HADA PROJECTS: 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.
HADA PROJECTS
Largest movements
- Tangible fixed assets -€25,900
down €25,900 (-7.9%), from €328,587 to €302,687
of which Land and buildings: -€25,853
- Receivables within one year +€21,932
up €21,932 (+4.3%), from €505,054 to €526,985
of which Trade receivables: +€21,599
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€31,105
down €31,105 (-38.4%), from €80,945 to €49,841
- Staff costs -€21,131
down €21,131 (-69.8%), from €30,274 to €9,143
- Depreciation -€6,867
down €6,867 (-21.0%), from €32,767 to €25,900
- Other operating charges +€5,512
up €5,512 (+215%), from €2,558 to €8,070
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 | €1,784,120 | €1,779,177 | -€4,943 | -0.3% |
| Fixed assets | 21/28 | €328,587 | €302,687 | -€25,900 | -7.9% |
| Tangible fixed assets | 22/27 | €328,587 | €302,687 | -€25,900 | -7.9% |
| Land and buildings | 22 | €328,539 | €302,687 | -€25,853 | -7.9% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €47 | - | -€47 | |
| Current assets | 29/58 | €1,455,534 | €1,476,491 | +€20,957 | +1.4% |
| Stocks and contracts in progress | 3 | €949,474 | €949,474 | = | 0.0% |
| Stocks | 30/36 | €949,474 | €949,474 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €505,054 | €526,985 | +€21,932 | +4.3% |
| Trade receivables | 40 | €181 | €21,780 | +€21,599 | +11,907% |
| Other amounts receivable | 41 | €504,872 | €505,205 | +€333 | +0.1% |
| Cash at bank and in hand | 54/58 | €1,006 | €32 | -€975 | -96.9% |
| Total equity and liabilities | 10/49 | €1,784,120 | €1,779,177 | -€4,943 | -0.3% |
| Equity | 10/15 | -€987,430 | -€981,821 | +€5,609 | +0.6% |
| Contributions | 10/11 | €132,605 | €132,605 | = | 0.0% |
| Reserves | 13 | €382,233 | €382,233 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €380,374 | €380,374 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,502,269 | -€1,496,660 | +€5,609 | +0.4% |
| Amounts payable | 17/49 | €2,771,551 | €2,760,999 | -€10,552 | -0.4% |
| Amounts payable after more than one year | 17 | €1,860,716 | €1,848,716 | -€12,000 | -0.6% |
| Financial debts | 170/4 | €1,027,000 | €1,027,000 | = | 0.0% |
| Other amounts payable | 178/9 | €833,716 | €821,716 | -€12,000 | -1.4% |
| Amounts payable within one year | 42/48 | €910,687 | €912,257 | +€1,570 | +0.2% |
| Trade debts | 44 | €21,343 | €27,336 | +€5,992 | +28.1% |
| Suppliers | 440/4 | €21,343 | €27,336 | +€5,992 | +28.1% |
| Taxes, remuneration and social security | 45 | €8,410 | €8,447 | +€38 | +0.4% |
| Taxes | 450/3 | €1,808 | €8,447 | +€6,639 | +367% |
| Remuneration and social security | 454/9 | €6,602 | - | -€6,602 | |
| Other amounts payable | 47/48 | €880,935 | €876,475 | -€4,460 | -0.5% |
| Accrued charges and deferred income | 492/3 | €147 | €25 | -€122 | -83.2% |
| Non-recurring operating income | 76A | - | €21,000 | +€21,000 | |
| Remuneration, social security and pensions | 62 | €30,274 | €9,143 | -€21,131 | -69.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,767 | €25,900 | -€6,867 | -21.0% |
| Other operating charges | 640/8 | €2,558 | €8,070 | +€5,512 | +215% |
| Gross operating margin | 9900 | €80,945 | €49,841 | -€31,105 | -38.4% |
| Operating profit (loss) | 9901 | €15,346 | €6,727 | -€8,619 | -56.2% |
| Financial income | 75/76B | €4 | - | -€4 | |
| Recurring financial income | 75 | €4 | - | -€4 | |
| Financial charges | 65/66B | €1,295 | €725 | -€571 | -44.1% |
| Recurring financial charges | 65 | €1,295 | €725 | -€571 | -44.1% |
| Profit (loss) for the period before taxes | 9903 | €14,055 | €6,002 | -€8,053 | -57.3% |
| Income taxes | 67/77 | €534 | €394 | -€140 | -26.3% |
| Profit (loss) for the period | 9904 | €13,521 | €5,609 | -€7,913 | -58.5% |
| Profit (loss) for the period to be appropriated | 9905 | €13,521 | €5,609 | -€7,913 | -58.5% |
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 13 October 2026 via checked.be.