PAPETERIE HARDUIN X. & E.: 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.
PAPETERIE HARDUIN X. & E.
Largest movements
- Tangible fixed assets -€51,874
down €51,874 (-28.3%), from €183,082 to €131,208
of which Plant, machinery and equipment: -€31,064
- Stocks and contracts +€23,640
up €23,640 (+9.0%), from €263,561 to €287,201
- Cash -€19,147
down €19,147 (-79.2%), from €24,177 to €5,030
mainly Net result for the year (-€66,222) and Debts after one year (-€24,509)
- Receivables within one year +€12,825
up €12,825 (+5.3%), from €244,038 to €256,864
of which Other amounts receivable: +€17,177
- Profit (loss) carried forward -€66,222
down €66,222 (-36.8%), from -€180,140 to -€246,363
- Other debts +€58,251
up €58,251 (+102.8%), from €56,659 to €114,910
- Debts after one year -€24,509
down €24,509 (-51.3%), from €47,747 to €23,238
- Trade debts +€17,670
up €17,670 (+10.3%), from €172,193 to €189,863
- Current portion of long-term debt -€12,152
down €12,152 (-33.6%), from €36,183 to €24,031
- Gross operating margin +€85,650
up €85,650 (+40.5%), from €211,655 to €297,304
- Staff costs -€13,489
down €13,489 (-4.5%), from €302,026 to €288,537
- Depreciation +€4,300
up €4,300 (+9.0%), from €47,574 to €51,874
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 | €724,356 | €694,873 | -€29,483 | -4.1% |
| Fixed assets | 21/28 | €190,897 | €139,023 | -€51,874 | -27.2% |
| Tangible fixed assets | 22/27 | €183,082 | €131,208 | -€51,874 | -28.3% |
| Land and buildings | 22 | €36,038 | €30,078 | -€5,960 | -16.5% |
| Plant, machinery and equipment | 23 | €86,159 | €55,095 | -€31,064 | -36.1% |
| Furniture and vehicles | 24 | €32,383 | €24,234 | -€8,150 | -25.2% |
| Leasing and similar rights | 25 | €28,502 | €21,802 | -€6,700 | -23.5% |
| Financial fixed assets | 28 | €7,815 | €7,815 | = | 0.0% |
| Current assets | 29/58 | €533,459 | €555,850 | +€22,391 | +4.2% |
| Stocks and contracts in progress | 3 | €263,561 | €287,201 | +€23,640 | +9.0% |
| Stocks | 30/36 | €263,561 | €287,201 | +€23,640 | +9.0% |
| Amounts receivable within one year | 40/41 | €244,038 | €256,864 | +€12,825 | +5.3% |
| Trade receivables | 40 | €133,227 | €128,875 | -€4,351 | -3.3% |
| Other amounts receivable | 41 | €110,812 | €127,988 | +€17,177 | +15.5% |
| Cash at bank and in hand | 54/58 | €24,177 | €5,030 | -€19,147 | -79.2% |
| Deferred charges and accrued income | 490/1 | €1,683 | €6,755 | +€5,072 | +301.4% |
| Total equity and liabilities | 10/49 | €724,356 | €694,873 | -€29,483 | -4.1% |
| Equity | 10/15 | €243,695 | €176,976 | -€66,719 | -27.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €404,738 | €404,738 | = | 0.0% |
| Distributable reserves | 133 | €404,738 | €404,738 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€180,140 | -€246,363 | -€66,222 | -36.8% |
| Investment grants | 15 | €497 | €0 | -€497 | -100.0% |
| Amounts payable | 17/49 | €480,662 | €517,897 | +€37,236 | +7.7% |
| Amounts payable after more than one year | 17 | €47,747 | €23,238 | -€24,509 | -51.3% |
| Financial debts | 170/4 | €47,747 | €23,238 | -€24,509 | -51.3% |
| Amounts payable within one year | 42/48 | €425,463 | €492,160 | +€66,698 | +15.7% |
| Current portion of amounts payable after more than one year | 42 | €36,183 | €24,031 | -€12,152 | -33.6% |
| Financial debts | 43 | €87,879 | €97,586 | +€9,707 | +11.0% |
| Credit institutions | 430/8 | €87,879 | €97,586 | +€9,707 | +11.0% |
| Trade debts | 44 | €172,193 | €189,863 | +€17,670 | +10.3% |
| Suppliers | 440/4 | €172,193 | €189,863 | +€17,670 | +10.3% |
| Taxes, remuneration and social security | 45 | €72,549 | €65,771 | -€6,778 | -9.3% |
| Taxes | 450/3 | €22,766 | €20,856 | -€1,910 | -8.4% |
| Remuneration and social security | 454/9 | €49,783 | €44,916 | -€4,868 | -9.8% |
| Other amounts payable | 47/48 | €56,659 | €114,910 | +€58,251 | +102.8% |
| Accrued charges and deferred income | 492/3 | €7,452 | €2,499 | -€4,953 | -66.5% |
| Remuneration, social security and pensions | 62 | €302,026 | €288,537 | -€13,489 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,574 | €51,874 | +€4,300 | +9.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €460 | +€460 | |
| Other operating charges | 640/8 | €6,062 | €3,546 | -€2,516 | -41.5% |
| Non-recurring operating charges | 66A | €19,841 | €928 | -€18,913 | -95.3% |
| Gross operating margin | 9900 | €211,655 | €297,304 | +€85,650 | +40.5% |
| Operating profit (loss) | 9901 | -€163,849 | -€48,042 | +€115,807 | +70.7% |
| Financial income | 75/76B | €3,957 | €4,004 | +€48 | +1.2% |
| Recurring financial income | 75 | €3,957 | €4,004 | +€48 | +1.2% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €19,533 | €21,751 | +€2,218 | +11.4% |
| Recurring financial charges | 65 | €19,533 | €21,751 | +€2,218 | +11.4% |
| Profit (loss) for the period before taxes | 9903 | -€179,425 | -€65,789 | +€113,636 | +63.3% |
| Income taxes | 67/77 | €635 | €434 | -€201 | -31.7% |
| Profit (loss) for the period | 9904 | -€180,060 | -€66,222 | +€113,838 | +63.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€180,060 | -€66,222 | +€113,838 | +63.2% |
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 4 October 2026 via checked.be.