Happy Volcano: 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 Volcano
Largest movements
- Intangible fixed assets +€89,110
up €89,110 (+16.2%), from €548,920 to €638,030
- Cash -€71,338
down €71,338 (-21.7%), from €328,938 to €257,600
mainly Investment in fixed assets (net) (-€435,991) and Net result for the year (-€37,581)
- Receivables within one year -€24,683
down €24,683 (-45.4%), from €54,338 to €29,655
of which Trade receivables: -€22,062
- Deferred charges and accrued income +€10,733
up €10,733 (+269%), from €3,994 to €14,727
- Trade debts +€43,032
up €43,032 (+44.9%), from €95,864 to €138,897
- Profit (loss) carried forward -€37,581
down €37,581 (-3.7%), from -€1.0m to -€1.0m
- Depreciation -€236,827
down €236,827 (-40.5%), from €584,438 to €347,611
- Gross operating margin +€205,967
up €205,967 (+91.1%), from €226,177 to €432,144
- Staff costs -€161,904
down €161,904 (-64.0%), from €252,980 to €91,076
- Financial charges +€27,639
up €27,639 (+560%), from €4,936 to €32,575
- Financial income -€23,957
down €23,957 (-94.0%), from €25,493 to €1,536
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 | €948,420 | €951,512 | +€3,092 | +0.3% |
| Fixed assets | 21/28 | €561,150 | €649,530 | +€88,380 | +15.7% |
| Intangible fixed assets | 21 | €548,920 | €638,030 | +€89,110 | +16.2% |
| Tangible fixed assets | 22/27 | €6,049 | €5,320 | -€729 | -12.1% |
| Plant, machinery and equipment | 23 | €6,038 | €5,320 | -€718 | -11.9% |
| Furniture and vehicles | 24 | €12 | €0 | -€12 | -100% |
| Financial fixed assets | 28 | €6,180 | €6,180 | = | 0.0% |
| Current assets | 29/58 | €387,271 | €301,982 | -€85,288 | -22.0% |
| Amounts receivable within one year | 40/41 | €54,338 | €29,655 | -€24,683 | -45.4% |
| Trade receivables | 40 | €48,286 | €26,223 | -€22,062 | -45.7% |
| Other amounts receivable | 41 | €6,053 | €3,432 | -€2,621 | -43.3% |
| Cash at bank and in hand | 54/58 | €328,938 | €257,600 | -€71,338 | -21.7% |
| Deferred charges and accrued income | 490/1 | €3,994 | €14,727 | +€10,733 | +269% |
| Total equity and liabilities | 10/49 | €948,420 | €951,512 | +€3,092 | +0.3% |
| Equity | 10/15 | €839,904 | €802,323 | -€37,581 | -4.5% |
| Contributions | 10/11 | €1,818,600 | €1,818,600 | = | 0.0% |
| Reserves | 13 | €24,500 | €24,500 | = | 0.0% |
| Distributable reserves | 133 | €24,500 | €24,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,003,196 | -€1,040,777 | -€37,581 | -3.7% |
| Amounts payable | 17/49 | €108,516 | €149,189 | +€40,673 | +37.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €108,516 | €149,189 | +€40,673 | +37.5% |
| Current portion of amounts payable after more than one year | 42 | €6,508 | €0 | -€6,508 | -100% |
| Financial debts | 43 | - | €1,990 | +€1,990 | |
| Credit institutions | 430/8 | - | €1,990 | +€1,990 | |
| Trade debts | 44 | €95,864 | €138,897 | +€43,032 | +44.9% |
| Suppliers | 440/4 | €95,864 | €138,897 | +€43,032 | +44.9% |
| Taxes, remuneration and social security | 45 | €4,648 | €6,807 | +€2,159 | +46.5% |
| Taxes | 450/3 | - | €269 | +€269 | |
| Remuneration and social security | 454/9 | €4,648 | €6,538 | +€1,891 | +40.7% |
| Other amounts payable | 47/48 | €1,496 | €1,496 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €252,980 | €91,076 | -€161,904 | -64.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €584,438 | €347,611 | -€236,827 | -40.5% |
| Other operating charges | 640/8 | €832 | €0 | -€832 | -100% |
| Gross operating margin | 9900 | €226,177 | €432,144 | +€205,967 | +91.1% |
| Operating profit (loss) | 9901 | -€612,072 | -€6,543 | +€605,529 | +98.9% |
| Financial income | 75/76B | €25,493 | €1,536 | -€23,957 | -94.0% |
| Recurring financial income | 75 | €25,493 | €1,536 | -€23,957 | -94.0% |
| Financial charges | 65/66B | €4,936 | €32,575 | +€27,639 | +560% |
| Recurring financial charges | 65 | €4,936 | €32,575 | +€27,639 | +560% |
| Profit (loss) for the period before taxes | 9903 | -€591,515 | -€37,581 | +€553,933 | +93.6% |
| Profit (loss) for the period | 9904 | -€591,515 | -€37,581 | +€553,933 | +93.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€591,515 | -€37,581 | +€553,933 | +93.6% |
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.