HARO: 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.
HARO
Largest movements
- Stocks and contracts -€2.8m
down €2.8m (-17.5%), from €16.1m to €13.3m
- Receivables within one year +€451,310
up €451,310 (+111%), from €405,044 to €856,354
of which Trade receivables: +€333,344
- Accrued charges and deferred income -€2.8m
down €2.8m (-32.7%), from €8.6m to €5.8m
- Other debts +€455,827
up €455,827 (+5.8%), from €7.8m to €8.3m
- Other operating charges -€62,084
down €62,084 (-67.9%), from €91,456 to €29,372
- Gross operating margin +€58,126
up €58,126 (+124%), from €46,766 to €104,893
- Financial charges +€31,649
up €31,649 (+24.0%), from €132,034 to €163,682
- Financial income -€1,388
down €1,388 (-24.6%), from €5,647 to €4,258
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 | €18,883,846 | €16,495,868 | -€2.4m | -12.6% |
| Fixed assets | 21/28 | €2,354,554 | €2,331,052 | -€23,502 | -1.0% |
| Tangible fixed assets | 22/27 | €835,738 | €812,236 | -€23,502 | -2.8% |
| Land and buildings | 22 | €835,738 | €812,236 | -€23,502 | -2.8% |
| Financial fixed assets | 28 | €1,518,816 | €1,518,816 | = | 0.0% |
| Current assets | 29/58 | €16,529,292 | €14,164,816 | -€2.4m | -14.3% |
| Stocks and contracts in progress | 3 | €16,090,113 | €13,281,241 | -€2.8m | -17.5% |
| Stocks | 30/36 | €16,090,113 | €13,281,241 | -€2.8m | -17.5% |
| Amounts receivable within one year | 40/41 | €405,044 | €856,354 | +€451,310 | +111% |
| Trade receivables | 40 | €92,927 | €426,271 | +€333,344 | +359% |
| Other amounts receivable | 41 | €312,116 | €430,083 | +€117,967 | +37.8% |
| Cash at bank and in hand | 54/58 | €30,421 | €26,415 | -€4,006 | -13.2% |
| Deferred charges and accrued income | 490/1 | €3,715 | €806 | -€2,909 | -78.3% |
| Total equity and liabilities | 10/49 | €18,883,846 | €16,495,868 | -€2.4m | -12.6% |
| Equity | 10/15 | €2,216,009 | €2,101,251 | -€114,758 | -5.2% |
| Contributions | 10/11 | €3,958,577 | €3,958,577 | = | 0.0% |
| Capital | 10 | €3,950,000 | €3,950,000 | = | 0.0% |
| Issued capital | 100 | €3,950,000 | €3,950,000 | = | 0.0% |
| Contributions outside capital | 11 | €8,577 | €8,577 | = | 0.0% |
| Share premium | 1100/10 | €8,577 | €8,577 | = | 0.0% |
| Reserves | 13 | €6,484 | €6,484 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €286 | €286 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,749,052 | -€1,863,810 | -€114,758 | -6.6% |
| Amounts payable | 17/49 | €16,667,837 | €14,394,617 | -€2.3m | -13.6% |
| Amounts payable within one year | 42/48 | €8,114,311 | €8,642,276 | +€527,965 | +6.5% |
| Trade debts | 44 | €300,643 | €372,782 | +€72,138 | +24.0% |
| Suppliers | 440/4 | €300,643 | €372,782 | +€72,138 | +24.0% |
| Other amounts payable | 47/48 | €7,813,668 | €8,269,494 | +€455,827 | +5.8% |
| Accrued charges and deferred income | 492/3 | €8,553,526 | €5,752,341 | -€2.8m | -32.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,585 | €30,855 | +€270 | +0.9% |
| Other operating charges | 640/8 | €91,456 | €29,372 | -€62,084 | -67.9% |
| Gross operating margin | 9900 | €46,766 | €104,893 | +€58,126 | +124% |
| Operating profit (loss) | 9901 | -€75,275 | €44,666 | +€119,941 | |
| Financial income | 75/76B | €5,647 | €4,258 | -€1,388 | -24.6% |
| Recurring financial income | 75 | €5,647 | €4,258 | -€1,388 | -24.6% |
| Financial charges | 65/66B | €132,034 | €163,682 | +€31,649 | +24.0% |
| Recurring financial charges | 65 | €132,034 | €163,682 | +€31,649 | +24.0% |
| Profit (loss) for the period before taxes | 9903 | -€201,662 | -€114,758 | +€86,904 | +43.1% |
| Profit (loss) for the period | 9904 | -€201,662 | -€114,758 | +€86,904 | +43.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€201,662 | -€114,758 | +€86,904 | +43.1% |
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.