HAESAERTS: 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.
HAESAERTS
Largest movements
- Cash +€268,938
up €268,938 (+26.8%), from €1.0m to €1.3m
mainly Net result for the year (+€122,233) and Stocks and contracts (+€74,000)
- Stocks and contracts -€74,000
down €74,000 (-19.1%), from €388,367 to €314,367
of which Stocks: -€89,000
- Tangible fixed assets -€53,047
down €53,047 (-9.7%), from €548,174 to €495,127
- Reserves +€122,233
up €122,233 (+6.7%), from €1.8m to €2.0m
of which Distributable reserves: +€122,233
- Financial income -€20,274
down €20,274 (-51.6%), from €39,320 to €19,046
- Gross operating margin +€20,091
up €20,091 (+7.3%), from €276,956 to €297,047
- Staff costs +€8,220
up €8,220 (+12.9%), from €63,792 to €72,012
- Depreciation +€7,559
up €7,559 (+18.4%), from €41,080 to €48,639
- Other operating charges +€7,496
up €7,496 (+56.2%), from €13,346 to €20,842
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,250,782 | €3,374,893 | +€124,111 | +3.8% |
| Fixed assets | 21/28 | €624,650 | €571,603 | -€53,047 | -8.5% |
| Tangible fixed assets | 22/27 | €548,174 | €495,127 | -€53,047 | -9.7% |
| Land and buildings | 22 | €451,735 | €427,849 | -€23,886 | -5.3% |
| Plant, machinery and equipment | 23 | €58,135 | €36,819 | -€21,316 | -36.7% |
| Furniture and vehicles | 24 | €38,305 | €30,459 | -€7,845 | -20.5% |
| Financial fixed assets | 28 | €76,476 | €76,476 | = | 0.0% |
| Current assets | 29/58 | €2,626,132 | €2,803,290 | +€177,158 | +6.7% |
| Stocks and contracts in progress | 3 | €388,367 | €314,367 | -€74,000 | -19.1% |
| Stocks | 30/36 | €353,367 | €264,367 | -€89,000 | -25.2% |
| Contracts in progress | 37 | €35,000 | €50,000 | +€15,000 | +42.9% |
| Amounts receivable within one year | 40/41 | €139,383 | €122,411 | -€16,971 | -12.2% |
| Trade receivables | 40 | €91,299 | €84,477 | -€6,821 | -7.5% |
| Other amounts receivable | 41 | €48,084 | €37,934 | -€10,150 | -21.1% |
| Current investments | 50/53 | €1,095,336 | €1,095,336 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,002,239 | €1,271,176 | +€268,938 | +26.8% |
| Deferred charges and accrued income | 490/1 | €808 | - | -€808 | |
| Total equity and liabilities | 10/49 | €3,250,782 | €3,374,893 | +€124,111 | +3.8% |
| Equity | 10/15 | €1,894,197 | €2,016,431 | +€122,233 | +6.5% |
| 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 | €1,832,197 | €1,954,431 | +€122,233 | +6.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,825,997 | €1,948,231 | +€122,233 | +6.7% |
| Amounts payable | 17/49 | €1,356,584 | €1,358,462 | +€1,878 | +0.1% |
| Amounts payable within one year | 42/48 | €1,356,584 | €1,358,462 | +€1,878 | +0.1% |
| Trade debts | 44 | €28,298 | €26,324 | -€1,974 | -7.0% |
| Suppliers | 440/4 | €28,298 | €26,324 | -€1,974 | -7.0% |
| Taxes, remuneration and social security | 45 | €48,019 | €56,012 | +€7,993 | +16.6% |
| Taxes | 450/3 | €35,071 | €45,913 | +€10,843 | +30.9% |
| Remuneration and social security | 454/9 | €12,949 | €10,099 | -€2,850 | -22.0% |
| Other amounts payable | 47/48 | €1,280,267 | €1,276,126 | -€4,141 | -0.3% |
| Remuneration, social security and pensions | 62 | €63,792 | €72,012 | +€8,220 | +12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,080 | €48,639 | +€7,559 | +18.4% |
| Other operating charges | 640/8 | €13,346 | €20,842 | +€7,496 | +56.2% |
| Gross operating margin | 9900 | €276,956 | €297,047 | +€20,091 | +7.3% |
| Operating profit (loss) | 9901 | €158,738 | €155,555 | -€3,184 | -2.0% |
| Financial income | 75/76B | €39,320 | €19,046 | -€20,274 | -51.6% |
| Recurring financial income | 75 | €39,320 | €19,046 | -€20,274 | -51.6% |
| Financial charges | 65/66B | €516 | €1,300 | +€784 | +152% |
| Recurring financial charges | 65 | €516 | €100 | -€416 | -80.5% |
| Non-recurring financial charges | 66B | - | €1,200 | +€1,200 | |
| Profit (loss) for the period before taxes | 9903 | €197,542 | €173,300 | -€24,242 | -12.3% |
| Income taxes | 67/77 | €44,273 | €51,067 | +€6,794 | +15.3% |
| Profit (loss) for the period | 9904 | €153,269 | €122,233 | -€31,036 | -20.2% |
| Profit (loss) for the period to be appropriated | 9905 | €153,269 | €122,233 | -€31,036 | -20.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.