HANNAN MORAD: 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.
HANNAN MORAD
Largest movements
- Receivables within one year -€144,266
down €144,266 (-73.4%), from €196,621 to €52,354
of which Trade receivables: -€121,729
- Cash -€30,501
down €30,501 (-90.8%), from €33,590 to €3,089
mainly Advances received (-€150,445) and Net result for the year (-€38,896)
- Stocks and contracts +€21,469
up €21,469 (+74.3%), from €28,876 to €50,344
- Tangible fixed assets -€5,317
down €5,317 (-85.7%), from €6,203 to €886
- Advances received -€150,445
no longer reported in 2025 (was €150,445)
- Profit (loss) carried forward -€38,896
down €38,896 (-1,321%), from -€2,944 to -€41,840
- Trade debts +€37,861
up €37,861 (+59.1%), from €64,089 to €101,950
- Tax, wage and social debts -€26,126
down €26,126 (-59.3%), from €44,031 to €17,904
of which Remuneration and social security: -€38,092
- Other debts +€18,990
up €18,990 (+407%), from €4,668 to €23,659
- Gross operating margin -€70,960
down €70,960, from €44,980 to -€25,980
- Staff costs -€29,410
down €29,410 (-79.6%), from €36,963 to €7,553
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 | €265,289 | €106,673 | -€158,616 | -59.8% |
| Fixed assets | 21/28 | €6,203 | €886 | -€5,317 | -85.7% |
| Tangible fixed assets | 22/27 | €6,203 | €886 | -€5,317 | -85.7% |
| Furniture and vehicles | 24 | €6,203 | €886 | -€5,317 | -85.7% |
| Current assets | 29/58 | €259,086 | €105,787 | -€153,299 | -59.2% |
| Stocks and contracts in progress | 3 | €28,876 | €50,344 | +€21,469 | +74.3% |
| Stocks | 30/36 | €28,876 | €50,344 | +€21,469 | +74.3% |
| Amounts receivable within one year | 40/41 | €196,621 | €52,354 | -€144,266 | -73.4% |
| Trade receivables | 40 | €174,080 | €52,352 | -€121,729 | -69.9% |
| Other amounts receivable | 41 | €22,540 | €3 | -€22,538 | -100.0% |
| Cash at bank and in hand | 54/58 | €33,590 | €3,089 | -€30,501 | -90.8% |
| Total equity and liabilities | 10/49 | €265,289 | €106,673 | -€158,616 | -59.8% |
| Equity | 10/15 | €2,056 | -€36,840 | -€38,896 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,944 | -€41,840 | -€38,896 | -1,321% |
| Amounts payable | 17/49 | €263,233 | €143,513 | -€119,720 | -45.5% |
| Amounts payable within one year | 42/48 | €263,233 | €143,513 | -€119,720 | -45.5% |
| Trade debts | 44 | €64,089 | €101,950 | +€37,861 | +59.1% |
| Suppliers | 440/4 | €64,089 | €101,950 | +€37,861 | +59.1% |
| Advances received on contracts in progress | 46 | €150,445 | - | -€150,445 | |
| Taxes, remuneration and social security | 45 | €44,031 | €17,904 | -€26,126 | -59.3% |
| Taxes | 450/3 | €5,939 | €17,904 | +€11,965 | +201% |
| Remuneration and social security | 454/9 | €38,092 | - | -€38,092 | |
| Other amounts payable | 47/48 | €4,668 | €23,659 | +€18,990 | +407% |
| Remuneration, social security and pensions | 62 | €36,963 | €7,553 | -€29,410 | -79.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,317 | €5,317 | = | 0.0% |
| Gross operating margin | 9900 | €44,980 | -€25,980 | -€70,960 | |
| Operating profit (loss) | 9901 | €2,700 | -€38,849 | -€41,549 | |
| Financial charges | 65/66B | €54 | €46 | -€7 | -13.5% |
| Recurring financial charges | 65 | €54 | €46 | -€7 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €2,646 | -€38,896 | -€41,542 | |
| Profit (loss) for the period | 9904 | €2,646 | -€38,896 | -€41,542 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,646 | -€38,896 | -€41,542 |
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 31 October 2026 via checked.be.