HACO: 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.
HACO
Largest movements
- Receivables within one year -€20,032
down €20,032 (-59.1%), from €33,880 to €13,848
of which Trade receivables: -€21,780
- Cash -€3,562
down €3,562 (-38.5%), from €9,242 to €5,681
mainly Contributions, distributions and other (-€25,986) and Other debts (-€19,778)
- Tangible fixed assets -€1,990
down €1,990 (-17.2%), from €11,588 to €9,598
- Other debts -€19,778
down €19,778 (-42.6%), from €46,390 to €26,611
- Tax, wage and social debts -€4,494
down €4,494 (-75.5%), from €5,956 to €1,461
- Trade debts -€1,432
down €1,432 (-43.6%), from €3,283 to €1,851
- Gross operating margin -€1,717
down €1,717 (-4.3%), from €40,001 to €38,284
- Depreciation -€1,230
down €1,230 (-38.2%), from €3,220 to €1,990
- Financial charges -€454
down €454 (-29.6%), from €1,535 to €1,081
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 | €56,629 | €30,924 | -€25,705 | -45.4% |
| Fixed assets | 21/28 | €11,588 | €9,598 | -€1,990 | -17.2% |
| Tangible fixed assets | 22/27 | €11,588 | €9,598 | -€1,990 | -17.2% |
| Plant, machinery and equipment | 23 | €2,188 | €1,921 | -€267 | -12.2% |
| Furniture and vehicles | 24 | €2,775 | €1,952 | -€822 | -29.6% |
| Other tangible fixed assets | 26 | €6,625 | €5,725 | -€901 | -13.6% |
| Current assets | 29/58 | €45,040 | €21,325 | -€23,715 | -52.7% |
| Amounts receivable within one year | 40/41 | €33,880 | €13,848 | -€20,032 | -59.1% |
| Trade receivables | 40 | €33,880 | €12,100 | -€21,780 | -64.3% |
| Other amounts receivable | 41 | €0 | €1,748 | +€1,748 | |
| Cash at bank and in hand | 54/58 | €9,242 | €5,681 | -€3,562 | -38.5% |
| Deferred charges and accrued income | 490/1 | €1,918 | €1,797 | -€121 | -6.3% |
| Total equity and liabilities | 10/49 | €56,629 | €30,924 | -€25,705 | -45.4% |
| Equity | 10/15 | €1,000 | €1,000 | = | 0.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €55,629 | €29,924 | -€25,705 | -46.2% |
| Amounts payable within one year | 42/48 | €55,629 | €29,924 | -€25,705 | -46.2% |
| Trade debts | 44 | €3,283 | €1,851 | -€1,432 | -43.6% |
| Suppliers | 440/4 | €3,283 | €1,851 | -€1,432 | -43.6% |
| Taxes, remuneration and social security | 45 | €5,956 | €1,461 | -€4,494 | -75.5% |
| Taxes | 450/3 | €5,956 | €1,461 | -€4,494 | -75.5% |
| Other amounts payable | 47/48 | €46,390 | €26,611 | -€19,778 | -42.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,220 | €1,990 | -€1,230 | -38.2% |
| Other operating charges | 640/8 | €712 | €839 | +€127 | +17.8% |
| Gross operating margin | 9900 | €40,001 | €38,284 | -€1,717 | -4.3% |
| Operating profit (loss) | 9901 | €36,069 | €35,456 | -€613 | -1.7% |
| Financial income | 75/76B | €9 | €0 | -€9 | -100.0% |
| Recurring financial income | 75 | €9 | €0 | -€9 | -100.0% |
| Financial charges | 65/66B | €1,535 | €1,081 | -€454 | -29.6% |
| Recurring financial charges | 65 | €1,535 | €1,081 | -€454 | -29.6% |
| Profit (loss) for the period before taxes | 9903 | €34,543 | €34,375 | -€168 | -0.5% |
| Income taxes | 67/77 | €8,338 | €8,388 | +€50 | +0.6% |
| Profit (loss) for the period | 9904 | €26,205 | €25,986 | -€218 | -0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €26,205 | €25,986 | -€218 | -0.8% |
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 6 October 2026 via checked.be.