ROLAND 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.
ROLAND HARDY
Largest movements
- Tangible fixed assets -€241,352
down €241,352 (-9.5%), from €2.5m to €2.3m
of which Land and buildings: -€264,588
- Receivables within one year +€55,679
up €55,679 (+38.0%), from €146,603 to €202,282
of which Other amounts receivable: +€91,917
- Provisions +€244,431
new in 2025: €244,431
- Other debts -€206,940
no longer reported in 2025 (was €206,940)
- Debts after one year -€166,192
down €166,192 (-6.4%), from €2.6m to €2.4m
- Profit (loss) carried forward -€71,088
down €71,088 (-125%), from -€56,879 to -€127,967
- Gross operating margin -€61,343
down €61,343 (-22.7%), from €270,584 to €209,241
- Financial charges +€23,743
up €23,743 (+48.3%), from €49,164 to €72,907
- Financial income +€9,280
new in 2025: €9,280
of which Non-recurring financial income: +€8,824
- Depreciation -€5,747
down €5,747 (-3.0%), from €189,469 to €183,722
- Other operating charges +€4,427
up €4,427 (+15.6%), from €28,304 to €32,731
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 | €2,975,246 | €2,798,551 | -€176,695 | -5.9% |
| Fixed assets | 21/28 | €2,793,344 | €2,538,992 | -€254,352 | -9.1% |
| Tangible fixed assets | 22/27 | €2,535,851 | €2,294,499 | -€241,352 | -9.5% |
| Land and buildings | 22 | €2,513,860 | €2,249,272 | -€264,588 | -10.5% |
| Furniture and vehicles | 24 | €7,741 | €30,437 | +€22,696 | +293% |
| Other tangible fixed assets | 26 | €14,250 | €14,790 | +€540 | +3.8% |
| Financial fixed assets | 28 | €257,493 | €244,493 | -€13,000 | -5.0% |
| Current assets | 29/58 | €181,902 | €259,558 | +€77,657 | +42.7% |
| Amounts receivable within one year | 40/41 | €146,603 | €202,282 | +€55,679 | +38.0% |
| Trade receivables | 40 | €110,409 | €74,171 | -€36,238 | -32.8% |
| Other amounts receivable | 41 | €36,194 | €128,111 | +€91,917 | +254% |
| Cash at bank and in hand | 54/58 | €33,076 | €54,884 | +€21,808 | +65.9% |
| Deferred charges and accrued income | 490/1 | €2,222 | €2,392 | +€170 | +7.6% |
| Total equity and liabilities | 10/49 | €2,975,246 | €2,798,551 | -€176,695 | -5.9% |
| Equity | 10/15 | -€24,919 | -€96,007 | -€71,088 | -285% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €13,360 | €13,360 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,500 | €11,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,879 | -€127,967 | -€71,088 | -125% |
| Provisions and deferred taxes | 16 | - | €244,431 | +€244,431 | |
| Deferred taxes | 168 | - | €244,431 | +€244,431 | |
| Amounts payable | 17/49 | €3,000,165 | €2,650,127 | -€350,039 | -11.7% |
| Amounts payable after more than one year | 17 | €2,580,051 | €2,413,859 | -€166,192 | -6.4% |
| Financial debts | 170/4 | €2,580,051 | €2,413,859 | -€166,192 | -6.4% |
| Amounts payable within one year | 42/48 | €420,114 | €236,268 | -€183,846 | -43.8% |
| Current portion of amounts payable after more than one year | 42 | €182,674 | €195,035 | +€12,360 | +6.8% |
| Financial debts | 43 | - | €21,018 | +€21,018 | |
| Credit institutions | 430/8 | - | €21,018 | +€21,018 | |
| Advances received on contracts in progress | 46 | €2,568 | €2,568 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €27,932 | €17,648 | -€10,284 | -36.8% |
| Taxes | 450/3 | €27,932 | €17,648 | -€10,284 | -36.8% |
| Other amounts payable | 47/48 | €206,940 | - | -€206,940 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €189,469 | €183,722 | -€5,747 | -3.0% |
| Other operating charges | 640/8 | €28,304 | €32,731 | +€4,427 | +15.6% |
| Non-recurring operating charges | 66A | €90 | - | -€90 | |
| Gross operating margin | 9900 | €270,584 | €209,241 | -€61,343 | -22.7% |
| Operating profit (loss) | 9901 | €52,721 | -€7,212 | -€59,933 | |
| Financial income | 75/76B | - | €9,280 | +€9,280 | |
| Recurring financial income | 75 | - | €456 | +€456 | |
| Non-recurring financial income | 76B | - | €8,824 | +€8,824 | |
| Financial charges | 65/66B | €49,164 | €72,907 | +€23,743 | +48.3% |
| Recurring financial charges | 65 | €49,164 | €72,907 | +€23,743 | +48.3% |
| Profit (loss) for the period before taxes | 9903 | €3,557 | -€70,840 | -€74,396 | |
| Income taxes | 67/77 | €131 | €248 | +€117 | +89.0% |
| Profit (loss) for the period | 9904 | €3,426 | -€71,088 | -€74,513 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,426 | -€71,088 | -€74,513 |
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 29 October 2026 via checked.be.