FRANCOIS HAVERMAET: 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.
FRANCOIS HAVERMAET
Largest movements
- Receivables within one year +€23,637
up €23,637 (+130%), from €18,214 to €41,851
of which Other amounts receivable: +€16,578
- Deferred charges and accrued income +€4,436
up €4,436 (+3,454%), from €128 to €4,564
- Cash +€3,499
up €3,499 (+13.7%), from €25,502 to €29,001
mainly Net result for the year (+€32,651) and Tax, wage and social debts (+€4,624)
- Reserves +€32,651
up €32,651 (+57.3%), from €56,966 to €89,617
- Debts after one year -€4,765
down €4,765 (-81.8%), from €5,828 to €1,062
- Tax, wage and social debts +€4,624
up €4,624 (+22.0%), from €21,031 to €25,655
- Current portion of long-term debt -€1,559
down €1,559 (-17.3%), from €9,013 to €7,454
- Financial income +€3,899
up €3,899 (+5,913%), from €66 to €3,965
- Depreciation -€3,450
down €3,450 (-93.1%), from €3,704 to €254
- Financial charges -€550
down €550 (-42.8%), from €1,285 to €735
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 | €112,217 | €143,534 | +€31,317 | +27.9% |
| Fixed assets | 21/28 | €372 | €118 | -€254 | -68.2% |
| Tangible fixed assets | 22/27 | €372 | €118 | -€254 | -68.2% |
| Furniture and vehicles | 24 | €372 | €118 | -€254 | -68.2% |
| Current assets | 29/58 | €111,845 | €143,415 | +€31,571 | +28.2% |
| Amounts receivable after more than one year | 29 | €68,000 | €68,000 | = | 0.0% |
| Other amounts receivable | 291 | €68,000 | €68,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €18,214 | €41,851 | +€23,637 | +130% |
| Trade receivables | 40 | - | €7,059 | +€7,059 | |
| Other amounts receivable | 41 | €18,214 | €34,792 | +€16,578 | +91.0% |
| Cash at bank and in hand | 54/58 | €25,502 | €29,001 | +€3,499 | +13.7% |
| Deferred charges and accrued income | 490/1 | €128 | €4,564 | +€4,436 | +3,454% |
| Total equity and liabilities | 10/49 | €112,217 | €143,534 | +€31,317 | +27.9% |
| Equity | 10/15 | €75,558 | €108,209 | +€32,651 | +43.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €56,966 | €89,617 | +€32,651 | +57.3% |
| Distributable reserves | 133 | €56,966 | €89,617 | +€32,651 | +57.3% |
| Amounts payable | 17/49 | €36,659 | €35,324 | -€1,334 | -3.6% |
| Amounts payable after more than one year | 17 | €5,828 | €1,062 | -€4,765 | -81.8% |
| Financial debts | 170/4 | €5,828 | €1,062 | -€4,765 | -81.8% |
| Amounts payable within one year | 42/48 | €30,831 | €34,262 | +€3,431 | +11.1% |
| Current portion of amounts payable after more than one year | 42 | €9,013 | €7,454 | -€1,559 | -17.3% |
| Trade debts | 44 | €787 | €1,152 | +€366 | +46.5% |
| Suppliers | 440/4 | €787 | €1,152 | +€366 | +46.5% |
| Taxes, remuneration and social security | 45 | €21,031 | €25,655 | +€4,624 | +22.0% |
| Taxes | 450/3 | €21,031 | €25,655 | +€4,624 | +22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,704 | €254 | -€3,450 | -93.1% |
| Other operating charges | 640/8 | €1,191 | €747 | -€444 | -37.2% |
| Non-recurring operating charges | 66A | €6,500 | €6,000 | -€500 | -7.7% |
| Gross operating margin | 9900 | €52,565 | €52,701 | +€137 | +0.3% |
| Operating profit (loss) | 9901 | €41,170 | €45,700 | +€4,530 | +11.0% |
| Financial income | 75/76B | €66 | €3,965 | +€3,899 | +5,913% |
| Recurring financial income | 75 | €66 | €3,965 | +€3,899 | +5,913% |
| Financial charges | 65/66B | €1,285 | €735 | -€550 | -42.8% |
| Recurring financial charges | 65 | €1,285 | €735 | -€550 | -42.8% |
| Profit (loss) for the period before taxes | 9903 | €39,951 | €48,931 | +€8,980 | +22.5% |
| Income taxes | 67/77 | €16,193 | €16,280 | +€87 | +0.5% |
| Profit (loss) for the period | 9904 | €23,758 | €32,651 | +€8,893 | +37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €23,758 | €32,651 | +€8,893 | +37.4% |
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 30 October 2026 via checked.be.