't HAARDHUYS: 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.
't HAARDHUYS
Largest movements
- Cash +€35,473
up €35,473 (+28.9%), from €122,663 to €158,136
mainly Net result for the year (+€29,815) and Depreciation (+€27,709)
- Tangible fixed assets -€20,509
down €20,509 (-7.5%), from €273,771 to €253,262
of which Land and buildings: -€24,113
- Stocks and contracts -€10,521
down €10,521 (-31.1%), from €33,878 to €23,357
- Deferred charges and accrued income -€4,972
down €4,972 (-56.2%), from €8,854 to €3,883
- Reserves +€26,752
up €26,752 (+41.2%), from €64,883 to €91,635
- Debts after one year -€26,116
down €26,116 (-9.4%), from €277,133 to €251,017
- Other debts -€5,883
down €5,883 (-11.0%), from €53,630 to €47,747
- Gross operating margin +€43,815
up €43,815 (+127%), from €34,588 to €78,403
- Taxes +€10,910
up €10,910 (+1,085%), from €1,006 to €11,916
- Financial charges +€1,559
up €1,559 (+19.4%), from €8,052 to €9,611
- Depreciation +€1,027
up €1,027 (+3.8%), from €26,682 to €27,709
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 | €450,376 | €449,877 | -€499 | -0.1% |
| Fixed assets | 21/28 | €273,771 | €253,262 | -€20,509 | -7.5% |
| Tangible fixed assets | 22/27 | €273,771 | €253,262 | -€20,509 | -7.5% |
| Land and buildings | 22 | €260,222 | €236,109 | -€24,113 | -9.3% |
| Plant, machinery and equipment | 23 | €12,014 | €9,992 | -€2,022 | -16.8% |
| Furniture and vehicles | 24 | €1,534 | €7,160 | +€5,626 | +367% |
| Current assets | 29/58 | €176,605 | €196,615 | +€20,010 | +11.3% |
| Stocks and contracts in progress | 3 | €33,878 | €23,357 | -€10,521 | -31.1% |
| Stocks | 30/36 | €33,878 | €23,357 | -€10,521 | -31.1% |
| Amounts receivable within one year | 40/41 | €11,210 | €11,240 | +€30 | +0.3% |
| Trade receivables | 40 | €10,344 | €7,647 | -€2,697 | -26.1% |
| Other amounts receivable | 41 | €865 | €3,592 | +€2,727 | +315% |
| Cash at bank and in hand | 54/58 | €122,663 | €158,136 | +€35,473 | +28.9% |
| Deferred charges and accrued income | 490/1 | €8,854 | €3,883 | -€4,972 | -56.2% |
| Total equity and liabilities | 10/49 | €450,376 | €449,877 | -€499 | -0.1% |
| Equity | 10/15 | €83,486 | €111,635 | +€28,149 | +33.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €64,883 | €91,635 | +€26,752 | +41.2% |
| Distributable reserves | 133 | €64,883 | €91,635 | +€26,752 | +41.2% |
| Profit (loss) carried forward | 14 | -€1,397 | - | +€1,397 | |
| Amounts payable | 17/49 | €366,890 | €338,242 | -€28,648 | -7.8% |
| Amounts payable after more than one year | 17 | €277,133 | €251,017 | -€26,116 | -9.4% |
| Financial debts | 170/4 | €277,133 | €251,017 | -€26,116 | -9.4% |
| Amounts payable within one year | 42/48 | €89,375 | €87,224 | -€2,151 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €27,854 | €28,274 | +€421 | +1.5% |
| Trade debts | 44 | €7,891 | €8,474 | +€582 | +7.4% |
| Suppliers | 440/4 | €7,891 | €8,474 | +€582 | +7.4% |
| Taxes, remuneration and social security | 45 | - | €2,729 | +€2,729 | |
| Taxes | 450/3 | - | €2,729 | +€2,729 | |
| Other amounts payable | 47/48 | €53,630 | €47,747 | -€5,883 | -11.0% |
| Accrued charges and deferred income | 492/3 | €382 | - | -€382 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,682 | €27,709 | +€1,027 | +3.8% |
| Other operating charges | 640/8 | €2,222 | €2,087 | -€135 | -6.1% |
| Gross operating margin | 9900 | €34,588 | €78,403 | +€43,815 | +127% |
| Operating profit (loss) | 9901 | €5,684 | €48,607 | +€42,923 | +755% |
| Financial income | 75/76B | €1,977 | €2,735 | +€759 | +38.4% |
| Recurring financial income | 75 | €1,977 | €2,735 | +€759 | +38.4% |
| Financial charges | 65/66B | €8,052 | €9,611 | +€1,559 | +19.4% |
| Recurring financial charges | 65 | €8,052 | €9,611 | +€1,559 | +19.4% |
| Profit (loss) for the period before taxes | 9903 | -€392 | €41,731 | +€42,122 | |
| Income taxes | 67/77 | €1,006 | €11,916 | +€10,910 | +1,085% |
| Profit (loss) for the period | 9904 | -€1,397 | €29,815 | +€31,212 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,397 | €29,815 | +€31,212 |
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 23 October 2026 via checked.be.