HARTEEL: 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.
HARTEEL
Largest movements
- Stocks and contracts +€63,156
up €63,156 (+46.0%), from €137,151 to €200,307
- Receivables within one year -€37,392
down €37,392 (-15.9%), from €235,171 to €197,779
of which Trade receivables: -€41,606
- Tangible fixed assets -€12,512
down €12,512 (-32.4%), from €38,595 to €26,083
of which Furniture and vehicles: -€6,765
- Trade debts +€18,756
up €18,756 (+142%), from €13,198 to €31,954
- Other debts -€18,428
down €18,428 (-100%), from €18,428 to €0
- Profit (loss) carried forward +€11,114
up €11,114 (+352%), from €3,157 to €14,271
- Gross operating margin -€181,743
down €181,743, from €180,399 to -€1,344
- Write-downs -€111,964
down €111,964, from €69,643 to -€42,321
- Other operating charges -€4,317
down €4,317 (-56.8%), from €7,603 to €3,286
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 | €530,002 | €536,389 | +€6,387 | +1.2% |
| Fixed assets | 21/28 | €42,419 | €27,283 | -€15,136 | -35.7% |
| Intangible fixed assets | 21 | €3,824 | €1,200 | -€2,624 | -68.6% |
| Tangible fixed assets | 22/27 | €38,595 | €26,083 | -€12,512 | -32.4% |
| Land and buildings | 22 | €4,383 | €553 | -€3,830 | -87.4% |
| Plant, machinery and equipment | 23 | €8,308 | €8,511 | +€203 | +2.4% |
| Furniture and vehicles | 24 | €11,403 | €4,638 | -€6,765 | -59.3% |
| Other tangible fixed assets | 26 | €14,501 | €12,381 | -€2,121 | -14.6% |
| Current assets | 29/58 | €487,583 | €509,106 | +€21,523 | +4.4% |
| Stocks and contracts in progress | 3 | €137,151 | €200,307 | +€63,156 | +46.0% |
| Stocks | 30/36 | €137,151 | €200,307 | +€63,156 | +46.0% |
| Amounts receivable within one year | 40/41 | €235,171 | €197,779 | -€37,392 | -15.9% |
| Trade receivables | 40 | €183,750 | €142,145 | -€41,606 | -22.6% |
| Other amounts receivable | 41 | €51,421 | €55,634 | +€4,214 | +8.2% |
| Cash at bank and in hand | 54/58 | €112,056 | €107,743 | -€4,313 | -3.8% |
| Deferred charges and accrued income | 490/1 | €3,205 | €3,277 | +€72 | +2.3% |
| Total equity and liabilities | 10/49 | €530,002 | €536,389 | +€6,387 | +1.2% |
| Equity | 10/15 | €492,243 | €503,356 | +€11,114 | +2.3% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €458,099 | €458,099 | = | 0.0% |
| Distributable reserves | 133 | €458,099 | €458,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,157 | €14,271 | +€11,114 | +352% |
| Amounts payable | 17/49 | €37,759 | €33,033 | -€4,726 | -12.5% |
| Amounts payable within one year | 42/48 | €35,902 | €32,906 | -€2,996 | -8.3% |
| Trade debts | 44 | €13,198 | €31,954 | +€18,756 | +142% |
| Suppliers | 440/4 | €13,198 | €31,954 | +€18,756 | +142% |
| Taxes, remuneration and social security | 45 | €4,276 | €953 | -€3,324 | -77.7% |
| Taxes | 450/3 | €4,253 | €953 | -€3,301 | -77.6% |
| Remuneration and social security | 454/9 | €23 | €0 | -€23 | -100% |
| Other amounts payable | 47/48 | €18,428 | €0 | -€18,428 | -100% |
| Accrued charges and deferred income | 492/3 | €1,857 | €127 | -€1,730 | -93.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,168 | €19,618 | -€549 | -2.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €69,643 | -€42,321 | -€111,964 | |
| Other operating charges | 640/8 | €7,603 | €3,286 | -€4,317 | -56.8% |
| Non-recurring operating charges | 66A | €1,542 | €2,325 | +€783 | +50.8% |
| Gross operating margin | 9900 | €180,399 | -€1,344 | -€181,743 | |
| Operating profit (loss) | 9901 | €81,443 | €15,748 | -€65,695 | -80.7% |
| Financial income | 75/76B | €797 | €419 | -€378 | -47.4% |
| Recurring financial income | 75 | €797 | €419 | -€378 | -47.4% |
| Financial charges | 65/66B | €2,834 | €4,008 | +€1,174 | +41.4% |
| Recurring financial charges | 65 | €2,834 | €4,008 | +€1,174 | +41.4% |
| Profit (loss) for the period before taxes | 9903 | €79,406 | €12,159 | -€67,247 | -84.7% |
| Income taxes | 67/77 | €1,013 | €1,046 | +€33 | +3.3% |
| Profit (loss) for the period | 9904 | €78,393 | €11,114 | -€67,280 | -85.8% |
| Profit (loss) for the period to be appropriated | 9905 | €78,393 | €11,114 | -€67,280 | -85.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.