HAROWAI: 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.
HAROWAI
Largest movements
- Cash -€43,133
down €43,133 (-80.5%), from €53,606 to €10,473
mainly Other debts (-€50,758) and Contributions, distributions and other (-€48,590)
- Receivables after one year -€29,354
down €29,354 (-53.7%), from €54,686 to €25,333
- Deferred charges and accrued income -€5,911
down €5,911 (-22.3%), from €26,528 to €20,617
- Receivables within one year +€5,643
up €5,643 (+19.0%), from €29,694 to €35,337
of which Trade receivables: +€15,012
- Tangible fixed assets +€4,096
up €4,096 (+276%), from €1,486 to €5,582
- Other debts -€50,758
down €50,758 (-51.1%), from €99,348 to €48,590
- Tax, wage and social debts -€15,291
down €15,291 (-71.4%), from €21,425 to €6,134
- Debts after one year -€4,206
down €4,206 (-28.0%), from €15,004 to €10,798
- Accrued charges and deferred income +€3,520
new in 2025: €3,520
- Gross operating margin -€33,921
down €33,921 (-32.4%), from €104,740 to €70,819
- Taxes -€8,572
down €8,572 (-33.8%), from €25,330 to €16,758
- Other operating charges +€1,106
up €1,106 (+98.2%), from €1,127 to €2,233
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 | €166,001 | €97,342 | -€68,659 | -41.4% |
| Fixed assets | 21/28 | €1,486 | €5,582 | +€4,096 | +276% |
| Tangible fixed assets | 22/27 | €1,486 | €5,582 | +€4,096 | +276% |
| Plant, machinery and equipment | 23 | €1,486 | €5,582 | +€4,096 | +276% |
| Current assets | 29/58 | €164,515 | €91,760 | -€72,755 | -44.2% |
| Amounts receivable after more than one year | 29 | €54,686 | €25,333 | -€29,354 | -53.7% |
| Other amounts receivable | 291 | €54,686 | €25,333 | -€29,354 | -53.7% |
| Amounts receivable within one year | 40/41 | €29,694 | €35,337 | +€5,643 | +19.0% |
| Trade receivables | 40 | - | €15,012 | +€15,012 | |
| Other amounts receivable | 41 | €29,694 | €20,325 | -€9,369 | -31.6% |
| Cash at bank and in hand | 54/58 | €53,606 | €10,473 | -€43,133 | -80.5% |
| Deferred charges and accrued income | 490/1 | €26,528 | €20,617 | -€5,911 | -22.3% |
| Total equity and liabilities | 10/49 | €166,001 | €97,342 | -€68,659 | -41.4% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Amounts payable | 17/49 | €147,401 | €78,742 | -€68,659 | -46.6% |
| Amounts payable after more than one year | 17 | €15,004 | €10,798 | -€4,206 | -28.0% |
| Financial debts | 170/4 | €15,004 | €10,798 | -€4,206 | -28.0% |
| Amounts payable within one year | 42/48 | €132,397 | €64,424 | -€67,972 | -51.3% |
| Current portion of amounts payable after more than one year | 42 | €4,733 | €4,206 | -€526 | -11.1% |
| Financial debts | 43 | €3,421 | €3,411 | -€11 | -0.3% |
| Credit institutions | 430/8 | €3,421 | €3,411 | -€11 | -0.3% |
| Trade debts | 44 | €3,469 | €2,084 | -€1,386 | -39.9% |
| Suppliers | 440/4 | €3,469 | €2,084 | -€1,386 | -39.9% |
| Taxes, remuneration and social security | 45 | €21,425 | €6,134 | -€15,291 | -71.4% |
| Taxes | 450/3 | €21,425 | €6,134 | -€15,291 | -71.4% |
| Other amounts payable | 47/48 | €99,348 | €48,590 | -€50,758 | -51.1% |
| Accrued charges and deferred income | 492/3 | - | €3,520 | +€3,520 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,038 | €1,467 | +€429 | +41.3% |
| Other operating charges | 640/8 | €1,127 | €2,233 | +€1,106 | +98.2% |
| Gross operating margin | 9900 | €104,740 | €70,819 | -€33,921 | -32.4% |
| Operating profit (loss) | 9901 | €102,575 | €67,119 | -€35,456 | -34.6% |
| Financial income | 75/76B | €1,690 | €905 | -€785 | -46.4% |
| Recurring financial income | 75 | €1,690 | €905 | -€785 | -46.4% |
| Financial charges | 65/66B | €3,721 | €2,677 | -€1,044 | -28.1% |
| Recurring financial charges | 65 | €3,721 | €2,677 | -€1,044 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €100,544 | €65,348 | -€35,196 | -35.0% |
| Income taxes | 67/77 | €25,330 | €16,758 | -€8,572 | -33.8% |
| Profit (loss) for the period | 9904 | €75,214 | €48,590 | -€26,624 | -35.4% |
| Profit (loss) for the period to be appropriated | 9905 | €75,214 | €48,590 | -€26,624 | -35.4% |
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 16 October 2026 via checked.be.