Haixiang: 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.
Haixiang
Largest movements
- Receivables after one year +€50,000
up €50,000 (+38.5%), from €130,000 to €180,000
- Tangible fixed assets -€30,002
down €30,002 (-40.9%), from €73,330 to €43,329
of which Other tangible fixed assets: -€15,750
- Cash -€14,950
down €14,950 (-18.7%), from €80,130 to €65,179
mainly Receivables after one year (-€50,000) and Debts after one year (-€14,188)
- Reserves +€31,519
up €31,519 (+18.9%), from €166,356 to €197,875
- Debts after one year -€14,188
down €14,188 (-34.1%), from €41,564 to €27,376
- Current portion of long-term debt -€10,532
down €10,532 (-42.6%), from €24,719 to €14,188
- Gross operating margin -€14,083
down €14,083 (-12.4%), from €113,649 to €99,566
- Staff costs +€6,207
up €6,207 (+54.4%), from €11,411 to €17,618
- Taxes -€6,043
down €6,043 (-29.1%), from €20,794 to €14,751
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 | €287,719 | €295,566 | +€7,847 | +2.7% |
| Fixed assets | 21/28 | €73,355 | €43,341 | -€30,014 | -40.9% |
| Intangible fixed assets | 21 | €25 | €13 | -€13 | -50.0% |
| Tangible fixed assets | 22/27 | €73,330 | €43,329 | -€30,002 | -40.9% |
| Plant, machinery and equipment | 23 | €6,152 | €5,526 | -€626 | -10.2% |
| Furniture and vehicles | 24 | €13,626 | - | -€13,626 | |
| Other tangible fixed assets | 26 | €53,552 | €37,803 | -€15,750 | -29.4% |
| Current assets | 29/58 | €214,364 | €252,225 | +€37,861 | +17.7% |
| Amounts receivable after more than one year | 29 | €130,000 | €180,000 | +€50,000 | +38.5% |
| Other amounts receivable | 291 | €130,000 | €180,000 | +€50,000 | +38.5% |
| Stocks and contracts in progress | 3 | €2,689 | €3,100 | +€411 | +15.3% |
| Stocks | 30/36 | €2,689 | €3,100 | +€411 | +15.3% |
| Amounts receivable within one year | 40/41 | - | €2,395 | +€2,395 | |
| Trade receivables | 40 | - | €2,052 | +€2,052 | |
| Other amounts receivable | 41 | - | €343 | +€343 | |
| Cash at bank and in hand | 54/58 | €80,130 | €65,179 | -€14,950 | -18.7% |
| Deferred charges and accrued income | 490/1 | €1,545 | €1,550 | +€5 | +0.3% |
| Total equity and liabilities | 10/49 | €287,719 | €295,566 | +€7,847 | +2.7% |
| Equity | 10/15 | €172,556 | €204,075 | +€31,519 | +18.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €166,356 | €197,875 | +€31,519 | +18.9% |
| Distributable reserves | 133 | €166,356 | €197,875 | +€31,519 | +18.9% |
| Amounts payable | 17/49 | €115,163 | €91,491 | -€23,672 | -20.6% |
| Amounts payable after more than one year | 17 | €41,564 | €27,376 | -€14,188 | -34.1% |
| Financial debts | 170/4 | €41,564 | €27,376 | -€14,188 | -34.1% |
| Amounts payable within one year | 42/48 | €73,599 | €64,115 | -€9,484 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €24,719 | €14,188 | -€10,532 | -42.6% |
| Trade debts | 44 | €7,440 | €7,185 | -€255 | -3.4% |
| Suppliers | 440/4 | €7,440 | €7,185 | -€255 | -3.4% |
| Taxes, remuneration and social security | 45 | €37,046 | €37,239 | +€192 | +0.5% |
| Taxes | 450/3 | €36,274 | €35,521 | -€752 | -2.1% |
| Remuneration and social security | 454/9 | €773 | €1,717 | +€944 | +122.2% |
| Other amounts payable | 47/48 | €4,393 | €5,504 | +€1,111 | +25.3% |
| Remuneration, social security and pensions | 62 | €11,411 | €17,618 | +€6,207 | +54.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,449 | €30,635 | +€186 | +0.6% |
| Other operating charges | 640/8 | €1,999 | €1,433 | -€566 | -28.3% |
| Non-recurring operating charges | 66A | - | €602 | +€602 | |
| Gross operating margin | 9900 | €113,649 | €99,566 | -€14,083 | -12.4% |
| Operating profit (loss) | 9901 | €69,791 | €49,279 | -€20,512 | -29.4% |
| Financial income | 75/76B | €1,592 | €1,536 | -€56 | -3.5% |
| Recurring financial income | 75 | €1,592 | €1,536 | -€56 | -3.5% |
| Financial charges | 65/66B | €5,364 | €4,545 | -€819 | -15.3% |
| Recurring financial charges | 65 | €5,364 | €4,545 | -€819 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €66,019 | €46,270 | -€19,749 | -29.9% |
| Income taxes | 67/77 | €20,794 | €14,751 | -€6,043 | -29.1% |
| Profit (loss) for the period | 9904 | €45,225 | €31,519 | -€13,706 | -30.3% |
| Profit (loss) for the period to be appropriated | 9905 | €45,225 | €31,519 | -€13,706 | -30.3% |
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 3 October 2026 via checked.be.