HAPPY-DAYS: 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.
HAPPY-DAYS
Largest movements
- Cash -€16,837
down €16,837 (-26.4%), from €63,815 to €46,978
mainly Investment in fixed assets (net) (-€34,091) and Debts after one year (-€27,057)
- Tangible fixed assets +€5,909
up €5,909 (+2.7%), from €221,531 to €227,439
of which Land and buildings: +€15,866
- Debts after one year -€27,057
down €27,057 (-16.6%), from €163,208 to €136,151
of which Financial debts: -€19,393
- Trade debts +€8,521
up €8,521 (+595%), from €1,433 to €9,954
- Reserves +€6,732
up €6,732 (+16.6%), from €40,537 to €47,269
of which Distributable reserves: +€6,732
- Taxes -€1,729
down €1,729 (-96.2%), from €1,796 to €68
- Financial charges -€1,603
down €1,603 (-16.6%), from €9,663 to €8,060
- Gross operating margin -€1,456
down €1,456 (-3.0%), from €47,863 to €46,407
- Depreciation +€1,391
up €1,391 (+5.2%), from €27,004 to €28,395
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 | €291,868 | €280,380 | -€11,487 | -3.9% |
| Formation expenses | 20 | €635 | €423 | -€212 | -33.3% |
| Fixed assets | 21/28 | €222,774 | €228,683 | +€5,909 | +2.7% |
| Tangible fixed assets | 22/27 | €221,531 | €227,439 | +€5,909 | +2.7% |
| Land and buildings | 22 | €118,185 | €134,052 | +€15,866 | +13.4% |
| Plant, machinery and equipment | 23 | €103,345 | €93,387 | -€9,958 | -9.6% |
| Financial fixed assets | 28 | €1,244 | €1,244 | = | 0.0% |
| Current assets | 29/58 | €68,458 | €51,274 | -€17,184 | -25.1% |
| Amounts receivable within one year | 40/41 | €4,643 | €4,296 | -€348 | -7.5% |
| Trade receivables | 40 | €4,643 | €4,296 | -€348 | -7.5% |
| Cash at bank and in hand | 54/58 | €63,815 | €46,978 | -€16,837 | -26.4% |
| Total equity and liabilities | 10/49 | €291,868 | €280,380 | -€11,487 | -3.9% |
| Equity | 10/15 | €102,037 | €108,769 | +€6,732 | +6.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €40,537 | €47,269 | +€6,732 | +16.6% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €34,387 | €41,119 | +€6,732 | +19.6% |
| Amounts payable | 17/49 | €189,831 | €171,611 | -€18,219 | -9.6% |
| Amounts payable after more than one year | 17 | €163,208 | €136,151 | -€27,057 | -16.6% |
| Financial debts | 170/4 | €108,682 | €89,289 | -€19,393 | -17.8% |
| Other amounts payable | 178/9 | €54,526 | €46,862 | -€7,664 | -14.1% |
| Amounts payable within one year | 42/48 | €26,623 | €35,460 | +€8,837 | +33.2% |
| Current portion of amounts payable after more than one year | 42 | €18,731 | €19,393 | +€662 | +3.5% |
| Trade debts | 44 | €1,433 | €9,954 | +€8,521 | +595% |
| Suppliers | 440/4 | €1,433 | €9,954 | +€8,521 | +595% |
| Taxes, remuneration and social security | 45 | €6,459 | €6,114 | -€345 | -5.3% |
| Taxes | 450/3 | €6,459 | €6,114 | -€345 | -5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,004 | €28,395 | +€1,391 | +5.2% |
| Other operating charges | 640/8 | €3,327 | €3,379 | +€52 | +1.6% |
| Gross operating margin | 9900 | €47,863 | €46,407 | -€1,456 | -3.0% |
| Operating profit (loss) | 9901 | €17,532 | €14,634 | -€2,898 | -16.5% |
| Financial income | 75/76B | €195 | €226 | +€31 | +15.9% |
| Recurring financial income | 75 | €195 | €226 | +€31 | +15.9% |
| Financial charges | 65/66B | €9,663 | €8,060 | -€1,603 | -16.6% |
| Recurring financial charges | 65 | €9,663 | €8,060 | -€1,603 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €8,064 | €6,800 | -€1,264 | -15.7% |
| Income taxes | 67/77 | €1,796 | €68 | -€1,729 | -96.2% |
| Profit (loss) for the period | 9904 | €6,268 | €6,732 | +€464 | +7.4% |
| Profit (loss) for the period to be appropriated | 9905 | €6,268 | €6,732 | +€464 | +7.4% |
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 27 October 2026 via checked.be.