HARMONIC WAVES: 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.
HARMONIC WAVES
Largest movements
- Receivables within one year +€24,781
up €24,781 (+25.7%), from €96,508 to €121,289
of which Other amounts receivable: +€23,341
- Cash -€14,509
down €14,509 (-52.2%), from €27,784 to €13,275
mainly Tax, wage and social debts (-€30,416) and Receivables within one year (-€24,781)
- Current investments +€10,621
up €10,621 (+5,903%), from €180 to €10,801
- Tax, wage and social debts -€30,416
down €30,416 (-59.7%), from €50,918 to €20,503
- Trade debts +€29,255
up €29,255 (+3,039%), from €963 to €30,218
- Reserves +€25,249
up €25,249 (+47.3%), from €53,425 to €78,674
of which Distributable reserves: +€25,249
- Current portion of long-term debt -€3,829
down €3,829 (-100%), from €3,829 to €0
- Gross operating margin -€35,630
down €35,630 (-47.9%), from €74,354 to €38,724
- Taxes -€11,532
down €11,532 (-45.6%), from €25,262 to €13,730
- Financial income +€1,329
up €1,329 (+36.7%), from €3,621 to €4,950
- Other operating charges +€891
up €891 (+110%), from €810 to €1,701
- Depreciation -€839
down €839 (-25.0%), from €3,351 to €2,512
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 | €134,270 | €154,255 | +€19,985 | +14.9% |
| Fixed assets | 21/28 | €8,438 | €7,629 | -€809 | -9.6% |
| Tangible fixed assets | 22/27 | €5,438 | €4,629 | -€809 | -14.9% |
| Plant, machinery and equipment | 23 | €604 | €570 | -€34 | -5.6% |
| Furniture and vehicles | 24 | €4,834 | €4,059 | -€775 | -16.0% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €125,832 | €146,625 | +€20,794 | +16.5% |
| Amounts receivable within one year | 40/41 | €96,508 | €121,289 | +€24,781 | +25.7% |
| Trade receivables | 40 | €16,093 | €17,533 | +€1,440 | +8.9% |
| Other amounts receivable | 41 | €80,415 | €103,756 | +€23,341 | +29.0% |
| Current investments | 50/53 | €180 | €10,801 | +€10,621 | +5,903% |
| Cash at bank and in hand | 54/58 | €27,784 | €13,275 | -€14,509 | -52.2% |
| Deferred charges and accrued income | 490/1 | €1,360 | €1,260 | -€100 | -7.3% |
| Total equity and liabilities | 10/49 | €134,270 | €154,255 | +€19,985 | +14.9% |
| Equity | 10/15 | €77,046 | €102,295 | +€25,249 | +32.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €53,425 | €78,674 | +€25,249 | +47.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €51,565 | €76,814 | +€25,249 | +49.0% |
| Profit (loss) carried forward | 14 | €17,421 | €17,421 | = | 0.0% |
| Amounts payable | 17/49 | €57,224 | €51,959 | -€5,264 | -9.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €56,124 | €50,859 | -€5,264 | -9.4% |
| Current portion of amounts payable after more than one year | 42 | €3,829 | €0 | -€3,829 | -100% |
| Trade debts | 44 | €963 | €30,218 | +€29,255 | +3,039% |
| Suppliers | 440/4 | €963 | €30,218 | +€29,255 | +3,039% |
| Taxes, remuneration and social security | 45 | €50,918 | €20,503 | -€30,416 | -59.7% |
| Taxes | 450/3 | €50,918 | €20,503 | -€30,416 | -59.7% |
| Other amounts payable | 47/48 | €413 | €139 | -€274 | -66.4% |
| Accrued charges and deferred income | 492/3 | €1,100 | €1,100 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,351 | €2,512 | -€839 | -25.0% |
| Other operating charges | 640/8 | €810 | €1,701 | +€891 | +110% |
| Gross operating margin | 9900 | €74,354 | €38,724 | -€35,630 | -47.9% |
| Operating profit (loss) | 9901 | €70,193 | €34,511 | -€35,682 | -50.8% |
| Financial income | 75/76B | €3,621 | €4,950 | +€1,329 | +36.7% |
| Recurring financial income | 75 | €3,621 | €4,950 | +€1,329 | +36.7% |
| Financial charges | 65/66B | €962 | €482 | -€481 | -49.9% |
| Recurring financial charges | 65 | €962 | €482 | -€481 | -49.9% |
| Profit (loss) for the period before taxes | 9903 | €72,852 | €38,979 | -€33,873 | -46.5% |
| Income taxes | 67/77 | €25,262 | €13,730 | -€11,532 | -45.6% |
| Profit (loss) for the period | 9904 | €47,590 | €25,249 | -€22,341 | -46.9% |
| Profit (loss) for the period to be appropriated | 9905 | €47,590 | €25,249 | -€22,341 | -46.9% |
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 26 October 2026 via checked.be.