HADEK: 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.
HADEK
Largest movements
- Receivables within one year +€142,788
up €142,788 (+618%), from €23,096 to €165,884
of which Trade receivables: +€144,216
- Cash +€130,629
up €130,629 (+35.3%), from €370,041 to €500,669
mainly Net result for the year (+€173,401) and Tax, wage and social debts (+€90,515)
- Stocks and contracts -€44,565
no longer reported in 2025 (was €44,565)
- Tangible fixed assets -€12,232
down €12,232 (-5.7%), from €215,059 to €202,827
of which Land and buildings: -€8,794
- Reserves +€173,401
up €173,401 (+32.8%), from €528,686 to €702,087
- Tax, wage and social debts +€90,515
up €90,515 (+216%), from €41,929 to €132,444
of which Taxes: +€98,933
- Current portion of long-term debt -€28,223
down €28,223 (-98.1%), from €28,764 to €541
- Trade debts -€20,482
down €20,482 (-38.5%), from €53,163 to €32,681
- Gross operating margin +€228,794
up €228,794 (+162%), from €141,244 to €370,038
- Taxes +€81,178
up €81,178 (+8,054%), from €1,008 to €82,186
- Staff costs -€24,289
down €24,289 (-20.9%), from €116,352 to €92,063
- Depreciation -€9,534
down €9,534 (-43.8%), from €21,765 to €12,232
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 | €661,761 | €876,430 | +€214,669 | +32.4% |
| Fixed assets | 21/28 | €224,059 | €209,877 | -€14,182 | -6.3% |
| Tangible fixed assets | 22/27 | €215,059 | €202,827 | -€12,232 | -5.7% |
| Land and buildings | 22 | €210,663 | €201,869 | -€8,794 | -4.2% |
| Plant, machinery and equipment | 23 | €272 | - | -€272 | |
| Furniture and vehicles | 24 | €4,124 | €958 | -€3,166 | -76.8% |
| Financial fixed assets | 28 | €9,000 | €7,050 | -€1,950 | -21.7% |
| Current assets | 29/58 | €437,702 | €666,553 | +€228,851 | +52.3% |
| Stocks and contracts in progress | 3 | €44,565 | - | -€44,565 | |
| Stocks | 30/36 | €44,565 | - | -€44,565 | |
| Amounts receivable within one year | 40/41 | €23,096 | €165,884 | +€142,788 | +618% |
| Trade receivables | 40 | €14,947 | €159,163 | +€144,216 | +965% |
| Other amounts receivable | 41 | €8,149 | €6,721 | -€1,428 | -17.5% |
| Cash at bank and in hand | 54/58 | €370,041 | €500,669 | +€130,629 | +35.3% |
| Total equity and liabilities | 10/49 | €661,761 | €876,430 | +€214,669 | +32.4% |
| Equity | 10/15 | €534,886 | €708,287 | +€173,401 | +32.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €528,686 | €702,087 | +€173,401 | +32.8% |
| Distributable reserves | 133 | €528,686 | €702,087 | +€173,401 | +32.8% |
| Amounts payable | 17/49 | €126,875 | €168,143 | +€41,268 | +32.5% |
| Amounts payable after more than one year | 17 | €541 | - | -€541 | |
| Financial debts | 170/4 | €541 | - | -€541 | |
| Amounts payable within one year | 42/48 | €126,334 | €168,143 | +€41,809 | +33.1% |
| Current portion of amounts payable after more than one year | 42 | €28,764 | €541 | -€28,223 | -98.1% |
| Trade debts | 44 | €53,163 | €32,681 | -€20,482 | -38.5% |
| Suppliers | 440/4 | €53,163 | €32,681 | -€20,482 | -38.5% |
| Advances received on contracts in progress | 46 | €2,477 | €2,477 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €41,929 | €132,444 | +€90,515 | +216% |
| Taxes | 450/3 | €23,777 | €122,710 | +€98,933 | +416% |
| Remuneration and social security | 454/9 | €18,152 | €9,734 | -€8,418 | -46.4% |
| Non-recurring operating income | 76A | - | €44,046 | +€44,046 | |
| Remuneration, social security and pensions | 62 | €116,352 | €92,063 | -€24,289 | -20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,765 | €12,232 | -€9,534 | -43.8% |
| Other operating charges | 640/8 | €8,125 | €8,399 | +€274 | +3.4% |
| Gross operating margin | 9900 | €141,244 | €370,038 | +€228,794 | +162% |
| Operating profit (loss) | 9901 | -€4,998 | €257,344 | +€262,342 | |
| Financial income | 75/76B | €548 | €1,511 | +€963 | +176% |
| Recurring financial income | 75 | €548 | €1,511 | +€963 | +176% |
| Financial charges | 65/66B | €2,801 | €3,267 | +€466 | +16.6% |
| Recurring financial charges | 65 | €2,801 | €3,267 | +€466 | +16.6% |
| Profit (loss) for the period before taxes | 9903 | -€7,251 | €255,587 | +€262,839 | |
| Income taxes | 67/77 | €1,008 | €82,186 | +€81,178 | +8,054% |
| Profit (loss) for the period | 9904 | -€8,259 | €173,401 | +€181,660 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,259 | €173,401 | +€181,660 |
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 14 October 2026 via checked.be.