DR. H. HAVERALS: what changed
DR. H. HAVERALS
Largest movements
- Current investments -€121,725
down €121,725 (-10.9%), from €1.1m to €996,530
- Receivables within one year +€69,336
new in 2025: €69,336
of which Trade receivables: +€51,019
- Tangible fixed assets +€64,377
up €64,377 (+289%), from €22,310 to €86,687
- Receivables after one year +€50,000
new in 2025: €50,000
- Cash -€38,348
down €38,348 (-80.5%), from €47,651 to €9,304
mainly Investment in fixed assets (net) (-€80,550) and Net result for the year (-€70,894)
- Other debts +€99,589
up €99,589 (+2,161%), from €4,607 to €104,196
- Profit (loss) carried forward -€50,439
no longer reported in 2025 (was €50,439)
- Reserves -€20,455
down €20,455 (-1.8%), from €1.1m to €1.1m
- Gross operating margin +€63,920
up €63,920 (+148%), from €43,052 to €106,972
- Taxes -€15,841
down €15,841, from €15,816 to -€25
- Depreciation +€8,818
up €8,818 (+120%), from €7,355 to €16,173
- Financial income -€3,019
down €3,019 (-19.6%), from €15,381 to €12,362
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,188,876 | €1,213,452 | +€24,575 | +2.1% |
| Fixed assets | 21/28 | €22,310 | €86,687 | +€64,377 | +289% |
| Tangible fixed assets | 22/27 | €22,310 | €86,687 | +€64,377 | +289% |
| Furniture and vehicles | 24 | €22,310 | €86,687 | +€64,377 | +289% |
| Current assets | 29/58 | €1,166,566 | €1,126,764 | -€39,802 | -3.4% |
| Amounts receivable after more than one year | 29 | - | €50,000 | +€50,000 | |
| Other amounts receivable | 291 | - | €50,000 | +€50,000 | |
| Amounts receivable within one year | 40/41 | - | €69,336 | +€69,336 | |
| Trade receivables | 40 | - | €51,019 | +€51,019 | |
| Other amounts receivable | 41 | - | €18,316 | +€18,316 | |
| Current investments | 50/53 | €1,118,255 | €996,530 | -€121,725 | -10.9% |
| Cash at bank and in hand | 54/58 | €47,651 | €9,304 | -€38,348 | -80.5% |
| Deferred charges and accrued income | 490/1 | €660 | €1,595 | +€935 | +142% |
| Total equity and liabilities | 10/49 | €1,188,876 | €1,213,452 | +€24,575 | +2.1% |
| Equity | 10/15 | €1,175,714 | €1,104,820 | -€70,894 | -6.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,106,675 | €1,086,220 | -€20,455 | -1.8% |
| Distributable reserves | 133 | €1,106,675 | €1,086,220 | -€20,455 | -1.8% |
| Profit (loss) carried forward | 14 | €50,439 | - | -€50,439 | |
| Amounts payable | 17/49 | €13,162 | €108,631 | +€95,469 | +725% |
| Amounts payable within one year | 42/48 | €9,562 | €105,031 | +€95,469 | +998% |
| Trade debts | 44 | €1,395 | €835 | -€560 | -40.1% |
| Suppliers | 440/4 | €1,395 | €835 | -€560 | -40.1% |
| Taxes, remuneration and social security | 45 | €3,560 | - | -€3,560 | |
| Taxes | 450/3 | €3,560 | - | -€3,560 | |
| Other amounts payable | 47/48 | €4,607 | €104,196 | +€99,589 | +2,161% |
| Accrued charges and deferred income | 492/3 | €3,600 | €3,600 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,355 | €16,173 | +€8,818 | +120% |
| Other operating charges | 640/8 | €3,979 | €3,993 | +€14 | +0.4% |
| Non-recurring operating charges | 66A | - | €170,000 | +€170,000 | |
| Gross operating margin | 9900 | €43,052 | €106,972 | +€63,920 | +148% |
| Operating profit (loss) | 9901 | €31,718 | -€83,194 | -€114,912 | |
| Financial income | 75/76B | €15,381 | €12,362 | -€3,019 | -19.6% |
| Recurring financial income | 75 | €15,381 | €12,362 | -€3,019 | -19.6% |
| Financial charges | 65/66B | €73 | €87 | +€14 | +19.1% |
| Recurring financial charges | 65 | €73 | €87 | +€14 | +19.1% |
| Profit (loss) for the period before taxes | 9903 | €47,027 | -€70,919 | -€117,945 | |
| Income taxes | 67/77 | €15,816 | -€25 | -€15,841 | |
| Profit (loss) for the period | 9904 | €31,210 | -€70,894 | -€102,104 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,210 | -€70,894 | -€102,104 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.