HAO HAO: 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.
HAO HAO
Largest movements
- Cash +€33,254
up €33,254 (+32.6%), from €101,977 to €135,231
mainly Net result for the year (+€53,618) and Tax, wage and social debts (+€13,577)
- Receivables within one year +€24,997
up €24,997 (+2,532%), from €987 to €25,984
of which Other amounts receivable: +€25,984
- Reserves +€53,618
up €53,618 (+72.6%), from €73,806 to €127,424
of which Distributable reserves: +€53,618
- Tax, wage and social debts +€13,577
up €13,577 (+103%), from €13,232 to €26,810
- Other debts -€6,714
no longer reported in 2025 (was €6,714)
- Current portion of long-term debt -€3,696
no longer reported in 2025 (was €3,696)
- Trade debts +€3,092
up €3,092 (+4,155%), from €74 to €3,166
- Gross operating margin +€20,266
up €20,266 (+16.5%), from €122,823 to €143,089
- Taxes +€6,595
up €6,595 (+36.8%), from €17,943 to €24,538
- Staff costs +€2,517
up €2,517 (+5.2%), from €48,297 to €50,814
- Depreciation -€2,506
down €2,506 (-20.3%), from €12,327 to €9,821
- Other operating charges +€1,473
up €1,473 (+59.1%), from €2,493 to €3,965
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 | €122,522 | €182,399 | +€59,877 | +48.9% |
| Fixed assets | 21/28 | €19,021 | €20,337 | +€1,317 | +6.9% |
| Tangible fixed assets | 22/27 | €11,521 | €12,837 | +€1,317 | +11.4% |
| Plant, machinery and equipment | 23 | €4,945 | €639 | -€4,306 | -87.1% |
| Leasing and similar rights | 25 | €6,575 | €12,198 | +€5,623 | +85.5% |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €103,501 | €162,062 | +€58,561 | +56.6% |
| Stocks and contracts in progress | 3 | €538 | €847 | +€310 | +57.6% |
| Stocks | 30/36 | €538 | €847 | +€310 | +57.6% |
| Amounts receivable within one year | 40/41 | €987 | €25,984 | +€24,997 | +2,532% |
| Trade receivables | 40 | €987 | - | -€987 | |
| Other amounts receivable | 41 | - | €25,984 | +€25,984 | |
| Cash at bank and in hand | 54/58 | €101,977 | €135,231 | +€33,254 | +32.6% |
| Total equity and liabilities | 10/49 | €122,522 | €182,399 | +€59,877 | +48.9% |
| Equity | 10/15 | €98,806 | €152,424 | +€53,618 | +54.3% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €73,806 | €127,424 | +€53,618 | +72.6% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €71,306 | €124,924 | +€53,618 | +75.2% |
| Amounts payable | 17/49 | €23,716 | €29,975 | +€6,259 | +26.4% |
| Amounts payable within one year | 42/48 | €23,716 | €29,975 | +€6,259 | +26.4% |
| Current portion of amounts payable after more than one year | 42 | €3,696 | - | -€3,696 | |
| Trade debts | 44 | €74 | €3,166 | +€3,092 | +4,155% |
| Suppliers | 440/4 | €74 | €3,166 | +€3,092 | +4,155% |
| Taxes, remuneration and social security | 45 | €13,232 | €26,810 | +€13,577 | +103% |
| Taxes | 450/3 | €13,232 | €26,810 | +€13,577 | +103% |
| Other amounts payable | 47/48 | €6,714 | - | -€6,714 | |
| Remuneration, social security and pensions | 62 | €48,297 | €50,814 | +€2,517 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,327 | €9,821 | -€2,506 | -20.3% |
| Other operating charges | 640/8 | €2,493 | €3,965 | +€1,473 | +59.1% |
| Gross operating margin | 9900 | €122,823 | €143,089 | +€20,266 | +16.5% |
| Operating profit (loss) | 9901 | €59,706 | €78,488 | +€18,782 | +31.5% |
| Financial income | 75/76B | €0 | €0 | +€0 | +133% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +133% |
| Financial charges | 65/66B | €1,197 | €333 | -€864 | -72.2% |
| Recurring financial charges | 65 | €1,197 | €333 | -€864 | -72.2% |
| Profit (loss) for the period before taxes | 9903 | €58,510 | €78,156 | +€19,646 | +33.6% |
| Income taxes | 67/77 | €17,943 | €24,538 | +€6,595 | +36.8% |
| Profit (loss) for the period | 9904 | €40,567 | €53,618 | +€13,051 | +32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,567 | €53,618 | +€13,051 | +32.2% |
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.