HALIFAX INV.: what changed
Two financial 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.
HALIFAX INV.
Largest movements
- Deferred charges and accrued income +€2.4m
up €2.4m (+11,715%), from €20,715 to €2.4m
- Stocks and contracts -€1.3m
down €1.3m (-47.8%), from €2.7m to €1.4m
of which Stocks: -€1.3m
- Tangible fixed assets +€774,851
up €774,851 (+78.3%), from €990,118 to €1.8m
of which Land and buildings: +€738,989
- Cash -€347,651
down €347,651 (-68.0%), from €511,146 to €163,495
mainly Deferred charges and accrued income (-€2.4m) and Investment in fixed assets (net) (-€834,382)
- Financial fixed assets -€79,340
down €79,340 (-89.2%), from €88,925 to €9,585
- Debts after one year +€568,180
up €568,180 (+15.7%), from €3.6m to €4.2m
of which Financial debts: +€571,230
- Revaluation surpluses +€310,922
up €310,922 (+259%), from €120,226 to €431,148
- Contributions +€250,000
up €250,000 (+1,345%), from €18,592 to €268,592
- Reserves +€223,022
up €223,022 (+342%), from €65,289 to €288,311
- Other debts +€195,757
up €195,757 (+69.3%), from €282,584 to €478,341
- Depreciation +€77,915
up €77,915 (+142%), from €54,723 to €132,638
- Gross operating margin +€59,707
up €59,707 (+14.8%), from €402,567 to €462,274
- Financial charges -€56,560
down €56,560 (-35.2%), from €160,907 to €104,347
- Taxes +€16,872
up €16,872, from €0 to €16,872
- Staff costs -€8,809
down €8,809 (-6.6%), from €133,669 to €124,860
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.
Derived cash bridge
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 | €4,587,299 | €6,073,878 | +€1.5m | +32.4% |
| Formation expenses | 20 | - | €6,233 | +€6,233 | |
| Fixed assets | 21/28 | €1,079,043 | €1,774,553 | +€695,511 | +64.5% |
| Tangible fixed assets | 22/27 | €990,118 | €1,764,968 | +€774,851 | +78.3% |
| Land and buildings | 22 | €987,580 | €1,726,569 | +€738,989 | +74.8% |
| Plant, machinery and equipment | 23 | €911 | €929 | +€18 | +2.0% |
| Furniture and vehicles | 24 | €1,627 | €37,470 | +€35,843 | +2,203% |
| Financial fixed assets | 28 | €88,925 | €9,585 | -€79,340 | -89.2% |
| Current assets | 29/58 | €3,508,257 | €4,293,091 | +€784,835 | +22.4% |
| Stocks and contracts in progress | 3 | €2,687,138 | €1,401,820 | -€1.3m | -47.8% |
| Stocks | 30/36 | €2,655,550 | €1,352,243 | -€1.3m | -49.1% |
| Contracts in progress | 37 | €31,588 | €49,577 | +€17,989 | +56.9% |
| Amounts receivable within one year | 40/41 | €64,736 | €78,986 | +€14,250 | +22.0% |
| Trade receivables | 40 | €183 | €31,875 | +€31,693 | +17,343% |
| Other amounts receivable | 41 | €64,553 | €47,111 | -€17,442 | -27.0% |
| Current investments | 50/53 | €224,521 | €201,275 | -€23,246 | -10.4% |
| Cash at bank and in hand | 54/58 | €511,146 | €163,495 | -€347,651 | -68.0% |
| Deferred charges and accrued income | 490/1 | €20,715 | €2,447,515 | +€2.4m | +11,715% |
| Total equity and liabilities | 10/49 | €4,587,299 | €6,073,878 | +€1.5m | +32.4% |
| Equity | 10/15 | €491,481 | €1,123,922 | +€632,441 | +129% |
| Contributions | 10/11 | €18,592 | €268,592 | +€250,000 | +1,345% |
| Revaluation surpluses | 12 | €120,226 | €431,148 | +€310,922 | +259% |
| Reserves | 13 | €65,289 | €288,311 | +€223,022 | +342% |
| Distributable reserves | 133 | €65,289 | €288,311 | +€223,022 | +342% |
| Profit (loss) carried forward | 14 | €287,373 | €135,871 | -€151,502 | -52.7% |
| Amounts payable | 17/49 | €4,095,818 | €4,949,956 | +€854,138 | +20.9% |
| Amounts payable after more than one year | 17 | €3,612,284 | €4,180,464 | +€568,180 | +15.7% |
| Financial debts | 170/4 | €3,578,288 | €4,149,518 | +€571,230 | +16.0% |
| Other amounts payable | 178/9 | €33,996 | €30,946 | -€3,050 | -9.0% |
| Amounts payable within one year | 42/48 | €481,271 | €768,758 | +€287,487 | +59.7% |
| Current portion of amounts payable after more than one year | 42 | €65,614 | €155,453 | +€89,839 | +137% |
| Financial debts | 43 | - | €30,000 | +€30,000 | |
| Credit institutions | 430/8 | - | €30,000 | +€30,000 | |
| Trade debts | 44 | €103,614 | €60,511 | -€43,103 | -41.6% |
| Suppliers | 440/4 | €103,614 | €60,511 | -€43,103 | -41.6% |
| Taxes, remuneration and social security | 45 | €29,460 | €44,453 | +€14,994 | +50.9% |
| Taxes | 450/3 | €14,983 | €30,805 | +€15,822 | +106% |
| Remuneration and social security | 454/9 | €14,477 | €13,648 | -€829 | -5.7% |
| Other amounts payable | 47/48 | €282,584 | €478,341 | +€195,757 | +69.3% |
| Accrued charges and deferred income | 492/3 | €2,263 | €733 | -€1,530 | -67.6% |
| Non-recurring operating income | 76A | €149,064 | €5,868 | -€143,196 | -96.1% |
| Remuneration, social security and pensions | 62 | €133,669 | €124,860 | -€8,809 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,723 | €132,638 | +€77,915 | +142% |
| Other operating charges | 640/8 | €30,158 | €36,900 | +€6,742 | +22.4% |
| Gross operating margin | 9900 | €402,567 | €462,274 | +€59,707 | +14.8% |
| Operating profit (loss) | 9901 | €184,017 | €167,876 | -€16,141 | -8.8% |
| Financial income | 75/76B | €13,536 | €5,614 | -€7,922 | -58.5% |
| Recurring financial income | 75 | €13,536 | €5,614 | -€7,922 | -58.5% |
| Financial charges | 65/66B | €160,907 | €104,347 | -€56,560 | -35.2% |
| Recurring financial charges | 65 | €160,907 | €104,347 | -€56,560 | -35.2% |
| Profit (loss) for the period before taxes | 9903 | €36,646 | €69,142 | +€32,496 | +88.7% |
| Income taxes | 67/77 | €0 | €16,872 | +€16,872 | |
| Profit (loss) for the period | 9904 | €36,646 | €52,270 | +€15,624 | +42.6% |
| Profit (loss) for the period to be appropriated | 9905 | €36,646 | €52,270 | +€15,624 | +42.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.