DR. FREDERIC HAVEN: what changed
Two fiscal 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.
DR. FREDERIC HAVEN
Largest movements
- Tangible fixed assets +€961,411
up €961,411 (+20.7%), from €4.6m to €5.6m
of which Land and buildings: +€946,310
- Receivables within one year -€265,608
down €265,608 (-72.9%), from €364,251 to €98,643
of which Other amounts receivable: -€295,118
- Cash -€101,186
down €101,186 (-75.6%), from €133,799 to €32,613
mainly Investment in fixed assets (net) (-€1.2m) and Tax, wage and social debts (-€52,390)
- Debts after one year +€320,645
up €320,645 (+20.4%), from €1.6m to €1.9m
- Other debts +€157,884
up €157,884 (+16.2%), from €977,419 to €1.1m
- Reserves +€110,094
up €110,094 (+8.8%), from €1.3m to €1.4m
of which Distributable reserves: +€120,802
- Depreciation +€135,136
up €135,136 (+67.5%), from €200,066 to €335,202
- Gross operating margin +€30,433
up €30,433 (+5.2%), from €582,584 to €613,017
- Financial charges -€8,439
down €8,439 (-8.4%), from €100,972 to €92,533
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 | €5,388,069 | €5,959,885 | +€571,816 | +10.6% |
| Fixed assets | 21/28 | €4,705,282 | €5,616,693 | +€911,411 | +19.4% |
| Tangible fixed assets | 22/27 | €4,645,282 | €5,606,693 | +€961,411 | +20.7% |
| Land and buildings | 22 | €4,597,594 | €5,543,904 | +€946,310 | +20.6% |
| Plant, machinery and equipment | 23 | €4,623 | €1,999 | -€2,624 | -56.8% |
| Furniture and vehicles | 24 | €30,775 | €48,499 | +€17,724 | +57.6% |
| Other tangible fixed assets | 26 | €12,291 | €12,291 | = | 0.0% |
| Financial fixed assets | 28 | €60,000 | €10,000 | -€50,000 | -83.3% |
| Current assets | 29/58 | €682,787 | €343,192 | -€339,595 | -49.7% |
| Amounts receivable within one year | 40/41 | €364,251 | €98,643 | -€265,608 | -72.9% |
| Trade receivables | 40 | €9,450 | €38,960 | +€29,510 | +312.3% |
| Other amounts receivable | 41 | €354,801 | €59,683 | -€295,118 | -83.2% |
| Cash at bank and in hand | 54/58 | €133,799 | €32,613 | -€101,186 | -75.6% |
| Deferred charges and accrued income | 490/1 | €184,737 | €211,935 | +€27,198 | +14.7% |
| Total equity and liabilities | 10/49 | €5,388,069 | €5,959,885 | +€571,816 | +10.6% |
| Equity | 10/15 | €2,469,031 | €2,579,125 | +€110,094 | +4.5% |
| Contributions | 10/11 | €169,923 | €169,923 | = | 0.0% |
| Reserves | 13 | €1,255,869 | €1,365,963 | +€110,094 | +8.8% |
| Tax-exempt reserves | 132 | €224,238 | €213,530 | -€10,708 | -4.8% |
| Distributable reserves | 133 | €1,031,631 | €1,152,433 | +€120,802 | +11.7% |
| Profit (loss) carried forward | 14 | €1,043,239 | €1,043,239 | = | 0.0% |
| Provisions and deferred taxes | 16 | €77,818 | €74,248 | -€3,569 | -4.6% |
| Deferred taxes | 168 | €77,818 | €74,248 | -€3,569 | -4.6% |
| Amounts payable | 17/49 | €2,841,221 | €3,306,512 | +€465,291 | +16.4% |
| Amounts payable after more than one year | 17 | €1,569,058 | €1,889,704 | +€320,645 | +20.4% |
| Financial debts | 170/4 | €1,569,058 | €1,889,704 | +€320,645 | +20.4% |
| Amounts payable within one year | 42/48 | €1,258,844 | €1,406,650 | +€147,806 | +11.7% |
| Current portion of amounts payable after more than one year | 42 | €192,241 | €179,355 | -€12,886 | -6.7% |
| Trade debts | 44 | €9,842 | €63,395 | +€53,554 | +544.2% |
| Suppliers | 440/4 | €9,842 | €63,395 | +€53,554 | +544.2% |
| Advances received on contracts in progress | 46 | €6,635 | €8,280 | +€1,645 | +24.8% |
| Taxes, remuneration and social security | 45 | €72,707 | €20,317 | -€52,390 | -72.1% |
| Taxes | 450/3 | €72,707 | €20,317 | -€52,390 | -72.1% |
| Other amounts payable | 47/48 | €977,419 | €1,135,303 | +€157,884 | +16.2% |
| Accrued charges and deferred income | 492/3 | €13,319 | €10,158 | -€3,160 | -23.7% |
| Non-recurring operating income | 76A | €74,266 | - | -€74,266 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €200,066 | €335,202 | +€135,136 | +67.5% |
| Other operating charges | 640/8 | €21,128 | €24,704 | +€3,576 | +16.9% |
| Non-recurring operating charges | 66A | €21,577 | - | -€21,577 | |
| Gross operating margin | 9900 | €582,584 | €613,017 | +€30,433 | +5.2% |
| Operating profit (loss) | 9901 | €339,813 | €253,111 | -€86,702 | -25.5% |
| Financial income | 75/76B | €1,502 | €8 | -€1,494 | -99.5% |
| Recurring financial income | 75 | €1,502 | €8 | -€1,494 | -99.5% |
| Financial charges | 65/66B | €100,972 | €92,533 | -€8,439 | -8.4% |
| Recurring financial charges | 65 | €100,972 | €92,533 | -€8,439 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €240,344 | €160,586 | -€79,758 | -33.2% |
| Transfer from deferred taxes | 780 | €3,528 | €3,569 | +€42 | +1.2% |
| Transfer to deferred taxes | 680 | €17,293 | - | -€17,293 | |
| Income taxes | 67/77 | €55,399 | €54,061 | -€1,338 | -2.4% |
| Profit (loss) for the period | 9904 | €171,179 | €110,094 | -€61,085 | -35.7% |
| Transfer from tax-exempt reserves | 789 | €10,583 | €10,708 | +€125 | +1.2% |
| Transfer to tax-exempt reserves | 689 | €51,880 | - | -€51,880 | |
| Profit (loss) for the period to be appropriated | 9905 | €129,882 | €120,802 | -€9,080 | -7.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.