HAERS: 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.
HAERS
Largest movements
- Cash +€15,770
up €15,770 (+65.3%), from €24,148 to €39,918
mainly Depreciation (+€17,442) and Net result for the year (+€2,639)
- Tangible fixed assets -€12,948
down €12,948 (-3.6%), from €361,818 to €348,870
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€12,433
up €12,433 (+103.3%), from €12,030 to €24,462
- Other operating charges +€322
up €322 (+8.0%), from €4,026 to €4,348
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 | €389,197 | €391,787 | +€2,590 | +0.7% |
| Fixed assets | 21/28 | €361,818 | €348,870 | -€12,948 | -3.6% |
| Tangible fixed assets | 22/27 | €361,818 | €348,870 | -€12,948 | -3.6% |
| Land and buildings | 22 | €361,818 | €348,870 | -€12,948 | -3.6% |
| Current assets | 29/58 | €27,379 | €42,916 | +€15,537 | +56.8% |
| Stocks and contracts in progress | 3 | €466 | €652 | +€186 | +40.0% |
| Stocks | 30/36 | €466 | €652 | +€186 | +40.0% |
| Amounts receivable within one year | 40/41 | €577 | €496 | -€82 | -14.2% |
| Trade receivables | 40 | €21 | €73 | +€52 | +245.9% |
| Other amounts receivable | 41 | €556 | €423 | -€133 | -24.0% |
| Cash at bank and in hand | 54/58 | €24,148 | €39,918 | +€15,770 | +65.3% |
| Deferred charges and accrued income | 490/1 | €2,188 | €1,851 | -€337 | -15.4% |
| Total equity and liabilities | 10/49 | €389,197 | €391,787 | +€2,590 | +0.7% |
| Equity | 10/15 | €93,890 | €96,529 | +€2,639 | +2.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €74,485 | €76,626 | +€2,141 | +2.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €74,485 | €76,626 | +€2,141 | +2.9% |
| Profit (loss) carried forward | 14 | €813 | €1,311 | +€498 | +61.2% |
| Amounts payable | 17/49 | €295,307 | €295,258 | -€49 | 0.0% |
| Amounts payable after more than one year | 17 | €294,900 | €294,900 | = | 0.0% |
| Financial debts | 170/4 | €294,900 | €294,900 | = | 0.0% |
| Amounts payable within one year | 42/48 | €407 | €358 | -€49 | -12.0% |
| Trade debts | 44 | €399 | €350 | -€49 | -12.2% |
| Suppliers | 440/4 | €399 | €350 | -€49 | -12.2% |
| Taxes, remuneration and social security | 45 | €8 | €8 | = | 0.0% |
| Taxes | 450/3 | €8 | €8 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,563 | €17,442 | -€121 | -0.7% |
| Other operating charges | 640/8 | €4,026 | €4,348 | +€322 | +8.0% |
| Gross operating margin | 9900 | €12,030 | €24,462 | +€12,433 | +103.3% |
| Operating profit (loss) | 9901 | -€9,559 | €2,672 | +€12,232 | |
| Financial income | 75/76B | €34 | €8 | -€25 | -75.1% |
| Recurring financial income | 75 | €34 | €8 | -€25 | -75.1% |
| Financial charges | 65/66B | €40 | €42 | +€2 | +6.0% |
| Recurring financial charges | 65 | €40 | €42 | +€2 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | -€9,565 | €2,639 | +€12,204 | |
| Profit (loss) for the period | 9904 | -€9,565 | €2,639 | +€12,204 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,565 | €2,639 | +€12,204 |
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 7 October 2026 via checked.be.