HARMONY: 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.
HARMONY
Largest movements
- Receivables within one year +€33,061
up €33,061 (+175.4%), from €18,853 to €51,914
of which Other amounts receivable: +€28,675
- Cash -€17,613
down €17,613 (-13.6%), from €129,234 to €111,621
mainly Investment in fixed assets (net) (-€62,577) and Receivables within one year (-€33,061)
- Tangible fixed assets -€10,814
down €10,814 (-2.2%), from €494,731 to €483,917
of which Land and buildings: -€35,192
- Trade debts +€21,357
up €21,357 (+71.4%), from €29,919 to €51,276
- Debts after one year -€19,767
down €19,767 (-4.1%), from €485,509 to €465,742
- Other debts -€17,288
down €17,288 (-36.9%), from €46,826 to €29,538
- Reserves +€11,140
up €11,140 (+10.0%), from €110,860 to €122,000
- Profit (loss) carried forward +€8,276
up €8,276 (+147.2%), from €5,621 to €13,897
- Gross operating margin +€58,928
up €58,928 (+26.9%), from €218,822 to €277,750
- Staff costs +€22,627
up €22,627 (+16.6%), from €136,674 to €159,301
- Depreciation +€6,333
up €6,333 (+9.4%), from €67,058 to €73,391
- Taxes +€5,461
up €5,461 (+2384.7%), from €229 to €5,690
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 | €725,787 | €731,731 | +€5,944 | +0.8% |
| Fixed assets | 21/28 | €494,731 | €483,917 | -€10,814 | -2.2% |
| Tangible fixed assets | 22/27 | €494,731 | €483,917 | -€10,814 | -2.2% |
| Land and buildings | 22 | €410,206 | €375,014 | -€35,192 | -8.6% |
| Plant, machinery and equipment | 23 | €43,499 | €34,708 | -€8,791 | -20.2% |
| Furniture and vehicles | 24 | €41,026 | €74,195 | +€33,169 | +80.8% |
| Current assets | 29/58 | €231,056 | €247,814 | +€16,758 | +7.3% |
| Stocks and contracts in progress | 3 | €81,415 | €82,230 | +€815 | +1.0% |
| Stocks | 30/36 | €81,415 | €82,230 | +€815 | +1.0% |
| Amounts receivable within one year | 40/41 | €18,853 | €51,914 | +€33,061 | +175.4% |
| Trade receivables | 40 | €8,909 | €13,295 | +€4,386 | +49.2% |
| Other amounts receivable | 41 | €9,944 | €38,619 | +€28,675 | +288.4% |
| Cash at bank and in hand | 54/58 | €129,234 | €111,621 | -€17,613 | -13.6% |
| Deferred charges and accrued income | 490/1 | €1,554 | €2,049 | +€495 | +31.9% |
| Total equity and liabilities | 10/49 | €725,787 | €731,731 | +€5,944 | +0.8% |
| Equity | 10/15 | €135,081 | €154,497 | +€19,416 | +14.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €110,860 | €122,000 | +€11,140 | +10.0% |
| Distributable reserves | 133 | €110,860 | €122,000 | +€11,140 | +10.0% |
| Profit (loss) carried forward | 14 | €5,621 | €13,897 | +€8,276 | +147.2% |
| Amounts payable | 17/49 | €590,706 | €577,234 | -€13,472 | -2.3% |
| Amounts payable after more than one year | 17 | €485,509 | €465,742 | -€19,767 | -4.1% |
| Financial debts | 170/4 | €485,509 | €465,742 | -€19,767 | -4.1% |
| Amounts payable within one year | 42/48 | €105,197 | €111,492 | +€6,295 | +6.0% |
| Trade debts | 44 | €29,919 | €51,276 | +€21,357 | +71.4% |
| Suppliers | 440/4 | €29,919 | €51,276 | +€21,357 | +71.4% |
| Taxes, remuneration and social security | 45 | €28,452 | €30,678 | +€2,226 | +7.8% |
| Taxes | 450/3 | €5,184 | €11,285 | +€6,101 | +117.7% |
| Remuneration and social security | 454/9 | €23,268 | €19,393 | -€3,875 | -16.7% |
| Other amounts payable | 47/48 | €46,826 | €29,538 | -€17,288 | -36.9% |
| Non-recurring operating income | 76A | - | €10,920 | +€10,920 | |
| Remuneration, social security and pensions | 62 | €136,674 | €159,301 | +€22,627 | +16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,058 | €73,391 | +€6,333 | +9.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,983 | - | -€1,983 | |
| Other operating charges | 640/8 | €2,678 | €4,710 | +€2,032 | +75.9% |
| Gross operating margin | 9900 | €218,822 | €277,750 | +€58,928 | +26.9% |
| Operating profit (loss) | 9901 | €10,429 | €40,348 | +€29,919 | +286.9% |
| Financial income | 75/76B | €269 | €142 | -€127 | -47.2% |
| Recurring financial income | 75 | €269 | €142 | -€127 | -47.2% |
| Financial charges | 65/66B | €15,048 | €15,384 | +€336 | +2.2% |
| Recurring financial charges | 65 | €15,048 | €15,384 | +€336 | +2.2% |
| Profit (loss) for the period before taxes | 9903 | -€4,350 | €25,106 | +€29,456 | |
| Income taxes | 67/77 | €229 | €5,690 | +€5,461 | +2384.7% |
| Profit (loss) for the period | 9904 | -€4,579 | €19,416 | +€23,995 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,579 | €19,416 | +€23,995 |
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 10 October 2026 via checked.be.