HEARAD: 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.
HEARAD
Largest movements
- Deferred charges and accrued income +€341,327
up €341,327 (+90.9%), from €375,532 to €716,859
- Cash +€259,519
up €259,519 (+145.8%), from €178,054 to €437,573
mainly Net result for the year (+€460,565) and Accrued charges and deferred income (+€298,529)
- Current investments +€240,000
new in 2025: €240,000
- Intangible fixed assets -€149,324
down €149,324 (-25.7%), from €580,521 to €431,197
- Reserves +€460,565
up €460,565 (+113.0%), from €407,507 to €868,073
- Accrued charges and deferred income +€298,529
new in 2025: €298,529
- Debts after one year -€67,338
down €67,338 (-11.0%), from €614,748 to €547,410
- Tax, wage and social debts +€47,081
up €47,081 (+46.2%), from €101,980 to €149,061
- Trade debts -€46,374
down €46,374 (-94.9%), from €48,878 to €2,504
- Gross operating margin +€185,374
up €185,374 (+30.8%), from €602,080 to €787,453
- Taxes +€47,575
up €47,575 (+46.7%), from €101,980 to €149,555
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 | €1,239,807 | €1,934,914 | +€695,107 | +56.1% |
| Fixed assets | 21/28 | €623,260 | €470,384 | -€152,877 | -24.5% |
| Intangible fixed assets | 21 | €580,521 | €431,197 | -€149,324 | -25.7% |
| Tangible fixed assets | 22/27 | €12,640 | €9,087 | -€3,553 | -28.1% |
| Furniture and vehicles | 24 | €12,640 | €9,087 | -€3,553 | -28.1% |
| Financial fixed assets | 28 | €30,100 | €30,100 | = | 0.0% |
| Current assets | 29/58 | €616,547 | €1,464,530 | +€847,984 | +137.5% |
| Amounts receivable within one year | 40/41 | €62,961 | €70,099 | +€7,138 | +11.3% |
| Trade receivables | 40 | €43,750 | €0 | -€43,750 | -100.0% |
| Other amounts receivable | 41 | €19,211 | €70,099 | +€50,888 | +264.9% |
| Current investments | 50/53 | - | €240,000 | +€240,000 | |
| Cash at bank and in hand | 54/58 | €178,054 | €437,573 | +€259,519 | +145.8% |
| Deferred charges and accrued income | 490/1 | €375,532 | €716,859 | +€341,327 | +90.9% |
| Total equity and liabilities | 10/49 | €1,239,807 | €1,934,914 | +€695,107 | +56.1% |
| Equity | 10/15 | €409,507 | €870,073 | +€460,565 | +112.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €407,507 | €868,073 | +€460,565 | +113.0% |
| Distributable reserves | 133 | €407,507 | €868,073 | +€460,565 | +113.0% |
| Amounts payable | 17/49 | €830,300 | €1,064,842 | +€234,542 | +28.2% |
| Amounts payable after more than one year | 17 | €614,748 | €547,410 | -€67,338 | -11.0% |
| Financial debts | 170/4 | €614,748 | €547,410 | -€67,338 | -11.0% |
| Amounts payable within one year | 42/48 | €215,552 | €218,903 | +€3,351 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €64,694 | €67,338 | +€2,644 | +4.1% |
| Trade debts | 44 | €48,878 | €2,504 | -€46,374 | -94.9% |
| Suppliers | 440/4 | €48,878 | €2,504 | -€46,374 | -94.9% |
| Taxes, remuneration and social security | 45 | €101,980 | €149,061 | +€47,081 | +46.2% |
| Taxes | 450/3 | €101,980 | €149,061 | +€47,081 | +46.2% |
| Accrued charges and deferred income | 492/3 | - | €298,529 | +€298,529 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,330 | €153,673 | +€2,342 | +1.5% |
| Other operating charges | 640/8 | €217 | €1,620 | +€1,403 | +645.0% |
| Non-recurring operating charges | 66A | €876 | - | -€876 | |
| Gross operating margin | 9900 | €602,080 | €787,453 | +€185,374 | +30.8% |
| Operating profit (loss) | 9901 | €449,656 | €632,160 | +€182,505 | +40.6% |
| Financial income | 75/76B | €365 | €4,736 | +€4,371 | +1196.9% |
| Recurring financial income | 75 | €365 | €4,736 | +€4,371 | +1196.9% |
| Financial charges | 65/66B | €28,832 | €26,777 | -€2,055 | -7.1% |
| Recurring financial charges | 65 | €28,832 | €26,777 | -€2,055 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €421,189 | €610,120 | +€188,931 | +44.9% |
| Income taxes | 67/77 | €101,980 | €149,555 | +€47,575 | +46.7% |
| Profit (loss) for the period | 9904 | €319,210 | €460,565 | +€141,356 | +44.3% |
| Profit (loss) for the period to be appropriated | 9905 | €319,210 | €460,565 | +€141,356 | +44.3% |
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 30 September 2026 via checked.be.