HAF: 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.
HAF
Largest movements
- Cash +€24,347
up €24,347 (+319%), from €7,640 to €31,986
mainly Other debts (+€23,885) and Receivables within one year (+€17,855)
- Receivables within one year -€17,855
down €17,855 (-93.3%), from €19,136 to €1,281
of which Trade receivables: -€13,215
- Tangible fixed assets +€6,681
up €6,681 (+995%), from €671 to €7,352
of which Plant, machinery and equipment: +€6,312
- Stocks and contracts +€5,106
up €5,106 (+150%), from €3,394 to €8,500
- Financial fixed assets -€4,200
down €4,200 (-100%), from €4,200 to €0
- Other debts +€23,885
new in 2025: €23,885
- Trade debts -€14,050
down €14,050 (-93.9%), from €14,969 to €919
- Profit (loss) carried forward +€2,935
up €2,935 (+24.5%), from €11,985 to €14,920
- Tax, wage and social debts +€1,304
up €1,304 (+42.2%), from €3,092 to €4,396
- Gross operating margin -€10,600
down €10,600 (-65.1%), from €16,290 to €5,690
- Taxes -€2,236
down €2,236 (-73.7%), from €3,034 to €798
- Depreciation +€897
up €897 (+288%), from €311 to €1,208
- Financial charges -€312
down €312 (-29.4%), from €1,061 to €749
- Financial income -€173
down €173 (-78.5%), from €220 to €47
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 | €35,047 | €49,120 | +€14,073 | +40.2% |
| Fixed assets | 21/28 | €4,871 | €7,352 | +€2,481 | +50.9% |
| Tangible fixed assets | 22/27 | €671 | €7,352 | +€6,681 | +995% |
| Plant, machinery and equipment | 23 | - | €6,312 | +€6,312 | |
| Furniture and vehicles | 24 | €671 | €1,040 | +€369 | +54.9% |
| Financial fixed assets | 28 | €4,200 | €0 | -€4,200 | -100% |
| Current assets | 29/58 | €30,175 | €41,768 | +€11,593 | +38.4% |
| Stocks and contracts in progress | 3 | €3,394 | €8,500 | +€5,106 | +150% |
| Stocks | 30/36 | €3,394 | €8,500 | +€5,106 | +150% |
| Amounts receivable within one year | 40/41 | €19,136 | €1,281 | -€17,855 | -93.3% |
| Trade receivables | 40 | €14,496 | €1,281 | -€13,215 | -91.2% |
| Other amounts receivable | 41 | €4,640 | - | -€4,640 | |
| Cash at bank and in hand | 54/58 | €7,640 | €31,986 | +€24,347 | +319% |
| Deferred charges and accrued income | 490/1 | €5 | - | -€5 | |
| Total equity and liabilities | 10/49 | €35,047 | €49,120 | +€14,073 | +40.2% |
| Equity | 10/15 | €16,985 | €19,920 | +€2,935 | +17.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,985 | €14,920 | +€2,935 | +24.5% |
| Amounts payable | 17/49 | €18,062 | €29,200 | +€11,138 | +61.7% |
| Amounts payable within one year | 42/48 | €18,062 | €29,200 | +€11,138 | +61.7% |
| Trade debts | 44 | €14,969 | €919 | -€14,050 | -93.9% |
| Suppliers | 440/4 | €14,969 | €919 | -€14,050 | -93.9% |
| Taxes, remuneration and social security | 45 | €3,092 | €4,396 | +€1,304 | +42.2% |
| Taxes | 450/3 | €3,092 | €4,396 | +€1,304 | +42.2% |
| Other amounts payable | 47/48 | - | €23,885 | +€23,885 | |
| Remuneration, social security and pensions | 62 | €119 | - | -€119 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €311 | €1,208 | +€897 | +288% |
| Other operating charges | 640/8 | - | €47 | +€47 | |
| Gross operating margin | 9900 | €16,290 | €5,690 | -€10,600 | -65.1% |
| Operating profit (loss) | 9901 | €15,860 | €4,435 | -€11,425 | -72.0% |
| Financial income | 75/76B | €220 | €47 | -€173 | -78.5% |
| Recurring financial income | 75 | €220 | €47 | -€173 | -78.5% |
| Financial charges | 65/66B | €1,061 | €749 | -€312 | -29.4% |
| Recurring financial charges | 65 | €1,061 | €749 | -€312 | -29.4% |
| Profit (loss) for the period before taxes | 9903 | €15,018 | €3,733 | -€11,285 | -75.1% |
| Income taxes | 67/77 | €3,034 | €798 | -€2,236 | -73.7% |
| Profit (loss) for the period | 9904 | €11,985 | €2,935 | -€9,050 | -75.5% |
| Profit (loss) for the period to be appropriated | 9905 | €11,985 | €2,935 | -€9,050 | -75.5% |
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.