HAL: 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.
HAL
Largest movements
- Tangible fixed assets -€20,886
down €20,886 (-3.3%), from €624,861 to €603,976
of which Land and buildings: -€20,564
- Cash +€13,425
up €13,425 (+142.5%), from €9,420 to €22,845
mainly Depreciation (+€33,672) and Receivables within one year (+€1,540)
- Profit (loss) carried forward -€7,956
down €7,956 (-9.1%), from -€87,577 to -€95,533
- Gross operating margin +€16,054
up €16,054 (+103.4%), from €15,527 to €31,581
- Depreciation -€1,396
down €1,396 (-4.0%), from €35,069 to €33,672
- Taxes +€1,258
up €1,258 (+683.2%), from €184 to €1,442
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 | €654,947 | €646,195 | -€8,751 | -1.3% |
| Fixed assets | 21/28 | €624,861 | €603,976 | -€20,886 | -3.3% |
| Tangible fixed assets | 22/27 | €624,861 | €603,976 | -€20,886 | -3.3% |
| Land and buildings | 22 | €624,247 | €603,683 | -€20,564 | -3.3% |
| Furniture and vehicles | 24 | €614 | €293 | -€321 | -52.3% |
| Current assets | 29/58 | €30,085 | €42,220 | +€12,134 | +40.3% |
| Amounts receivable within one year | 40/41 | €1,540 | €0 | -€1,540 | -100.0% |
| Other amounts receivable | 41 | €1,540 | €0 | -€1,540 | -100.0% |
| Current investments | 50/53 | €15,138 | €15,256 | +€118 | +0.8% |
| Cash at bank and in hand | 54/58 | €9,420 | €22,845 | +€13,425 | +142.5% |
| Deferred charges and accrued income | 490/1 | €3,987 | €4,118 | +€131 | +3.3% |
| Total equity and liabilities | 10/49 | €654,947 | €646,195 | -€8,751 | -1.3% |
| Equity | 10/15 | €280,423 | €272,467 | -€7,956 | -2.8% |
| Contributions | 10/11 | €368,000 | €368,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€87,577 | -€95,533 | -€7,956 | -9.1% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Amounts payable | 17/49 | €374,524 | €373,728 | -€796 | -0.2% |
| Amounts payable within one year | 42/48 | €374,524 | €373,728 | -€796 | -0.2% |
| Trade debts | 44 | €1,195 | €560 | -€635 | -53.1% |
| Suppliers | 440/4 | €1,195 | €560 | -€635 | -53.1% |
| Taxes, remuneration and social security | 45 | €130 | €1,391 | +€1,261 | +967.1% |
| Taxes | 450/3 | €130 | €1,391 | +€1,261 | +967.1% |
| Other amounts payable | 47/48 | €373,198 | €371,777 | -€1,421 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,069 | €33,672 | -€1,396 | -4.0% |
| Other operating charges | 640/8 | €4,152 | €4,194 | +€42 | +1.0% |
| Gross operating margin | 9900 | €15,527 | €31,581 | +€16,054 | +103.4% |
| Operating profit (loss) | 9901 | -€23,693 | -€6,285 | +€17,409 | +73.5% |
| Financial income | 75/76B | €135 | €168 | +€33 | +24.5% |
| Recurring financial income | 75 | €135 | €168 | +€33 | +24.5% |
| Financial charges | 65/66B | €148 | €398 | +€250 | +169.1% |
| Recurring financial charges | 65 | €148 | €398 | +€250 | +169.1% |
| Profit (loss) for the period before taxes | 9903 | -€23,706 | -€6,514 | +€17,192 | +72.5% |
| Income taxes | 67/77 | €184 | €1,442 | +€1,258 | +683.2% |
| Profit (loss) for the period | 9904 | -€23,890 | -€7,956 | +€15,934 | +66.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,890 | -€7,956 | +€15,934 | +66.7% |
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 7 October 2026 via checked.be.