Hadye: 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.
Hadye
Largest movements
- Stocks and contracts -€50,052
no longer reported in 2025 (was €50,052)
- Receivables within one year +€10,389
up €10,389 (+9.7%), from €106,933 to €117,321
of which Trade receivables: +€30,060
- Cash -€6,597
down €6,597 (-81.7%), from €8,072 to €1,475
mainly Trade debts (-€42,594) and Other debts (-€41,787)
- Intangible fixed assets -€2,000
down €2,000 (-20.0%), from €10,000 to €8,000
- Short-term financial debts +€54,644
new in 2025: €54,644
- Trade debts -€42,594
down €42,594 (-77.4%), from €55,052 to €12,457
- Other debts -€41,787
down €41,787 (-92.2%), from €45,344 to €3,558
- Profit (loss) carried forward -€25,004
down €25,004 (-494.9%), from -€5,052 to -€30,057
- Tax, wage and social debts +€5,355
up €5,355 (+42.4%), from €12,639 to €17,994
of which Taxes: +€8,177
- Gross operating margin -€86,685
down €86,685, from €71,746 to -€14,939
- Staff costs -€45,951
down €45,951 (-87.6%), from €52,469 to €6,518
- Depreciation -€9,652
down €9,652 (-82.8%), from €11,652 to €2,000
- Other operating charges -€1,994
down €1,994 (-60.0%), from €3,322 to €1,328
- Financial charges -€1,692
down €1,692 (-88.6%), from €1,911 to €218
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 | €176,183 | €126,796 | -€49,387 | -28.0% |
| Fixed assets | 21/28 | €10,000 | €8,000 | -€2,000 | -20.0% |
| Intangible fixed assets | 21 | €10,000 | €8,000 | -€2,000 | -20.0% |
| Tangible fixed assets | 22/27 | €0 | - | -€0 | |
| Furniture and vehicles | 24 | €0 | - | -€0 | |
| Current assets | 29/58 | €166,183 | €118,796 | -€47,387 | -28.5% |
| Stocks and contracts in progress | 3 | €50,052 | - | -€50,052 | |
| Stocks | 30/36 | €50,052 | - | -€50,052 | |
| Amounts receivable within one year | 40/41 | €106,933 | €117,321 | +€10,389 | +9.7% |
| Trade receivables | 40 | €73,094 | €103,154 | +€30,060 | +41.1% |
| Other amounts receivable | 41 | €33,839 | €14,167 | -€19,672 | -58.1% |
| Cash at bank and in hand | 54/58 | €8,072 | €1,475 | -€6,597 | -81.7% |
| Deferred charges and accrued income | 490/1 | €1,127 | - | -€1,127 | |
| Total equity and liabilities | 10/49 | €176,183 | €126,796 | -€49,387 | -28.0% |
| Equity | 10/15 | €63,148 | €38,143 | -€25,004 | -39.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,052 | -€30,057 | -€25,004 | -494.9% |
| Amounts payable | 17/49 | €113,035 | €88,653 | -€24,382 | -21.6% |
| Amounts payable within one year | 42/48 | €113,035 | €88,653 | -€24,382 | -21.6% |
| Financial debts | 43 | - | €54,644 | +€54,644 | |
| Other loans | 439 | - | €54,644 | +€54,644 | |
| Trade debts | 44 | €55,052 | €12,457 | -€42,594 | -77.4% |
| Suppliers | 440/4 | €55,052 | €12,457 | -€42,594 | -77.4% |
| Taxes, remuneration and social security | 45 | €12,639 | €17,994 | +€5,355 | +42.4% |
| Taxes | 450/3 | €9,817 | €17,994 | +€8,177 | +83.3% |
| Remuneration and social security | 454/9 | €2,822 | - | -€2,822 | |
| Other amounts payable | 47/48 | €45,344 | €3,558 | -€41,787 | -92.2% |
| Remuneration, social security and pensions | 62 | €52,469 | €6,518 | -€45,951 | -87.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,652 | €2,000 | -€9,652 | -82.8% |
| Other operating charges | 640/8 | €3,322 | €1,328 | -€1,994 | -60.0% |
| Gross operating margin | 9900 | €71,746 | -€14,939 | -€86,685 | |
| Operating profit (loss) | 9901 | €4,303 | -€24,786 | -€29,089 | |
| Financial charges | 65/66B | €1,911 | €218 | -€1,692 | -88.6% |
| Recurring financial charges | 65 | €1,911 | €218 | -€1,692 | -88.6% |
| Profit (loss) for the period before taxes | 9903 | €2,392 | -€25,004 | -€27,397 | |
| Profit (loss) for the period | 9904 | €2,392 | -€25,004 | -€27,397 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,392 | -€25,004 | -€27,397 |
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 10 October 2026 via checked.be.