't Hart: 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 Hart
Largest movements
- Tangible fixed assets +€450,602
up €450,602 (+1138.3%), from €39,585 to €490,187
of which Land and buildings: +€445,884
- Receivables within one year +€68,375
up €68,375 (+6068.4%), from €1,127 to €69,502
of which Trade receivables: +€62,077
- Cash -€17,383
down €17,383 (-13.8%), from €126,104 to €108,721
mainly Investment in fixed assets (net) (-€520,907) and Receivables within one year (-€68,375)
- Intangible fixed assets -€15,220
down €15,220 (-14.0%), from €108,542 to €93,322
- Debts after one year +€363,021
up €363,021 (+686.5%), from €52,878 to €415,899
- Trade debts +€69,020
up €69,020 (+579.9%), from €11,902 to €80,922
- Reserves +€39,870
up €39,870 (+28.2%), from €141,165 to €181,036
- Current portion of long-term debt +€22,656
up €22,656 (+158.2%), from €14,322 to €36,979
- Tax, wage and social debts -€10,354
down €10,354 (-25.6%), from €40,512 to €30,158
of which Taxes: -€8,413
- Depreciation +€63,205
up €63,205 (+283.2%), from €22,319 to €85,524
- Gross operating margin +€49,369
up €49,369 (+18.1%), from €273,313 to €322,682
- Staff costs +€11,829
up €11,829 (+7.0%), from €167,984 to €179,813
- Taxes -€5,330
down €5,330 (-32.6%), from €16,368 to €11,037
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 | €282,954 | €766,088 | +€483,134 | +170.7% |
| Fixed assets | 21/28 | €148,126 | €583,509 | +€435,382 | +293.9% |
| Intangible fixed assets | 21 | €108,542 | €93,322 | -€15,220 | -14.0% |
| Tangible fixed assets | 22/27 | €39,585 | €490,187 | +€450,602 | +1138.3% |
| Land and buildings | 22 | - | €445,884 | +€445,884 | |
| Plant, machinery and equipment | 23 | €1,775 | €33,258 | +€31,483 | +1773.8% |
| Furniture and vehicles | 24 | €3,165 | €7,161 | +€3,996 | +126.3% |
| Leasing and similar rights | 25 | €5,571 | €3,885 | -€1,686 | -30.3% |
| Other tangible fixed assets | 26 | €29,074 | - | -€29,074 | |
| Current assets | 29/58 | €134,828 | €182,580 | +€47,752 | +35.4% |
| Stocks and contracts in progress | 3 | €5,979 | €1,920 | -€4,059 | -67.9% |
| Stocks | 30/36 | €5,979 | €1,920 | -€4,059 | -67.9% |
| Amounts receivable within one year | 40/41 | €1,127 | €69,502 | +€68,375 | +6068.4% |
| Trade receivables | 40 | €932 | €63,009 | +€62,077 | +6660.6% |
| Other amounts receivable | 41 | €195 | €6,493 | +€6,298 | +3234.2% |
| Cash at bank and in hand | 54/58 | €126,104 | €108,721 | -€17,383 | -13.8% |
| Deferred charges and accrued income | 490/1 | €1,618 | €2,437 | +€818 | +50.6% |
| Total equity and liabilities | 10/49 | €282,954 | €766,088 | +€483,134 | +170.7% |
| Equity | 10/15 | €161,165 | €201,036 | +€39,870 | +24.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €141,165 | €181,036 | +€39,870 | +28.2% |
| Distributable reserves | 133 | €141,165 | €181,036 | +€39,870 | +28.2% |
| Amounts payable | 17/49 | €121,789 | €565,053 | +€443,263 | +364.0% |
| Amounts payable after more than one year | 17 | €52,878 | €415,899 | +€363,021 | +686.5% |
| Financial debts | 170/4 | €52,878 | €415,899 | +€363,021 | +686.5% |
| Amounts payable within one year | 42/48 | €68,912 | €149,154 | +€80,242 | +116.4% |
| Current portion of amounts payable after more than one year | 42 | €14,322 | €36,979 | +€22,656 | +158.2% |
| Trade debts | 44 | €11,902 | €80,922 | +€69,020 | +579.9% |
| Suppliers | 440/4 | €11,902 | €80,922 | +€69,020 | +579.9% |
| Advances received on contracts in progress | 46 | €2,175 | €698 | -€1,478 | -67.9% |
| Taxes, remuneration and social security | 45 | €40,512 | €30,158 | -€10,354 | -25.6% |
| Taxes | 450/3 | €23,562 | €15,149 | -€8,413 | -35.7% |
| Remuneration and social security | 454/9 | €16,950 | €15,009 | -€1,941 | -11.5% |
| Other amounts payable | 47/48 | - | €398 | +€398 | |
| Non-recurring operating income | 76A | - | €1,504 | +€1,504 | |
| Remuneration, social security and pensions | 62 | €167,984 | €179,813 | +€11,829 | +7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,319 | €85,524 | +€63,205 | +283.2% |
| Other operating charges | 640/8 | €1,262 | €1,981 | +€719 | +56.9% |
| Gross operating margin | 9900 | €273,313 | €322,682 | +€49,369 | +18.1% |
| Operating profit (loss) | 9901 | €81,748 | €55,364 | -€26,384 | -32.3% |
| Financial income | 75/76B | €48 | €270 | +€222 | +465.6% |
| Recurring financial income | 75 | €48 | €270 | +€222 | +465.6% |
| Financial charges | 65/66B | €4,630 | €4,726 | +€96 | +2.1% |
| Recurring financial charges | 65 | €4,630 | €4,726 | +€96 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €77,165 | €50,908 | -€26,258 | -34.0% |
| Income taxes | 67/77 | €16,368 | €11,037 | -€5,330 | -32.6% |
| Profit (loss) for the period | 9904 | €60,798 | €39,870 | -€20,927 | -34.4% |
| Profit (loss) for the period to be appropriated | 9905 | €60,798 | €39,870 | -€20,927 | -34.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.