HANAREST: 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.
HANAREST
Largest movements
- Receivables within one year -€943,248
down €943,248 (-71.7%), from €1.3m to €371,954
of which Trade receivables: -€630,793
- Reserves -€637,758
down €637,758 (-11.3%), from €5.7m to €5.0m
- Other debts +€475,012
up €475,012 (+56.7%), from €838,059 to €1.3m
- Debts after one year -€366,382
down €366,382 (-59.4%), from €617,069 to €250,686
- Current portion of long-term debt -€266,610
down €266,610 (-41.3%), from €645,054 to €378,444
- Short-term financial debts -€128,814
down €128,814 (-43.4%), from €297,075 to €168,261
of which Other loans: -€150,411
- Financial income -€750,381
down €750,381 (-98.1%), from €764,564 to €14,183
- Gross operating margin -€551,912
down €551,912 (-44.7%), from €1.2m to €681,952
- Taxes -€148,300
down €148,300 (-49.1%), from €302,082 to €153,782
- Financial charges +€38,101
up €38,101 (+33.6%), from €113,324 to €151,425
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 | €9,350,744 | €8,368,017 | -€982,727 | -10.5% |
| Fixed assets | 21/28 | €6,510,339 | €6,520,277 | +€9,939 | +0.2% |
| Tangible fixed assets | 22/27 | €351,839 | €361,777 | +€9,939 | +2.8% |
| Land and buildings | 22 | €312,781 | €297,381 | -€15,400 | -4.9% |
| Plant, machinery and equipment | 23 | €30,985 | €59,552 | +€28,567 | +92.2% |
| Furniture and vehicles | 24 | €8,072 | €4,844 | -€3,228 | -40.0% |
| Financial fixed assets | 28 | €6,158,500 | €6,158,500 | = | 0.0% |
| Current assets | 29/58 | €2,840,406 | €1,847,740 | -€992,666 | -34.9% |
| Amounts receivable after more than one year | 29 | €790,000 | €829,000 | +€39,000 | +4.9% |
| Other amounts receivable | 291 | €790,000 | €829,000 | +€39,000 | +4.9% |
| Amounts receivable within one year | 40/41 | €1,315,202 | €371,954 | -€943,248 | -71.7% |
| Trade receivables | 40 | €753,057 | €122,264 | -€630,793 | -83.8% |
| Other amounts receivable | 41 | €562,145 | €249,690 | -€312,455 | -55.6% |
| Current investments | 50/53 | €655,206 | €617,981 | -€37,224 | -5.7% |
| Cash at bank and in hand | 54/58 | €48,265 | €18,165 | -€30,100 | -62.4% |
| Deferred charges and accrued income | 490/1 | €31,733 | €10,639 | -€21,094 | -66.5% |
| Total equity and liabilities | 10/49 | €9,350,744 | €8,368,017 | -€982,727 | -10.5% |
| Equity | 10/15 | €6,841,220 | €6,203,462 | -€637,758 | -9.3% |
| Contributions | 10/11 | €1,175,000 | €1,175,000 | = | 0.0% |
| Reserves | 13 | €5,666,220 | €5,028,462 | -€637,758 | -11.3% |
| Distributable reserves | 133 | €5,666,220 | €5,028,462 | -€637,758 | -11.3% |
| Amounts payable | 17/49 | €2,509,524 | €2,164,555 | -€344,969 | -13.7% |
| Amounts payable after more than one year | 17 | €617,069 | €250,686 | -€366,382 | -59.4% |
| Financial debts | 170/4 | €617,069 | €250,686 | -€366,382 | -59.4% |
| Amounts payable within one year | 42/48 | €1,879,040 | €1,909,199 | +€30,159 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €645,054 | €378,444 | -€266,610 | -41.3% |
| Financial debts | 43 | €297,075 | €168,261 | -€128,814 | -43.4% |
| Credit institutions | 430/8 | - | €21,597 | +€21,597 | |
| Other loans | 439 | €297,075 | €146,664 | -€150,411 | -50.6% |
| Trade debts | 44 | €79,599 | €29,313 | -€50,287 | -63.2% |
| Suppliers | 440/4 | €79,599 | €29,313 | -€50,287 | -63.2% |
| Taxes, remuneration and social security | 45 | €19,252 | €20,110 | +€859 | +4.5% |
| Taxes | 450/3 | €19,252 | €20,110 | +€859 | +4.5% |
| Other amounts payable | 47/48 | €838,059 | €1,313,071 | +€475,012 | +56.7% |
| Accrued charges and deferred income | 492/3 | €13,415 | €4,669 | -€8,746 | -65.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,678 | €24,461 | +€1,783 | +7.9% |
| Other operating charges | 640/8 | €6,396 | €3,326 | -€3,071 | -48.0% |
| Gross operating margin | 9900 | €1,233,865 | €681,952 | -€551,912 | -44.7% |
| Operating profit (loss) | 9901 | €1,204,790 | €654,166 | -€550,624 | -45.7% |
| Financial income | 75/76B | €764,564 | €14,183 | -€750,381 | -98.1% |
| Recurring financial income | 75 | €764,564 | €14,183 | -€750,381 | -98.1% |
| Financial charges | 65/66B | €113,324 | €151,425 | +€38,101 | +33.6% |
| Recurring financial charges | 65 | €113,324 | €151,425 | +€38,101 | +33.6% |
| Profit (loss) for the period before taxes | 9903 | €1,856,030 | €516,924 | -€1.3m | -72.1% |
| Income taxes | 67/77 | €302,082 | €153,782 | -€148,300 | -49.1% |
| Profit (loss) for the period | 9904 | €1,553,949 | €363,142 | -€1.2m | -76.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,553,949 | €363,142 | -€1.2m | -76.6% |
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 15 October 2026 via checked.be.