HAFK: 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.
HAFK
Largest movements
- Cash +€14,387
up €14,387 (+40.1%), from €35,892 to €50,279
mainly Net result for the year (+€28,294) and Depreciation (+€8,824)
- Stocks and contracts +€4,159
new in 2025: €4,159
- Receivables within one year +€1,683
up €1,683 (+5.0%), from €33,591 to €35,275
of which Trade receivables: +€3,562
- Reserves +€26,694
up €26,694 (+79.4%), from €33,632 to €60,326
- Trade debts -€4,290
down €4,290 (-27.8%), from €15,442 to €11,152
- Debts after one year -€4,087
down €4,087 (-24.0%), from €17,021 to €12,934
- Other debts +€1,953
up €1,953 (+23.4%), from €8,353 to €10,306
- Gross operating margin -€13,867
down €13,867 (-23.0%), from €60,166 to €46,300
- Depreciation -€5,696
down €5,696 (-39.2%), from €14,520 to €8,824
- Taxes -€1,841
down €1,841 (-20.0%), from €9,218 to €7,377
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 | €86,076 | €105,477 | +€19,401 | +22.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €16,592 | €15,764 | -€828 | -5.0% |
| Tangible fixed assets | 22/27 | €16,592 | €15,764 | -€828 | -5.0% |
| Plant, machinery and equipment | 23 | €5,870 | €10,655 | +€4,785 | +81.5% |
| Furniture and vehicles | 24 | €10,722 | €5,109 | -€5,613 | -52.4% |
| Current assets | 29/58 | €69,484 | €89,713 | +€20,229 | +29.1% |
| Stocks and contracts in progress | 3 | - | €4,159 | +€4,159 | |
| Stocks | 30/36 | - | €4,159 | +€4,159 | |
| Amounts receivable within one year | 40/41 | €33,591 | €35,275 | +€1,683 | +5.0% |
| Trade receivables | 40 | €31,309 | €34,871 | +€3,562 | +11.4% |
| Other amounts receivable | 41 | €2,282 | €404 | -€1,878 | -82.3% |
| Cash at bank and in hand | 54/58 | €35,892 | €50,279 | +€14,387 | +40.1% |
| Total equity and liabilities | 10/49 | €86,076 | €105,477 | +€19,401 | +22.5% |
| Equity | 10/15 | €38,632 | €65,326 | +€26,694 | +69.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €33,632 | €60,326 | +€26,694 | +79.4% |
| Distributable reserves | 133 | €33,632 | €60,326 | +€26,694 | +79.4% |
| Amounts payable | 17/49 | €47,444 | €40,151 | -€7,293 | -15.4% |
| Amounts payable after more than one year | 17 | €17,021 | €12,934 | -€4,087 | -24.0% |
| Financial debts | 170/4 | €17,021 | €12,934 | -€4,087 | -24.0% |
| Amounts payable within one year | 42/48 | €29,971 | €26,849 | -€3,122 | -10.4% |
| Current portion of amounts payable after more than one year | 42 | €3,979 | €4,087 | +€107 | +2.7% |
| Trade debts | 44 | €15,442 | €11,152 | -€4,290 | -27.8% |
| Suppliers | 440/4 | €15,442 | €11,152 | -€4,290 | -27.8% |
| Taxes, remuneration and social security | 45 | €2,196 | €1,305 | -€891 | -40.6% |
| Taxes | 450/3 | €2,196 | €1,305 | -€891 | -40.6% |
| Other amounts payable | 47/48 | €8,353 | €10,306 | +€1,953 | +23.4% |
| Accrued charges and deferred income | 492/3 | €452 | €368 | -€85 | -18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,520 | €8,824 | -€5,696 | -39.2% |
| Other operating charges | 640/8 | €825 | €783 | -€42 | -5.1% |
| Gross operating margin | 9900 | €60,166 | €46,300 | -€13,867 | -23.0% |
| Operating profit (loss) | 9901 | €44,821 | €36,693 | -€8,129 | -18.1% |
| Financial income | 75/76B | €84 | €12 | -€72 | -85.5% |
| Recurring financial income | 75 | €84 | €12 | -€72 | -85.5% |
| Financial charges | 65/66B | €456 | €1,034 | +€578 | +127% |
| Recurring financial charges | 65 | €456 | €1,034 | +€578 | +127% |
| Profit (loss) for the period before taxes | 9903 | €44,450 | €35,671 | -€8,779 | -19.7% |
| Income taxes | 67/77 | €9,218 | €7,377 | -€1,841 | -20.0% |
| Profit (loss) for the period | 9904 | €35,232 | €28,294 | -€6,938 | -19.7% |
| Profit (loss) for the period to be appropriated | 9905 | €35,232 | €28,294 | -€6,938 | -19.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.