HAPPY NAVETTE: what changed
HAPPY NAVETTE
Largest movements
- Tangible fixed assets -€20,499
down €20,499 (-37.8%), from €54,247 to €33,748
of which Furniture and vehicles: -€21,619
- Receivables within one year +€6,340
up €6,340 (+9.7%), from €65,539 to €71,880
of which Trade receivables: +€4,137
- Cash -€1,914
down €1,914 (-2.9%), from €66,469 to €64,555
mainly Debts after one year (-€9,335) and Receivables within one year (-€6,340)
- Debts after one year -€9,335
down €9,335 (-26.1%), from €35,830 to €26,495
- Tax, wage and social debts -€5,658
down €5,658 (-69.6%), from €8,134 to €2,476
of which Remuneration and social security: -€3,322
- Other debts -€3,329
down €3,329 (-13.7%), from €24,318 to €20,989
- Profit (loss) carried forward +€3,091
up €3,091 (+9.0%), from €34,364 to €37,454
- Trade debts -€2,064
down €2,064 (-3.3%), from €62,203 to €60,139
- Depreciation +€12,810
up €12,810 (+145%), from €8,845 to €21,655
- Gross operating margin +€11,910
up €11,910 (+52.6%), from €22,657 to €34,567
- Staff costs -€2,807
no longer reported in 2025 (was €2,807)
- Financial charges +€1,578
up €1,578 (+164%), from €963 to €2,542
- Other operating charges +€847
up €847 (+16.2%), from €5,241 to €6,088
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €186,479 | €170,406 | -€16,073 | -8.6% |
| Fixed assets | 21/28 | €54,471 | €33,972 | -€20,499 | -37.6% |
| Tangible fixed assets | 22/27 | €54,247 | €33,748 | -€20,499 | -37.8% |
| Plant, machinery and equipment | 23 | - | €1,120 | +€1,120 | |
| Furniture and vehicles | 24 | €54,247 | €32,628 | -€21,619 | -39.9% |
| Financial fixed assets | 28 | €224 | €224 | = | 0.0% |
| Current assets | 29/58 | €132,008 | €136,435 | +€4,426 | +3.4% |
| Amounts receivable within one year | 40/41 | €65,539 | €71,880 | +€6,340 | +9.7% |
| Trade receivables | 40 | €64,928 | €69,065 | +€4,137 | +6.4% |
| Other amounts receivable | 41 | €611 | €2,815 | +€2,204 | +360% |
| Cash at bank and in hand | 54/58 | €66,469 | €64,555 | -€1,914 | -2.9% |
| Total equity and liabilities | 10/49 | €186,479 | €170,406 | -€16,073 | -8.6% |
| Equity | 10/15 | €47,224 | €50,314 | +€3,091 | +6.5% |
| Contributions | 10/11 | €11,000 | €11,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,364 | €37,454 | +€3,091 | +9.0% |
| Amounts payable | 17/49 | €139,255 | €120,092 | -€19,164 | -13.8% |
| Amounts payable after more than one year | 17 | €35,830 | €26,495 | -€9,335 | -26.1% |
| Financial debts | 170/4 | €35,830 | €26,495 | -€9,335 | -26.1% |
| Amounts payable within one year | 42/48 | €103,426 | €93,597 | -€9,829 | -9.5% |
| Current portion of amounts payable after more than one year | 42 | €8,113 | €9,335 | +€1,222 | +15.1% |
| Trade debts | 44 | €62,203 | €60,139 | -€2,064 | -3.3% |
| Suppliers | 440/4 | €62,203 | €60,139 | -€2,064 | -3.3% |
| Advances received on contracts in progress | 46 | €658 | €658 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €8,134 | €2,476 | -€5,658 | -69.6% |
| Taxes | 450/3 | €3,527 | €1,192 | -€2,335 | -66.2% |
| Remuneration and social security | 454/9 | €4,607 | €1,284 | -€3,322 | -72.1% |
| Other amounts payable | 47/48 | €24,318 | €20,989 | -€3,329 | -13.7% |
| Remuneration, social security and pensions | 62 | €2,807 | - | -€2,807 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,845 | €21,655 | +€12,810 | +145% |
| Other operating charges | 640/8 | €5,241 | €6,088 | +€847 | +16.2% |
| Gross operating margin | 9900 | €22,657 | €34,567 | +€11,910 | +52.6% |
| Operating profit (loss) | 9901 | €5,763 | €6,824 | +€1,060 | +18.4% |
| Financial income | 75/76B | €1 | €0 | -€1 | -89.5% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -89.5% |
| Financial charges | 65/66B | €963 | €2,542 | +€1,578 | +164% |
| Recurring financial charges | 65 | €963 | €2,542 | +€1,578 | +164% |
| Profit (loss) for the period before taxes | 9903 | €4,801 | €4,282 | -€519 | -10.8% |
| Income taxes | 67/77 | €1,309 | €1,192 | -€118 | -9.0% |
| Profit (loss) for the period | 9904 | €3,492 | €3,091 | -€401 | -11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €3,492 | €3,091 | -€401 | -11.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.