HARDES: 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.
HARDES
Largest movements
- Financial fixed assets -€71,200
no longer reported in 2025 (was €71,200)
- Cash +€42,937
up €42,937 (+172%), from €24,895 to €67,832
mainly Net result for the year (+€73,911) and Investment in fixed assets (net) (+€42,188)
- Receivables within one year +€32,702
up €32,702 (+1,203%), from €2,717 to €35,419
of which Other amounts receivable: +€18,449
- Tangible fixed assets +€18,093
up €18,093 (+13.5%), from €133,611 to €151,704
of which Land and buildings: +€14,407
- Deferred charges and accrued income +€2,757
up €2,757 (+154%), from €1,788 to €4,545
- Profit (loss) carried forward +€61,775
up €61,775 (+317%), from €19,497 to €81,272
- Contributions -€39,684
down €39,684 (-56.7%), from €70,000 to €30,316
- Short-term financial debts +€12,529
new in 2025: €12,529
- Debts after one year -€9,629
down €9,629 (-7.5%), from €127,879 to €118,250
- Gross operating margin +€29,736
up €29,736 (+225%), from €13,226 to €42,963
- Taxes +€6,956
up €6,956 (+638%), from €1,090 to €8,046
- Financial charges +€5,564
up €5,564 (+133%), from €4,175 to €9,739
- Financial income +€2,435
up €2,435 (+4.1%), from €59,174 to €61,609
of which Non-recurring financial income: +€4,266
- Depreciation +€2,210
up €2,210 (+25.4%), from €8,708 to €10,918
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 | €234,211 | €260,500 | +€26,290 | +11.2% |
| Fixed assets | 21/28 | €204,811 | €151,704 | -€53,107 | -25.9% |
| Tangible fixed assets | 22/27 | €133,611 | €151,704 | +€18,093 | +13.5% |
| Land and buildings | 22 | €133,422 | €147,829 | +€14,407 | +10.8% |
| Furniture and vehicles | 24 | €189 | €3,876 | +€3,686 | +1,949% |
| Financial fixed assets | 28 | €71,200 | - | -€71,200 | |
| Current assets | 29/58 | €29,400 | €108,796 | +€79,396 | +270% |
| Amounts receivable within one year | 40/41 | €2,717 | €35,419 | +€32,702 | +1,203% |
| Trade receivables | 40 | - | €14,253 | +€14,253 | |
| Other amounts receivable | 41 | €2,717 | €21,166 | +€18,449 | +679% |
| Current investments | 50/53 | - | €1,000 | +€1,000 | |
| Cash at bank and in hand | 54/58 | €24,895 | €67,832 | +€42,937 | +172% |
| Deferred charges and accrued income | 490/1 | €1,788 | €4,545 | +€2,757 | +154% |
| Total equity and liabilities | 10/49 | €234,211 | €260,500 | +€26,290 | +11.2% |
| Equity | 10/15 | €89,700 | €111,791 | +€22,091 | +24.6% |
| Contributions | 10/11 | €70,000 | €30,316 | -€39,684 | -56.7% |
| Reserves | 13 | €203 | €203 | = | 0.0% |
| Tax-exempt reserves | 132 | €203 | €203 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,497 | €81,272 | +€61,775 | +317% |
| Amounts payable | 17/49 | €144,510 | €148,710 | +€4,199 | +2.9% |
| Amounts payable after more than one year | 17 | €127,879 | €118,250 | -€9,629 | -7.5% |
| Financial debts | 170/4 | €127,879 | €118,250 | -€9,629 | -7.5% |
| Amounts payable within one year | 42/48 | €16,631 | €30,459 | +€13,828 | +83.1% |
| Current portion of amounts payable after more than one year | 42 | €9,390 | €9,629 | +€239 | +2.5% |
| Financial debts | 43 | - | €12,529 | +€12,529 | |
| Credit institutions | 430/8 | - | €12,529 | +€12,529 | |
| Trade debts | 44 | €398 | €1,487 | +€1,089 | +274% |
| Suppliers | 440/4 | €398 | €1,487 | +€1,089 | +274% |
| Taxes, remuneration and social security | 45 | €6,844 | €6,815 | -€29 | -0.4% |
| Taxes | 450/3 | €5,137 | €6,481 | +€1,344 | +26.2% |
| Remuneration and social security | 454/9 | €1,706 | €334 | -€1,373 | -80.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,708 | €10,918 | +€2,210 | +25.4% |
| Other operating charges | 640/8 | €1,514 | €1,958 | +€444 | +29.3% |
| Gross operating margin | 9900 | €13,226 | €42,963 | +€29,736 | +225% |
| Operating profit (loss) | 9901 | €3,005 | €30,087 | +€27,082 | +901% |
| Financial income | 75/76B | €59,174 | €61,609 | +€2,435 | +4.1% |
| Recurring financial income | 75 | €59,174 | €57,343 | -€1,831 | -3.1% |
| Non-recurring financial income | 76B | - | €4,266 | +€4,266 | |
| Financial charges | 65/66B | €4,175 | €9,739 | +€5,564 | +133% |
| Recurring financial charges | 65 | €4,175 | €9,739 | +€5,564 | +133% |
| Profit (loss) for the period before taxes | 9903 | €58,004 | €81,957 | +€23,953 | +41.3% |
| Income taxes | 67/77 | €1,090 | €8,046 | +€6,956 | +638% |
| Profit (loss) for the period | 9904 | €56,914 | €73,911 | +€16,997 | +29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €56,914 | €73,911 | +€16,997 | +29.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.