HAI: 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.
HAI
Largest movements
- Stocks and contracts +€49,646
up €49,646 (+50.7%), from €97,908 to €147,554
- Cash +€4,183
up €4,183 (+11.1%), from €37,750 to €41,933
mainly Trade debts (+€23,551) and Net result for the year (+€22,425)
- Tangible fixed assets -€3,518
down €3,518 (-14.6%), from €24,021 to €20,503
of which Furniture and vehicles: -€2,214
- Receivables within one year -€2,919
down €2,919 (-15.4%), from €18,911 to €15,992
of which Trade receivables: -€5,337
- Trade debts +€23,551
up €23,551 (+32.8%), from €71,734 to €95,285
- Reserves +€22,425
up €22,425 (+41.1%), from €54,504 to €76,929
- Write-downs -€46,662
no longer reported in 2025 (was €46,662)
- Gross operating margin -€29,908
down €29,908 (-23.4%), from €127,636 to €97,728
- Staff costs +€4,384
up €4,384 (+10.4%), from €42,085 to €46,469
- Taxes +€2,390
up €2,390 (+26.3%), from €9,092 to €11,482
- Other operating charges -€2,231
down €2,231 (-67.2%), from €3,318 to €1,087
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €179,243 | €226,397 | +€47,154 | +26.3% |
| Fixed assets | 21/28 | €24,021 | €20,503 | -€3,518 | -14.6% |
| Tangible fixed assets | 22/27 | €24,021 | €20,503 | -€3,518 | -14.6% |
| Furniture and vehicles | 24 | €3,947 | €1,733 | -€2,214 | -56.1% |
| Other tangible fixed assets | 26 | €20,074 | €18,770 | -€1,304 | -6.5% |
| Current assets | 29/58 | €155,222 | €205,894 | +€50,672 | +32.6% |
| Stocks and contracts in progress | 3 | €97,908 | €147,554 | +€49,646 | +50.7% |
| Stocks | 30/36 | €97,908 | €147,554 | +€49,646 | +50.7% |
| Amounts receivable within one year | 40/41 | €18,911 | €15,992 | -€2,919 | -15.4% |
| Trade receivables | 40 | €17,177 | €11,840 | -€5,337 | -31.1% |
| Other amounts receivable | 41 | €1,734 | €4,152 | +€2,418 | +139.5% |
| Cash at bank and in hand | 54/58 | €37,750 | €41,933 | +€4,183 | +11.1% |
| Deferred charges and accrued income | 490/1 | €653 | €415 | -€238 | -36.4% |
| Total equity and liabilities | 10/49 | €179,243 | €226,397 | +€47,154 | +26.3% |
| Equity | 10/15 | €63,504 | €85,929 | +€22,425 | +35.3% |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Outside capital | 11 | - | €9,000 | +€9,000 | |
| Other | 1109/19 | - | €9,000 | +€9,000 | |
| Reserves | 13 | €54,504 | €76,929 | +€22,425 | +41.1% |
| Distributable reserves | 133 | €54,504 | €76,929 | +€22,425 | +41.1% |
| Amounts payable | 17/49 | €115,739 | €140,468 | +€24,729 | +21.4% |
| Amounts payable within one year | 42/48 | €110,919 | €135,421 | +€24,502 | +22.1% |
| Trade debts | 44 | €71,734 | €95,285 | +€23,551 | +32.8% |
| Suppliers | 440/4 | €71,734 | €95,285 | +€23,551 | +32.8% |
| Taxes, remuneration and social security | 45 | €39,185 | €40,136 | +€951 | +2.4% |
| Taxes | 450/3 | €32,456 | €35,091 | +€2,635 | +8.1% |
| Remuneration and social security | 454/9 | €6,729 | €5,045 | -€1,684 | -25.0% |
| Accrued charges and deferred income | 492/3 | €4,820 | €5,047 | +€227 | +4.7% |
| Non-recurring operating income | 76A | €13 | €1,764 | +€1,751 | +13468.7% |
| Remuneration, social security and pensions | 62 | €42,085 | €46,469 | +€4,384 | +10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,345 | €6,818 | -€1,527 | -18.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €46,662 | - | -€46,662 | |
| Other operating charges | 640/8 | €3,318 | €1,087 | -€2,231 | -67.2% |
| Non-recurring operating charges | 66A | €9 | €1,311 | +€1,302 | +14467.1% |
| Gross operating margin | 9900 | €127,636 | €97,728 | -€29,908 | -23.4% |
| Operating profit (loss) | 9901 | €27,217 | €42,044 | +€14,827 | +54.5% |
| Financial income | 75/76B | €126 | €286 | +€160 | +126.8% |
| Recurring financial income | 75 | €126 | €286 | +€160 | +126.8% |
| Financial charges | 65/66B | €8,496 | €8,422 | -€74 | -0.9% |
| Recurring financial charges | 65 | €8,496 | €8,422 | -€74 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €18,847 | €33,907 | +€15,060 | +79.9% |
| Income taxes | 67/77 | €9,092 | €11,482 | +€2,390 | +26.3% |
| Profit (loss) for the period | 9904 | €9,755 | €22,425 | +€12,670 | +129.9% |
| Profit (loss) for the period to be appropriated | 9905 | €9,755 | €22,425 | +€12,670 | +129.9% |
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 6 October 2026 via checked.be.