HAQUENNE: 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.
What changed
HAQUENNE
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€160,278
2024 · €183,607-€23,329
Equity
€1.2m
2024 · €1.2m-€10,222
Cash
€283,135
2024 · €23,272+€259,862
Balance sheet total
€2.0m
2024 · €84.15bn-€84.15bn
Largest movements
Assets
- Receivables within one year -€84.15bn
down €84.15bn (-100.0%), from €84.15bn to €1.2m
of which Trade receivables: -€84.15bn
Equity and liabilities
- Trade debts -€84.15bn
down €84.15bn (-100.0%), from €84.15bn to €288,538
Income statement
- Gross operating margin -€169,890
down €169,890 (-9.8%), from €1.7m to €1.6m
- Staff costs -€143,833
down €143,833 (-10.9%), from €1.3m to €1.2m
- Other operating charges -€33,034
down €33,034 (-58.8%), from €56,156 to €23,122
- Depreciation +€31,723
up €31,723 (+40.1%), from €79,075 to €110,798
- Write-downs -€23,210
down €23,210 (-100.0%), from €23,210 to €0
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.
Result 2024
€183,607
Gross operating margin
-€169,890
Staff costs
+€143,833
Depreciation
-€31,723
Write-downs
+€23,210
Other operating charges
+€33,034
Financial income
-€3,507
Financial charges
-€5,538
Taxes
-€12,748
Result 2025
€160,278
Cash bridge derived
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.
From operations
+€489,939
Investment
-€63,100
Financing
-€166,977
Cash 2024
€23,272
From operations (derived)
+€489,939
Net result for the year
+€160,278
Depreciation
+€110,798
Smaller working-capital items
+€58,264
Receivables within one year
+€84.15bn
Trade debts
-€84.15bn
Investment (derived)
-€63,100
Investment in fixed assets (net)
-€63,100
Financing
-€166,977
Debts after one year
-€6,225
Current portion of long-term debt
-€11,169
Short-term financial debts
+€20,917
Contributions, distributions and other
-€170,500
Cash 2025
€283,135
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €84,153,568,156 | €2,018,168 | -€84.15bn | -100.0% |
| Fixed assets | 21/28 | €290,818 | €243,120 | -€47,698 | -16.4% |
| Intangible fixed assets | 21 | - | €5,036 | +€5,036 | |
| Tangible fixed assets | 22/27 | €290,768 | €238,034 | -€52,734 | -18.1% |
| Plant, machinery and equipment | 23 | €24,536 | €23,451 | -€1,085 | -4.4% |
| Furniture and vehicles | 24 | €153,131 | €169,201 | +€16,070 | +10.5% |
| Leasing and similar rights | 25 | €113,101 | €45,382 | -€67,720 | -59.9% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €84,153,277,338 | €1,775,048 | -€84.15bn | -100.0% |
| Stocks and contracts in progress | 3 | €233,372 | €273,169 | +€39,797 | +17.1% |
| Stocks | 30/36 | €214,718 | €263,282 | +€48,564 | +22.6% |
| Contracts in progress | 37 | €18,655 | €9,888 | -€8,767 | -47.0% |
| Amounts receivable within one year | 40/41 | €84,153,013,066 | €1,180,730 | -€84.15bn | -100.0% |
| Trade receivables | 40 | €84,152,803,262 | €1,067,736 | -€84.15bn | -100.0% |
| Other amounts receivable | 41 | €209,804 | €112,995 | -€96,809 | -46.1% |
| Cash at bank and in hand | 54/58 | €23,272 | €283,135 | +€259,862 | +1116.6% |
| Deferred charges and accrued income | 490/1 | €7,628 | €38,014 | +€30,386 | +398.4% |
| Total equity and liabilities | 10/49 | €84,153,568,156 | €2,018,168 | -€84.15bn | -100.0% |
| Equity | 10/15 | €1,235,547 | €1,225,325 | -€10,222 | -0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €642,502 | €518,960 | -€123,542 | -19.2% |
| Tax-exempt reserves | 132 | €63,042 | €0 | -€63,042 | -100.0% |
| Distributable reserves | 133 | €579,460 | €518,960 | -€60,500 | -10.4% |
| Profit (loss) carried forward | 14 | €574,444 | €687,765 | +€113,320 | +19.7% |
| Amounts payable | 17/49 | €84,152,332,610 | €792,843 | -€84.15bn | -100.0% |
| Amounts payable after more than one year | 17 | €78,177 | €71,953 | -€6,225 | -8.0% |
| Financial debts | 170/4 | €78,177 | €71,953 | -€6,225 | -8.0% |
| Amounts payable within one year | 42/48 | €84,152,254,433 | €720,891 | -€84.15bn | -100.0% |
| Current portion of amounts payable after more than one year | 42 | €61,933 | €50,764 | -€11,169 | -18.0% |
| Financial debts | 43 | €8,451 | €29,368 | +€20,917 | +247.5% |
| Credit institutions | 430/8 | €8,451 | €29,368 | +€20,917 | +247.5% |
| Trade debts | 44 | €84,151,960,275 | €288,538 | -€84.15bn | -100.0% |
| Suppliers | 440/4 | €84,151,960,275 | €288,538 | -€84.15bn | -100.0% |
| Taxes, remuneration and social security | 45 | €146,929 | €107,878 | -€39,052 | -26.6% |
| Taxes | 450/3 | €89,303 | €54,398 | -€34,905 | -39.1% |
| Remuneration and social security | 454/9 | €57,626 | €53,480 | -€4,146 | -7.2% |
| Other amounts payable | 47/48 | €76,844 | €244,342 | +€167,498 | +218.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,318,206 | €1,174,373 | -€143,833 | -10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,075 | €110,798 | +€31,723 | +40.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €23,210 | €0 | -€23,210 | -100.0% |
| Other operating charges | 640/8 | €56,156 | €23,122 | -€33,034 | -58.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,739,644 | €1,569,754 | -€169,890 | -9.8% |
| Operating profit (loss) | 9901 | €262,997 | €261,461 | -€1,536 | -0.6% |
| Financial income | 75/76B | €18,445 | €14,938 | -€3,507 | -19.0% |
| Recurring financial income | 75 | €18,445 | €14,938 | -€3,507 | -19.0% |
| Financial charges | 65/66B | €21,135 | €26,673 | +€5,538 | +26.2% |
| Recurring financial charges | 65 | €21,135 | €26,673 | +€5,538 | +26.2% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €260,307 | €249,726 | -€10,581 | -4.1% |
| Income taxes | 67/77 | €76,700 | €89,448 | +€12,748 | +16.6% |
| Profit (loss) for the period | 9904 | €183,607 | €160,278 | -€23,329 | -12.7% |
| Transfer from tax-exempt reserves | 789 | - | €63,042 | +€63,042 | |
| Profit (loss) for the period to be appropriated | 9905 | €183,607 | €223,320 | +€39,713 | +21.6% |
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 9 October 2026 via checked.be.