HAECAR: 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.
HAECAR
Largest movements
- Receivables within one year -€66,387
down €66,387 (-36.2%), from €183,160 to €116,774
of which Trade receivables: -€73,396
- Stocks and contracts +€35,355
up €35,355 (+59.6%), from €59,323 to €94,678
of which Contracts in progress: +€38,074
- Cash -€26,605
down €26,605 (-33.6%), from €79,116 to €52,510
mainly Other debts (-€122,784) and Stocks and contracts (-€35,355)
- Tangible fixed assets +€3,841
up €3,841 (+12.1%), from €31,644 to €35,485
of which Plant, machinery and equipment: +€8,528
- Other debts -€122,784
no longer reported in 2025 (was €122,784)
- Trade debts +€80,123
up €80,123 (+108%), from €74,026 to €154,149
- Tax, wage and social debts -€14,852
down €14,852 (-21.8%), from €68,275 to €53,424
of which Taxes: -€15,081
- Short-term financial debts +€8,329
up €8,329 (+18.4%), from €45,363 to €53,692
- Other operating charges +€48,453
up €48,453 (+4,243%), from €1,142 to €49,594
- Staff costs -€41,175
down €41,175 (-11.8%), from €347,499 to €306,324
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 | €354,587 | €304,959 | -€49,629 | -14.0% |
| Formation expenses | 20 | €47 | - | -€47 | |
| Fixed assets | 21/28 | €31,998 | €37,895 | +€5,897 | +18.4% |
| Intangible fixed assets | 21 | €317 | €2,123 | +€1,806 | +570% |
| Tangible fixed assets | 22/27 | €31,644 | €35,485 | +€3,841 | +12.1% |
| Plant, machinery and equipment | 23 | €22,439 | €30,967 | +€8,528 | +38.0% |
| Furniture and vehicles | 24 | €9,206 | €4,519 | -€4,687 | -50.9% |
| Financial fixed assets | 28 | €37 | €287 | +€250 | +672% |
| Current assets | 29/58 | €322,542 | €267,063 | -€55,479 | -17.2% |
| Stocks and contracts in progress | 3 | €59,323 | €94,678 | +€35,355 | +59.6% |
| Stocks | 30/36 | €46,575 | €43,856 | -€2,719 | -5.8% |
| Contracts in progress | 37 | €12,748 | €50,822 | +€38,074 | +299% |
| Amounts receivable within one year | 40/41 | €183,160 | €116,774 | -€66,387 | -36.2% |
| Trade receivables | 40 | €140,103 | €66,707 | -€73,396 | -52.4% |
| Other amounts receivable | 41 | €43,057 | €50,067 | +€7,009 | +16.3% |
| Current investments | 50/53 | €255 | €255 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €79,116 | €52,510 | -€26,605 | -33.6% |
| Deferred charges and accrued income | 490/1 | €688 | €2,846 | +€2,158 | +314% |
| Total equity and liabilities | 10/49 | €354,587 | €304,959 | -€49,629 | -14.0% |
| Equity | 10/15 | €41,138 | €41,924 | +€786 | +1.9% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €9,216 | €10,000 | +€784 | +8.5% |
| Tax-exempt reserves | 132 | €1,607 | €1,607 | = | 0.0% |
| Distributable reserves | 133 | €7,609 | €8,393 | +€784 | +10.3% |
| Profit (loss) carried forward | 14 | €922 | €924 | +€2 | +0.2% |
| Amounts payable | 17/49 | €313,449 | €263,034 | -€50,415 | -16.1% |
| Amounts payable within one year | 42/48 | €310,448 | €261,265 | -€49,183 | -15.8% |
| Financial debts | 43 | €45,363 | €53,692 | +€8,329 | +18.4% |
| Credit institutions | 430/8 | €45,363 | €53,692 | +€8,329 | +18.4% |
| Trade debts | 44 | €74,026 | €154,149 | +€80,123 | +108% |
| Suppliers | 440/4 | €74,026 | €154,149 | +€80,123 | +108% |
| Taxes, remuneration and social security | 45 | €68,275 | €53,424 | -€14,852 | -21.8% |
| Taxes | 450/3 | €30,818 | €15,737 | -€15,081 | -48.9% |
| Remuneration and social security | 454/9 | €37,458 | €37,687 | +€229 | +0.6% |
| Other amounts payable | 47/48 | €122,784 | - | -€122,784 | |
| Accrued charges and deferred income | 492/3 | €3,001 | €1,769 | -€1,232 | -41.1% |
| Remuneration, social security and pensions | 62 | €347,499 | €306,324 | -€41,175 | -11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,879 | €14,899 | -€2,979 | -16.7% |
| Other operating charges | 640/8 | €1,142 | €49,594 | +€48,453 | +4,243% |
| Non-recurring operating charges | 66A | €3,702 | - | -€3,702 | |
| Gross operating margin | 9900 | €376,028 | €373,835 | -€2,193 | -0.6% |
| Operating profit (loss) | 9901 | €5,807 | €3,018 | -€2,789 | -48.0% |
| Financial income | 75/76B | €688 | €1,292 | +€604 | +87.7% |
| Recurring financial income | 75 | €688 | €1,292 | +€604 | +87.7% |
| Financial charges | 65/66B | €5,223 | €3,524 | -€1,699 | -32.5% |
| Recurring financial charges | 65 | €5,223 | €3,524 | -€1,699 | -32.5% |
| Profit (loss) for the period before taxes | 9903 | €1,272 | €786 | -€486 | -38.2% |
| Income taxes | 67/77 | €350 | - | -€350 | |
| Profit (loss) for the period | 9904 | €922 | €786 | -€136 | -14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €922 | €786 | -€136 | -14.8% |
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 24 October 2026 via checked.be.