HA.AS: what changed
HA.AS
Largest movements
- Receivables within one year +€32,184
up €32,184 (+33.1%), from €97,233 to €129,417
of which Trade receivables: +€25,524
- Tangible fixed assets -€13,400
down €13,400 (-20.9%), from €64,005 to €50,606
of which Furniture and vehicles: -€16,731
- Cash -€8,670
down €8,670 (-68.1%), from €12,732 to €4,062
mainly Trade debts (-€39,519) and Receivables within one year (-€32,184)
- Trade debts -€39,519
down €39,519 (-45.9%), from €86,102 to €46,583
- Debts after one year +€26,640
up €26,640, from €0 to €26,640
- Reserves +€20,837
up €20,837 (+54.2%), from €38,410 to €59,247
- Advances received -€16,093
down €16,093 (-47.4%), from €33,984 to €17,891
- Current portion of long-term debt +€11,509
up €11,509 (+1,887%), from €610 to €12,119
- Gross operating margin -€13,332
down €13,332 (-24.3%), from €54,802 to €41,470
- Taxes -€7,213
down €7,213 (-50.6%), from €14,252 to €7,039
- Depreciation +€3,630
up €3,630 (+34.4%), from €10,556 to €14,185
- Financial income +€2,703
up €2,703 (+146%), from €1,849 to €4,552
- Financial charges +€1,373
up €1,373 (+130%), from €1,056 to €2,429
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €177,441 | €186,084 | +€8,643 | +4.9% |
| Fixed assets | 21/28 | €64,455 | €50,606 | -€13,850 | -21.5% |
| Tangible fixed assets | 22/27 | €64,005 | €50,606 | -€13,400 | -20.9% |
| Plant, machinery and equipment | 23 | €4,149 | €7,481 | +€3,332 | +80.3% |
| Furniture and vehicles | 24 | €59,856 | €43,125 | -€16,731 | -28.0% |
| Financial fixed assets | 28 | €450 | €0 | -€450 | -100% |
| Current assets | 29/58 | €112,986 | €135,478 | +€22,493 | +19.9% |
| Amounts receivable within one year | 40/41 | €97,233 | €129,417 | +€32,184 | +33.1% |
| Trade receivables | 40 | €50,124 | €75,648 | +€25,524 | +50.9% |
| Other amounts receivable | 41 | €47,110 | €53,770 | +€6,660 | +14.1% |
| Cash at bank and in hand | 54/58 | €12,732 | €4,062 | -€8,670 | -68.1% |
| Deferred charges and accrued income | 490/1 | €3,020 | €1,999 | -€1,021 | -33.8% |
| Total equity and liabilities | 10/49 | €177,441 | €186,084 | +€8,643 | +4.9% |
| Equity | 10/15 | €41,410 | €62,247 | +€20,837 | +50.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €38,410 | €59,247 | +€20,837 | +54.2% |
| Distributable reserves | 133 | €38,410 | €59,247 | +€20,837 | +54.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €136,032 | €123,838 | -€12,194 | -9.0% |
| Amounts payable after more than one year | 17 | €0 | €26,640 | +€26,640 | |
| Financial debts | 170/4 | €0 | €26,640 | +€26,640 | |
| Amounts payable within one year | 42/48 | €135,994 | €97,197 | -€38,797 | -28.5% |
| Current portion of amounts payable after more than one year | 42 | €610 | €12,119 | +€11,509 | +1,887% |
| Trade debts | 44 | €86,102 | €46,583 | -€39,519 | -45.9% |
| Suppliers | 440/4 | €86,102 | €46,583 | -€39,519 | -45.9% |
| Advances received on contracts in progress | 46 | €33,984 | €17,891 | -€16,093 | -47.4% |
| Taxes, remuneration and social security | 45 | €14,548 | €20,604 | +€6,057 | +41.6% |
| Taxes | 450/3 | €14,548 | €20,604 | +€6,057 | +41.6% |
| Other amounts payable | 47/48 | €750 | €0 | -€750 | -100% |
| Accrued charges and deferred income | 492/3 | €38 | €0 | -€38 | -100% |
| Non-recurring operating income | 76A | - | €9,365 | +€9,365 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,556 | €14,185 | +€3,630 | +34.4% |
| Other operating charges | 640/8 | €1,384 | €1,531 | +€147 | +10.6% |
| Gross operating margin | 9900 | €54,802 | €41,470 | -€13,332 | -24.3% |
| Operating profit (loss) | 9901 | €42,863 | €25,753 | -€17,109 | -39.9% |
| Financial income | 75/76B | €1,849 | €4,552 | +€2,703 | +146% |
| Recurring financial income | 75 | €1,849 | €4,552 | +€2,703 | +146% |
| Financial charges | 65/66B | €1,056 | €2,429 | +€1,373 | +130% |
| Recurring financial charges | 65 | €1,056 | €2,429 | +€1,373 | +130% |
| Profit (loss) for the period before taxes | 9903 | €43,655 | €27,876 | -€15,779 | -36.1% |
| Income taxes | 67/77 | €14,252 | €7,039 | -€7,213 | -50.6% |
| Profit (loss) for the period | 9904 | €29,403 | €20,837 | -€8,566 | -29.1% |
| Profit (loss) for the period to be appropriated | 9905 | €29,403 | €20,837 | -€8,566 | -29.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.