HARTMANN-THIRY: what changed
Two fiscal 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.
HARTMANN-THIRY
Largest movements
- Tangible fixed assets -€28,326
down €28,326 (-4.5%), from €629,698 to €601,372
of which Land and buildings: -€20,075
- Receivables within one year +€21,094
up €21,094 (+54.6%), from €38,668 to €59,762
of which Trade receivables: +€20,753
- Cash +€8,739
up €8,739 (+2062.1%), from €424 to €9,163
mainly Net result for the year (+€42,001) and Depreciation (+€31,603)
- Profit (loss) carried forward +€42,001
up €42,001 (+158.0%), from €26,577 to €68,577
- Debts after one year -€29,802
down €29,802 (-7.2%), from €415,852 to €386,050
- Other debts -€27,186
down €27,186 (-90.1%), from €30,157 to €2,972
- Trade debts +€25,869
up €25,869 (+36.3%), from €71,348 to €97,217
- Turnover -€103,759
down €103,759 (-53.8%), from €192,743 to €88,984
- Purchases and services -€35,023
down €35,023 (-30.6%), from €114,572 to €79,549
- Gross operating margin +€15,924
up €15,924 (+21.5%), from €73,952 to €89,875
- Financial charges -€4,875
down €4,875 (-29.4%), from €16,573 to €11,698
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.
Cash bridge derived
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 | €679,323 | €683,559 | +€4,237 | +0.6% |
| Fixed assets | 21/28 | €629,698 | €601,372 | -€28,326 | -4.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €629,698 | €601,372 | -€28,326 | -4.5% |
| Land and buildings | 22 | €607,922 | €587,847 | -€20,075 | -3.3% |
| Plant, machinery and equipment | 23 | €4,738 | €3,258 | -€1,480 | -31.2% |
| Furniture and vehicles | 24 | €17,038 | €10,267 | -€6,771 | -39.7% |
| Leasing and similar rights | 25 | €0 | €0 | = | |
| Current assets | 29/58 | €49,624 | €82,187 | +€32,563 | +65.6% |
| Stocks and contracts in progress | 3 | €9,000 | €9,000 | = | 0.0% |
| Contracts in progress | 37 | €9,000 | €9,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €38,668 | €59,762 | +€21,094 | +54.6% |
| Trade receivables | 40 | €20,882 | €41,635 | +€20,753 | +99.4% |
| Other amounts receivable | 41 | €17,786 | €18,127 | +€341 | +1.9% |
| Cash at bank and in hand | 54/58 | €424 | €9,163 | +€8,739 | +2062.1% |
| Deferred charges and accrued income | 490/1 | €1,532 | €4,262 | +€2,730 | +178.2% |
| Total equity and liabilities | 10/49 | €679,323 | €683,559 | +€4,237 | +0.6% |
| Equity | 10/15 | €108,563 | €150,564 | +€42,001 | +38.7% |
| Contributions | 10/11 | €8,676 | €8,676 | = | 0.0% |
| Reserves | 13 | €73,310 | €73,310 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €71,450 | €71,450 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,577 | €68,577 | +€42,001 | +158.0% |
| Amounts payable | 17/49 | €570,760 | €532,996 | -€37,764 | -6.6% |
| Amounts payable after more than one year | 17 | €415,852 | €386,050 | -€29,802 | -7.2% |
| Financial debts | 170/4 | €415,852 | €386,050 | -€29,802 | -7.2% |
| Amounts payable within one year | 42/48 | €154,908 | €146,946 | -€7,962 | -5.1% |
| Current portion of amounts payable after more than one year | 42 | €33,771 | €31,890 | -€1,881 | -5.6% |
| Financial debts | 43 | €6,310 | €6,191 | -€119 | -1.9% |
| Credit institutions | 430/8 | €6,310 | €6,191 | -€119 | -1.9% |
| Trade debts | 44 | €71,348 | €97,217 | +€25,869 | +36.3% |
| Suppliers | 440/4 | €71,348 | €97,217 | +€25,869 | +36.3% |
| Taxes, remuneration and social security | 45 | €13,322 | €8,676 | -€4,646 | -34.9% |
| Taxes | 450/3 | €11,584 | €8,676 | -€2,908 | -25.1% |
| Remuneration and social security | 454/9 | €1,739 | €0 | -€1,739 | -100.0% |
| Other amounts payable | 47/48 | €30,157 | €2,972 | -€27,186 | -90.1% |
| Accrued charges and deferred income | 492/3 | €0 | €0 | = | |
| Turnover | 70 | €192,743 | €88,984 | -€103,759 | -53.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €114,572 | €79,549 | -€35,023 | -30.6% |
| Remuneration, social security and pensions | 62 | €1,150 | €193 | -€957 | -83.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,149 | €31,603 | +€1,454 | +4.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €0 | = | |
| Other operating charges | 640/8 | €2,914 | €1,845 | -€1,069 | -36.7% |
| Non-recurring operating charges | 66A | €113 | €265 | +€152 | +134.5% |
| Gross operating margin | 9900 | €73,952 | €89,875 | +€15,924 | +21.5% |
| Operating profit (loss) | 9901 | €39,626 | €55,969 | +€16,343 | +41.2% |
| Financial income | 75/76B | €352 | €0 | -€352 | -100.0% |
| Recurring financial income | 75 | €352 | €0 | -€352 | -100.0% |
| Financial charges | 65/66B | €16,573 | €11,698 | -€4,875 | -29.4% |
| Recurring financial charges | 65 | €16,573 | €11,698 | -€4,875 | -29.4% |
| Profit (loss) for the period before taxes | 9903 | €23,406 | €44,271 | +€20,865 | +89.1% |
| Income taxes | 67/77 | €369 | €2,271 | +€1,901 | +514.9% |
| Profit (loss) for the period | 9904 | €23,037 | €42,001 | +€18,964 | +82.3% |
| Transfer to tax-exempt reserves | 689 | €0 | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | €23,037 | €42,001 | +€18,964 | +82.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.