HART: 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.
HART
Largest movements
- Cash +€35,801
up €35,801 (+23.5%), from €152,578 to €188,379
mainly Depreciation (+€111,509) and Trade debts (+€100,603)
- Tangible fixed assets -€24,434
down €24,434 (-3.7%), from €659,744 to €635,310
of which Land and buildings: -€44,315
- Deferred charges and accrued income +€20,162
up €20,162 (+506%), from €3,987 to €24,149
- Receivables within one year -€17,879
down €17,879 (-17.1%), from €104,683 to €86,803
of which Other amounts receivable: -€16,739
- Debts after one year -€108,843
down €108,843 (-20.6%), from €529,207 to €420,363
- Trade debts +€100,603
up €100,603 (+106%), from €94,916 to €195,519
- Accrued charges and deferred income +€50,881
new in 2025: €50,881
- Other debts -€47,576
down €47,576 (-67.6%), from €70,403 to €22,827
- Short-term financial debts +€19,642
up €19,642 (+500%), from €3,927 to €23,569
- Gross operating margin -€341,455
down €341,455 (-26.6%), from €1.3m to €942,301
- Staff costs -€322,556
down €322,556 (-32.4%), from €996,062 to €673,506
- Depreciation -€69,424
down €69,424 (-38.4%), from €180,933 to €111,509
- Financial charges +€30,975
up €30,975 (+91.6%), from €33,820 to €64,795
- Taxes +€19,471
up €19,471 (+386%), from €5,041 to €24,512
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 | €1,066,311 | €1,084,914 | +€18,604 | +1.7% |
| Fixed assets | 21/28 | €694,748 | €670,314 | -€24,434 | -3.5% |
| Tangible fixed assets | 22/27 | €659,744 | €635,310 | -€24,434 | -3.7% |
| Land and buildings | 22 | €44,315 | - | -€44,315 | |
| Plant, machinery and equipment | 23 | €11,786 | €13,715 | +€1,929 | +16.4% |
| Furniture and vehicles | 24 | €80,777 | €119,433 | +€38,656 | +47.9% |
| Leasing and similar rights | 25 | €15,599 | - | -€15,599 | |
| Other tangible fixed assets | 26 | €507,267 | €502,162 | -€5,105 | -1.0% |
| Financial fixed assets | 28 | €35,004 | €35,004 | = | 0.0% |
| Current assets | 29/58 | €371,563 | €414,600 | +€43,038 | +11.6% |
| Stocks and contracts in progress | 3 | €110,315 | €115,269 | +€4,954 | +4.5% |
| Stocks | 30/36 | €110,315 | €115,269 | +€4,954 | +4.5% |
| Amounts receivable within one year | 40/41 | €104,683 | €86,803 | -€17,879 | -17.1% |
| Trade receivables | 40 | €40,666 | €39,526 | -€1,141 | -2.8% |
| Other amounts receivable | 41 | €64,016 | €47,278 | -€16,739 | -26.1% |
| Cash at bank and in hand | 54/58 | €152,578 | €188,379 | +€35,801 | +23.5% |
| Deferred charges and accrued income | 490/1 | €3,987 | €24,149 | +€20,162 | +506% |
| Total equity and liabilities | 10/49 | €1,066,311 | €1,084,914 | +€18,604 | +1.7% |
| Equity | 10/15 | €94,489 | €107,146 | +€12,657 | +13.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €75,889 | €88,546 | +€12,657 | +16.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €75,889 | €88,546 | +€12,657 | +16.7% |
| Amounts payable | 17/49 | €971,822 | €977,768 | +€5,946 | +0.6% |
| Amounts payable after more than one year | 17 | €529,207 | €420,363 | -€108,843 | -20.6% |
| Financial debts | 170/4 | €529,207 | €420,363 | -€108,843 | -20.6% |
| Amounts payable within one year | 42/48 | €442,615 | €506,524 | +€63,909 | +14.4% |
| Current portion of amounts payable after more than one year | 42 | €168,504 | €152,367 | -€16,137 | -9.6% |
| Financial debts | 43 | €3,927 | €23,569 | +€19,642 | +500% |
| Credit institutions | 430/8 | €3,927 | €23,569 | +€19,642 | +500% |
| Trade debts | 44 | €94,916 | €195,519 | +€100,603 | +106% |
| Suppliers | 440/4 | €94,916 | €195,519 | +€100,603 | +106% |
| Taxes, remuneration and social security | 45 | €104,865 | €112,243 | +€7,378 | +7.0% |
| Taxes | 450/3 | €35,959 | €31,752 | -€4,207 | -11.7% |
| Remuneration and social security | 454/9 | €68,906 | €80,491 | +€11,585 | +16.8% |
| Other amounts payable | 47/48 | €70,403 | €22,827 | -€47,576 | -67.6% |
| Accrued charges and deferred income | 492/3 | - | €50,881 | +€50,881 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €996,062 | €673,506 | -€322,556 | -32.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €180,933 | €111,509 | -€69,424 | -38.4% |
| Other operating charges | 640/8 | €29,295 | €39,452 | +€10,157 | +34.7% |
| Gross operating margin | 9900 | €1,283,756 | €942,301 | -€341,455 | -26.6% |
| Operating profit (loss) | 9901 | €77,466 | €117,834 | +€40,368 | +52.1% |
| Financial income | 75/76B | €6,165 | €1,630 | -€4,535 | -73.6% |
| Recurring financial income | 75 | €6,165 | €1,630 | -€4,535 | -73.6% |
| Financial charges | 65/66B | €33,820 | €64,795 | +€30,975 | +91.6% |
| Recurring financial charges | 65 | €33,820 | €64,795 | +€30,975 | +91.6% |
| Profit (loss) for the period before taxes | 9903 | €49,812 | €54,669 | +€4,858 | +9.8% |
| Income taxes | 67/77 | €5,041 | €24,512 | +€19,471 | +386% |
| Profit (loss) for the period | 9904 | €44,771 | €30,157 | -€14,613 | -32.6% |
| Profit (loss) for the period to be appropriated | 9905 | €44,771 | €30,157 | -€14,613 | -32.6% |
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 23 October 2026 via checked.be.