HAECO: 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.
HAECO
Largest movements
- Cash +€20,879
up €20,879 (+73.0%), from €28,601 to €49,480
mainly Other debts (+€27,112) and Tax, wage and social debts (+€13,700)
- Stocks and contracts +€16,371
up €16,371 (+17.0%), from €96,449 to €112,820
- Tangible fixed assets +€6,919
up €6,919 (+49.9%), from €13,872 to €20,790
of which Furniture and vehicles: +€14,491
- Other debts +€27,112
up €27,112 (+20.6%), from €131,880 to €158,992
- Tax, wage and social debts +€13,700
up €13,700 (+107%), from €12,748 to €26,448
- Profit (loss) carried forward +€9,097
up €9,097 (+44.0%), from -€20,656 to -€11,559
- Trade debts -€3,011
down €3,011 (-38.4%), from €7,833 to €4,822
- Financial charges +€2,273
up €2,273 (+26.0%), from €8,745 to €11,019
- Depreciation +€2,217
up €2,217 (+80.7%), from €2,748 to €4,965
- Taxes +€1,865
new in 2025: €1,865
- Staff costs +€1,605
up €1,605 (+2,676%), from €60 to €1,665
- Other operating charges +€1,255
up €1,255 (+36.0%), from €3,490 to €4,745
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 | €141,805 | €188,703 | +€46,898 | +33.1% |
| Fixed assets | 21/28 | €15,172 | €23,790 | +€8,619 | +56.8% |
| Tangible fixed assets | 22/27 | €13,872 | €20,790 | +€6,919 | +49.9% |
| Land and buildings | 22 | €13,872 | €6,300 | -€7,572 | -54.6% |
| Furniture and vehicles | 24 | - | €14,491 | +€14,491 | |
| Financial fixed assets | 28 | €1,300 | €3,000 | +€1,700 | +131% |
| Current assets | 29/58 | €126,633 | €164,913 | +€38,280 | +30.2% |
| Stocks and contracts in progress | 3 | €96,449 | €112,820 | +€16,371 | +17.0% |
| Stocks | 30/36 | €96,449 | €112,820 | +€16,371 | +17.0% |
| Amounts receivable within one year | 40/41 | €1,030 | €2,067 | +€1,037 | +101% |
| Trade receivables | 40 | €1,030 | €740 | -€290 | -28.1% |
| Other amounts receivable | 41 | - | €1,327 | +€1,327 | |
| Cash at bank and in hand | 54/58 | €28,601 | €49,480 | +€20,879 | +73.0% |
| Deferred charges and accrued income | 490/1 | €554 | €546 | -€8 | -1.4% |
| Total equity and liabilities | 10/49 | €141,805 | €188,703 | +€46,898 | +33.1% |
| Equity | 10/15 | -€10,656 | -€1,559 | +€9,097 | +85.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,656 | -€11,559 | +€9,097 | +44.0% |
| Amounts payable | 17/49 | €152,461 | €190,262 | +€37,801 | +24.8% |
| Amounts payable within one year | 42/48 | €152,461 | €190,262 | +€37,801 | +24.8% |
| Trade debts | 44 | €7,833 | €4,822 | -€3,011 | -38.4% |
| Suppliers | 440/4 | €7,833 | €4,822 | -€3,011 | -38.4% |
| Taxes, remuneration and social security | 45 | €12,748 | €26,448 | +€13,700 | +107% |
| Taxes | 450/3 | €12,748 | €26,448 | +€13,700 | +107% |
| Other amounts payable | 47/48 | €131,880 | €158,992 | +€27,112 | +20.6% |
| Remuneration, social security and pensions | 62 | €60 | €1,665 | +€1,605 | +2,676% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,748 | €4,965 | +€2,217 | +80.7% |
| Other operating charges | 640/8 | €3,490 | €4,745 | +€1,255 | +36.0% |
| Non-recurring operating charges | 66A | - | €5,467 | +€5,467 | |
| Gross operating margin | 9900 | €38,974 | €38,504 | -€470 | -1.2% |
| Operating profit (loss) | 9901 | €32,676 | €21,661 | -€11,015 | -33.7% |
| Financial income | 75/76B | €375 | €320 | -€55 | -14.8% |
| Recurring financial income | 75 | €375 | €320 | -€55 | -14.8% |
| Financial charges | 65/66B | €8,745 | €11,019 | +€2,273 | +26.0% |
| Recurring financial charges | 65 | €8,745 | €11,019 | +€2,273 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | €24,306 | €10,963 | -€13,343 | -54.9% |
| Income taxes | 67/77 | - | €1,865 | +€1,865 | |
| Profit (loss) for the period | 9904 | €24,306 | €9,097 | -€15,209 | -62.6% |
| Profit (loss) for the period to be appropriated | 9905 | €24,306 | €9,097 | -€15,209 | -62.6% |
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 20 October 2026 via checked.be.