DR. HAAN: 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.
DR. HAAN
Largest movements
- Receivables within one year +€72,546
up €72,546 (+17.4%), from €417,217 to €489,763
of which Trade receivables: +€49,137
- Tangible fixed assets +€64,886
up €64,886 (+13.1%), from €496,081 to €560,967
of which Land and buildings: +€92,217
- Cash -€20,664
down €20,664 (-38.3%), from €53,902 to €33,238
mainly Investment in fixed assets (net) (-€130,621) and Debts after one year (-€81,218)
- Reserves +€145,400
up €145,400 (+33.0%), from €440,480 to €585,880
of which Distributable reserves: +€158,770
- Debts after one year -€81,218
down €81,218 (-26.9%), from €301,609 to €220,392
- Tax, wage and social debts +€26,314
up €26,314 (+44.5%), from €59,127 to €85,441
- Current portion of long-term debt +€24,623
up €24,623 (+31.1%), from €79,133 to €103,756
- Gross operating margin +€67,140
up €67,140 (+30.0%), from €223,531 to €290,672
- Taxes +€22,213
up €22,213 (+43.7%), from €50,785 to €72,998
- Depreciation -€5,235
down €5,235 (-7.4%), from €70,971 to €65,736
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 | €975,574 | €1,090,622 | +€115,049 | +11.8% |
| Fixed assets | 21/28 | €496,081 | €560,967 | +€64,886 | +13.1% |
| Tangible fixed assets | 22/27 | €496,081 | €560,967 | +€64,886 | +13.1% |
| Land and buildings | 22 | €381,447 | €473,663 | +€92,217 | +24.2% |
| Plant, machinery and equipment | 23 | €1,785 | €2,220 | +€435 | +24.4% |
| Furniture and vehicles | 24 | €112,849 | €85,083 | -€27,766 | -24.6% |
| Current assets | 29/58 | €479,492 | €529,655 | +€50,163 | +10.5% |
| Amounts receivable within one year | 40/41 | €417,217 | €489,763 | +€72,546 | +17.4% |
| Trade receivables | 40 | €617 | €49,754 | +€49,137 | +7,962% |
| Other amounts receivable | 41 | €416,600 | €440,008 | +€23,408 | +5.6% |
| Cash at bank and in hand | 54/58 | €53,902 | €33,238 | -€20,664 | -38.3% |
| Deferred charges and accrued income | 490/1 | €8,373 | €6,655 | -€1,718 | -20.5% |
| Total equity and liabilities | 10/49 | €975,574 | €1,090,622 | +€115,049 | +11.8% |
| Equity | 10/15 | €465,480 | €610,880 | +€145,400 | +31.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €440,480 | €585,880 | +€145,400 | +33.0% |
| Tax-exempt reserves | 132 | €89,262 | €75,892 | -€13,370 | -15.0% |
| Distributable reserves | 133 | €351,218 | €509,988 | +€158,770 | +45.2% |
| Provisions and deferred taxes | 16 | €29,757 | €25,301 | -€4,457 | -15.0% |
| Deferred taxes | 168 | €29,757 | €25,301 | -€4,457 | -15.0% |
| Amounts payable | 17/49 | €480,336 | €454,441 | -€25,895 | -5.4% |
| Amounts payable after more than one year | 17 | €301,609 | €220,392 | -€81,218 | -26.9% |
| Financial debts | 170/4 | €301,609 | €220,392 | -€81,218 | -26.9% |
| Amounts payable within one year | 42/48 | €176,819 | €234,050 | +€57,231 | +32.4% |
| Current portion of amounts payable after more than one year | 42 | €79,133 | €103,756 | +€24,623 | +31.1% |
| Trade debts | 44 | €5,680 | €11,973 | +€6,294 | +111% |
| Suppliers | 440/4 | €5,680 | €11,973 | +€6,294 | +111% |
| Taxes, remuneration and social security | 45 | €59,127 | €85,441 | +€26,314 | +44.5% |
| Taxes | 450/3 | €59,127 | €85,441 | +€26,314 | +44.5% |
| Other amounts payable | 47/48 | €32,879 | €32,879 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,908 | - | -€1,908 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,971 | €65,736 | -€5,235 | -7.4% |
| Other operating charges | 640/8 | €3,592 | €4,057 | +€465 | +12.9% |
| Gross operating margin | 9900 | €223,531 | €290,672 | +€67,140 | +30.0% |
| Operating profit (loss) | 9901 | €148,968 | €220,879 | +€71,911 | +48.3% |
| Financial income | 75/76B | €258 | €1,744 | +€1,486 | +575% |
| Recurring financial income | 75 | €258 | €1,744 | +€1,486 | +575% |
| Financial charges | 65/66B | €9,864 | €8,682 | -€1,183 | -12.0% |
| Recurring financial charges | 65 | €9,864 | €8,682 | -€1,183 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €139,363 | €213,942 | +€74,579 | +53.5% |
| Transfer from deferred taxes | 780 | €4,433 | €4,457 | +€24 | +0.5% |
| Income taxes | 67/77 | €50,785 | €72,998 | +€22,213 | +43.7% |
| Profit (loss) for the period | 9904 | €93,010 | €145,400 | +€52,390 | +56.3% |
| Transfer from tax-exempt reserves | 789 | €13,298 | €13,370 | +€72 | +0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €106,308 | €158,770 | +€52,462 | +49.3% |
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 23 October 2026 via checked.be.