HAAZE: what changed
Two fiscal 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.
HAAZE
Largest movements
- Receivables within one year +€55,421
up €55,421 (+120.0%), from €46,174 to €101,595
of which Trade receivables: +€47,038
- Tangible fixed assets -€25,720
down €25,720 (-14.6%), from €176,390 to €150,671
- Receivables after one year +€11,638
up €11,638 (+12.2%), from €95,534 to €107,173
- Cash -€10,788
down €10,788 (-67.9%), from €15,898 to €5,110
mainly Receivables within one year (-€55,421) and Debts after one year (-€37,500)
- Trade debts +€71,822
up €71,822 (+55.3%), from €129,975 to €201,797
- Debts after one year -€37,500
down €37,500 (-44.1%), from €84,987 to €47,487
- Current portion of long-term debt -€4,268
down €4,268 (-15.0%), from €28,365 to €24,097
- Gross operating margin -€78,023
down €78,023 (-57.1%), from €136,694 to €58,671
- Depreciation -€50,635
down €50,635 (-55.3%), from €91,560 to €40,925
- Taxes +€4,695
up €4,695 (+495.1%), from €948 to €5,644
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.
Cash bridge derived
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 | €333,997 | €364,549 | +€30,551 | +9.1% |
| Fixed assets | 21/28 | €176,390 | €150,671 | -€25,720 | -14.6% |
| Tangible fixed assets | 22/27 | €176,390 | €150,671 | -€25,720 | -14.6% |
| Plant, machinery and equipment | 23 | €71,573 | €64,434 | -€7,139 | -10.0% |
| Furniture and vehicles | 24 | €55,419 | €45,172 | -€10,247 | -18.5% |
| Other tangible fixed assets | 26 | €49,398 | €41,065 | -€8,333 | -16.9% |
| Current assets | 29/58 | €157,607 | €213,878 | +€56,271 | +35.7% |
| Amounts receivable after more than one year | 29 | €95,534 | €107,173 | +€11,638 | +12.2% |
| Other amounts receivable | 291 | €95,534 | €107,173 | +€11,638 | +12.2% |
| Amounts receivable within one year | 40/41 | €46,174 | €101,595 | +€55,421 | +120.0% |
| Trade receivables | 40 | €28,198 | €75,236 | +€47,038 | +166.8% |
| Other amounts receivable | 41 | €17,977 | €26,360 | +€8,383 | +46.6% |
| Cash at bank and in hand | 54/58 | €15,898 | €5,110 | -€10,788 | -67.9% |
| Total equity and liabilities | 10/49 | €333,997 | €364,549 | +€30,551 | +9.1% |
| Equity | 10/15 | €88,415 | €88,913 | +€498 | +0.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €85,415 | €85,913 | +€498 | +0.6% |
| Amounts payable | 17/49 | €245,582 | €275,636 | +€30,054 | +12.2% |
| Amounts payable after more than one year | 17 | €84,987 | €47,487 | -€37,500 | -44.1% |
| Financial debts | 170/4 | €84,987 | €47,487 | -€37,500 | -44.1% |
| Amounts payable within one year | 42/48 | €160,595 | €228,149 | +€67,554 | +42.1% |
| Current portion of amounts payable after more than one year | 42 | €28,365 | €24,097 | -€4,268 | -15.0% |
| Trade debts | 44 | €129,975 | €201,797 | +€71,822 | +55.3% |
| Suppliers | 440/4 | €129,975 | €201,797 | +€71,822 | +55.3% |
| Taxes, remuneration and social security | 45 | €210 | €210 | = | 0.0% |
| Remuneration and social security | 454/9 | €210 | €210 | = | 0.0% |
| Other amounts payable | 47/48 | €2,044 | €2,044 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,560 | €40,925 | -€50,635 | -55.3% |
| Other operating charges | 640/8 | €2,282 | €3,298 | +€1,016 | +44.5% |
| Gross operating margin | 9900 | €136,694 | €58,671 | -€78,023 | -57.1% |
| Operating profit (loss) | 9901 | €42,852 | €14,448 | -€28,404 | -66.3% |
| Financial income | 75/76B | €20 | €94 | +€74 | +366.7% |
| Recurring financial income | 75 | €20 | €94 | +€74 | +366.7% |
| Financial charges | 65/66B | €8,144 | €8,401 | +€257 | +3.2% |
| Recurring financial charges | 65 | €8,144 | €8,401 | +€257 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | €34,728 | €6,141 | -€28,587 | -82.3% |
| Income taxes | 67/77 | €948 | €5,644 | +€4,695 | +495.1% |
| Profit (loss) for the period | 9904 | €33,780 | €498 | -€33,282 | -98.5% |
| Profit (loss) for the period to be appropriated | 9905 | €33,780 | €498 | -€33,282 | -98.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.