DR HAFSA BAGHAT: 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 HAFSA BAGHAT
Largest movements
- Cash +€23,633
up €23,633 (+151%), from €15,660 to €39,293
mainly Net result for the year (+€26,936) and Depreciation (+€12,467)
- Tangible fixed assets -€12,467
down €12,467 (-46.8%), from €26,647 to €14,179
- Deferred charges and accrued income +€10,313
up €10,313 (+1,085%), from €950 to €11,263
- Receivables within one year +€1,564
up €1,564 (+47.4%), from €3,300 to €4,864
of which Trade receivables: +€1,161
- Profit (loss) carried forward +€31,753
up €31,753 (+288%), from €11,016 to €42,770
- Trade debts +€10,398
up €10,398 (+1,471%), from €707 to €11,104
- Short-term financial debts -€9,310
down €9,310 (-100%), from €9,310 to €0
- Other debts -€7,402
down €7,402 (-100%), from €7,402 to €0
- Debts after one year -€6,502
down €6,502 (-100%), from €6,502 to €0
- Gross operating margin +€17,643
up €17,643 (+54.1%), from €32,607 to €50,250
- Taxes +€2,868
up €2,868 (+80.1%), from €3,578 to €6,446
- Financial charges -€589
down €589 (-47.5%), from €1,240 to €651
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 | €46,557 | €69,600 | +€23,042 | +49.5% |
| Fixed assets | 21/28 | €26,647 | €14,179 | -€12,467 | -46.8% |
| Tangible fixed assets | 22/27 | €26,647 | €14,179 | -€12,467 | -46.8% |
| Furniture and vehicles | 24 | €26,647 | €14,179 | -€12,467 | -46.8% |
| Current assets | 29/58 | €19,911 | €55,420 | +€35,510 | +178% |
| Amounts receivable within one year | 40/41 | €3,300 | €4,864 | +€1,564 | +47.4% |
| Trade receivables | 40 | €3,300 | €4,461 | +€1,161 | +35.2% |
| Other amounts receivable | 41 | €0 | €403 | +€403 | |
| Cash at bank and in hand | 54/58 | €15,660 | €39,293 | +€23,633 | +151% |
| Deferred charges and accrued income | 490/1 | €950 | €11,263 | +€10,313 | +1,085% |
| Total equity and liabilities | 10/49 | €46,557 | €69,600 | +€23,042 | +49.5% |
| Equity | 10/15 | €16,016 | €47,770 | +€31,753 | +198% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,016 | €42,770 | +€31,753 | +288% |
| Amounts payable | 17/49 | €30,541 | €21,830 | -€8,711 | -28.5% |
| Amounts payable after more than one year | 17 | €6,502 | €0 | -€6,502 | -100% |
| Financial debts | 170/4 | €6,502 | €0 | -€6,502 | -100% |
| Amounts payable within one year | 42/48 | €24,039 | €21,830 | -€2,209 | -9.2% |
| Financial debts | 43 | €9,310 | €0 | -€9,310 | -100% |
| Credit institutions | 430/8 | €9,310 | €0 | -€9,310 | -100% |
| Trade debts | 44 | €707 | €11,104 | +€10,398 | +1,471% |
| Suppliers | 440/4 | €707 | €11,104 | +€10,398 | +1,471% |
| Taxes, remuneration and social security | 45 | €6,621 | €10,726 | +€4,105 | +62.0% |
| Taxes | 450/3 | €6,621 | €10,726 | +€4,105 | +62.0% |
| Other amounts payable | 47/48 | €7,402 | €0 | -€7,402 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,572 | €12,467 | -€105 | -0.8% |
| Other operating charges | 640/8 | €3,309 | €3,749 | +€440 | +13.3% |
| Gross operating margin | 9900 | €32,607 | €50,250 | +€17,643 | +54.1% |
| Operating profit (loss) | 9901 | €16,726 | €34,034 | +€17,308 | +103% |
| Financial charges | 65/66B | €1,240 | €651 | -€589 | -47.5% |
| Recurring financial charges | 65 | €1,240 | €651 | -€589 | -47.5% |
| Profit (loss) for the period before taxes | 9903 | €15,486 | €33,383 | +€17,897 | +116% |
| Income taxes | 67/77 | €3,578 | €6,446 | +€2,868 | +80.1% |
| Profit (loss) for the period | 9904 | €11,907 | €26,936 | +€15,029 | +126% |
| Profit (loss) for the period to be appropriated | 9905 | €11,907 | €26,936 | +€15,029 | +126% |
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 20 October 2026 via checked.be.