HADEFIS: 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.
HADEFIS
Largest movements
- Current investments -€125,000
down €125,000 (-100.0%), from €125,000 to €0
- Cash +€44,804
up €44,804 (+73.3%), from €61,143 to €105,947
mainly Current investments (+€125,000) and Depreciation (+€60,303)
- Receivables within one year +€35,243
up €35,243 (+24.6%), from €143,225 to €178,467
of which Trade receivables: +€34,615
- Debts after one year -€69,500
down €69,500 (-34.2%), from €203,404 to €133,903
of which Financial debts: -€70,100
- Accrued charges and deferred income +€23,574
up €23,574 (+236.7%), from €9,958 to €33,532
- Reserves +€18,305
up €18,305 (+11.8%), from €155,509 to €173,814
of which Distributable reserves: +€18,305
- Tax, wage and social debts -€9,792
down €9,792 (-42.6%), from €22,993 to €13,201
of which Taxes: -€6,595
- Gross operating margin +€27,001
up €27,001 (+26.8%), from €100,885 to €127,886
- Depreciation +€10,911
up €10,911 (+22.1%), from €49,392 to €60,303
- Taxes +€4,667
up €4,667 (+105.9%), from €4,407 to €9,074
- Financial income -€2,415
down €2,415 (-19.4%), from €12,458 to €10,042
- Financial charges -€1,340
down €1,340 (-3.1%), from €42,612 to €41,272
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 | €936,571 | €899,498 | -€37,073 | -4.0% |
| Fixed assets | 21/28 | €605,041 | €612,327 | +€7,286 | +1.2% |
| Tangible fixed assets | 22/27 | €604,421 | €612,327 | +€7,905 | +1.3% |
| Land and buildings | 22 | €544,761 | €567,102 | +€22,342 | +4.1% |
| Furniture and vehicles | 24 | €1,582 | €1,184 | -€397 | -25.1% |
| Leasing and similar rights | 25 | €58,079 | €44,040 | -€14,039 | -24.2% |
| Financial fixed assets | 28 | €620 | €0 | -€620 | -100.0% |
| Current assets | 29/58 | €331,530 | €287,171 | -€44,359 | -13.4% |
| Amounts receivable within one year | 40/41 | €143,225 | €178,467 | +€35,243 | +24.6% |
| Trade receivables | 40 | €28,056 | €62,671 | +€34,615 | +123.4% |
| Other amounts receivable | 41 | €115,168 | €115,796 | +€627 | +0.5% |
| Current investments | 50/53 | €125,000 | €0 | -€125,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €61,143 | €105,947 | +€44,804 | +73.3% |
| Deferred charges and accrued income | 490/1 | €2,163 | €2,757 | +€595 | +27.5% |
| Total equity and liabilities | 10/49 | €936,571 | €899,498 | -€37,073 | -4.0% |
| Equity | 10/15 | €161,709 | €180,014 | +€18,305 | +11.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €155,509 | €173,814 | +€18,305 | +11.8% |
| Tax-exempt reserves | 132 | €22,279 | €22,279 | = | 0.0% |
| Distributable reserves | 133 | €133,230 | €151,535 | +€18,305 | +13.7% |
| Amounts payable | 17/49 | €774,861 | €719,484 | -€55,378 | -7.1% |
| Amounts payable after more than one year | 17 | €203,404 | €133,903 | -€69,500 | -34.2% |
| Financial debts | 170/4 | €202,104 | €132,003 | -€70,100 | -34.7% |
| Other amounts payable | 178/9 | €1,300 | €1,900 | +€600 | +46.2% |
| Amounts payable within one year | 42/48 | €561,500 | €552,048 | -€9,451 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €69,423 | €70,100 | +€678 | +1.0% |
| Trade debts | 44 | €9,033 | €8,696 | -€337 | -3.7% |
| Suppliers | 440/4 | €9,033 | €8,696 | -€337 | -3.7% |
| Taxes, remuneration and social security | 45 | €22,993 | €13,201 | -€9,792 | -42.6% |
| Taxes | 450/3 | €16,296 | €9,701 | -€6,595 | -40.5% |
| Remuneration and social security | 454/9 | €6,697 | €3,500 | -€3,197 | -47.7% |
| Other amounts payable | 47/48 | €460,051 | €460,051 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €9,958 | €33,532 | +€23,574 | +236.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,392 | €60,303 | +€10,911 | +22.1% |
| Other operating charges | 640/8 | €8,786 | €8,974 | +€189 | +2.1% |
| Gross operating margin | 9900 | €100,885 | €127,886 | +€27,001 | +26.8% |
| Operating profit (loss) | 9901 | €42,708 | €58,609 | +€15,901 | +37.2% |
| Financial income | 75/76B | €12,458 | €10,042 | -€2,415 | -19.4% |
| Recurring financial income | 75 | €12,458 | €10,042 | -€2,415 | -19.4% |
| Financial charges | 65/66B | €42,612 | €41,272 | -€1,340 | -3.1% |
| Recurring financial charges | 65 | €42,612 | €41,272 | -€1,340 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €12,553 | €27,379 | +€14,826 | +118.1% |
| Income taxes | 67/77 | €4,407 | €9,074 | +€4,667 | +105.9% |
| Profit (loss) for the period | 9904 | €8,146 | €18,305 | +€10,159 | +124.7% |
| Profit (loss) for the period to be appropriated | 9905 | €8,146 | €18,305 | +€10,159 | +124.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.