HAI LAEO: 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.
HAI LAEO
Largest movements
- Tangible fixed assets -€152,820
down €152,820 (-11.6%), from €1.3m to €1.2m
of which Other tangible fixed assets: -€124,478
- Cash +€70,427
up €70,427 (+27.1%), from €259,712 to €330,139
mainly Depreciation (+€163,658) and Receivables within one year (+€37,693)
- Receivables within one year -€37,693
down €37,693 (-88.2%), from €42,713 to €5,020
of which Trade receivables: -€28,716
- Debts after one year -€161,692
down €161,692 (-18.5%), from €873,450 to €711,758
- Trade debts -€30,670
down €30,670 (-20.7%), from €148,487 to €117,816
- Profit (loss) carried forward +€26,046
up €26,046, from -€20,590 to €5,456
- Tax, wage and social debts +€21,037
up €21,037 (+26.0%), from €80,785 to €101,823
of which Remuneration and social security: +€10,541
- Staff costs -€186,240
down €186,240 (-28.8%), from €646,954 to €460,713
- Gross operating margin -€131,087
down €131,087 (-15.7%), from €836,190 to €705,103
- Depreciation +€10,092
up €10,092 (+6.6%), from €153,566 to €163,658
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 | €1,662,244 | €1,546,344 | -€115,900 | -7.0% |
| Fixed assets | 21/28 | €1,317,915 | €1,165,095 | -€152,820 | -11.6% |
| Tangible fixed assets | 22/27 | €1,317,320 | €1,164,500 | -€152,820 | -11.6% |
| Plant, machinery and equipment | 23 | €131,277 | €104,774 | -€26,503 | -20.2% |
| Furniture and vehicles | 24 | €8,031 | €6,191 | -€1,840 | -22.9% |
| Other tangible fixed assets | 26 | €1,178,012 | €1,053,535 | -€124,478 | -10.6% |
| Financial fixed assets | 28 | €595 | €595 | = | 0.0% |
| Current assets | 29/58 | €344,329 | €381,249 | +€36,920 | +10.7% |
| Stocks and contracts in progress | 3 | €17,618 | €19,046 | +€1,427 | +8.1% |
| Stocks | 30/36 | €17,618 | €19,046 | +€1,427 | +8.1% |
| Amounts receivable within one year | 40/41 | €42,713 | €5,020 | -€37,693 | -88.2% |
| Trade receivables | 40 | €32,304 | €3,588 | -€28,716 | -88.9% |
| Other amounts receivable | 41 | €10,409 | €1,432 | -€8,977 | -86.2% |
| Cash at bank and in hand | 54/58 | €259,712 | €330,139 | +€70,427 | +27.1% |
| Deferred charges and accrued income | 490/1 | €24,285 | €27,044 | +€2,759 | +11.4% |
| Total equity and liabilities | 10/49 | €1,662,244 | €1,546,344 | -€115,900 | -7.0% |
| Equity | 10/15 | €372,410 | €398,456 | +€26,046 | +7.0% |
| Contributions | 10/11 | €393,000 | €393,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,590 | €5,456 | +€26,046 | |
| Amounts payable | 17/49 | €1,289,834 | €1,147,888 | -€141,946 | -11.0% |
| Amounts payable after more than one year | 17 | €873,450 | €711,758 | -€161,692 | -18.5% |
| Financial debts | 170/4 | €873,450 | €711,758 | -€161,692 | -18.5% |
| Amounts payable within one year | 42/48 | €413,084 | €433,322 | +€20,238 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €168,381 | €174,892 | +€6,511 | +3.9% |
| Financial debts | 43 | €855 | €10,743 | +€9,888 | +1,157% |
| Credit institutions | 430/8 | €855 | €10,743 | +€9,888 | +1,157% |
| Trade debts | 44 | €148,487 | €117,816 | -€30,670 | -20.7% |
| Suppliers | 440/4 | €148,487 | €117,816 | -€30,670 | -20.7% |
| Taxes, remuneration and social security | 45 | €80,785 | €101,823 | +€21,037 | +26.0% |
| Taxes | 450/3 | €6,378 | €16,874 | +€10,496 | +165% |
| Remuneration and social security | 454/9 | €74,407 | €84,948 | +€10,541 | +14.2% |
| Other amounts payable | 47/48 | €14,577 | €28,048 | +€13,472 | +92.4% |
| Accrued charges and deferred income | 492/3 | €3,299 | €2,808 | -€491 | -14.9% |
| Non-recurring operating income | 76A | €2,743 | - | -€2,743 | |
| Remuneration, social security and pensions | 62 | €646,954 | €460,713 | -€186,240 | -28.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €153,566 | €163,658 | +€10,092 | +6.6% |
| Other operating charges | 640/8 | €4,843 | €3,876 | -€967 | -20.0% |
| Gross operating margin | 9900 | €836,190 | €705,103 | -€131,087 | -15.7% |
| Operating profit (loss) | 9901 | €30,828 | €76,856 | +€46,028 | +149% |
| Financial income | 75/76B | €971 | €21 | -€950 | -97.8% |
| Recurring financial income | 75 | €971 | €21 | -€950 | -97.8% |
| Financial charges | 65/66B | €52,259 | €46,108 | -€6,150 | -11.8% |
| Recurring financial charges | 65 | €52,259 | €46,108 | -€6,150 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | -€20,459 | €30,769 | +€51,228 | |
| Income taxes | 67/77 | €131 | €4,723 | +€4,592 | +3,513% |
| Profit (loss) for the period | 9904 | -€20,590 | €26,046 | +€46,636 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,590 | €26,046 | +€46,636 |
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 21 October 2026 via checked.be.