HADE MANAGEMENT: 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.
HADE MANAGEMENT
Largest movements
- Receivables within one year +€14,244
up €14,244 (+32.2%), from €44,208 to €58,452
of which Trade receivables: +€9,580
- Cash -€14,226
down €14,226 (-35.9%), from €39,637 to €25,412
mainly Receivables within one year (-€14,244) and Other debts (-€11,500)
- Reserves +€26,967
up €26,967 (+33.5%), from €80,469 to €107,436
of which Distributable reserves: +€26,967
- Other debts -€11,500
down €11,500 (-100.0%), from €11,500 to €0
- Current portion of long-term debt -€7,445
down €7,445 (-86.5%), from €8,612 to €1,167
- Tax, wage and social debts -€4,200
down €4,200 (-31.2%), from €13,457 to €9,256
of which Taxes: -€4,200
- Trade debts -€2,878
down €2,878 (-29.4%), from €9,779 to €6,901
- Gross operating margin +€16,396
up €16,396 (+60.0%), from €27,343 to €43,739
- Other operating charges -€13,316
down €13,316 (-86.0%), from €15,485 to €2,169
- Taxes +€1,514
up €1,514 (+18.0%), from €8,397 to €9,912
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 | €142,417 | €143,359 | +€943 | +0.7% |
| Fixed assets | 21/28 | €58,212 | €58,422 | +€209 | +0.4% |
| Tangible fixed assets | 22/27 | €9,712 | €9,922 | +€209 | +2.2% |
| Furniture and vehicles | 24 | €9,712 | €9,922 | +€209 | +2.2% |
| Financial fixed assets | 28 | €48,500 | €48,500 | = | 0.0% |
| Current assets | 29/58 | €84,205 | €84,938 | +€733 | +0.9% |
| Amounts receivable within one year | 40/41 | €44,208 | €58,452 | +€14,244 | +32.2% |
| Trade receivables | 40 | €20,024 | €29,604 | +€9,580 | +47.8% |
| Other amounts receivable | 41 | €24,184 | €28,849 | +€4,664 | +19.3% |
| Cash at bank and in hand | 54/58 | €39,637 | €25,412 | -€14,226 | -35.9% |
| Deferred charges and accrued income | 490/1 | €359 | €1,074 | +€715 | +198.9% |
| Total equity and liabilities | 10/49 | €142,417 | €143,359 | +€943 | +0.7% |
| Equity | 10/15 | €99,069 | €126,036 | +€26,967 | +27.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €80,469 | €107,436 | +€26,967 | +33.5% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €80,469 | €107,436 | +€26,967 | +33.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €43,348 | €17,324 | -€26,024 | -60.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €43,348 | €17,324 | -€26,024 | -60.0% |
| Current portion of amounts payable after more than one year | 42 | €8,612 | €1,167 | -€7,445 | -86.5% |
| Trade debts | 44 | €9,779 | €6,901 | -€2,878 | -29.4% |
| Suppliers | 440/4 | €9,779 | €6,901 | -€2,878 | -29.4% |
| Taxes, remuneration and social security | 45 | €13,457 | €9,256 | -€4,200 | -31.2% |
| Taxes | 450/3 | €13,457 | €9,256 | -€4,200 | -31.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €11,500 | €0 | -€11,500 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,918 | €3,842 | -€75 | -1.9% |
| Other operating charges | 640/8 | €15,485 | €2,169 | -€13,316 | -86.0% |
| Gross operating margin | 9900 | €27,343 | €43,739 | +€16,396 | +60.0% |
| Operating profit (loss) | 9901 | €7,941 | €37,728 | +€29,787 | +375.1% |
| Financial income | 75/76B | €32 | €133 | +€101 | +316.8% |
| Recurring financial income | 75 | €32 | €133 | +€101 | +316.8% |
| Financial charges | 65/66B | €1,325 | €983 | -€342 | -25.8% |
| Recurring financial charges | 65 | €1,325 | €983 | -€342 | -25.8% |
| Profit (loss) for the period before taxes | 9903 | €6,648 | €36,878 | +€30,231 | +454.8% |
| Transfer from deferred taxes | 780 | €3,975 | €0 | -€3,975 | -100.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €8,397 | €9,912 | +€1,514 | +18.0% |
| Profit (loss) for the period | 9904 | €2,226 | €26,967 | +€24,741 | +1111.7% |
| Transfer from tax-exempt reserves | 789 | €11,926 | €0 | -€11,926 | -100.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €14,151 | €26,967 | +€12,815 | +90.6% |
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 8 October 2026 via checked.be.