HARMONY INDUSTRIES: 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.
What changed
HARMONY INDUSTRIES
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€176,395
2024 · €1.2m-€1.0m
Equity
€75.8m
2024 · €75.6m+€176,395
Cash
€490,557
2024 · €78,130+€412,427
Balance sheet total
€167.4m
2024 · €160.6m+€6.8m
Largest movements
Assets
- Current investments +€6.0m
up €6.0m (+109%), from €5.5m to €11.5m
- Financial fixed assets +€1.7m
up €1.7m (+2.1%), from €80.3m to €82.0m
Equity and liabilities
- Other debts +€7.7m
up €7.7m (+9.2%), from €83.4m to €91.1m
Income statement
- Financial income +€3.3m
up €3.3m (+64.9%), from €5.1m to €8.4m
- Financial charges +€2.2m
up €2.2m (+56.9%), from €3.8m to €6.0m
- Gross operating margin -€68,050
down €68,050 (-22.6%), from €301,245 to €233,195
- Taxes +€12,010
up €12,010 (+23.5%), from €51,094 to €63,104
- Depreciation +€7,346
up €7,346 (+3.3%), from €220,336 to €227,683
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
€1.2m
Gross operating margin
-€68,050
Depreciation
-€7,346
Other operating charges
+€319
Other operating items
-€2.1m
Financial income
+€3.3m
Financial charges
-€2.2m
Taxes
-€12,010
Result 2025
€176,395
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€8.1m
Investment
-€7.7m
Financing
€0
Cash 2024
€78,130
From operations (derived)
+€8.1m
Net result for the year
+€176,395
Depreciation
+€227,683
Receivables within one year
+€1.1m
Smaller working-capital items
+€5,663
Provisions
-€19,231
Trade debts
+€23,244
Other debts
+€7.7m
Accrued charges and deferred income
-€1.1m
Investment (derived)
-€7.7m
Investment in fixed assets (net)
-€1.7m
Current investments
-€6.0m
Cash 2025
€490,557
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €160,597,093 | €167,355,176 | +€6.8m | +4.2% |
| Fixed assets | 21/28 | €87,407,489 | €88,886,371 | +€1.5m | +1.7% |
| Tangible fixed assets | 22/27 | €7,130,536 | €6,902,853 | -€227,683 | -3.2% |
| Land and buildings | 22 | €7,130,536 | €6,902,853 | -€227,683 | -3.2% |
| Financial fixed assets | 28 | €80,276,953 | €81,983,517 | +€1.7m | +2.1% |
| Current assets | 29/58 | €73,189,604 | €78,468,805 | +€5.3m | +7.2% |
| Amounts receivable within one year | 40/41 | €67,604,434 | €66,471,283 | -€1.1m | -1.7% |
| Trade receivables | 40 | €58,428 | €45,226 | -€13,202 | -22.6% |
| Other amounts receivable | 41 | €67,546,005 | €66,426,057 | -€1.1m | -1.7% |
| Current investments | 50/53 | €5,500,000 | €11,500,000 | +€6.0m | +109% |
| Cash at bank and in hand | 54/58 | €78,130 | €490,557 | +€412,427 | +528% |
| Deferred charges and accrued income | 490/1 | €7,040 | €6,965 | -€76 | -1.1% |
| Total equity and liabilities | 10/49 | €160,597,093 | €167,355,176 | +€6.8m | +4.2% |
| Equity | 10/15 | €75,628,865 | €75,805,260 | +€176,395 | +0.2% |
| Contributions | 10/11 | €750,000 | €750,000 | = | 0.0% |
| Capital | 10 | €750,000 | €750,000 | = | 0.0% |
| Issued capital | 100 | €750,000 | €750,000 | = | 0.0% |
| Reserves | 13 | €601,476 | €543,784 | -€57,692 | -9.6% |
| Non-distributable reserves | 130/1 | €75,000 | €75,000 | = | 0.0% |
| Legal reserve | 130 | €75,000 | €75,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €526,476 | €468,784 | -€57,692 | -11.0% |
| Profit (loss) carried forward | 14 | €74,277,389 | €74,511,476 | +€234,087 | +0.3% |
| Provisions and deferred taxes | 16 | €340,230 | €320,999 | -€19,231 | -5.7% |
| Deferred taxes | 168 | €340,230 | €320,999 | -€19,231 | -5.7% |
| Amounts payable | 17/49 | €84,627,998 | €91,228,916 | +€6.6m | +7.8% |
| Amounts payable within one year | 42/48 | €83,479,122 | €91,175,778 | +€7.7m | +9.2% |
| Trade debts | 44 | €33,439 | €56,683 | +€23,244 | +69.5% |
| Suppliers | 440/4 | €33,439 | €56,683 | +€23,244 | +69.5% |
| Taxes, remuneration and social security | 45 | €11,639 | €17,227 | +€5,588 | +48.0% |
| Taxes | 450/3 | €11,639 | €17,227 | +€5,588 | +48.0% |
| Other amounts payable | 47/48 | €83,434,044 | €91,101,868 | +€7.7m | +9.2% |
| Accrued charges and deferred income | 492/3 | €1,148,875 | €53,138 | -€1.1m | -95.4% |
| Non-recurring operating income | 76A | €73,618 | - | -€73,618 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €220,336 | €227,683 | +€7,346 | +3.3% |
| Other operating charges | 640/8 | €127,098 | €126,779 | -€319 | -0.3% |
| Non-recurring operating charges | 66A | - | €2,050,000 | +€2.1m | |
| Gross operating margin | 9900 | €301,245 | €233,195 | -€68,050 | -22.6% |
| Operating profit (loss) | 9901 | -€46,189 | -€2,171,267 | -€2.1m | -4,601% |
| Financial income | 75/76B | €5,067,774 | €8,354,284 | +€3.3m | +64.9% |
| Recurring financial income | 75 | €5,067,774 | €8,354,284 | +€3.3m | +64.9% |
| Financial charges | 65/66B | €3,801,395 | €5,962,749 | +€2.2m | +56.9% |
| Recurring financial charges | 65 | €3,801,395 | €5,962,749 | +€2.2m | +56.9% |
| Profit (loss) for the period before taxes | 9903 | €1,220,191 | €220,268 | -€999,922 | -81.9% |
| Transfer from deferred taxes | 780 | €19,231 | €19,231 | = | 0.0% |
| Income taxes | 67/77 | €51,094 | €63,104 | +€12,010 | +23.5% |
| Profit (loss) for the period | 9904 | €1,188,327 | €176,395 | -€1.0m | -85.2% |
| Transfer from tax-exempt reserves | 789 | €57,692 | €57,692 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,246,019 | €234,087 | -€1.0m | -81.2% |
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 23 October 2026 via checked.be.