HANOLA: 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.
HANOLA
Largest movements
- Receivables within one year -€5.3m
down €5.3m (-98.1%), from €5.4m to €102,287
of which Other amounts receivable: -€5.4m
- Financial fixed assets -€1.3m
down €1.3m (-68.1%), from €2.0m to €630,663
- Receivables after one year +€1.3m
up €1.3m (+136%), from €955,350 to €2.3m
- Current investments -€900,016
down €900,016 (-52.9%), from €1.7m to €801,718
- Cash +€302,896
up €302,896 (+7,318%), from €4,139 to €307,035
mainly Receivables within one year (+€5.3m) and Investment in fixed assets (net) (+€1.3m)
- Other debts -€6.1m
down €6.1m (-83.8%), from €7.2m to €1.2m
- Gross operating margin -€6.2m
down €6.2m (-96.1%), from €6.5m to €249,086
- Financial income -€355,902
down €355,902 (-61.2%), from €581,690 to €225,788
- Taxes -€122,001
down €122,001 (-51.4%), from €237,520 to €115,519
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 | €10,228,181 | €4,152,996 | -€6.1m | -59.4% |
| Fixed assets | 21/28 | €2,010,492 | €657,843 | -€1.4m | -67.3% |
| Tangible fixed assets | 22/27 | €35,830 | €27,180 | -€8,650 | -24.1% |
| Plant, machinery and equipment | 23 | €1,973 | €3,656 | +€1,683 | +85.3% |
| Furniture and vehicles | 24 | €33,857 | €23,524 | -€10,333 | -30.5% |
| Financial fixed assets | 28 | €1,974,663 | €630,663 | -€1.3m | -68.1% |
| Current assets | 29/58 | €8,217,689 | €3,495,154 | -€4.7m | -57.5% |
| Amounts receivable after more than one year | 29 | €955,350 | €2,252,850 | +€1.3m | +136% |
| Other amounts receivable | 291 | €955,350 | €2,252,850 | +€1.3m | +136% |
| Amounts receivable within one year | 40/41 | €5,438,014 | €102,287 | -€5.3m | -98.1% |
| Trade receivables | 40 | €10,583 | €89,287 | +€78,703 | +744% |
| Other amounts receivable | 41 | €5,427,430 | €13,000 | -€5.4m | -99.8% |
| Current investments | 50/53 | €1,701,735 | €801,718 | -€900,016 | -52.9% |
| Cash at bank and in hand | 54/58 | €4,139 | €307,035 | +€302,896 | +7,318% |
| Deferred charges and accrued income | 490/1 | €118,451 | €31,264 | -€87,188 | -73.6% |
| Total equity and liabilities | 10/49 | €10,228,181 | €4,152,996 | -€6.1m | -59.4% |
| Equity | 10/15 | €2,579,885 | €2,579,885 | = | 0.0% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €2,279,885 | €2,279,885 | = | 0.0% |
| Non-distributable reserves | 130/1 | €26,243 | €0 | -€26,243 | -100% |
| Reserves not available under the articles | 1311 | €26,243 | €0 | -€26,243 | -100% |
| Distributable reserves | 133 | €2,253,642 | €2,279,885 | +€26,243 | +1.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €7,648,296 | €1,573,112 | -€6.1m | -79.4% |
| Amounts payable after more than one year | 17 | €250,000 | €350,000 | +€100,000 | +40.0% |
| Financial debts | 170/4 | €250,000 | €350,000 | +€100,000 | +40.0% |
| Amounts payable within one year | 42/48 | €7,356,914 | €1,223,112 | -€6.1m | -83.4% |
| Current portion of amounts payable after more than one year | 42 | €2,540 | €0 | -€2,540 | -100% |
| Trade debts | 44 | €1,721 | €8,218 | +€6,497 | +378% |
| Suppliers | 440/4 | €1,721 | €8,218 | +€6,497 | +378% |
| Taxes, remuneration and social security | 45 | €104,944 | €42,045 | -€62,899 | -59.9% |
| Taxes | 450/3 | €104,944 | €42,045 | -€62,899 | -59.9% |
| Other amounts payable | 47/48 | €7,247,709 | €1,172,849 | -€6.1m | -83.8% |
| Accrued charges and deferred income | 492/3 | €41,382 | €0 | -€41,382 | -100% |
| Non-recurring operating income | 76A | €5,521,012 | €7,363 | -€5.5m | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,213 | €10,670 | +€2,457 | +29.9% |
| Other operating charges | 640/8 | €2,349 | €2,032 | -€317 | -13.5% |
| Non-recurring operating charges | 66A | €7,837 | €0 | -€7,837 | -100% |
| Gross operating margin | 9900 | €6,462,858 | €249,086 | -€6.2m | -96.1% |
| Operating profit (loss) | 9901 | €6,444,460 | €236,384 | -€6.2m | -96.3% |
| Financial income | 75/76B | €581,690 | €225,788 | -€355,902 | -61.2% |
| Recurring financial income | 75 | €581,690 | €225,788 | -€355,902 | -61.2% |
| Financial charges | 65/66B | €29,573 | €3,206 | -€26,367 | -89.2% |
| Recurring financial charges | 65 | €29,573 | €3,206 | -€26,367 | -89.2% |
| Profit (loss) for the period before taxes | 9903 | €6,996,577 | €458,966 | -€6.5m | -93.4% |
| Income taxes | 67/77 | €237,520 | €115,519 | -€122,001 | -51.4% |
| Profit (loss) for the period | 9904 | €6,759,057 | €343,447 | -€6.4m | -94.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,759,057 | €343,447 | -€6.4m | -94.9% |
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 18 October 2026 via checked.be.