H.A.L.: 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.L.
Largest movements
- Current investments +€95,582
new in 2025: €95,582
- Cash -€58,496
down €58,496 (-76.3%), from €76,701 to €18,206
mainly Current investments (-€95,582) and Contributions, distributions and other (-€85,295)
- Receivables within one year +€20,579
up €20,579 (+42.8%), from €48,074 to €68,653
of which Other amounts receivable: +€20,588
- Tangible fixed assets -€19,465
down €19,465 (-10.2%), from €191,347 to €171,882
of which Furniture and vehicles: -€16,465
- Other debts +€54,708
up €54,708 (+108%), from €50,588 to €105,295
- Debts after one year -€23,703
down €23,703 (-17.3%), from €137,252 to €113,548
- Profit (loss) carried forward +€4,660
up €4,660 (+6.8%), from €68,489 to €73,149
- Gross operating margin +€51,768
up €51,768 (+67.4%), from €76,766 to €128,534
- Taxes +€11,291
up €11,291 (+328%), from €3,447 to €14,738
- Depreciation +€5,849
up €5,849 (+43.0%), from €13,616 to €19,465
- Financial income +€2,309
up €2,309 (+156%), from €1,480 to €3,789
- Other operating charges -€2,052
down €2,052 (-50.2%), from €4,092 to €2,040
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 | €319,563 | €359,806 | +€40,243 | +12.6% |
| Fixed assets | 21/28 | €191,347 | €171,882 | -€19,465 | -10.2% |
| Tangible fixed assets | 22/27 | €191,347 | €171,882 | -€19,465 | -10.2% |
| Land and buildings | 22 | €121,750 | €118,750 | -€3,000 | -2.5% |
| Furniture and vehicles | 24 | €69,597 | €53,132 | -€16,465 | -23.7% |
| Current assets | 29/58 | €128,216 | €187,923 | +€59,707 | +46.6% |
| Amounts receivable within one year | 40/41 | €48,074 | €68,653 | +€20,579 | +42.8% |
| Trade receivables | 40 | €15,125 | €15,116 | -€9 | -0.1% |
| Other amounts receivable | 41 | €32,949 | €53,537 | +€20,588 | +62.5% |
| Current investments | 50/53 | - | €95,582 | +€95,582 | |
| Cash at bank and in hand | 54/58 | €76,701 | €18,206 | -€58,496 | -76.3% |
| Deferred charges and accrued income | 490/1 | €3,441 | €5,483 | +€2,042 | +59.4% |
| Total equity and liabilities | 10/49 | €319,563 | €359,806 | +€40,243 | +12.6% |
| Equity | 10/15 | €88,949 | €93,609 | +€4,660 | +5.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €68,489 | €73,149 | +€4,660 | +6.8% |
| Amounts payable | 17/49 | €230,615 | €266,197 | +€35,582 | +15.4% |
| Amounts payable after more than one year | 17 | €137,252 | €113,548 | -€23,703 | -17.3% |
| Financial debts | 170/4 | €137,252 | €113,548 | -€23,703 | -17.3% |
| Amounts payable within one year | 42/48 | €90,303 | €149,066 | +€58,763 | +65.1% |
| Current portion of amounts payable after more than one year | 42 | €22,796 | €23,703 | +€907 | +4.0% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €16,920 | €20,067 | +€3,148 | +18.6% |
| Taxes | 450/3 | €16,920 | €20,067 | +€3,148 | +18.6% |
| Other amounts payable | 47/48 | €50,588 | €105,295 | +€54,708 | +108% |
| Accrued charges and deferred income | 492/3 | €3,060 | €3,583 | +€523 | +17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,616 | €19,465 | +€5,849 | +43.0% |
| Other operating charges | 640/8 | €4,092 | €2,040 | -€2,052 | -50.2% |
| Gross operating margin | 9900 | €76,766 | €128,534 | +€51,768 | +67.4% |
| Operating profit (loss) | 9901 | €59,058 | €107,030 | +€47,971 | +81.2% |
| Financial income | 75/76B | €1,480 | €3,789 | +€2,309 | +156% |
| Recurring financial income | 75 | €1,480 | €3,789 | +€2,309 | +156% |
| Financial charges | 65/66B | €5,683 | €6,125 | +€442 | +7.8% |
| Recurring financial charges | 65 | €5,683 | €5,993 | +€309 | +5.4% |
| Non-recurring financial charges | 66B | - | €133 | +€133 | |
| Profit (loss) for the period before taxes | 9903 | €54,855 | €104,694 | +€49,838 | +90.9% |
| Income taxes | 67/77 | €3,447 | €14,738 | +€11,291 | +328% |
| Profit (loss) for the period | 9904 | €51,408 | €89,955 | +€38,547 | +75.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,408 | €89,955 | +€38,547 | +75.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.