H.A.D.: 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.
H.A.D.
Largest movements
- Current investments +€60,000
up €60,000 (+22.2%), from €270,379 to €330,379
- Receivables within one year -€33,282
down €33,282 (-46.2%), from €71,991 to €38,709
of which Trade receivables: -€30,819
- Cash -€12,917
down €12,917 (-28.0%), from €46,187 to €33,270
mainly Current investments (-€60,000) and Debts after one year (-€18,427)
- Tangible fixed assets -€12,188
down €12,188 (-23.3%), from €52,263 to €40,075
of which Furniture and vehicles: -€7,890
- Reserves +€49,900
up €49,900 (+17.1%), from €292,120 to €342,020
- Debts after one year -€18,427
down €18,427 (-99.7%), from €18,476 to €50
of which Financial debts: -€13,033
- Tax, wage and social debts -€13,414
down €13,414 (-55.8%), from €24,019 to €10,605
- Trade debts -€11,385
down €11,385 (-85.0%), from €13,389 to €2,004
- Financial income -€35,727
down €35,727 (-99.9%), from €35,772 to €45
- Taxes -€11,750
down €11,750 (-31.2%), from €37,611 to €25,861
- Gross operating margin +€1,487
up €1,487 (+1.5%), from €97,109 to €98,596
- Depreciation +€1,030
up €1,030 (+5.1%), from €20,382 to €21,413
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 | €441,284 | €443,521 | +€2,237 | +0.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €52,263 | €40,075 | -€12,188 | -23.3% |
| Tangible fixed assets | 22/27 | €52,263 | €40,075 | -€12,188 | -23.3% |
| Plant, machinery and equipment | 23 | €7,589 | €4,996 | -€2,592 | -34.2% |
| Furniture and vehicles | 24 | €30,178 | €22,288 | -€7,890 | -26.1% |
| Other tangible fixed assets | 26 | €14,496 | €12,790 | -€1,706 | -11.8% |
| Current assets | 29/58 | €389,021 | €403,446 | +€14,425 | +3.7% |
| Amounts receivable within one year | 40/41 | €71,991 | €38,709 | -€33,282 | -46.2% |
| Trade receivables | 40 | €57,558 | €26,739 | -€30,819 | -53.5% |
| Other amounts receivable | 41 | €14,433 | €11,970 | -€2,463 | -17.1% |
| Current investments | 50/53 | €270,379 | €330,379 | +€60,000 | +22.2% |
| Cash at bank and in hand | 54/58 | €46,187 | €33,270 | -€12,917 | -28.0% |
| Deferred charges and accrued income | 490/1 | €464 | €1,088 | +€624 | +134% |
| Total equity and liabilities | 10/49 | €441,284 | €443,521 | +€2,237 | +0.5% |
| Equity | 10/15 | €367,929 | €417,830 | +€49,901 | +13.6% |
| Contributions | 10/11 | €8,057 | €8,057 | = | 0.0% |
| Reserves | 13 | €292,120 | €342,020 | +€49,900 | +17.1% |
| Distributable reserves | 133 | €292,120 | €342,020 | +€49,900 | +17.1% |
| Profit (loss) carried forward | 14 | €67,752 | €67,752 | +€1 | 0.0% |
| Amounts payable | 17/49 | €73,355 | €25,691 | -€47,663 | -65.0% |
| Amounts payable after more than one year | 17 | €18,476 | €50 | -€18,427 | -99.7% |
| Financial debts | 170/4 | €13,083 | €50 | -€13,033 | -99.6% |
| Other amounts payable | 178/9 | €5,393 | - | -€5,393 | |
| Amounts payable within one year | 42/48 | €51,680 | €25,642 | -€26,038 | -50.4% |
| Current portion of amounts payable after more than one year | 42 | €14,272 | €13,033 | -€1,239 | -8.7% |
| Trade debts | 44 | €13,389 | €2,004 | -€11,385 | -85.0% |
| Suppliers | 440/4 | €13,389 | €2,004 | -€11,385 | -85.0% |
| Taxes, remuneration and social security | 45 | €24,019 | €10,605 | -€13,414 | -55.8% |
| Taxes | 450/3 | €24,019 | €10,605 | -€13,414 | -55.8% |
| Accrued charges and deferred income | 492/3 | €3,199 | - | -€3,199 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,382 | €21,413 | +€1,030 | +5.1% |
| Other operating charges | 640/8 | €598 | €814 | +€216 | +36.0% |
| Non-recurring operating charges | 66A | €526 | - | -€526 | |
| Gross operating margin | 9900 | €97,109 | €98,596 | +€1,487 | +1.5% |
| Operating profit (loss) | 9901 | €75,602 | €76,369 | +€767 | +1.0% |
| Financial income | 75/76B | €35,772 | €45 | -€35,727 | -99.9% |
| Recurring financial income | 75 | €35,772 | €45 | -€35,727 | -99.9% |
| Financial charges | 65/66B | €855 | €653 | -€202 | -23.7% |
| Recurring financial charges | 65 | €855 | €653 | -€202 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €110,520 | €75,762 | -€34,758 | -31.4% |
| Income taxes | 67/77 | €37,611 | €25,861 | -€11,750 | -31.2% |
| Profit (loss) for the period | 9904 | €72,909 | €49,901 | -€23,008 | -31.6% |
| Profit (loss) for the period to be appropriated | 9905 | €72,909 | €49,901 | -€23,008 | -31.6% |
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 13 October 2026 via checked.be.