HAKOL: 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.
HAKOL
Largest movements
- Financial fixed assets +€524,129
up €524,129 (+45.3%), from €1.2m to €1.7m
- Stocks and contracts +€444,544
up €444,544 (+21.6%), from €2.1m to €2.5m
- Receivables within one year -€84,320
down €84,320 (-72.8%), from €115,788 to €31,468
of which Other amounts receivable: -€82,899
- Tangible fixed assets -€70,053
down €70,053 (-10.9%), from €643,740 to €573,687
of which Land and buildings: -€70,053
- Short-term financial debts +€909,462
up €909,462 (+78.7%), from €1.2m to €2.1m
- Profit (loss) carried forward -€96,593
down €96,593 (-19.2%), from €503,539 to €406,946
- Tax, wage and social debts -€49,312
no longer reported in 2025 (was €49,312)
- Gross operating margin -€308,500
down €308,500 (-92.1%), from €335,065 to €26,566
- Other operating charges -€53,794
down €53,794 (-90.9%), from €59,183 to €5,389
- Taxes -€52,582
no longer reported in 2025 (was €52,582)
- Financial charges +€38,004
up €38,004 (+46.8%), from €81,144 to €119,148
- Depreciation -€6,442
down €6,442 (-21.0%), from €30,705 to €24,263
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 | €3,999,767 | €4,795,143 | +€795,376 | +19.9% |
| Fixed assets | 21/28 | €1,801,561 | €2,255,637 | +€454,075 | +25.2% |
| Tangible fixed assets | 22/27 | €643,740 | €573,687 | -€70,053 | -10.9% |
| Land and buildings | 22 | €616,515 | €546,462 | -€70,053 | -11.4% |
| Other tangible fixed assets | 26 | €27,225 | €27,225 | = | 0.0% |
| Financial fixed assets | 28 | €1,157,821 | €1,681,950 | +€524,129 | +45.3% |
| Current assets | 29/58 | €2,198,206 | €2,539,506 | +€341,300 | +15.5% |
| Stocks and contracts in progress | 3 | €2,054,821 | €2,499,365 | +€444,544 | +21.6% |
| Stocks | 30/36 | €2,054,821 | €2,499,365 | +€444,544 | +21.6% |
| Amounts receivable within one year | 40/41 | €115,788 | €31,468 | -€84,320 | -72.8% |
| Trade receivables | 40 | €5,448 | €4,027 | -€1,422 | -26.1% |
| Other amounts receivable | 41 | €110,340 | €27,441 | -€82,899 | -75.1% |
| Cash at bank and in hand | 54/58 | - | €1,268 | +€1,268 | |
| Deferred charges and accrued income | 490/1 | €27,597 | €7,405 | -€20,191 | -73.2% |
| Total equity and liabilities | 10/49 | €3,999,767 | €4,795,143 | +€795,376 | +19.9% |
| Equity | 10/15 | €2,737,295 | €2,640,702 | -€96,593 | -3.5% |
| Contributions | 10/11 | €2,069,990 | €2,069,990 | = | 0.0% |
| Capital | 10 | €2,069,990 | €2,069,990 | = | 0.0% |
| Issued capital | 100 | €2,069,990 | €2,069,990 | = | 0.0% |
| Reserves | 13 | €163,766 | €163,766 | = | 0.0% |
| Non-distributable reserves | 130/1 | €163,766 | €163,766 | = | 0.0% |
| Legal reserve | 130 | €163,766 | €163,766 | = | 0.0% |
| Profit (loss) carried forward | 14 | €503,539 | €406,946 | -€96,593 | -19.2% |
| Amounts payable | 17/49 | €1,262,473 | €2,154,441 | +€891,969 | +70.7% |
| Amounts payable within one year | 42/48 | €1,260,837 | €2,151,857 | +€891,020 | +70.7% |
| Financial debts | 43 | €1,155,538 | €2,065,000 | +€909,462 | +78.7% |
| Credit institutions | 430/8 | €1,155,538 | €2,065,000 | +€909,462 | +78.7% |
| Trade debts | 44 | €50,288 | €36,248 | -€14,040 | -27.9% |
| Suppliers | 440/4 | €50,288 | €36,248 | -€14,040 | -27.9% |
| Taxes, remuneration and social security | 45 | €49,312 | - | -€49,312 | |
| Taxes | 450/3 | €49,312 | - | -€49,312 | |
| Other amounts payable | 47/48 | €5,700 | €50,609 | +€44,909 | +787.9% |
| Accrued charges and deferred income | 492/3 | €1,635 | €2,584 | +€949 | +58.0% |
| Non-recurring operating income | 76A | €253,805 | €39,209 | -€214,595 | -84.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,705 | €24,263 | -€6,442 | -21.0% |
| Other operating charges | 640/8 | €59,183 | €5,389 | -€53,794 | -90.9% |
| Gross operating margin | 9900 | €335,065 | €26,566 | -€308,500 | -92.1% |
| Operating profit (loss) | 9901 | €245,177 | -€3,086 | -€248,263 | |
| Financial income | 75/76B | €20,740 | €25,641 | +€4,901 | +23.6% |
| Recurring financial income | 75 | €20,740 | €25,641 | +€4,901 | +23.6% |
| Financial charges | 65/66B | €81,144 | €119,148 | +€38,004 | +46.8% |
| Recurring financial charges | 65 | €81,144 | €119,148 | +€38,004 | +46.8% |
| Profit (loss) for the period before taxes | 9903 | €184,774 | -€96,593 | -€281,367 | |
| Income taxes | 67/77 | €52,582 | - | -€52,582 | |
| Profit (loss) for the period | 9904 | €132,191 | -€96,593 | -€228,784 | |
| Profit (loss) for the period to be appropriated | 9905 | €132,191 | -€96,593 | -€228,784 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.