Haegeman: 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.
Haegeman
Largest movements
- Receivables within one year -€140,976
down €140,976 (-76.2%), from €184,973 to €43,997
of which Trade receivables: -€171,360
- Tangible fixed assets +€124,835
up €124,835 (+9.0%), from €1.4m to €1.5m
of which Land and buildings: +€140,367
- Deferred charges and accrued income -€30,393
down €30,393 (-89.3%), from €34,046 to €3,653
- Debts after one year -€37,523
down €37,523 (-5.1%), from €742,663 to €705,140
of which Other amounts payable: -€98,214
- Current portion of long-term debt +€22,659
up €22,659 (+15.1%), from €149,863 to €172,522
- Other debts -€18,585
no longer reported in 2025 (was €18,585)
- Gross operating margin -€91,486
down €91,486 (-27.8%), from €329,654 to €238,168
- Taxes -€27,017
down €27,017 (-99.2%), from €27,227 to €210
- Depreciation +€19,028
up €19,028 (+10.8%), from €176,861 to €195,890
- Financial charges -€4,993
down €4,993 (-14.1%), from €35,312 to €30,319
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 | €1,660,508 | €1,620,918 | -€39,589 | -2.4% |
| Fixed assets | 21/28 | €1,386,505 | €1,511,341 | +€124,835 | +9.0% |
| Tangible fixed assets | 22/27 | €1,385,997 | €1,510,832 | +€124,835 | +9.0% |
| Land and buildings | 22 | €1,328,610 | €1,468,978 | +€140,367 | +10.6% |
| Plant, machinery and equipment | 23 | €3,812 | €3,421 | -€391 | -10.3% |
| Furniture and vehicles | 24 | €53,574 | €38,433 | -€15,141 | -28.3% |
| Financial fixed assets | 28 | €509 | €509 | = | 0.0% |
| Current assets | 29/58 | €274,002 | €109,578 | -€164,425 | -60.0% |
| Amounts receivable within one year | 40/41 | €184,973 | €43,997 | -€140,976 | -76.2% |
| Trade receivables | 40 | €171,360 | - | -€171,360 | |
| Other amounts receivable | 41 | €13,614 | €43,997 | +€30,384 | +223% |
| Cash at bank and in hand | 54/58 | €54,983 | €61,927 | +€6,944 | +12.6% |
| Deferred charges and accrued income | 490/1 | €34,046 | €3,653 | -€30,393 | -89.3% |
| Total equity and liabilities | 10/49 | €1,660,508 | €1,620,918 | -€39,589 | -2.4% |
| Equity | 10/15 | €729,647 | €729,663 | +€15 | 0.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €709,647 | €709,663 | +€15 | 0.0% |
| Distributable reserves | 133 | €709,647 | €709,663 | +€15 | 0.0% |
| Amounts payable | 17/49 | €930,860 | €891,256 | -€39,605 | -4.3% |
| Amounts payable after more than one year | 17 | €742,663 | €705,140 | -€37,523 | -5.1% |
| Financial debts | 170/4 | €636,772 | €697,463 | +€60,691 | +9.5% |
| Other amounts payable | 178/9 | €105,891 | €7,677 | -€98,214 | -92.8% |
| Amounts payable within one year | 42/48 | €188,197 | €186,116 | -€2,081 | -1.1% |
| Current portion of amounts payable after more than one year | 42 | €149,863 | €172,522 | +€22,659 | +15.1% |
| Trade debts | 44 | €16,337 | €13,594 | -€2,743 | -16.8% |
| Suppliers | 440/4 | €16,337 | €13,594 | -€2,743 | -16.8% |
| Taxes, remuneration and social security | 45 | €3,412 | - | -€3,412 | |
| Taxes | 450/3 | €3,412 | - | -€3,412 | |
| Other amounts payable | 47/48 | €18,585 | - | -€18,585 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €176,861 | €195,890 | +€19,028 | +10.8% |
| Other operating charges | 640/8 | €11,677 | €11,736 | +€58 | +0.5% |
| Gross operating margin | 9900 | €329,654 | €238,168 | -€91,486 | -27.8% |
| Operating profit (loss) | 9901 | €141,116 | €30,543 | -€110,573 | -78.4% |
| Financial income | 75/76B | €1 | €2 | +€1 | +113% |
| Recurring financial income | 75 | €1 | €2 | +€1 | +113% |
| Financial charges | 65/66B | €35,312 | €30,319 | -€4,993 | -14.1% |
| Recurring financial charges | 65 | €35,312 | €30,319 | -€4,993 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €105,804 | €226 | -€105,579 | -99.8% |
| Income taxes | 67/77 | €27,227 | €210 | -€27,017 | -99.2% |
| Profit (loss) for the period | 9904 | €78,577 | €15 | -€78,562 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €78,577 | €15 | -€78,562 | -100.0% |
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.