HADAN: 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.
HADAN
Largest movements
- Receivables within one year -€83,120
down €83,120 (-70.3%), from €118,168 to €35,048
of which Other amounts receivable: -€69,810
- Receivables after one year +€15,375
new in 2025: €15,375
- Deferred charges and accrued income +€10,282
up €10,282 (+304.0%), from €3,383 to €13,665
- Reserves -€115,325
down €115,325 (-39.5%), from €292,293 to €176,968
of which Distributable reserves: -€115,325
- Other debts +€56,839
new in 2025: €56,839
- Accrued charges and deferred income -€4,384
no longer reported in 2025 (was €4,384)
- Tax, wage and social debts +€4,059
up €4,059 (+38.1%), from €10,667 to €14,726
of which Taxes: +€5,059
- Financial income -€26,228
down €26,228 (-99.9%), from €26,264 to €35
of which Non-recurring financial income: -€26,251
- Taxes -€11,834
down €11,834 (-51.0%), from €23,214 to €11,380
- Gross operating margin -€7,491
down €7,491 (-10.7%), from €69,933 to €62,442
- Financial charges +€3,957
up €3,957 (+213.8%), from €1,851 to €5,807
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 | €333,248 | €275,200 | -€58,049 | -17.4% |
| Fixed assets | 21/28 | €98,148 | €97,785 | -€363 | -0.4% |
| Tangible fixed assets | 22/27 | €98,148 | €97,785 | -€363 | -0.4% |
| Land and buildings | 22 | €26,891 | €39,687 | +€12,796 | +47.6% |
| Plant, machinery and equipment | 23 | €24,278 | €20,353 | -€3,926 | -16.2% |
| Furniture and vehicles | 24 | €46,979 | €37,746 | -€9,233 | -19.7% |
| Current assets | 29/58 | €235,100 | €177,415 | -€57,685 | -24.5% |
| Amounts receivable after more than one year | 29 | - | €15,375 | +€15,375 | |
| Trade receivables | 290 | - | €15,375 | +€15,375 | |
| Amounts receivable within one year | 40/41 | €118,168 | €35,048 | -€83,120 | -70.3% |
| Trade receivables | 40 | €28,435 | €15,125 | -€13,310 | -46.8% |
| Other amounts receivable | 41 | €89,733 | €19,923 | -€69,810 | -77.8% |
| Cash at bank and in hand | 54/58 | €113,549 | €113,327 | -€222 | -0.2% |
| Deferred charges and accrued income | 490/1 | €3,383 | €13,665 | +€10,282 | +304.0% |
| Total equity and liabilities | 10/49 | €333,248 | €275,200 | -€58,049 | -17.4% |
| Equity | 10/15 | €310,885 | €195,560 | -€115,325 | -37.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €292,293 | €176,968 | -€115,325 | -39.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €290,433 | €175,109 | -€115,325 | -39.7% |
| Amounts payable | 17/49 | €22,364 | €79,640 | +€57,276 | +256.1% |
| Amounts payable within one year | 42/48 | €17,979 | €79,640 | +€61,660 | +343.0% |
| Financial debts | 43 | €4,637 | €7,180 | +€2,543 | +54.8% |
| Credit institutions | 430/8 | €4,637 | €7,180 | +€2,543 | +54.8% |
| Trade debts | 44 | €2,675 | €894 | -€1,781 | -66.6% |
| Suppliers | 440/4 | €2,675 | - | -€2,675 | |
| Bills of exchange payable | 441 | - | €894 | +€894 | |
| Taxes, remuneration and social security | 45 | €10,667 | €14,726 | +€4,059 | +38.1% |
| Taxes | 450/3 | €9,667 | €14,726 | +€5,059 | +52.3% |
| Remuneration and social security | 454/9 | €1,000 | - | -€1,000 | |
| Other amounts payable | 47/48 | - | €56,839 | +€56,839 | |
| Accrued charges and deferred income | 492/3 | €4,384 | - | -€4,384 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,785 | €22,355 | +€570 | +2.6% |
| Other operating charges | 640/8 | €1,107 | €1,747 | +€639 | +57.7% |
| Gross operating margin | 9900 | €69,933 | €62,442 | -€7,491 | -10.7% |
| Operating profit (loss) | 9901 | €47,040 | €38,340 | -€8,700 | -18.5% |
| Financial income | 75/76B | €26,264 | €35 | -€26,228 | -99.9% |
| Recurring financial income | 75 | €13 | €35 | +€23 | +181.0% |
| Non-recurring financial income | 76B | €26,251 | - | -€26,251 | |
| Financial charges | 65/66B | €1,851 | €5,807 | +€3,957 | +213.8% |
| Recurring financial charges | 65 | €1,851 | €5,807 | +€3,957 | +213.8% |
| Profit (loss) for the period before taxes | 9903 | €71,453 | €32,569 | -€38,885 | -54.4% |
| Income taxes | 67/77 | €23,214 | €11,380 | -€11,834 | -51.0% |
| Profit (loss) for the period | 9904 | €48,240 | €21,189 | -€27,051 | -56.1% |
| Profit (loss) for the period to be appropriated | 9905 | €48,240 | €21,189 | -€27,051 | -56.1% |
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.