HA-MANAGEMENT: 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.
HA-MANAGEMENT
Largest movements
- Cash -€328,488
down €328,488 (-99.8%), from €328,986 to €498
mainly Receivables within one year (-€300,305) and Investment in fixed assets (net) (-€30,300)
- Receivables within one year +€300,305
up €300,305 (+462%), from €65,000 to €365,305
of which Other amounts receivable: +€265,305
- Tangible fixed assets +€21,028
up €21,028 (+184%), from €11,458 to €32,487
- Profit (loss) carried forward +€22,209
up €22,209 (+10.3%), from €214,647 to €236,856
- Other debts -€18,042
down €18,042 (-70.1%), from €25,739 to €7,697
- Trade debts -€10,012
down €10,012 (-15.8%), from €63,510 to €53,498
- Gross operating margin -€347,150
down €347,150 (-92.1%), from €377,093 to €29,943
- Taxes -€69,000
down €69,000 (-89.6%), from €77,000 to €8,000
- Other operating charges -€13,549
down €13,549 (-96.3%), from €14,069 to €520
- Financial income +€10,305
new in 2025: €10,305
- Financial charges -€9,314
down €9,314 (-97.4%), from €9,561 to €247
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 | €406,165 | €399,009 | -€7,155 | -1.8% |
| Fixed assets | 21/28 | €12,178 | €33,207 | +€21,028 | +173% |
| Tangible fixed assets | 22/27 | €11,458 | €32,487 | +€21,028 | +184% |
| Plant, machinery and equipment | 23 | €11,458 | €32,487 | +€21,028 | +184% |
| Financial fixed assets | 28 | €720 | €720 | = | 0.0% |
| Current assets | 29/58 | €393,986 | €365,803 | -€28,183 | -7.2% |
| Amounts receivable within one year | 40/41 | €65,000 | €365,305 | +€300,305 | +462% |
| Trade receivables | 40 | - | €35,000 | +€35,000 | |
| Other amounts receivable | 41 | €65,000 | €330,305 | +€265,305 | +408% |
| Cash at bank and in hand | 54/58 | €328,986 | €498 | -€328,488 | -99.8% |
| Total equity and liabilities | 10/49 | €406,165 | €399,009 | -€7,155 | -1.8% |
| Equity | 10/15 | €235,052 | €257,261 | +€22,209 | +9.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €214,647 | €236,856 | +€22,209 | +10.3% |
| Amounts payable | 17/49 | €171,113 | €141,749 | -€29,364 | -17.2% |
| Amounts payable within one year | 42/48 | €171,113 | €141,749 | -€29,364 | -17.2% |
| Trade debts | 44 | €63,510 | €53,498 | -€10,012 | -15.8% |
| Suppliers | 440/4 | €63,510 | €53,498 | -€10,012 | -15.8% |
| Taxes, remuneration and social security | 45 | €81,864 | €80,553 | -€1,310 | -1.6% |
| Taxes | 450/3 | €81,864 | €80,553 | -€1,310 | -1.6% |
| Other amounts payable | 47/48 | €25,739 | €7,697 | -€18,042 | -70.1% |
| Non-recurring operating income | 76A | €509,275 | - | -€509,275 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,542 | €9,272 | +€7,730 | +501% |
| Other operating charges | 640/8 | €14,069 | €520 | -€13,549 | -96.3% |
| Gross operating margin | 9900 | €377,093 | €29,943 | -€347,150 | -92.1% |
| Operating profit (loss) | 9901 | €361,482 | €20,151 | -€341,331 | -94.4% |
| Financial income | 75/76B | - | €10,305 | +€10,305 | |
| Recurring financial income | 75 | - | €10,305 | +€10,305 | |
| Financial charges | 65/66B | €9,561 | €247 | -€9,314 | -97.4% |
| Recurring financial charges | 65 | €9,561 | €247 | -€9,314 | -97.4% |
| Profit (loss) for the period before taxes | 9903 | €351,921 | €30,209 | -€321,712 | -91.4% |
| Income taxes | 67/77 | €77,000 | €8,000 | -€69,000 | -89.6% |
| Profit (loss) for the period | 9904 | €274,921 | €22,209 | -€252,712 | -91.9% |
| Profit (loss) for the period to be appropriated | 9905 | €274,921 | €22,209 | -€252,712 | -91.9% |
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 27 October 2026 via checked.be.