,779
Investment in fixed assets (net)
-€8,779
Current investments
-€25,000
Financing
-€3,237
Debts after one year
-€3,379
Current portion of long-term debt
+€142
Cash 2025
€32,450
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €493,626 | €489,069 | -€4,557 | -0.9% |
| Fixed assets | 21/28 | €39,726 | €37,602 | -€2,124 | -5.3% |
| Tangible fixed assets | 22/27 | €38,982 | €36,858 | -€2,124 | -5.4% |
| Land and buildings | 22 | €18,647 | €20,981 | +€2,334 | +12.5% |
| Furniture and vehicles | 24 | €20,335 | €15,877 | -€4,458 | -21.9% |
| Financial fixed assets | 28 | €744 | €744 | = | 0.0% |
| Current assets | 29/58 | €453,900 | €451,467 | -€2,433 | -0.5% |
| Stocks and contracts in progress | 3 | €21,392 | €21,352 | -€40 | -0.2% |
| Stocks | 30/36 | €21,392 | €21,352 | -€40 | -0.2% |
| Amounts receivable within one year | 40/41 | €6,777 | €8,735 | +€1,957 | +28.9% |
| Trade receivables | 40 | €2,580 | €2,643 | +€63 | +2.5% |
| Other amounts receivable | 41 | €4,198 | €6,092 | +€1,894 | +45.1% |
| Current investments | 50/53 | €360,762 | €385,762 | +€25,000 | +6.9% |
| Cash at bank and in hand | 54/58 | €63,801 | €32,450 | -€31,351 | -49.1% |
| Deferred charges and accrued income | 490/1 | €1,168 | €3,168 | +€2,000 | +171.2% |
| Total equity and liabilities | 10/49 | €493,626 | €489,069 | -€4,557 | -0.9% |
| Equity | 10/15 | €414,572 | €422,726 | +€8,154 | +2.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €286,360 | €286,360 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,160 | €5,160 | = | 0.0% |
| Distributable reserves | 133 | €275,000 | €275,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,211 | €74,365 | +€8,154 | +12.3% |
| Amounts payable | 17/49 | €79,054 | €66,344 | -€12,711 | -16.1% |
| Amounts payable after more than one year | 17 | €45,714 | €42,335 | -€3,379 | -7.4% |
| Financial debts | 170/4 | €5,714 | €2,335 | -€3,379 | -59.1% |
| Other amounts payable | 178/9 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €33,340 | €24,009 | -€9,331 | -28.0% |
| Current portion of amounts payable after more than one year | 42 | €3,237 | €3,379 | +€142 | +4.4% |
| Trade debts | 44 | €2,404 | €4,750 | +€2,346 | +97.6% |
| Suppliers | 440/4 | €2,404 | €4,750 | +€2,346 | +97.6% |
| Taxes, remuneration and social security | 45 | €4,763 | €5,435 | +€672 | +14.1% |
| Taxes | 450/3 | €1,000 | €1,451 | +€451 | +45.1% |
| Remuneration and social security | 454/9 | €3,763 | €3,984 | +€220 | +5.9% |
| Other amounts payable | 47/48 | €22,935 | €10,444 | -€12,491 | -54.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €18,685 | €19,893 | +€1,207 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,588 | €10,903 | +€3,315 | +43.7% |
| Other operating charges | 640/8 | €2,402 | €2,158 | -€244 | -10.2% |
| Non-recurring operating charges | 66A | €200 | €0 | -€200 | -100.0% |
| Gross operating margin | 9900 | €49,984 | €38,068 | -€11,916 | -23.8% |
| Operating profit (loss) | 9901 | €21,109 | €5,114 | -€15,994 | -75.8% |
| Financial income | 75/76B | €7,043 | €7,035 | -€8 | -0.1% |
| Recurring financial income | 75 | €7,043 | €7,035 | -€8 | -0.1% |
| Financial charges | 65/66B | €1,672 | €1,764 | +€91 | +5.5% |
| Recurring financial charges | 65 | €1,672 | €1,764 | +€91 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | €26,479 | €10,386 | -€16,094 | -60.8% |
| Income taxes | 67/77 | €5,110 | €2,232 | -€2,878 | -56.3% |
| Profit (loss) for the period | 9904 | €21,369 | €8,154 | -€13,215 | -61.8% |
| Profit (loss) for the period to be appropriated | 9905 | €21,369 | €8,154 | -€13,215 | -61.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.