HADEC GROUP: 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.
HADEC GROUP
Largest movements
- Receivables after one year +€330,000
new in 2025: €330,000
- Tangible fixed assets -€58,191
down €58,191 (-19.4%), from €299,894 to €241,703
of which Leasing and similar rights: -€43,318
- Receivables within one year +€24,612
up €24,612 (+38.2%), from €64,506 to €89,118
of which Trade receivables: +€27,311
- Intangible fixed assets -€14,500
down €14,500 (-36.6%), from €39,671 to €25,171
- Cash +€10,349
up €10,349 (+183%), from €5,641 to €15,990
mainly Contributions, distributions and other (+€400,000) and Depreciation (+€72,691)
- Contributions +€400,000
up €400,000 (+667%), from €60,000 to €460,000
- Other debts -€60,000
no longer reported in 2025 (was €60,000)
- Debts after one year -€43,719
down €43,719 (-18.7%), from €233,500 to €189,781
- Profit (loss) carried forward -€39,816
down €39,816 (-138%), from -€28,863 to -€68,679
- Trade debts +€23,458
up €23,458 (+50.7%), from €46,275 to €69,734
- Gross operating margin -€8,058
down €8,058 (-15.3%), from €52,616 to €44,558
- Depreciation +€5,274
up €5,274 (+7.8%), from €67,417 to €72,691
- Financial charges -€2,235
down €2,235 (-16.1%), from €13,856 to €11,621
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 | €410,855 | €704,560 | +€293,705 | +71.5% |
| Fixed assets | 21/28 | €339,565 | €266,874 | -€72,691 | -21.4% |
| Intangible fixed assets | 21 | €39,671 | €25,171 | -€14,500 | -36.6% |
| Tangible fixed assets | 22/27 | €299,894 | €241,703 | -€58,191 | -19.4% |
| Plant, machinery and equipment | 23 | €27,088 | €12,215 | -€14,873 | -54.9% |
| Leasing and similar rights | 25 | €272,806 | €229,488 | -€43,318 | -15.9% |
| Current assets | 29/58 | €71,290 | €437,686 | +€366,396 | +514% |
| Amounts receivable after more than one year | 29 | - | €330,000 | +€330,000 | |
| Other amounts receivable | 291 | - | €330,000 | +€330,000 | |
| Amounts receivable within one year | 40/41 | €64,506 | €89,118 | +€24,612 | +38.2% |
| Trade receivables | 40 | €61,808 | €89,118 | +€27,311 | +44.2% |
| Other amounts receivable | 41 | €2,699 | - | -€2,699 | |
| Cash at bank and in hand | 54/58 | €5,641 | €15,990 | +€10,349 | +183% |
| Deferred charges and accrued income | 490/1 | €1,142 | €2,578 | +€1,436 | +126% |
| Total equity and liabilities | 10/49 | €410,855 | €704,560 | +€293,705 | +71.5% |
| Equity | 10/15 | €31,137 | €391,321 | +€360,184 | +1,157% |
| Contributions | 10/11 | €60,000 | €460,000 | +€400,000 | +667% |
| Profit (loss) carried forward | 14 | -€28,863 | -€68,679 | -€39,816 | -138% |
| Amounts payable | 17/49 | €379,717 | €313,239 | -€66,478 | -17.5% |
| Amounts payable after more than one year | 17 | €233,500 | €189,781 | -€43,719 | -18.7% |
| Financial debts | 170/4 | €233,500 | €189,781 | -€43,719 | -18.7% |
| Amounts payable within one year | 42/48 | €146,218 | €117,746 | -€28,472 | -19.5% |
| Current portion of amounts payable after more than one year | 42 | €39,942 | €43,719 | +€3,777 | +9.5% |
| Trade debts | 44 | €46,275 | €69,734 | +€23,458 | +50.7% |
| Suppliers | 440/4 | €46,275 | €69,734 | +€23,458 | +50.7% |
| Taxes, remuneration and social security | 45 | - | €4,293 | +€4,293 | |
| Taxes | 450/3 | - | €4,293 | +€4,293 | |
| Other amounts payable | 47/48 | €60,000 | - | -€60,000 | |
| Accrued charges and deferred income | 492/3 | - | €5,713 | +€5,713 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,417 | €72,691 | +€5,274 | +7.8% |
| Other operating charges | 640/8 | €205 | €62 | -€143 | -69.8% |
| Gross operating margin | 9900 | €52,616 | €44,558 | -€8,058 | -15.3% |
| Operating profit (loss) | 9901 | -€15,006 | -€28,195 | -€13,189 | -87.9% |
| Financial charges | 65/66B | €13,856 | €11,621 | -€2,235 | -16.1% |
| Recurring financial charges | 65 | €13,856 | €11,621 | -€2,235 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | -€28,863 | -€39,816 | -€10,954 | -38.0% |
| Profit (loss) for the period | 9904 | -€28,863 | -€39,816 | -€10,954 | -38.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,863 | -€39,816 | -€10,954 | -38.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.