HAFRO de lux: 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.
HAFRO de lux
Largest movements
- Tangible fixed assets -€24,127
down €24,127 (-22.0%), from €109,467 to €85,340
of which Furniture and vehicles: -€22,013
- Cash -€17,889
down €17,889 (-38.8%), from €46,127 to €28,238
mainly Debts after one year (-€18,096) and Receivables within one year (-€15,222)
- Receivables within one year +€15,222
up €15,222 (+14.8%), from €102,530 to €117,752
of which Trade receivables: +€14,471
- Deferred charges and accrued income +€4,496
up €4,496 (+91.7%), from €4,900 to €9,396
- Debts after one year -€18,096
down €18,096 (-17.0%), from €106,681 to €88,584
of which Financial debts: -€15,428
- Trade debts -€3,187
down €3,187 (-3.9%), from €81,298 to €78,111
- Gross operating margin -€150,327
down €150,327 (-51.1%), from €294,089 to €143,762
- Staff costs -€83,373
down €83,373 (-44.8%), from €185,910 to €102,537
- Taxes -€10,309
down €10,309 (-84.7%), from €12,178 to €1,869
- Depreciation -€4,267
down €4,267 (-11.5%), from €37,158 to €32,891
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 | €263,024 | €240,727 | -€22,297 | -8.5% |
| Fixed assets | 21/28 | €109,467 | €85,340 | -€24,127 | -22.0% |
| Tangible fixed assets | 22/27 | €109,467 | €85,340 | -€24,127 | -22.0% |
| Plant, machinery and equipment | 23 | €15,371 | €13,258 | -€2,114 | -13.8% |
| Furniture and vehicles | 24 | €94,095 | €72,082 | -€22,013 | -23.4% |
| Current assets | 29/58 | €153,557 | €155,387 | +€1,829 | +1.2% |
| Amounts receivable within one year | 40/41 | €102,530 | €117,752 | +€15,222 | +14.8% |
| Trade receivables | 40 | €101,516 | €115,987 | +€14,471 | +14.3% |
| Other amounts receivable | 41 | €1,014 | €1,765 | +€751 | +74.0% |
| Cash at bank and in hand | 54/58 | €46,127 | €28,238 | -€17,889 | -38.8% |
| Deferred charges and accrued income | 490/1 | €4,900 | €9,396 | +€4,496 | +91.7% |
| Total equity and liabilities | 10/49 | €263,024 | €240,727 | -€22,297 | -8.5% |
| Equity | 10/15 | €50,647 | €51,426 | +€778 | +1.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €49,647 | €50,426 | +€778 | +1.6% |
| Distributable reserves | 133 | €49,647 | €50,426 | +€778 | +1.6% |
| Amounts payable | 17/49 | €212,377 | €189,301 | -€23,076 | -10.9% |
| Amounts payable after more than one year | 17 | €106,681 | €88,584 | -€18,096 | -17.0% |
| Financial debts | 170/4 | €47,082 | €31,654 | -€15,428 | -32.8% |
| Other amounts payable | 178/9 | €59,599 | €56,931 | -€2,668 | -4.5% |
| Amounts payable within one year | 42/48 | €105,696 | €100,716 | -€4,979 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €14,726 | €15,428 | +€702 | +4.8% |
| Trade debts | 44 | €81,298 | €78,111 | -€3,187 | -3.9% |
| Suppliers | 440/4 | €81,298 | €78,111 | -€3,187 | -3.9% |
| Taxes, remuneration and social security | 45 | €9,672 | €7,178 | -€2,495 | -25.8% |
| Taxes | 450/3 | €2,189 | €0 | -€2,189 | -100% |
| Remuneration and social security | 454/9 | €7,483 | €7,178 | -€305 | -4.1% |
| Remuneration, social security and pensions | 62 | €185,910 | €102,537 | -€83,373 | -44.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,158 | €32,891 | -€4,267 | -11.5% |
| Other operating charges | 640/8 | €5,308 | €3,063 | -€2,245 | -42.3% |
| Gross operating margin | 9900 | €294,089 | €143,762 | -€150,327 | -51.1% |
| Operating profit (loss) | 9901 | €65,713 | €5,269 | -€60,443 | -92.0% |
| Financial charges | 65/66B | €3,887 | €2,622 | -€1,266 | -32.6% |
| Recurring financial charges | 65 | €3,887 | €2,622 | -€1,266 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | €61,825 | €2,648 | -€59,178 | -95.7% |
| Income taxes | 67/77 | €12,178 | €1,869 | -€10,309 | -84.7% |
| Profit (loss) for the period | 9904 | €49,647 | €778 | -€48,869 | -98.4% |
| Profit (loss) for the period to be appropriated | 9905 | €49,647 | €778 | -€48,869 | -98.4% |
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.