HAAG 4: 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.
HAAG 4
Largest movements
- Receivables after one year -€70,000
down €70,000 (-100%), from €70,000 to €0
- Cash +€3,094
up €3,094 (+9.9%), from €31,160 to €34,254
mainly Receivables after one year (+€70,000) and Net result for the year (+€20,619)
- Tangible fixed assets -€2,838
down €2,838 (-26.1%), from €10,857 to €8,019
- Reserves -€96,228
down €96,228 (-100%), from €96,228 to €0
- Tax, wage and social debts +€16,517
up €16,517 (+161%), from €10,267 to €26,784
of which Taxes: +€13,132
- Other debts +€8,435
up €8,435 (+268%), from €3,146 to €11,581
- Trade debts +€3,033
up €3,033 (+218%), from €1,390 to €4,423
- Gross operating margin -€17,487
down €17,487 (-28.7%), from €61,019 to €43,532
- Taxes -€3,730
down €3,730 (-38.5%), from €9,697 to €5,967
- Staff costs +€1,886
up €1,886 (+22.8%), from €8,286 to €10,172
- Financial charges +€1,434
up €1,434 (+47.5%), from €3,016 to €4,450
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 | €114,675 | €45,990 | -€68,684 | -59.9% |
| Fixed assets | 21/28 | €10,857 | €8,019 | -€2,838 | -26.1% |
| Tangible fixed assets | 22/27 | €10,857 | €8,019 | -€2,838 | -26.1% |
| Plant, machinery and equipment | 23 | €3,655 | €2,722 | -€933 | -25.5% |
| Furniture and vehicles | 24 | €3,099 | €2,272 | -€826 | -26.7% |
| Other tangible fixed assets | 26 | €4,103 | €3,024 | -€1,079 | -26.3% |
| Current assets | 29/58 | €103,818 | €37,972 | -€65,846 | -63.4% |
| Amounts receivable after more than one year | 29 | €70,000 | €0 | -€70,000 | -100% |
| Other amounts receivable | 291 | €70,000 | €0 | -€70,000 | -100% |
| Stocks and contracts in progress | 3 | €2,094 | €1,872 | -€221 | -10.6% |
| Stocks | 30/36 | €2,094 | €1,872 | -€221 | -10.6% |
| Amounts receivable within one year | 40/41 | €564 | €1,614 | +€1,050 | +186% |
| Trade receivables | 40 | - | €80 | +€80 | |
| Other amounts receivable | 41 | €564 | €1,533 | +€970 | +172% |
| Cash at bank and in hand | 54/58 | €31,160 | €34,254 | +€3,094 | +9.9% |
| Deferred charges and accrued income | 490/1 | - | €232 | +€232 | |
| Total equity and liabilities | 10/49 | €114,675 | €45,990 | -€68,684 | -59.9% |
| Equity | 10/15 | €98,728 | €2,500 | -€96,228 | -97.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €96,228 | €0 | -€96,228 | -100% |
| Distributable reserves | 133 | €96,228 | €0 | -€96,228 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €15,946 | €43,490 | +€27,544 | +173% |
| Amounts payable within one year | 42/48 | €15,496 | €43,490 | +€27,994 | +181% |
| Current portion of amounts payable after more than one year | 42 | €693 | €0 | -€693 | -100% |
| Financial debts | 43 | - | €701 | +€701 | |
| Credit institutions | 430/8 | - | €701 | +€701 | |
| Trade debts | 44 | €1,390 | €4,423 | +€3,033 | +218% |
| Suppliers | 440/4 | €1,390 | €4,423 | +€3,033 | +218% |
| Taxes, remuneration and social security | 45 | €10,267 | €26,784 | +€16,517 | +161% |
| Taxes | 450/3 | €9,552 | €22,684 | +€13,132 | +137% |
| Remuneration and social security | 454/9 | €715 | €4,100 | +€3,385 | +474% |
| Other amounts payable | 47/48 | €3,146 | €11,581 | +€8,435 | +268% |
| Accrued charges and deferred income | 492/3 | €450 | €0 | -€450 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €8,286 | €10,172 | +€1,886 | +22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,047 | €2,838 | -€209 | -6.8% |
| Other operating charges | 640/8 | €1,113 | €1,025 | -€88 | -7.9% |
| Gross operating margin | 9900 | €61,019 | €43,532 | -€17,487 | -28.7% |
| Operating profit (loss) | 9901 | €48,573 | €29,496 | -€19,077 | -39.3% |
| Financial income | 75/76B | €1,050 | €1,540 | +€490 | +46.6% |
| Recurring financial income | 75 | €1,050 | €1,540 | +€490 | +46.6% |
| Financial charges | 65/66B | €3,016 | €4,450 | +€1,434 | +47.5% |
| Recurring financial charges | 65 | €3,016 | €4,450 | +€1,434 | +47.5% |
| Profit (loss) for the period before taxes | 9903 | €46,607 | €26,586 | -€20,021 | -43.0% |
| Income taxes | 67/77 | €9,697 | €5,967 | -€3,730 | -38.5% |
| Profit (loss) for the period | 9904 | €36,910 | €20,619 | -€16,290 | -44.1% |
| Profit (loss) for the period to be appropriated | 9905 | €36,910 | €20,619 | -€16,290 | -44.1% |
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 20 October 2026 via checked.be.