HADVISORY: 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.
HADVISORY
Largest movements
- Tangible fixed assets +€188,759
up €188,759 (+100.6%), from €187,611 to €376,370
of which Land and buildings: +€187,978
- Cash -€50,910
down €50,910 (-71.3%), from €71,354 to €20,443
mainly Investment in fixed assets (net) (-€226,212) and Contributions, distributions and other (-€75,000)
- Receivables within one year +€16,173
new in 2025: €16,173
- Debts after one year +€150,819
up €150,819 (+103.0%), from €146,452 to €297,271
of which Financial debts: +€148,194
- Other debts -€17,635
down €17,635 (-21.4%), from €82,327 to €64,692
- Trade debts +€14,455
up €14,455 (+13711.6%), from €105 to €14,560
- Current portion of long-term debt +€6,313
up €6,313 (+118.2%), from €5,343 to €11,655
- Depreciation +€30,225
up €30,225 (+418.1%), from €7,228 to €37,453
- Gross operating margin +€22,329
up €22,329 (+17.7%), from €126,195 to €148,525
- Taxes -€2,259
down €2,259 (-7.6%), from €29,700 to €27,441
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 | €260,686 | €415,426 | +€154,741 | +59.4% |
| Fixed assets | 21/28 | €187,611 | €376,370 | +€188,759 | +100.6% |
| Tangible fixed assets | 22/27 | €187,611 | €376,370 | +€188,759 | +100.6% |
| Land and buildings | 22 | €183,042 | €371,020 | +€187,978 | +102.7% |
| Plant, machinery and equipment | 23 | €840 | €752 | -€88 | -10.4% |
| Furniture and vehicles | 24 | €420 | €2,489 | +€2,069 | +493.1% |
| Other tangible fixed assets | 26 | €3,309 | €2,109 | -€1,201 | -36.3% |
| Current assets | 29/58 | €73,075 | €39,056 | -€34,018 | -46.6% |
| Amounts receivable within one year | 40/41 | - | €16,173 | +€16,173 | |
| Trade receivables | 40 | - | €16,173 | +€16,173 | |
| Cash at bank and in hand | 54/58 | €71,354 | €20,443 | -€50,910 | -71.3% |
| Deferred charges and accrued income | 490/1 | €1,721 | €2,440 | +€719 | +41.8% |
| Total equity and liabilities | 10/49 | €260,686 | €415,426 | +€154,741 | +59.4% |
| Equity | 10/15 | €20,511 | €20,504 | -€8 | 0.0% |
| Contributions | 10/11 | €20,405 | €20,405 | = | 0.0% |
| Profit (loss) carried forward | 14 | €106 | €99 | -€8 | -7.2% |
| Amounts payable | 17/49 | €240,174 | €394,922 | +€154,748 | +64.4% |
| Amounts payable after more than one year | 17 | €146,452 | €297,271 | +€150,819 | +103.0% |
| Financial debts | 170/4 | €141,517 | €289,711 | +€148,194 | +104.7% |
| Other amounts payable | 178/9 | €4,935 | €7,560 | +€2,625 | +53.2% |
| Amounts payable within one year | 42/48 | €93,315 | €96,848 | +€3,533 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €5,343 | €11,655 | +€6,313 | +118.2% |
| Trade debts | 44 | €105 | €14,560 | +€14,455 | +13711.6% |
| Suppliers | 440/4 | €105 | €14,560 | +€14,455 | +13711.6% |
| Taxes, remuneration and social security | 45 | €5,540 | €5,940 | +€400 | +7.2% |
| Taxes | 450/3 | €5,540 | €5,940 | +€400 | +7.2% |
| Other amounts payable | 47/48 | €82,327 | €64,692 | -€17,635 | -21.4% |
| Accrued charges and deferred income | 492/3 | €407 | €804 | +€397 | +97.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,228 | €37,453 | +€30,225 | +418.1% |
| Other operating charges | 640/8 | €2,242 | €2,574 | +€331 | +14.8% |
| Gross operating margin | 9900 | €126,195 | €148,525 | +€22,329 | +17.7% |
| Operating profit (loss) | 9901 | €116,724 | €108,498 | -€8,227 | -7.0% |
| Financial income | 75/76B | €3 | €1 | -€2 | -79.4% |
| Recurring financial income | 75 | €3 | €1 | -€2 | -79.4% |
| Financial charges | 65/66B | €5,982 | €6,065 | +€83 | +1.4% |
| Recurring financial charges | 65 | €5,982 | €6,065 | +€83 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | €110,745 | €102,433 | -€8,312 | -7.5% |
| Income taxes | 67/77 | €29,700 | €27,441 | -€2,259 | -7.6% |
| Profit (loss) for the period | 9904 | €81,046 | €74,992 | -€6,053 | -7.5% |
| Profit (loss) for the period to be appropriated | 9905 | €81,046 | €74,992 | -€6,053 | -7.5% |
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 28 September 2026 via checked.be.