HARVAR: 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.
HARVAR
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+53.0%), from €2.2m to €3.4m
of which Land and buildings: +€1.1m
- Revaluation surpluses +€1.2m
new in 2025: €1.2m
- Profit (loss) carried forward -€102,951
down €102,951 (-41.9%), from -€245,956 to -€348,907
- Debts after one year +€49,004
up €49,004 (+1.8%), from €2.7m to €2.7m
of which Other amounts payable: +€64,551
- Financial charges -€27,942
down €27,942 (-24.9%), from €112,264 to €84,322
- Depreciation -€6,994
down €6,994 (-5.2%), from €134,815 to €127,821
- Other operating charges -€4,757
down €4,757 (-20.0%), from €23,732 to €18,975
- Gross operating margin +€3,808
up €3,808 (+3.1%), from €124,358 to €128,166
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 | €2,485,203 | €3,643,435 | +€1.2m | +46.6% |
| Fixed assets | 21/28 | €2,192,773 | €3,355,340 | +€1.2m | +53.0% |
| Tangible fixed assets | 22/27 | €2,192,773 | €3,355,340 | +€1.2m | +53.0% |
| Land and buildings | 22 | €2,135,978 | €3,209,372 | +€1.1m | +50.3% |
| Plant, machinery and equipment | 23 | €54,147 | €143,970 | +€89,823 | +166% |
| Furniture and vehicles | 24 | €2,648 | €1,999 | -€650 | -24.5% |
| Current assets | 29/58 | €292,431 | €288,094 | -€4,337 | -1.5% |
| Stocks and contracts in progress | 3 | €278,017 | €278,017 | = | 0.0% |
| Stocks | 30/36 | €278,017 | €278,017 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,479 | €4,524 | +€1,045 | +30.0% |
| Trade receivables | 40 | €3,479 | €4,524 | +€1,045 | +30.0% |
| Cash at bank and in hand | 54/58 | €7,000 | €415 | -€6,585 | -94.1% |
| Deferred charges and accrued income | 490/1 | €3,935 | €5,139 | +€1,204 | +30.6% |
| Total equity and liabilities | 10/49 | €2,485,203 | €3,643,435 | +€1.2m | +46.6% |
| Equity | 10/15 | -€225,956 | €868,263 | +€1.1m | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €1,197,171 | +€1.2m | |
| Profit (loss) carried forward | 14 | -€245,956 | -€348,907 | -€102,951 | -41.9% |
| Amounts payable | 17/49 | €2,711,160 | €2,775,172 | +€64,012 | +2.4% |
| Amounts payable after more than one year | 17 | €2,652,774 | €2,701,778 | +€49,004 | +1.8% |
| Financial debts | 170/4 | €2,018,571 | €2,003,025 | -€15,547 | -0.8% |
| Other amounts payable | 178/9 | €634,203 | €698,754 | +€64,551 | +10.2% |
| Amounts payable within one year | 42/48 | €58,385 | €73,393 | +€15,008 | +25.7% |
| Current portion of amounts payable after more than one year | 42 | €44,260 | €64,834 | +€20,574 | +46.5% |
| Trade debts | 44 | €10,830 | €5,245 | -€5,585 | -51.6% |
| Suppliers | 440/4 | €10,830 | €5,245 | -€5,585 | -51.6% |
| Taxes, remuneration and social security | 45 | €3,295 | €3,315 | +€20 | +0.6% |
| Taxes | 450/3 | €3,295 | €3,315 | +€20 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,815 | €127,821 | -€6,994 | -5.2% |
| Other operating charges | 640/8 | €23,732 | €18,975 | -€4,757 | -20.0% |
| Gross operating margin | 9900 | €124,358 | €128,166 | +€3,808 | +3.1% |
| Operating profit (loss) | 9901 | -€34,188 | -€18,629 | +€15,558 | +45.5% |
| Financial income | 75/76B | €61 | €0 | -€61 | -99.4% |
| Recurring financial income | 75 | €61 | €0 | -€61 | -99.4% |
| Financial charges | 65/66B | €112,264 | €84,322 | -€27,942 | -24.9% |
| Recurring financial charges | 65 | €112,264 | €84,322 | -€27,942 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | -€146,391 | -€102,951 | +€43,439 | +29.7% |
| Profit (loss) for the period | 9904 | -€146,391 | -€102,951 | +€43,439 | +29.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€146,391 | -€102,951 | +€43,439 | +29.7% |
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 14 October 2026 via checked.be.