The Harbour: 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.
The Harbour
Largest movements
- Cash +€417,347
up €417,347 (+252%), from €165,556 to €582,903
mainly Net result for the year (+€264,780) and Trade debts (+€138,829)
- Intangible fixed assets -€70,377
down €70,377 (-16.9%), from €417,323 to €346,946
- Receivables within one year -€55,876
down €55,876 (-19.9%), from €280,915 to €225,039
of which Trade receivables: -€42,582
- Tangible fixed assets +€37,892
up €37,892 (+197%), from €19,272 to €57,164
of which Furniture and vehicles: +€42,332
- Deferred charges and accrued income +€17,873
up €17,873 (+127%), from €14,092 to €31,965
- Profit (loss) carried forward +€264,780
up €264,780 (+49.5%), from -€535,307 to -€270,528
- Trade debts +€138,829
up €138,829 (+175%), from €79,473 to €218,302
- Current portion of long-term debt -€29,737
down €29,737 (-33.7%), from €88,136 to €58,399
- Short-term financial debts -€25,000
down €25,000 (-25.0%), from €100,000 to €75,000
- Gross operating margin +€536,504
up €536,504 (+938%), from €57,182 to €593,686
- Write-downs +€16,437
up €16,437 (+131%), from €12,581 to €29,019
- Depreciation -€10,167
down €10,167 (-11.2%), from €90,817 to €80,650
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 | €1,153,395 | €1,500,254 | +€346,859 | +30.1% |
| Fixed assets | 21/28 | €692,832 | €660,347 | -€32,485 | -4.7% |
| Intangible fixed assets | 21 | €417,323 | €346,946 | -€70,377 | -16.9% |
| Tangible fixed assets | 22/27 | €19,272 | €57,164 | +€37,892 | +197% |
| Plant, machinery and equipment | 23 | €8,959 | €4,518 | -€4,440 | -49.6% |
| Furniture and vehicles | 24 | €10,314 | €52,646 | +€42,332 | +410% |
| Financial fixed assets | 28 | €256,237 | €256,237 | = | 0.0% |
| Current assets | 29/58 | €460,563 | €839,907 | +€379,344 | +82.4% |
| Amounts receivable within one year | 40/41 | €280,915 | €225,039 | -€55,876 | -19.9% |
| Trade receivables | 40 | €266,810 | €224,228 | -€42,582 | -16.0% |
| Other amounts receivable | 41 | €14,105 | €812 | -€13,294 | -94.2% |
| Cash at bank and in hand | 54/58 | €165,556 | €582,903 | +€417,347 | +252% |
| Deferred charges and accrued income | 490/1 | €14,092 | €31,965 | +€17,873 | +127% |
| Total equity and liabilities | 10/49 | €1,153,395 | €1,500,254 | +€346,859 | +30.1% |
| Equity | 10/15 | €748,967 | €1,013,747 | +€264,780 | +35.4% |
| Contributions | 10/11 | €1,282,414 | €1,282,414 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€535,307 | -€270,528 | +€264,780 | +49.5% |
| Amounts payable | 17/49 | €404,428 | €486,507 | +€82,079 | +20.3% |
| Amounts payable after more than one year | 17 | €79,439 | €71,442 | -€7,997 | -10.1% |
| Financial debts | 170/4 | €79,439 | €71,442 | -€7,997 | -10.1% |
| Amounts payable within one year | 42/48 | €324,988 | €415,065 | +€90,076 | +27.7% |
| Current portion of amounts payable after more than one year | 42 | €88,136 | €58,399 | -€29,737 | -33.7% |
| Financial debts | 43 | €100,000 | €75,000 | -€25,000 | -25.0% |
| Credit institutions | 430/8 | €100,000 | €75,000 | -€25,000 | -25.0% |
| Trade debts | 44 | €79,473 | €218,302 | +€138,829 | +175% |
| Suppliers | 440/4 | €79,473 | €218,302 | +€138,829 | +175% |
| Taxes, remuneration and social security | 45 | €49,604 | €62,540 | +€12,936 | +26.1% |
| Taxes | 450/3 | €36,336 | €42,753 | +€6,417 | +17.7% |
| Remuneration and social security | 454/9 | €13,267 | €19,786 | +€6,519 | +49.1% |
| Other amounts payable | 47/48 | €7,776 | €825 | -€6,951 | -89.4% |
| Remuneration, social security and pensions | 62 | €196,159 | €197,630 | +€1,470 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,817 | €80,650 | -€10,167 | -11.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,581 | €29,019 | +€16,437 | +131% |
| Other operating charges | 640/8 | €837 | €3,335 | +€2,498 | +298% |
| Non-recurring operating charges | 66A | €0 | €2,493 | +€2,493 | |
| Gross operating margin | 9900 | €57,182 | €593,686 | +€536,504 | +938% |
| Operating profit (loss) | 9901 | -€243,212 | €280,560 | +€523,772 | |
| Financial income | 75/76B | €270 | €454 | +€184 | +68.1% |
| Recurring financial income | 75 | €270 | €454 | +€184 | +68.1% |
| Financial charges | 65/66B | €19,751 | €15,899 | -€3,852 | -19.5% |
| Recurring financial charges | 65 | €19,751 | €15,899 | -€3,852 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | -€262,693 | €265,115 | +€527,808 | |
| Income taxes | 67/77 | €2,001 | €335 | -€1,665 | -83.2% |
| Profit (loss) for the period | 9904 | -€264,694 | €264,780 | +€529,473 | |
| Profit (loss) for the period to be appropriated | 9905 | -€264,694 | €264,780 | +€529,473 |
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 30 October 2026 via checked.be.