HALFOVET: 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.
HALFOVET
Largest movements
- Intangible fixed assets -€12,600
down €12,600 (-14.3%), from €88,200 to €75,600
- Tangible fixed assets +€7,318
up €7,318 (+335.2%), from €2,183 to €9,501
of which Plant, machinery and equipment: +€8,183
- Stocks and contracts +€5,330
up €5,330 (+29.1%), from €18,333 to €23,663
- Cash +€3,589
up €3,589 (+66.8%), from €5,373 to €8,962
mainly Other debts (+€49,148) and Net result for the year (+€19,288)
- Receivables within one year +€3,520
up €3,520 (+66.5%), from €5,295 to €8,815
of which Other amounts receivable: +€2,557
- Profit (loss) carried forward -€51,302
down €51,302 (-100.0%), from €51,305 to €3
- Other debts +€49,148
up €49,148 (+612.2%), from €8,028 to €57,176
- Current portion of long-term debt +€11,533
up €11,533 (+121.9%), from €9,459 to €20,992
- Debts after one year -€5,459
down €5,459 (-13.0%), from €41,869 to €36,411
- Trade debts +€2,639
up €2,639 (+51.1%), from €5,168 to €7,806
- Staff costs +€5,213
new in 2025: €5,213
- Gross operating margin -€4,427
down €4,427 (-7.6%), from €58,472 to €54,045
- Taxes -€2,557
down €2,557 (-23.4%), from €10,926 to €8,369
- Depreciation +€1,203
up €1,203 (+7.9%), from €15,226 to €16,428
- Financial charges -€783
down €783 (-15.7%), from €4,978 to €4,196
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 | €120,374 | €127,195 | +€6,820 | +5.7% |
| Fixed assets | 21/28 | €90,544 | €85,101 | -€5,443 | -6.0% |
| Intangible fixed assets | 21 | €88,200 | €75,600 | -€12,600 | -14.3% |
| Tangible fixed assets | 22/27 | €2,183 | €9,501 | +€7,318 | +335.2% |
| Land and buildings | 22 | €860 | - | -€860 | |
| Plant, machinery and equipment | 23 | €1,318 | €9,501 | +€8,183 | +620.9% |
| Furniture and vehicles | 24 | €4 | - | -€4 | |
| Financial fixed assets | 28 | €161 | - | -€161 | |
| Current assets | 29/58 | €29,830 | €42,094 | +€12,263 | +41.1% |
| Stocks and contracts in progress | 3 | €18,333 | €23,663 | +€5,330 | +29.1% |
| Stocks | 30/36 | €18,333 | €23,663 | +€5,330 | +29.1% |
| Amounts receivable within one year | 40/41 | €5,295 | €8,815 | +€3,520 | +66.5% |
| Trade receivables | 40 | €5,220 | €6,184 | +€963 | +18.5% |
| Other amounts receivable | 41 | €74 | €2,631 | +€2,557 | +3433.5% |
| Cash at bank and in hand | 54/58 | €5,373 | €8,962 | +€3,589 | +66.8% |
| Deferred charges and accrued income | 490/1 | €830 | €654 | -€177 | -21.3% |
| Total equity and liabilities | 10/49 | €120,374 | €127,195 | +€6,820 | +5.7% |
| Equity | 10/15 | €54,555 | €3,253 | -€51,302 | -94.0% |
| Contributions | 10/11 | €3,250 | €3,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,305 | €3 | -€51,302 | -100.0% |
| Amounts payable | 17/49 | €65,819 | €123,942 | +€58,123 | +88.3% |
| Amounts payable after more than one year | 17 | €41,869 | €36,411 | -€5,459 | -13.0% |
| Financial debts | 170/4 | €41,869 | €36,411 | -€5,459 | -13.0% |
| Amounts payable within one year | 42/48 | €23,949 | €87,531 | +€63,582 | +265.5% |
| Current portion of amounts payable after more than one year | 42 | €9,459 | €20,992 | +€11,533 | +121.9% |
| Trade debts | 44 | €5,168 | €7,806 | +€2,639 | +51.1% |
| Suppliers | 440/4 | €5,168 | €7,806 | +€2,639 | +51.1% |
| Advances received on contracts in progress | 46 | €110 | - | -€110 | |
| Taxes, remuneration and social security | 45 | €1,184 | €1,556 | +€372 | +31.4% |
| Taxes | 450/3 | €1,184 | €1,084 | -€100 | -8.5% |
| Remuneration and social security | 454/9 | - | €472 | +€472 | |
| Other amounts payable | 47/48 | €8,028 | €57,176 | +€49,148 | +612.2% |
| Remuneration, social security and pensions | 62 | - | €5,213 | +€5,213 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,226 | €16,428 | +€1,203 | +7.9% |
| Other operating charges | 640/8 | €631 | €552 | -€79 | -12.5% |
| Gross operating margin | 9900 | €58,472 | €54,045 | -€4,427 | -7.6% |
| Operating profit (loss) | 9901 | €42,616 | €31,852 | -€10,764 | -25.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €4,978 | €4,196 | -€783 | -15.7% |
| Recurring financial charges | 65 | €4,978 | €4,196 | -€783 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €37,637 | €27,656 | -€9,981 | -26.5% |
| Income taxes | 67/77 | €10,926 | €8,369 | -€2,557 | -23.4% |
| Profit (loss) for the period | 9904 | €26,712 | €19,288 | -€7,424 | -27.8% |
| Profit (loss) for the period to be appropriated | 9905 | €26,712 | €19,288 | -€7,424 | -27.8% |
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 29 September 2026 via checked.be.