HADRON: 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.
HADRON
Largest movements
- Receivables within one year -€27,114
down €27,114 (-13.5%), from €201,580 to €174,466
of which Other amounts receivable: -€25,421
- Tangible fixed assets -€26,551
down €26,551 (-21.1%), from €125,898 to €99,347
of which Furniture and vehicles: -€21,042
- Cash +€5,624
up €5,624 (+16.5%), from €34,127 to €39,751
mainly Receivables within one year (+€27,114) and Net result for the year (+€24,717)
- Reserves -€24,238
down €24,238 (-9.7%), from €249,868 to €225,630
- Debts after one year -€10,752
down €10,752 (-14.6%), from €73,887 to €63,135
- Current portion of long-term debt -€6,581
down €6,581 (-44.5%), from €14,777 to €8,196
- Taxes -€31,517
down €31,517 (-76.7%), from €41,078 to €9,561
- Gross operating margin -€24,810
down €24,810 (-37.6%), from €66,006 to €41,195
- Depreciation -€10,888
down €10,888 (-60.9%), from €17,881 to €6,993
- Financial charges -€8,479
down €8,479 (-68.7%), from €12,349 to €3,870
- Other operating charges -€1,935
down €1,935 (-69.4%), from €2,790 to €855
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 | €366,152 | €320,747 | -€45,405 | -12.4% |
| Fixed assets | 21/28 | €125,898 | €99,347 | -€26,551 | -21.1% |
| Tangible fixed assets | 22/27 | €125,898 | €99,347 | -€26,551 | -21.1% |
| Land and buildings | 22 | €100,671 | €95,359 | -€5,313 | -5.3% |
| Plant, machinery and equipment | 23 | €1,574 | €1,378 | -€197 | -12.5% |
| Furniture and vehicles | 24 | €23,652 | €2,610 | -€21,042 | -89.0% |
| Current assets | 29/58 | €240,254 | €221,400 | -€18,854 | -7.8% |
| Amounts receivable within one year | 40/41 | €201,580 | €174,466 | -€27,114 | -13.5% |
| Trade receivables | 40 | €3,816 | €2,123 | -€1,693 | -44.4% |
| Other amounts receivable | 41 | €197,764 | €172,343 | -€25,421 | -12.9% |
| Cash at bank and in hand | 54/58 | €34,127 | €39,751 | +€5,624 | +16.5% |
| Deferred charges and accrued income | 490/1 | €4,547 | €7,183 | +€2,636 | +58.0% |
| Total equity and liabilities | 10/49 | €366,152 | €320,747 | -€45,405 | -12.4% |
| Equity | 10/15 | €256,068 | €231,830 | -€24,238 | -9.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €249,868 | €225,630 | -€24,238 | -9.7% |
| Distributable reserves | 133 | €249,868 | €225,630 | -€24,238 | -9.7% |
| Amounts payable | 17/49 | €110,085 | €88,917 | -€21,167 | -19.2% |
| Amounts payable after more than one year | 17 | €73,887 | €63,135 | -€10,752 | -14.6% |
| Financial debts | 170/4 | €73,887 | €63,135 | -€10,752 | -14.6% |
| Amounts payable within one year | 42/48 | €36,198 | €25,782 | -€10,416 | -28.8% |
| Current portion of amounts payable after more than one year | 42 | €14,777 | €8,196 | -€6,581 | -44.5% |
| Trade debts | 44 | €6,264 | €2,761 | -€3,503 | -55.9% |
| Suppliers | 440/4 | €6,264 | €2,761 | -€3,503 | -55.9% |
| Taxes, remuneration and social security | 45 | €15,157 | €14,825 | -€332 | -2.2% |
| Taxes | 450/3 | €12,592 | €12,260 | -€332 | -2.6% |
| Remuneration and social security | 454/9 | €2,565 | €2,565 | = | 0.0% |
| Non-recurring operating income | 76A | - | €25,070 | +€25,070 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,881 | €6,993 | -€10,888 | -60.9% |
| Other operating charges | 640/8 | €2,790 | €855 | -€1,935 | -69.4% |
| Gross operating margin | 9900 | €66,006 | €41,195 | -€24,810 | -37.6% |
| Operating profit (loss) | 9901 | €45,334 | €33,347 | -€11,988 | -26.4% |
| Financial income | 75/76B | €3,895 | €4,801 | +€906 | +23.3% |
| Recurring financial income | 75 | €3,895 | €4,801 | +€906 | +23.3% |
| Financial charges | 65/66B | €12,349 | €3,870 | -€8,479 | -68.7% |
| Recurring financial charges | 65 | €12,349 | €3,870 | -€8,479 | -68.7% |
| Profit (loss) for the period before taxes | 9903 | €36,881 | €34,278 | -€2,603 | -7.1% |
| Transfer from deferred taxes | 780 | €29,020 | - | -€29,020 | |
| Income taxes | 67/77 | €41,078 | €9,561 | -€31,517 | -76.7% |
| Profit (loss) for the period | 9904 | €24,823 | €24,717 | -€106 | -0.4% |
| Transfer from tax-exempt reserves | 789 | €73,532 | - | -€73,532 | |
| Profit (loss) for the period to be appropriated | 9905 | €98,355 | €24,717 | -€73,638 | -74.9% |
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 17 October 2026 via checked.be.