Halfwerk: 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.
Halfwerk
Largest movements
- Receivables within one year -€84,462
down €84,462 (-69.8%), from €121,009 to €36,547
of which Other amounts receivable: -€78,980
- Cash +€17,087
up €17,087 (+138.5%), from €12,334 to €29,422
mainly Receivables within one year (+€84,462) and Net result for the year (+€58,106)
- Tangible fixed assets +€12,288
up €12,288 (+179.3%), from €6,851 to €19,139
- Financial fixed assets +€3,300
new in 2025: €3,300
- Investment grants -€93,500
down €93,500 (-79.6%), from €117,500 to €24,000
- Profit (loss) carried forward +€58,106
up €58,106, from -€2,895 to €55,212
- Trade debts -€9,202
down €9,202 (-74.1%), from €12,417 to €3,214
- Other debts -€5,844
down €5,844 (-100.0%), from €5,844 to €0
- Financial income +€81,100
up €81,100 (+648.8%), from €12,500 to €93,600
- Gross operating margin -€18,582
down €18,582 (-139.7%), from -€13,298 to -€31,880
- Depreciation +€890
up €890 (+55.2%), from €1,614 to €2,504
- Financial charges +€851
up €851 (+330.1%), from €258 to €1,109
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 | €149,746 | €99,708 | -€50,038 | -33.4% |
| Fixed assets | 21/28 | €6,851 | €22,439 | +€15,588 | +227.5% |
| Tangible fixed assets | 22/27 | €6,851 | €19,139 | +€12,288 | +179.3% |
| Plant, machinery and equipment | 23 | €6,851 | €19,139 | +€12,288 | +179.3% |
| Financial fixed assets | 28 | - | €3,300 | +€3,300 | |
| Current assets | 29/58 | €142,895 | €77,269 | -€65,625 | -45.9% |
| Stocks and contracts in progress | 3 | €8,318 | €9,753 | +€1,435 | +17.2% |
| Stocks | 30/36 | €8,318 | €9,753 | +€1,435 | +17.2% |
| Amounts receivable within one year | 40/41 | €121,009 | €36,547 | -€84,462 | -69.8% |
| Trade receivables | 40 | €16,009 | €10,527 | -€5,482 | -34.2% |
| Other amounts receivable | 41 | €105,000 | €26,020 | -€78,980 | -75.2% |
| Cash at bank and in hand | 54/58 | €12,334 | €29,422 | +€17,087 | +138.5% |
| Deferred charges and accrued income | 490/1 | €1,232 | €1,547 | +€315 | +25.6% |
| Total equity and liabilities | 10/49 | €149,746 | €99,708 | -€50,038 | -33.4% |
| Equity | 10/15 | €124,606 | €89,212 | -€35,394 | -28.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,895 | €55,212 | +€58,106 | |
| Investment grants | 15 | €117,500 | €24,000 | -€93,500 | -79.6% |
| Amounts payable | 17/49 | €25,141 | €10,497 | -€14,644 | -58.2% |
| Amounts payable within one year | 42/48 | €25,141 | €10,497 | -€14,644 | -58.2% |
| Trade debts | 44 | €12,417 | €3,214 | -€9,202 | -74.1% |
| Suppliers | 440/4 | €12,417 | €3,214 | -€9,202 | -74.1% |
| Advances received on contracts in progress | 46 | €1,780 | €3,255 | +€1,476 | +82.9% |
| Taxes, remuneration and social security | 45 | €5,101 | €4,027 | -€1,074 | -21.0% |
| Taxes | 450/3 | €593 | €4,027 | +€3,434 | +579.6% |
| Remuneration and social security | 454/9 | €4,508 | €0 | -€4,508 | -100.0% |
| Other amounts payable | 47/48 | €5,844 | €0 | -€5,844 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,614 | €2,504 | +€890 | +55.2% |
| Other operating charges | 640/8 | €225 | €0 | -€225 | -100.0% |
| Gross operating margin | 9900 | -€13,298 | -€31,880 | -€18,582 | -139.7% |
| Operating profit (loss) | 9901 | -€15,137 | -€34,384 | -€19,248 | -127.2% |
| Financial income | 75/76B | €12,500 | €93,600 | +€81,100 | +648.8% |
| Recurring financial income | 75 | €12,500 | €93,600 | +€81,100 | +648.8% |
| Financial charges | 65/66B | €258 | €1,109 | +€851 | +330.1% |
| Recurring financial charges | 65 | €258 | €1,109 | +€851 | +330.1% |
| Profit (loss) for the period before taxes | 9903 | -€2,895 | €58,106 | +€61,001 | |
| Profit (loss) for the period | 9904 | -€2,895 | €58,106 | +€61,001 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,895 | €58,106 | +€61,001 |
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 30 September 2026 via checked.be.