HAFA: 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.
HAFA
Largest movements
- Tangible fixed assets +€484,327
new in 2025: €484,327
- Stocks and contracts +€115,000
new in 2025: €115,000
- Cash -€55,054
down €55,054 (-19.3%), from €284,882 to €229,828
mainly Investment in fixed assets (net) (-€543,200) and Stocks and contracts (-€115,000)
- Debts after one year +€459,655
new in 2025: €459,655
- Reserves +€36,034
up €36,034 (+9.7%), from €373,105 to €409,140
- Current portion of long-term debt +€25,345
new in 2025: €25,345
- Gross operating margin +€107,469
up €107,469 (+92.7%), from €115,887 to €223,356
- Depreciation +€58,873
new in 2025: €58,873
- Staff costs +€38,870
up €38,870 (+51.0%), from €76,183 to €115,052
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 | €401,646 | €939,629 | +€537,982 | +134% |
| Fixed assets | 21/28 | - | €484,327 | +€484,327 | |
| Tangible fixed assets | 22/27 | - | €484,327 | +€484,327 | |
| Land and buildings | 22 | - | €484,327 | +€484,327 | |
| Current assets | 29/58 | €401,646 | €455,301 | +€53,655 | +13.4% |
| Stocks and contracts in progress | 3 | - | €115,000 | +€115,000 | |
| Contracts in progress | 37 | - | €115,000 | +€115,000 | |
| Amounts receivable within one year | 40/41 | €116,764 | €110,473 | -€6,291 | -5.4% |
| Trade receivables | 40 | €0 | €15,714 | +€15,714 | |
| Other amounts receivable | 41 | €116,764 | €94,759 | -€22,005 | -18.8% |
| Cash at bank and in hand | 54/58 | €284,882 | €229,828 | -€55,054 | -19.3% |
| Deferred charges and accrued income | 490/1 | €1 | €1 | +€0 | +1.8% |
| Total equity and liabilities | 10/49 | €401,646 | €939,629 | +€537,982 | +134% |
| Equity | 10/15 | €379,305 | €415,340 | +€36,034 | +9.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €373,105 | €409,140 | +€36,034 | +9.7% |
| Distributable reserves | 133 | €373,105 | €409,140 | +€36,034 | +9.7% |
| Amounts payable | 17/49 | €22,341 | €524,289 | +€501,948 | +2,247% |
| Amounts payable after more than one year | 17 | - | €459,655 | +€459,655 | |
| Financial debts | 170/4 | - | €459,655 | +€459,655 | |
| Amounts payable within one year | 42/48 | €22,341 | €64,575 | +€42,234 | +189% |
| Current portion of amounts payable after more than one year | 42 | - | €25,345 | +€25,345 | |
| Trade debts | 44 | €203 | €8,257 | +€8,053 | +3,959% |
| Suppliers | 440/4 | €203 | €8,257 | +€8,053 | +3,959% |
| Taxes, remuneration and social security | 45 | €21,578 | €30,413 | +€8,835 | +40.9% |
| Taxes | 450/3 | €4,097 | €10,824 | +€6,727 | +164% |
| Remuneration and social security | 454/9 | €17,481 | €19,589 | +€2,108 | +12.1% |
| Other amounts payable | 47/48 | €560 | €560 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €59 | +€59 | |
| Remuneration, social security and pensions | 62 | €76,183 | €115,052 | +€38,870 | +51.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €58,873 | +€58,873 | |
| Other operating charges | 640/8 | €387 | €1,661 | +€1,274 | +329% |
| Gross operating margin | 9900 | €115,887 | €223,356 | +€107,469 | +92.7% |
| Operating profit (loss) | 9901 | €39,317 | €47,770 | +€8,453 | +21.5% |
| Financial income | 75/76B | €1,750 | €1,785 | +€35 | +2.0% |
| Recurring financial income | 75 | €1,750 | €1,785 | +€35 | +2.0% |
| Financial charges | 65/66B | €594 | €1,306 | +€712 | +120% |
| Recurring financial charges | 65 | €594 | €1,306 | +€712 | +120% |
| Profit (loss) for the period before taxes | 9903 | €40,473 | €48,248 | +€7,775 | +19.2% |
| Income taxes | 67/77 | €10,267 | €12,214 | +€1,947 | +19.0% |
| Profit (loss) for the period | 9904 | €30,206 | €36,034 | +€5,828 | +19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €30,206 | €36,034 | +€5,828 | +19.3% |
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 23 October 2026 via checked.be.