HARUT: 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.
HARUT
Largest movements
- Stocks and contracts +€104,828
up €104,828 (+97.5%), from €107,549 to €212,377
- Receivables within one year -€35,122
down €35,122 (-63.9%), from €55,004 to €19,881
of which Other amounts receivable: -€33,778
- Cash -€11,977
down €11,977 (-44.5%), from €26,893 to €14,916
mainly Stocks and contracts (-€104,828) and Current portion of long-term debt (-€8,427)
- Tangible fixed assets -€3,185
down €3,185 (-52.6%), from €6,058 to €2,873
- Profit (loss) carried forward +€41,116
up €41,116 (+57.7%), from €71,208 to €112,325
- Trade debts +€21,199
new in 2025: €21,199
- Current portion of long-term debt -€8,427
down €8,427 (-83.3%), from €10,119 to €1,693
- Other debts +€7,583
up €7,583 (+13.2%), from €57,247 to €64,830
- Tax, wage and social debts -€5,236
no longer reported in 2025 (was €5,236)
of which Taxes: -€4,236
- Gross operating margin +€18,320
up €18,320 (+43.5%), from €42,075 to €60,395
- Staff costs +€7,848
new in 2025: €7,848
- Financial charges -€3,415
down €3,415 (-87.1%), from €3,920 to €505
- Depreciation -€2,954
down €2,954 (-87.4%), from €3,381 to €427
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 | €195,503 | €250,046 | +€54,543 | +27.9% |
| Fixed assets | 21/28 | €6,058 | €2,873 | -€3,185 | -52.6% |
| Tangible fixed assets | 22/27 | €6,058 | €2,873 | -€3,185 | -52.6% |
| Furniture and vehicles | 24 | €6,058 | €2,873 | -€3,185 | -52.6% |
| Current assets | 29/58 | €189,445 | €247,174 | +€57,728 | +30.5% |
| Stocks and contracts in progress | 3 | €107,549 | €212,377 | +€104,828 | +97.5% |
| Stocks | 30/36 | €107,549 | €212,377 | +€104,828 | +97.5% |
| Amounts receivable within one year | 40/41 | €55,004 | €19,881 | -€35,122 | -63.9% |
| Trade receivables | 40 | €2,304 | €959 | -€1,345 | -58.4% |
| Other amounts receivable | 41 | €52,700 | €18,922 | -€33,778 | -64.1% |
| Cash at bank and in hand | 54/58 | €26,893 | €14,916 | -€11,977 | -44.5% |
| Total equity and liabilities | 10/49 | €195,503 | €250,046 | +€54,543 | +27.9% |
| Equity | 10/15 | €121,208 | €162,325 | +€41,116 | +33.9% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Contributions outside capital | 11 | €50,000 | - | -€50,000 | |
| Other | 1109/19 | €50,000 | - | -€50,000 | |
| Profit (loss) carried forward | 14 | €71,208 | €112,325 | +€41,116 | +57.7% |
| Amounts payable | 17/49 | €74,295 | €87,722 | +€13,427 | +18.1% |
| Amounts payable after more than one year | 17 | €1,693 | - | -€1,693 | |
| Financial debts | 170/4 | €1,693 | - | -€1,693 | |
| Amounts payable within one year | 42/48 | €72,602 | €87,722 | +€15,120 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €10,119 | €1,693 | -€8,427 | -83.3% |
| Trade debts | 44 | - | €21,199 | +€21,199 | |
| Suppliers | 440/4 | - | €21,199 | +€21,199 | |
| Taxes, remuneration and social security | 45 | €5,236 | - | -€5,236 | |
| Taxes | 450/3 | €4,236 | - | -€4,236 | |
| Remuneration and social security | 454/9 | €1,000 | - | -€1,000 | |
| Other amounts payable | 47/48 | €57,247 | €64,830 | +€7,583 | +13.2% |
| Non-recurring operating income | 76A | €2,877 | €1,281 | -€1,596 | -55.5% |
| Remuneration, social security and pensions | 62 | - | €7,848 | +€7,848 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,381 | €427 | -€2,954 | -87.4% |
| Other operating charges | 640/8 | €3,744 | €3,404 | -€339 | -9.1% |
| Non-recurring operating charges | 66A | €2,393 | €728 | -€1,666 | -69.6% |
| Gross operating margin | 9900 | €42,075 | €60,395 | +€18,320 | +43.5% |
| Operating profit (loss) | 9901 | €32,556 | €47,988 | +€15,431 | +47.4% |
| Financial income | 75/76B | €15 | €68 | +€53 | +353% |
| Recurring financial income | 75 | €15 | €68 | +€53 | +353% |
| Financial charges | 65/66B | €3,920 | €505 | -€3,415 | -87.1% |
| Recurring financial charges | 65 | €3,920 | €505 | -€3,415 | -87.1% |
| Profit (loss) for the period before taxes | 9903 | €28,651 | €47,550 | +€18,899 | +66.0% |
| Income taxes | 67/77 | €6,068 | €6,434 | +€366 | +6.0% |
| Profit (loss) for the period | 9904 | €22,583 | €41,116 | +€18,533 | +82.1% |
| Profit (loss) for the period to be appropriated | 9905 | €22,583 | €41,116 | +€18,533 | +82.1% |
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 19 October 2026 via checked.be.