HALVARK: 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.
HALVARK
Largest movements
- Stocks and contracts +€255,817
new in 2025: €255,817
- Cash +€11,005
up €11,005 (+41.3%), from €26,658 to €37,663
mainly Debts after one year (+€232,810) and Trade debts (+€85,440)
- Receivables within one year +€9,225
up €9,225 (+45.8%), from €20,130 to €29,355
- Debts after one year +€232,810
up €232,810 (+51.7%), from €450,000 to €682,810
- Trade debts +€85,440
up €85,440 (+6335.6%), from €1,349 to €86,789
- Profit (loss) carried forward -€33,343
down €33,343 (-7.8%), from -€429,929 to -€463,272
- Other debts -€10,810
down €10,810 (-37.5%), from €28,810 to €18,000
- Gross operating margin -€26,992
down €26,992 (-1040.6%), from -€2,594 to -€29,586
- Other operating charges -€10,248
down €10,248 (-88.0%), from €11,642 to €1,394
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 | €68,829 | €342,926 | +€274,097 | +398.2% |
| Fixed assets | 21/28 | €22,041 | €20,091 | -€1,949 | -8.8% |
| Tangible fixed assets | 22/27 | €22,041 | €20,091 | -€1,949 | -8.8% |
| Land and buildings | 22 | €18,341 | €18,341 | = | 0.0% |
| Plant, machinery and equipment | 23 | €199 | €0 | -€199 | -100.0% |
| Other tangible fixed assets | 26 | €3,500 | €1,750 | -€1,750 | -50.0% |
| Current assets | 29/58 | €46,788 | €322,835 | +€276,047 | +590.0% |
| Stocks and contracts in progress | 3 | - | €255,817 | +€255,817 | |
| Stocks | 30/36 | - | €255,817 | +€255,817 | |
| Amounts receivable within one year | 40/41 | €20,130 | €29,355 | +€9,225 | +45.8% |
| Other amounts receivable | 41 | €20,130 | €29,355 | +€9,225 | +45.8% |
| Cash at bank and in hand | 54/58 | €26,658 | €37,663 | +€11,005 | +41.3% |
| Total equity and liabilities | 10/49 | €68,829 | €342,926 | +€274,097 | +398.2% |
| Equity | 10/15 | -€411,329 | -€444,672 | -€33,343 | -8.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€429,929 | -€463,272 | -€33,343 | -7.8% |
| Amounts payable | 17/49 | €480,158 | €787,598 | +€307,440 | +64.0% |
| Amounts payable after more than one year | 17 | €450,000 | €682,810 | +€232,810 | +51.7% |
| Financial debts | 170/4 | €450,000 | €682,810 | +€232,810 | +51.7% |
| Amounts payable within one year | 42/48 | €30,158 | €104,789 | +€74,631 | +247.5% |
| Trade debts | 44 | €1,349 | €86,789 | +€85,440 | +6335.6% |
| Suppliers | 440/4 | €1,349 | €86,789 | +€85,440 | +6335.6% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €28,810 | €18,000 | -€10,810 | -37.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,949 | €1,949 | -€0 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €11,642 | €1,394 | -€10,248 | -88.0% |
| Gross operating margin | 9900 | -€2,594 | -€29,586 | -€26,992 | -1040.6% |
| Operating profit (loss) | 9901 | -€16,186 | -€32,930 | -€16,744 | -103.5% |
| Financial charges | 65/66B | €443 | €413 | -€30 | -6.8% |
| Recurring financial charges | 65 | €443 | €413 | -€30 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | -€16,629 | -€33,343 | -€16,714 | -100.5% |
| Profit (loss) for the period | 9904 | -€16,629 | -€33,343 | -€16,714 | -100.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,629 | -€33,343 | -€16,714 | -100.5% |
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 12 October 2026 via checked.be.