HAESEN & ULRIX: 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.
HAESEN & ULRIX
Largest movements
- Cash -€445,361
down €445,361 (-76.0%), from €585,883 to €140,523
mainly Current investments (-€414,850) and Debts after one year (-€281,186)
- Current investments +€414,850
up €414,850 (+177%), from €234,839 to €649,689
- Receivables after one year +€268,921
up €268,921 (+161%), from €167,376 to €436,297
- Intangible fixed assets -€191,240
down €191,240 (-17.4%), from €1.1m to €909,933
- Receivables within one year +€110,857
up €110,857 (+529%), from €20,961 to €131,818
- Reserves +€410,659
up €410,659 (+42.4%), from €968,455 to €1.4m
of which Tax-exempt reserves: +€289,648
- Debts after one year -€281,186
down €281,186 (-27.7%), from €1.0m to €733,500
- Profit (loss) carried forward -€106,949
no longer reported in 2025 (was €106,949)
- Other debts +€28,932
up €28,932 (+406%), from €7,122 to €36,054
- Gross operating margin +€58,760
up €58,760 (+4.5%), from €1.3m to €1.4m
- Staff costs +€37,720
up €37,720 (+10.1%), from €372,499 to €410,218
- Taxes -€36,773
down €36,773 (-18.1%), from €203,094 to €166,321
- Depreciation +€15,051
up €15,051 (+5.9%), from €257,071 to €272,121
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 | €2,476,555 | €2,536,152 | +€59,597 | +2.4% |
| Fixed assets | 21/28 | €1,376,495 | €1,114,923 | -€261,572 | -19.0% |
| Intangible fixed assets | 21 | €1,101,173 | €909,933 | -€191,240 | -17.4% |
| Tangible fixed assets | 22/27 | €275,322 | €204,990 | -€70,332 | -25.5% |
| Plant, machinery and equipment | 23 | €30,351 | €29,012 | -€1,339 | -4.4% |
| Furniture and vehicles | 24 | €244,707 | €175,765 | -€68,942 | -28.2% |
| Other tangible fixed assets | 26 | €263 | €213 | -€50 | -19.0% |
| Current assets | 29/58 | €1,100,060 | €1,421,229 | +€321,169 | +29.2% |
| Amounts receivable after more than one year | 29 | €167,376 | €436,297 | +€268,921 | +161% |
| Trade receivables | 290 | €167,376 | €436,297 | +€268,921 | +161% |
| Amounts receivable within one year | 40/41 | €20,961 | €131,818 | +€110,857 | +529% |
| Other amounts receivable | 41 | €20,961 | €131,818 | +€110,857 | +529% |
| Current investments | 50/53 | €234,839 | €649,689 | +€414,850 | +177% |
| Cash at bank and in hand | 54/58 | €585,883 | €140,523 | -€445,361 | -76.0% |
| Deferred charges and accrued income | 490/1 | €91,001 | €62,903 | -€28,098 | -30.9% |
| Total equity and liabilities | 10/49 | €2,476,555 | €2,536,152 | +€59,597 | +2.4% |
| Equity | 10/15 | €1,100,404 | €1,404,114 | +€303,710 | +27.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €968,455 | €1,379,114 | +€410,659 | +42.4% |
| Tax-exempt reserves | 132 | - | €289,648 | +€289,648 | |
| Distributable reserves | 133 | €968,455 | €1,089,466 | +€121,011 | +12.5% |
| Profit (loss) carried forward | 14 | €106,949 | - | -€106,949 | |
| Amounts payable | 17/49 | €1,376,151 | €1,132,039 | -€244,113 | -17.7% |
| Amounts payable after more than one year | 17 | €1,014,686 | €733,500 | -€281,186 | -27.7% |
| Financial debts | 170/4 | €1,014,686 | €733,500 | -€281,186 | -27.7% |
| Amounts payable within one year | 42/48 | €361,284 | €398,402 | +€37,118 | +10.3% |
| Current portion of amounts payable after more than one year | 42 | €269,124 | €278,623 | +€9,499 | +3.5% |
| Trade debts | 44 | €37,707 | €21,413 | -€16,293 | -43.2% |
| Suppliers | 440/4 | €37,707 | €21,413 | -€16,293 | -43.2% |
| Taxes, remuneration and social security | 45 | €47,331 | €62,311 | +€14,980 | +31.6% |
| Taxes | 450/3 | €1,492 | €12,676 | +€11,184 | +750% |
| Remuneration and social security | 454/9 | €45,839 | €49,635 | +€3,796 | +8.3% |
| Other amounts payable | 47/48 | €7,122 | €36,054 | +€28,932 | +406% |
| Accrued charges and deferred income | 492/3 | €181 | €137 | -€44 | -24.5% |
| Remuneration, social security and pensions | 62 | €372,499 | €410,218 | +€37,720 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €257,071 | €272,121 | +€15,051 | +5.9% |
| Other operating charges | 640/8 | €16,384 | €22,830 | +€6,446 | +39.3% |
| Gross operating margin | 9900 | €1,306,750 | €1,365,510 | +€58,760 | +4.5% |
| Operating profit (loss) | 9901 | €660,796 | €660,340 | -€456 | -0.1% |
| Financial income | 75/76B | €8,837 | €13,430 | +€4,594 | +52.0% |
| Recurring financial income | 75 | €8,837 | €13,430 | +€4,594 | +52.0% |
| Financial charges | 65/66B | €38,705 | €47,432 | +€8,727 | +22.5% |
| Recurring financial charges | 65 | €38,705 | €47,432 | +€8,727 | +22.5% |
| Profit (loss) for the period before taxes | 9903 | €630,928 | €626,339 | -€4,589 | -0.7% |
| Income taxes | 67/77 | €203,094 | €166,321 | -€36,773 | -18.1% |
| Profit (loss) for the period | 9904 | €427,834 | €460,017 | +€32,183 | +7.5% |
| Transfer to tax-exempt reserves | 689 | - | €289,648 | +€289,648 | |
| Profit (loss) for the period to be appropriated | 9905 | €427,834 | €170,369 | -€257,465 | -60.2% |
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 15 October 2026 via checked.be.