HARZAK: 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.
HARZAK
Largest movements
- Receivables within one year +€64,429
up €64,429 (+302%), from €21,318 to €85,747
of which Trade receivables: +€51,701
- Cash -€42,488
down €42,488 (-21.2%), from €200,618 to €158,130
mainly Receivables within one year (-€64,429) and Tax, wage and social debts (-€7,129)
- Reserves +€28,511
up €28,511 (+1,533%), from €1,860 to €30,371
of which Distributable reserves: +€28,511
- Tax, wage and social debts -€7,129
down €7,129 (-31.0%), from €22,969 to €15,840
of which Remuneration and social security: -€14,000
- Trade debts -€4,139
down €4,139 (-45.8%), from €9,038 to €4,899
- Other debts +€3,707
up €3,707 (+14.2%), from €26,169 to €29,876
- Gross operating margin +€6,742
up €6,742 (+16.5%), from €40,841 to €47,583
- Taxes +€4,261
up €4,261 (+45.0%), from €9,463 to €13,724
- Financial charges +€2,580
up €2,580 (+210%), from €1,229 to €3,809
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 | €223,992 | €244,941 | +€20,949 | +9.4% |
| Fixed assets | 21/28 | €2,056 | €1,063 | -€993 | -48.3% |
| Tangible fixed assets | 22/27 | €2,056 | €1,063 | -€993 | -48.3% |
| Furniture and vehicles | 24 | €2,056 | €1,063 | -€993 | -48.3% |
| Current assets | 29/58 | €221,936 | €243,878 | +€21,942 | +9.9% |
| Amounts receivable within one year | 40/41 | €21,318 | €85,747 | +€64,429 | +302% |
| Trade receivables | 40 | €2,480 | €54,181 | +€51,701 | +2,085% |
| Other amounts receivable | 41 | €18,838 | €31,566 | +€12,728 | +67.6% |
| Cash at bank and in hand | 54/58 | €200,618 | €158,130 | -€42,488 | -21.2% |
| Total equity and liabilities | 10/49 | €223,992 | €244,941 | +€20,949 | +9.4% |
| Equity | 10/15 | €165,816 | €194,327 | +€28,511 | +17.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €30,371 | +€28,511 | +1,533% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €28,511 | +€28,511 | |
| Profit (loss) carried forward | 14 | €145,356 | €145,356 | -€0 | 0.0% |
| Amounts payable | 17/49 | €58,176 | €50,615 | -€7,561 | -13.0% |
| Amounts payable within one year | 42/48 | €58,176 | €50,615 | -€7,561 | -13.0% |
| Trade debts | 44 | €9,038 | €4,899 | -€4,139 | -45.8% |
| Suppliers | 440/4 | €9,038 | €4,899 | -€4,139 | -45.8% |
| Taxes, remuneration and social security | 45 | €22,969 | €15,840 | -€7,129 | -31.0% |
| Taxes | 450/3 | €969 | €7,840 | +€6,871 | +709% |
| Remuneration and social security | 454/9 | €22,000 | €8,000 | -€14,000 | -63.6% |
| Other amounts payable | 47/48 | €26,169 | €29,876 | +€3,707 | +14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €827 | €993 | +€166 | +20.1% |
| Other operating charges | 640/8 | €1,007 | €556 | -€451 | -44.8% |
| Gross operating margin | 9900 | €40,841 | €47,583 | +€6,742 | +16.5% |
| Operating profit (loss) | 9901 | €39,007 | €46,034 | +€7,027 | +18.0% |
| Financial income | 75/76B | €1 | €9 | +€8 | +800% |
| Recurring financial income | 75 | €1 | €9 | +€8 | +800% |
| Financial charges | 65/66B | €1,229 | €3,809 | +€2,580 | +210% |
| Recurring financial charges | 65 | €1,229 | €3,809 | +€2,580 | +210% |
| Profit (loss) for the period before taxes | 9903 | €37,779 | €42,234 | +€4,455 | +11.8% |
| Income taxes | 67/77 | €9,463 | €13,724 | +€4,261 | +45.0% |
| Profit (loss) for the period | 9904 | €28,316 | €28,511 | +€195 | +0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €28,316 | €28,511 | +€195 | +0.7% |
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 22 October 2026 via checked.be.