HAFEZ HOLDING: 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.
HAFEZ HOLDING
Largest movements
- Receivables within one year -€732,285
down €732,285 (-85.9%), from €852,487 to €120,201
of which Trade receivables: -€708,401
- Trade debts -€751,084
down €751,084 (-99.9%), from €751,792 to €708
- Other debts +€86,732
up €86,732 (+111,927%), from €77 to €86,810
- Tax, wage and social debts -€77,476
down €77,476 (-68.4%), from €113,229 to €35,753
- Other operating charges -€11,104
down €11,104 (-72.0%), from €15,424 to €4,320
- Write-downs +€9,102
new in 2025: €9,102
- Gross operating margin +€4,273
up €4,273 (+27.9%), from €15,291 to €19,564
- Financial charges +€4,085
up €4,085 (+289%), from €1,415 to €5,500
- Financial income -€1,304
down €1,304 (-37.9%), from €3,441 to €2,138
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 | €868,683 | €127,933 | -€740,750 | -85.3% |
| Formation expenses | 20 | €1,042 | €661 | -€381 | -36.6% |
| Fixed assets | 21/28 | €3,000 | €3,000 | = | 0.0% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €864,642 | €124,272 | -€740,369 | -85.6% |
| Amounts receivable within one year | 40/41 | €852,487 | €120,201 | -€732,285 | -85.9% |
| Trade receivables | 40 | €776,601 | €68,200 | -€708,401 | -91.2% |
| Other amounts receivable | 41 | €75,886 | €52,001 | -€23,884 | -31.5% |
| Cash at bank and in hand | 54/58 | €1,918 | €1,933 | +€16 | +0.8% |
| Deferred charges and accrued income | 490/1 | €10,237 | €2,138 | -€8,100 | -79.1% |
| Total equity and liabilities | 10/49 | €868,683 | €127,933 | -€740,750 | -85.3% |
| Equity | 10/15 | €3,584 | €4,662 | +€1,078 | +30.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €584 | €1,662 | +€1,078 | +185% |
| Distributable reserves | 133 | €584 | €1,662 | +€1,078 | +185% |
| Amounts payable | 17/49 | €865,100 | €123,271 | -€741,829 | -85.8% |
| Amounts payable within one year | 42/48 | €865,098 | €123,271 | -€741,828 | -85.8% |
| Trade debts | 44 | €751,792 | €708 | -€751,084 | -99.9% |
| Suppliers | 440/4 | €751,792 | €708 | -€751,084 | -99.9% |
| Taxes, remuneration and social security | 45 | €113,229 | €35,753 | -€77,476 | -68.4% |
| Taxes | 450/3 | €113,229 | €35,753 | -€77,476 | -68.4% |
| Other amounts payable | 47/48 | €77 | €86,810 | +€86,732 | +111,927% |
| Accrued charges and deferred income | 492/3 | €1 | €0 | -€1 | -100% |
| Non-recurring operating income | 76A | €274 | €0 | -€274 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €381 | €381 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €9,102 | +€9,102 | |
| Other operating charges | 640/8 | €15,424 | €4,320 | -€11,104 | -72.0% |
| Gross operating margin | 9900 | €15,291 | €19,564 | +€4,273 | +27.9% |
| Operating profit (loss) | 9901 | -€514 | €5,760 | +€6,275 | |
| Financial income | 75/76B | €3,441 | €2,138 | -€1,304 | -37.9% |
| Recurring financial income | 75 | €3,441 | €2,138 | -€1,304 | -37.9% |
| Financial charges | 65/66B | €1,415 | €5,500 | +€4,085 | +289% |
| Recurring financial charges | 65 | €1,415 | €5,500 | +€4,085 | +289% |
| Profit (loss) for the period before taxes | 9903 | €1,512 | €2,398 | +€886 | +58.6% |
| Income taxes | 67/77 | €1,053 | €1,320 | +€266 | +25.3% |
| Profit (loss) for the period | 9904 | €459 | €1,078 | +€620 | +135% |
| Profit (loss) for the period to be appropriated | 9905 | €459 | €1,078 | +€620 | +135% |
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 1 November 2026 via checked.be.