HARPAL: 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.
HARPAL
Largest movements
- Receivables within one year +€40,974
up €40,974 (+212%), from €19,306 to €60,280
of which Trade receivables: +€25,068
- Tangible fixed assets +€21,612
up €21,612 (+33,290%), from €65 to €21,677
of which Furniture and vehicles: +€21,677
- Current investments -€21,512
no longer reported in 2025 (was €21,512)
- Cash +€5,122
new in 2025: €5,122
mainly Net result for the year (+€31,044) and Current investments (+€21,512)
- Stocks and contracts +€4,409
up €4,409 (+6.3%), from €69,716 to €74,125
- Profit (loss) carried forward +€31,044
up €31,044 (+67.8%), from €45,776 to €76,820
- Debts after one year +€17,213
new in 2025: €17,213
- Tax, wage and social debts -€5,631
down €5,631 (-54.9%), from €10,249 to €4,618
- Current portion of long-term debt +€5,353
new in 2025: €5,353
- Staff costs -€21,114
down €21,114 (-61.5%), from €34,329 to €13,215
- Taxes +€4,618
new in 2025: €4,618
- Financial charges +€4,261
up €4,261 (+1,278%), from €333 to €4,594
- Other operating charges +€2,211
up €2,211 (+37.6%), from €5,877 to €8,088
- Gross operating margin +€1,909
up €1,909 (+3.1%), from €61,037 to €62,946
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 | €115,063 | €163,337 | +€48,274 | +42.0% |
| Fixed assets | 21/28 | €1,005 | €22,617 | +€21,612 | +2,151% |
| Tangible fixed assets | 22/27 | €65 | €21,677 | +€21,612 | +33,290% |
| Land and buildings | 22 | €65 | - | -€65 | |
| Furniture and vehicles | 24 | - | €21,677 | +€21,677 | |
| Financial fixed assets | 28 | €940 | €940 | = | 0.0% |
| Current assets | 29/58 | €114,058 | €140,720 | +€26,662 | +23.4% |
| Stocks and contracts in progress | 3 | €69,716 | €74,125 | +€4,409 | +6.3% |
| Stocks | 30/36 | €69,716 | €74,125 | +€4,409 | +6.3% |
| Amounts receivable within one year | 40/41 | €19,306 | €60,280 | +€40,974 | +212% |
| Trade receivables | 40 | - | €25,068 | +€25,068 | |
| Other amounts receivable | 41 | €19,306 | €35,212 | +€15,906 | +82.4% |
| Current investments | 50/53 | €21,512 | - | -€21,512 | |
| Cash at bank and in hand | 54/58 | - | €5,122 | +€5,122 | |
| Deferred charges and accrued income | 490/1 | €3,525 | €1,194 | -€2,331 | -66.1% |
| Total equity and liabilities | 10/49 | €115,063 | €163,337 | +€48,274 | +42.0% |
| Equity | 10/15 | €66,713 | €97,757 | +€31,044 | +46.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Capital | 10 | €20,000 | €20,000 | = | 0.0% |
| Issued capital | 100 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €937 | €937 | = | 0.0% |
| Non-distributable reserves | 130/1 | €937 | €937 | = | 0.0% |
| Legal reserve | 130 | €937 | €937 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,776 | €76,820 | +€31,044 | +67.8% |
| Amounts payable | 17/49 | €48,350 | €65,580 | +€17,230 | +35.6% |
| Amounts payable after more than one year | 17 | - | €17,213 | +€17,213 | |
| Financial debts | 170/4 | - | €17,213 | +€17,213 | |
| Amounts payable within one year | 42/48 | €48,350 | €48,367 | +€18 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | - | €5,353 | +€5,353 | |
| Trade debts | 44 | €38,101 | €38,397 | +€296 | +0.8% |
| Suppliers | 440/4 | €38,101 | €38,397 | +€296 | +0.8% |
| Taxes, remuneration and social security | 45 | €10,249 | €4,618 | -€5,631 | -54.9% |
| Taxes | 450/3 | €10,249 | €4,618 | -€5,631 | -54.9% |
| Remuneration, social security and pensions | 62 | €34,329 | €13,215 | -€21,114 | -61.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €540 | €1,388 | +€848 | +157% |
| Other operating charges | 640/8 | €5,877 | €8,088 | +€2,211 | +37.6% |
| Gross operating margin | 9900 | €61,037 | €62,946 | +€1,909 | +3.1% |
| Operating profit (loss) | 9901 | €20,292 | €40,256 | +€19,964 | +98.4% |
| Financial charges | 65/66B | €333 | €4,594 | +€4,261 | +1,278% |
| Recurring financial charges | 65 | €333 | €4,594 | +€4,261 | +1,278% |
| Profit (loss) for the period before taxes | 9903 | €19,958 | €35,661 | +€15,703 | +78.7% |
| Income taxes | 67/77 | - | €4,618 | +€4,618 | |
| Profit (loss) for the period | 9904 | €19,958 | €31,044 | +€11,086 | +55.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,958 | €31,044 | +€11,086 | +55.5% |
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 25 October 2026 via checked.be.