HARTEX: 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.
HARTEX
Largest movements
- Tangible fixed assets -€111,701
down €111,701 (-11.2%), from €994,511 to €882,810
of which Plant, machinery and equipment: -€56,543
- Stocks and contracts -€27,615
down €27,615 (-4.5%), from €608,671 to €581,056
- Debts after one year -€72,014
down €72,014 (-15.7%), from €457,683 to €385,669
of which Financial debts: -€72,014
- Current portion of long-term debt -€52,953
down €52,953 (-42.4%), from €124,967 to €72,014
- Trade debts -€48,965
down €48,965 (-22.2%), from €220,368 to €171,403
- Short-term financial debts -€36,886
down €36,886 (-5.2%), from €714,673 to €677,787
- Reserves +€33,311
up €33,311 (+44.8%), from €74,296 to €107,606
of which Distributable reserves: +€33,311
- Write-downs -€650,513
down €650,513 (-100%), from €650,513 to €0
- Staff costs -€131,952
down €131,952 (-38.3%), from €344,611 to €212,659
- Other operating charges -€121,317
down €121,317 (-82.7%), from €146,639 to €25,322
- Gross operating margin +€52,051
up €52,051 (+12.6%), from €411,888 to €463,938
- Depreciation -€27,554
down €27,554 (-18.0%), from €153,342 to €125,789
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 | €1,974,719 | €1,822,217 | -€152,502 | -7.7% |
| Fixed assets | 21/28 | €1,008,833 | €883,035 | -€125,798 | -12.5% |
| Intangible fixed assets | 21 | €14,000 | €0 | -€14,000 | -100% |
| Tangible fixed assets | 22/27 | €994,511 | €882,810 | -€111,701 | -11.2% |
| Land and buildings | 22 | €707,039 | €660,023 | -€47,016 | -6.6% |
| Plant, machinery and equipment | 23 | €264,626 | €208,084 | -€56,543 | -21.4% |
| Furniture and vehicles | 24 | €3,941 | €2,147 | -€1,794 | -45.5% |
| Leasing and similar rights | 25 | €18,904 | €12,556 | -€6,348 | -33.6% |
| Financial fixed assets | 28 | €322 | €225 | -€97 | -30.2% |
| Current assets | 29/58 | €965,886 | €939,181 | -€26,704 | -2.8% |
| Stocks and contracts in progress | 3 | €608,671 | €581,056 | -€27,615 | -4.5% |
| Stocks | 30/36 | €608,671 | €581,056 | -€27,615 | -4.5% |
| Amounts receivable within one year | 40/41 | €252,639 | €268,815 | +€16,176 | +6.4% |
| Trade receivables | 40 | €252,125 | €265,755 | +€13,630 | +5.4% |
| Other amounts receivable | 41 | €514 | €3,060 | +€2,546 | +495% |
| Cash at bank and in hand | 54/58 | €89,368 | €80,203 | -€9,165 | -10.3% |
| Deferred charges and accrued income | 490/1 | €15,207 | €9,107 | -€6,100 | -40.1% |
| Total equity and liabilities | 10/49 | €1,974,719 | €1,822,217 | -€152,502 | -7.7% |
| Equity | 10/15 | €198,296 | €231,606 | +€33,311 | +16.8% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €74,296 | €107,606 | +€33,311 | +44.8% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Distributable reserves | 133 | €61,896 | €95,206 | +€33,311 | +53.8% |
| Amounts payable | 17/49 | €1,776,423 | €1,590,610 | -€185,813 | -10.5% |
| Amounts payable after more than one year | 17 | €457,683 | €385,669 | -€72,014 | -15.7% |
| Financial debts | 170/4 | €157,683 | €85,669 | -€72,014 | -45.7% |
| Other amounts payable | 178/9 | €300,000 | €300,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,303,316 | €1,182,531 | -€120,785 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €124,967 | €72,014 | -€52,953 | -42.4% |
| Financial debts | 43 | €714,673 | €677,787 | -€36,886 | -5.2% |
| Credit institutions | 430/8 | €714,673 | €677,787 | -€36,886 | -5.2% |
| Trade debts | 44 | €220,368 | €171,403 | -€48,965 | -22.2% |
| Suppliers | 440/4 | €220,368 | €171,403 | -€48,965 | -22.2% |
| Taxes, remuneration and social security | 45 | €41,893 | €51,135 | +€9,242 | +22.1% |
| Taxes | 450/3 | €1,701 | €14,494 | +€12,793 | +752% |
| Remuneration and social security | 454/9 | €40,192 | €36,641 | -€3,551 | -8.8% |
| Other amounts payable | 47/48 | €201,416 | €210,192 | +€8,776 | +4.4% |
| Accrued charges and deferred income | 492/3 | €15,423 | €22,409 | +€6,986 | +45.3% |
| Remuneration, social security and pensions | 62 | €344,611 | €212,659 | -€131,952 | -38.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €153,342 | €125,789 | -€27,554 | -18.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €650,513 | €0 | -€650,513 | -100% |
| Other operating charges | 640/8 | €146,639 | €25,322 | -€121,317 | -82.7% |
| Gross operating margin | 9900 | €411,888 | €463,938 | +€52,051 | +12.6% |
| Operating profit (loss) | 9901 | -€883,217 | €100,169 | +€983,386 | |
| Financial income | 75/76B | €1,329 | €110 | -€1,219 | -91.7% |
| Recurring financial income | 75 | €1,329 | €110 | -€1,219 | -91.7% |
| Financial charges | 65/66B | €67,317 | €66,715 | -€602 | -0.9% |
| Recurring financial charges | 65 | €67,317 | €66,715 | -€602 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | -€949,205 | €33,564 | +€982,769 | |
| Income taxes | 67/77 | €217 | €253 | +€36 | +16.7% |
| Profit (loss) for the period | 9904 | -€949,422 | €33,311 | +€982,733 | |
| Profit (loss) for the period to be appropriated | 9905 | -€949,422 | €33,311 | +€982,733 |
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.