HARO: 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
HARO
NACE 10.520, Manufacture of food products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€39,868
2024 · €106,855-€66,987
Equity
€529,057
2024 · €489,189+€39,868
Cash
€77,277
2024 · €85,077-€7,800
Balance sheet total
€1.6m
2024 · €1.5m+€133,168
Largest movements
Assets
- Tangible fixed assets +€166,812
up €166,812 (+15.9%), from €1.1m to €1.2m
of which Land and buildings: +€247,921
- Stocks and contracts -€24,141
down €24,141 (-10.3%), from €233,705 to €209,564
Equity and liabilities
- Debts after one year +€100,178
up €100,178 (+13.0%), from €770,527 to €870,704
- Short-term financial debts +€49,988
up €49,988 (+987.4%), from €5,063 to €55,051
- Reserves +€39,868
up €39,868 (+8.5%), from €470,439 to €510,307
of which Distributable reserves: +€39,868
- Trade debts -€33,504
down €33,504 (-36.5%), from €91,739 to €58,234
Income statement
- Gross operating margin -€65,261
down €65,261 (-14.1%), from €461,609 to €396,348
- Taxes -€22,930
down €22,930 (-56.9%), from €40,294 to €17,363
- Staff costs +€16,534
up €16,534 (+18.0%), from €91,676 to €108,210
- Depreciation +€9,689
up €9,689 (+5.8%), from €166,625 to €176,313
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
€106,855
Gross operating margin
-€65,261
Staff costs
-€16,534
Depreciation
-€9,689
Write-downs
+€4,111
Other operating charges
+€27
Financial income
+€94
Financial charges
-€2,665
Taxes
+€22,930
Result 2025
€39,868
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
+€190,298
Investment
-€343,375
Financing
+€145,277
Cash 2024
€85,077
From operations (derived)
+€190,298
Net result for the year
+€39,868
Depreciation
+€176,313
Stocks and contracts
+€24,141
Receivables within one year
+€3,198
Deferred charges and accrued income
-€1,245
Trade debts
-€33,504
Tax, wage and social debts
-€12,000
Other debts
-€6,474
Accrued charges and deferred income
+€1
Investment (derived)
-€343,375
Investment in fixed assets (net)
-€343,375
Financing
+€145,277
Debts after one year
+€100,178
Current portion of long-term debt
-€4,889
Short-term financial debts
+€49,988
Cash 2025
€77,277
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,510,723 | €1,643,891 | +€133,168 | +8.8% |
| Fixed assets | 21/28 | €1,051,871 | €1,218,932 | +€167,062 | +15.9% |
| Tangible fixed assets | 22/27 | €1,051,318 | €1,218,130 | +€166,812 | +15.9% |
| Land and buildings | 22 | €153,145 | €401,066 | +€247,921 | +161.9% |
| Plant, machinery and equipment | 23 | €154,662 | €119,952 | -€34,710 | -22.4% |
| Furniture and vehicles | 24 | €94,146 | €82,164 | -€11,983 | -12.7% |
| Leasing and similar rights | 25 | €190,958 | €143,681 | -€47,277 | -24.8% |
| Other tangible fixed assets | 26 | €458,407 | €471,267 | +€12,860 | +2.8% |
| Financial fixed assets | 28 | €552 | €802 | +€250 | +45.3% |
| Current assets | 29/58 | €458,852 | €424,959 | -€33,893 | -7.4% |
| Stocks and contracts in progress | 3 | €233,705 | €209,564 | -€24,141 | -10.3% |
| Stocks | 30/36 | €233,705 | €209,564 | -€24,141 | -10.3% |
| Amounts receivable within one year | 40/41 | €117,468 | €114,270 | -€3,198 | -2.7% |
| Trade receivables | 40 | €102,523 | €95,500 | -€7,023 | -6.9% |
| Other amounts receivable | 41 | €14,945 | €18,770 | +€3,825 | +25.6% |
| Cash at bank and in hand | 54/58 | €85,077 | €77,277 | -€7,800 | -9.2% |
| Deferred charges and accrued income | 490/1 | €22,602 | €23,847 | +€1,245 | +5.5% |
| Total equity and liabilities | 10/49 | €1,510,723 | €1,643,891 | +€133,168 | +8.8% |
| Equity | 10/15 | €489,189 | €529,057 | +€39,868 | +8.1% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €470,439 | €510,307 | +€39,868 | +8.5% |
| Tax-exempt reserves | 132 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €467,439 | €507,307 | +€39,868 | +8.5% |
| Amounts payable | 17/49 | €1,021,534 | €1,114,834 | +€93,300 | +9.1% |
| Amounts payable after more than one year | 17 | €770,527 | €870,704 | +€100,178 | +13.0% |
| Financial debts | 170/4 | €770,527 | €870,704 | +€100,178 | +13.0% |
| Amounts payable within one year | 42/48 | €250,468 | €243,590 | -€6,878 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €122,978 | €118,089 | -€4,889 | -4.0% |
| Financial debts | 43 | €5,063 | €55,051 | +€49,988 | +987.4% |
| Credit institutions | 430/8 | €5,063 | €55,051 | +€49,988 | +987.4% |
| Trade debts | 44 | €91,739 | €58,234 | -€33,504 | -36.5% |
| Suppliers | 440/4 | €91,739 | €58,234 | -€33,504 | -36.5% |
| Taxes, remuneration and social security | 45 | €21,224 | €9,225 | -€12,000 | -56.5% |
| Taxes | 450/3 | €1,155 | €2,038 | +€883 | +76.5% |
| Remuneration and social security | 454/9 | €20,069 | €7,187 | -€12,883 | -64.2% |
| Other amounts payable | 47/48 | €9,465 | €2,991 | -€6,474 | -68.4% |
| Accrued charges and deferred income | 492/3 | €539 | €540 | +€1 | +0.1% |
| Non-recurring operating income | 76A | €37,350 | €0 | -€37,350 | -100.0% |
| Remuneration, social security and pensions | 62 | €91,676 | €108,210 | +€16,534 | +18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €166,625 | €176,313 | +€9,689 | +5.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€529 | -€4,641 | -€4,111 | -776.5% |
| Other operating charges | 640/8 | €6,519 | €6,492 | -€27 | -0.4% |
| Gross operating margin | 9900 | €461,609 | €396,348 | -€65,261 | -14.1% |
| Operating profit (loss) | 9901 | €197,319 | €109,973 | -€87,346 | -44.3% |
| Financial income | 75/76B | - | €94 | +€94 | |
| Recurring financial income | 75 | - | €94 | +€94 | |
| Financial charges | 65/66B | €50,170 | €52,836 | +€2,665 | +5.3% |
| Recurring financial charges | 65 | €50,170 | €52,836 | +€2,665 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €147,149 | €57,231 | -€89,917 | -61.1% |
| Income taxes | 67/77 | €40,294 | €17,363 | -€22,930 | -56.9% |
| Profit (loss) for the period | 9904 | €106,855 | €39,868 | -€66,987 | -62.7% |
| Profit (loss) for the period to be appropriated | 9905 | €106,855 | €39,868 | -€66,987 | -62.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.