HARMONYS: 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.
HARMONYS
Largest movements
- Cash +€348,351
new in 2025: €348,351
mainly Contributions, distributions and other (+€560,000) and Depreciation (+€77,549)
- Receivables within one year +€61,199
up €61,199 (+719%), from €8,514 to €69,713
- Tangible fixed assets +€22,076
up €22,076 (+1.9%), from €1.1m to €1.2m
of which Assets under construction and advance payments: +€59,910
- Contributions +€560,000
up €560,000 (+104%), from €540,000 to €1.1m
- Short-term financial debts -€150,000
no longer reported in 2025 (was €150,000)
- Other debts +€55,280
up €55,280 (+18.9%), from €291,822 to €347,102
- Debts after one year -€38,409
down €38,409 (-24.2%), from €158,390 to €119,981
- Gross operating margin +€26,774
up €26,774 (+37.5%), from €71,318 to €98,093
- Staff costs -€16,182
down €16,182 (-99.9%), from €16,196 to €14
- Financial charges +€10,332
up €10,332 (+248%), from €4,167 to €14,499
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 | €1,163,570 | €1,587,557 | +€423,987 | +36.4% |
| Fixed assets | 21/28 | €1,145,311 | €1,167,387 | +€22,076 | +1.9% |
| Tangible fixed assets | 22/27 | €1,145,061 | €1,167,137 | +€22,076 | +1.9% |
| Land and buildings | 22 | €648,300 | €631,811 | -€16,488 | -2.5% |
| Plant, machinery and equipment | 23 | €200,366 | €187,849 | -€12,517 | -6.2% |
| Furniture and vehicles | 24 | €40,475 | €31,647 | -€8,828 | -21.8% |
| Assets under construction and advance payments | 27 | €255,919 | €315,829 | +€59,910 | +23.4% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €18,259 | €420,170 | +€401,911 | +2,201% |
| Amounts receivable within one year | 40/41 | €8,514 | €69,713 | +€61,199 | +719% |
| Trade receivables | 40 | €8,514 | €69,713 | +€61,199 | +719% |
| Cash at bank and in hand | 54/58 | - | €348,351 | +€348,351 | |
| Deferred charges and accrued income | 490/1 | €9,745 | €2,106 | -€7,639 | -78.4% |
| Total equity and liabilities | 10/49 | €1,163,570 | €1,587,557 | +€423,987 | +36.4% |
| Equity | 10/15 | €503,171 | €1,063,558 | +€560,387 | +111% |
| Contributions | 10/11 | €540,000 | €1,100,000 | +€560,000 | +104% |
| Capital | 10 | €540,000 | €1,100,000 | +€560,000 | +104% |
| Issued capital | 100 | €540,000 | €1,100,000 | +€560,000 | +104% |
| Reserves | 13 | €43,511 | €43,511 | = | 0.0% |
| Non-distributable reserves | 130/1 | €43,511 | €43,511 | = | 0.0% |
| Legal reserve | 130 | €43,511 | €43,511 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€80,341 | -€79,954 | +€387 | +0.5% |
| Amounts payable | 17/49 | €660,399 | €523,999 | -€136,400 | -20.7% |
| Amounts payable after more than one year | 17 | €158,390 | €119,981 | -€38,409 | -24.2% |
| Financial debts | 170/4 | €158,390 | €119,981 | -€38,409 | -24.2% |
| Amounts payable within one year | 42/48 | €502,009 | €404,018 | -€97,990 | -19.5% |
| Current portion of amounts payable after more than one year | 42 | €37,844 | €38,409 | +€565 | +1.5% |
| Financial debts | 43 | €150,000 | - | -€150,000 | |
| Credit institutions | 430/8 | €150,000 | - | -€150,000 | |
| Trade debts | 44 | €6,609 | €17,331 | +€10,721 | +162% |
| Suppliers | 440/4 | €6,609 | €17,331 | +€10,721 | +162% |
| Taxes, remuneration and social security | 45 | €15,733 | €1,176 | -€14,557 | -92.5% |
| Taxes | 450/3 | €15,121 | €1,176 | -€13,945 | -92.2% |
| Remuneration and social security | 454/9 | €612 | - | -€612 | |
| Other amounts payable | 47/48 | €291,822 | €347,102 | +€55,280 | +18.9% |
| Remuneration, social security and pensions | 62 | €16,196 | €14 | -€16,182 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,299 | €77,549 | +€249 | +0.3% |
| Other operating charges | 640/8 | €5,306 | €5,644 | +€338 | +6.4% |
| Gross operating margin | 9900 | €71,318 | €98,093 | +€26,774 | +37.5% |
| Operating profit (loss) | 9901 | -€27,483 | €14,886 | +€42,369 | |
| Financial charges | 65/66B | €4,167 | €14,499 | +€10,332 | +248% |
| Recurring financial charges | 65 | €4,167 | €14,499 | +€10,332 | +248% |
| Profit (loss) for the period before taxes | 9903 | -€31,650 | €387 | +€32,036 | |
| Profit (loss) for the period | 9904 | -€31,650 | €387 | +€32,036 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,650 | €387 | +€32,036 |
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 24 October 2026 via checked.be.