Pascal Hardy: 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.
Pascal Hardy
Largest movements
- Tangible fixed assets +€29,982
up €29,982 (+1725.5%), from €1,738 to €31,720
of which Furniture and vehicles: +€30,075
- Cash -€17,219
down €17,219 (-24.2%), from €71,185 to €53,966
mainly Investment in fixed assets (net) (-€38,126) and Stocks and contracts (-€3,692)
- Stocks and contracts +€3,692
up €3,692 (+39.0%), from €9,478 to €13,170
- Receivables within one year -€1,254
down €1,254 (-35.7%), from €3,516 to €2,262
of which Other amounts receivable: -€2,188
- Other debts +€11,459
up €11,459 (+93.8%), from €12,222 to €23,680
- Reserves +€6,446
up €6,446 (+13.2%), from €48,834 to €55,280
- Tax, wage and social debts -€2,059
down €2,059 (-74.4%), from €2,769 to €710
- Gross operating margin +€23,454
up €23,454, from -€6,129 to €17,325
- Depreciation +€7,038
up €7,038 (+636.4%), from €1,106 to €8,144
- Taxes +€973
up €973 (+279.7%), from €348 to €1,320
- Other operating charges +€373
up €373 (+34.8%), from €1,071 to €1,444
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 | €87,530 | €102,987 | +€15,457 | +17.7% |
| Fixed assets | 21/28 | €2,200 | €32,182 | +€29,982 | +1362.7% |
| Tangible fixed assets | 22/27 | €1,738 | €31,720 | +€29,982 | +1725.5% |
| Plant, machinery and equipment | 23 | €1,644 | €1,551 | -€93 | -5.6% |
| Furniture and vehicles | 24 | €94 | €30,169 | +€30,075 | +32008.0% |
| Financial fixed assets | 28 | €463 | €463 | = | 0.0% |
| Current assets | 29/58 | €85,330 | €70,805 | -€14,525 | -17.0% |
| Stocks and contracts in progress | 3 | €9,478 | €13,170 | +€3,692 | +39.0% |
| Stocks | 30/36 | €9,478 | €13,170 | +€3,692 | +39.0% |
| Amounts receivable within one year | 40/41 | €3,516 | €2,262 | -€1,254 | -35.7% |
| Trade receivables | 40 | €800 | €1,734 | +€934 | +116.7% |
| Other amounts receivable | 41 | €2,716 | €529 | -€2,188 | -80.5% |
| Cash at bank and in hand | 54/58 | €71,185 | €53,966 | -€17,219 | -24.2% |
| Deferred charges and accrued income | 490/1 | €1,151 | €1,407 | +€256 | +22.2% |
| Total equity and liabilities | 10/49 | €87,530 | €102,987 | +€15,457 | +17.7% |
| Equity | 10/15 | €69,285 | €75,731 | +€6,446 | +9.3% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €48,834 | €55,280 | +€6,446 | +13.2% |
| Distributable reserves | 133 | €48,834 | €55,280 | +€6,446 | +13.2% |
| Amounts payable | 17/49 | €18,245 | €27,256 | +€9,011 | +49.4% |
| Amounts payable within one year | 42/48 | €16,140 | €25,611 | +€9,471 | +58.7% |
| Trade debts | 44 | €1,149 | €1,221 | +€71 | +6.2% |
| Suppliers | 440/4 | €1,149 | €1,221 | +€71 | +6.2% |
| Taxes, remuneration and social security | 45 | €2,769 | €710 | -€2,059 | -74.4% |
| Taxes | 450/3 | €2,769 | €710 | -€2,059 | -74.4% |
| Other amounts payable | 47/48 | €12,222 | €23,680 | +€11,459 | +93.8% |
| Accrued charges and deferred income | 492/3 | €2,105 | €1,645 | -€460 | -21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,106 | €8,144 | +€7,038 | +636.4% |
| Other operating charges | 640/8 | €1,071 | €1,444 | +€373 | +34.8% |
| Gross operating margin | 9900 | -€6,129 | €17,325 | +€23,454 | |
| Operating profit (loss) | 9901 | -€8,306 | €7,737 | +€16,043 | |
| Financial income | 75/76B | €69 | €78 | +€9 | +13.5% |
| Recurring financial income | 75 | €69 | €78 | +€9 | +13.5% |
| Financial charges | 65/66B | €34 | €48 | +€14 | +42.5% |
| Recurring financial charges | 65 | €34 | €48 | +€14 | +42.5% |
| Profit (loss) for the period before taxes | 9903 | -€8,271 | €7,767 | +€16,038 | |
| Income taxes | 67/77 | €348 | €1,320 | +€973 | +279.7% |
| Profit (loss) for the period | 9904 | -€8,619 | €6,446 | +€15,065 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,619 | €6,446 | +€15,065 |
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 9 October 2026 via checked.be.