HAFEL: 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.
What changed
HAFEL
NACE 43.320, Joinery installation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€75,952
2024 · €20,762+€55,190
Equity
€333,519
2024 · €287,567+€45,952
Cash
€3,346
2024 · €6,885-€3,539
Balance sheet total
€868,960
2024 · €537,520+€331,440
Largest movements
Assets
- Tangible fixed assets +€335,693
up €335,693 (+1079.6%), from €31,095 to €366,788
of which Land and buildings: +€348,993
- Stocks and contracts -€10,587
no longer reported in 2025 (was €10,587)
Equity and liabilities
- Debts after one year +€286,622
new in 2025: €286,622
- Profit (loss) carried forward +€45,952
up €45,952 (+19.0%), from €241,612 to €287,564
- Short-term financial debts +€30,369
up €30,369 (+173.1%), from €17,544 to €47,913
- Tax, wage and social debts -€17,034
down €17,034 (-30.3%), from €56,279 to €39,244
of which Remuneration and social security: -€11,195
Income statement
- Gross operating margin +€114,159
up €114,159 (+77.3%), from €147,726 to €261,885
- Purchases and services -€103,875
down €103,875 (-8.8%), from €1.2m to €1.1m
- Staff costs +€40,481
up €40,481 (+46.7%), from €86,602 to €127,083
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.
Result 2024
€20,762
Gross operating margin
+€114,159
Staff costs
-€40,481
Depreciation
+€170
Other operating charges
+€3,057
Other operating items
-€14,687
Financial income
-€863
Financial charges
-€9,916
Taxes
+€3,751
Result 2025
€75,952
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.
From operations
+€70,742
Investment
-€353,283
Financing
+€279,002
Cash 2024
€6,885
From operations (derived)
+€70,742
Net result for the year
+€75,952
Depreciation
+€17,590
Stocks and contracts
+€10,587
Receivables within one year
-€8,291
Deferred charges and accrued income
-€1,582
Trade debts
-€6,480
Tax, wage and social debts
-€17,034
Investment (derived)
-€353,283
Investment in fixed assets (net)
-€353,283
Financing
+€279,002
Debts after one year
+€286,622
Current portion of long-term debt
-€7,989
Short-term financial debts
+€30,369
Contributions, distributions and other
-€30,000
Cash 2025
€3,346
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €537,520 | €868,960 | +€331,440 | +61.7% |
| Fixed assets | 21/28 | €65,095 | €400,788 | +€335,693 | +515.7% |
| Tangible fixed assets | 22/27 | €31,095 | €366,788 | +€335,693 | +1079.6% |
| Land and buildings | 22 | - | €348,993 | +€348,993 | |
| Furniture and vehicles | 24 | €31,095 | €17,795 | -€13,300 | -42.8% |
| Financial fixed assets | 28 | €34,000 | €34,000 | = | 0.0% |
| Current assets | 29/58 | €472,425 | €468,172 | -€4,253 | -0.9% |
| Stocks and contracts in progress | 3 | €10,587 | - | -€10,587 | |
| Stocks | 30/36 | €10,587 | - | -€10,587 | |
| Amounts receivable within one year | 40/41 | €453,568 | €461,859 | +€8,291 | +1.8% |
| Trade receivables | 40 | €217,084 | €336,517 | +€119,433 | +55.0% |
| Other amounts receivable | 41 | €236,484 | €125,342 | -€111,142 | -47.0% |
| Cash at bank and in hand | 54/58 | €6,885 | €3,346 | -€3,539 | -51.4% |
| Deferred charges and accrued income | 490/1 | €1,385 | €2,967 | +€1,582 | +114.2% |
| Total equity and liabilities | 10/49 | €537,520 | €868,960 | +€331,440 | +61.7% |
| Equity | 10/15 | €287,567 | €333,519 | +€45,952 | +16.0% |
| Contributions | 10/11 | €15,295 | €15,295 | = | 0.0% |
| Capital | 10 | €15,295 | €15,295 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €3,305 | €3,305 | = | 0.0% |
| Reserves | 13 | €30,660 | €30,660 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €28,800 | €28,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €241,612 | €287,564 | +€45,952 | +19.0% |
| Amounts payable | 17/49 | €249,953 | €535,440 | +€285,487 | +114.2% |
| Amounts payable after more than one year | 17 | - | €286,622 | +€286,622 | |
| Financial debts | 170/4 | - | €286,622 | +€286,622 | |
| Amounts payable within one year | 42/48 | €249,953 | €248,819 | -€1,134 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €19,262 | €11,273 | -€7,989 | -41.5% |
| Financial debts | 43 | €17,544 | €47,913 | +€30,369 | +173.1% |
| Credit institutions | 430/8 | €17,544 | €47,913 | +€30,369 | +173.1% |
| Trade debts | 44 | €156,868 | €150,388 | -€6,480 | -4.1% |
| Suppliers | 440/4 | €156,868 | €150,388 | -€6,480 | -4.1% |
| Taxes, remuneration and social security | 45 | €56,279 | €39,244 | -€17,034 | -30.3% |
| Taxes | 450/3 | €27,609 | €21,770 | -€5,839 | -21.1% |
| Remuneration and social security | 454/9 | €28,670 | €17,475 | -€11,195 | -39.0% |
| Turnover | 70 | €1,325,833 | €1,328,244 | +€2,411 | +0.2% |
| Non-recurring operating income | 76A | - | €7,733 | +€7,733 | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,178,107 | €1,074,232 | -€103,875 | -8.8% |
| Remuneration, social security and pensions | 62 | €86,602 | €127,083 | +€40,481 | +46.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,760 | €17,590 | -€170 | -1.0% |
| Other operating charges | 640/8 | €9,622 | €6,566 | -€3,057 | -31.8% |
| Non-recurring operating charges | 66A | - | €14,687 | +€14,687 | |
| Gross operating margin | 9900 | €147,726 | €261,885 | +€114,159 | +77.3% |
| Operating profit (loss) | 9901 | €33,742 | €95,960 | +€62,218 | +184.4% |
| Financial income | 75/76B | €5,833 | €4,969 | -€863 | -14.8% |
| Recurring financial income | 75 | €5,833 | €4,969 | -€863 | -14.8% |
| Financial charges | 65/66B | €5,061 | €14,977 | +€9,916 | +195.9% |
| Recurring financial charges | 65 | €5,061 | €14,977 | +€9,916 | +195.9% |
| Profit (loss) for the period before taxes | 9903 | €34,514 | €85,952 | +€51,439 | +149.0% |
| Income taxes | 67/77 | €13,751 | €10,000 | -€3,751 | -27.3% |
| Profit (loss) for the period | 9904 | €20,762 | €75,952 | +€55,190 | +265.8% |
| Profit (loss) for the period to be appropriated | 9905 | €20,762 | €75,952 | +€55,190 | +265.8% |
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 8 October 2026 via checked.be.