HaRmoShift: 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.
HaRmoShift
Largest movements
- Current investments +€170,000
up €170,000 (+106%), from €160,000 to €330,000
- Cash -€8,782
down €8,782 (-26.2%), from €33,488 to €24,706
mainly Current investments (-€170,000) and Investment in fixed assets (net) (-€982)
- Profit (loss) carried forward +€72,456
up €72,456 (+61.6%), from €117,598 to €190,053
- Reserves +€67,360
up €67,360 (+97.0%), from €69,465 to €136,825
- Tax, wage and social debts +€13,164
up €13,164 (+26.9%), from €48,929 to €62,092
of which Taxes: +€11,164
- Trade debts +€4,508
up €4,508 (+621%), from €726 to €5,235
- Gross operating margin -€3,630
down €3,630 (-2.0%), from €183,903 to €180,273
- Financial income +€2,554
up €2,554 (+135%), from €1,891 to €4,445
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 | €239,074 | €395,998 | +€156,925 | +65.6% |
| Fixed assets | 21/28 | €9,138 | €7,387 | -€1,751 | -19.2% |
| Tangible fixed assets | 22/27 | €9,138 | €7,387 | -€1,751 | -19.2% |
| Furniture and vehicles | 24 | €4,679 | €4,145 | -€534 | -11.4% |
| Other tangible fixed assets | 26 | €4,459 | €3,242 | -€1,217 | -27.3% |
| Current assets | 29/58 | €229,936 | €388,611 | +€158,675 | +69.0% |
| Amounts receivable within one year | 40/41 | €27,584 | €27,397 | -€187 | -0.7% |
| Trade receivables | 40 | €27,423 | €27,358 | -€65 | -0.2% |
| Other amounts receivable | 41 | €161 | €39 | -€122 | -75.8% |
| Current investments | 50/53 | €160,000 | €330,000 | +€170,000 | +106% |
| Cash at bank and in hand | 54/58 | €33,488 | €24,706 | -€8,782 | -26.2% |
| Deferred charges and accrued income | 490/1 | €8,864 | €6,508 | -€2,355 | -26.6% |
| Total equity and liabilities | 10/49 | €239,074 | €395,998 | +€156,925 | +65.6% |
| Equity | 10/15 | €188,063 | €327,878 | +€139,816 | +74.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €69,465 | €136,825 | +€67,360 | +97.0% |
| Tax-exempt reserves | 132 | €69,465 | €136,825 | +€67,360 | +97.0% |
| Profit (loss) carried forward | 14 | €117,598 | €190,053 | +€72,456 | +61.6% |
| Amounts payable | 17/49 | €51,011 | €68,120 | +€17,109 | +33.5% |
| Amounts payable within one year | 42/48 | €50,446 | €67,577 | +€17,131 | +34.0% |
| Trade debts | 44 | €726 | €5,235 | +€4,508 | +621% |
| Suppliers | 440/4 | €726 | €5,235 | +€4,508 | +621% |
| Taxes, remuneration and social security | 45 | €48,929 | €62,092 | +€13,164 | +26.9% |
| Taxes | 450/3 | €48,929 | €60,092 | +€11,164 | +22.8% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €792 | €251 | -€541 | -68.4% |
| Accrued charges and deferred income | 492/3 | €565 | €543 | -€22 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,288 | €2,733 | +€445 | +19.4% |
| Other operating charges | 640/8 | €50 | €44 | -€7 | -13.0% |
| Gross operating margin | 9900 | €183,903 | €180,273 | -€3,630 | -2.0% |
| Operating profit (loss) | 9901 | €181,565 | €177,497 | -€4,068 | -2.2% |
| Financial income | 75/76B | €1,891 | €4,445 | +€2,554 | +135% |
| Recurring financial income | 75 | €1,891 | €4,445 | +€2,554 | +135% |
| Financial charges | 65/66B | €2,047 | €1,988 | -€59 | -2.9% |
| Recurring financial charges | 65 | €2,047 | €1,988 | -€59 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €181,408 | €179,954 | -€1,454 | -0.8% |
| Income taxes | 67/77 | €40,372 | €40,139 | -€233 | -0.6% |
| Profit (loss) for the period | 9904 | €141,037 | €139,816 | -€1,221 | -0.9% |
| Transfer to tax-exempt reserves | 689 | €69,465 | €67,360 | -€2,105 | -3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €71,572 | €72,456 | +€884 | +1.2% |
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 14 October 2026 via checked.be.