HAQUIN: 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.
HAQUIN
Largest movements
- Receivables within one year -€70,098
down €70,098 (-49.0%), from €142,971 to €72,873
of which Other amounts receivable: -€35,513
- Cash +€46,069
up €46,069 (+364%), from €12,657 to €58,725
mainly Net result for the year (+€93,287) and Receivables within one year (+€70,098)
- Tangible fixed assets +€34,626
up €34,626 (+34.7%), from €99,779 to €134,405
of which Furniture and vehicles: +€48,931
- Stocks and contracts +€9,288
up €9,288 (+54.8%), from €16,942 to €26,230
- Reserves -€32,000
down €32,000 (-23.9%), from €134,000 to €102,000
- Tax, wage and social debts +€31,203
up €31,203 (+853%), from €3,658 to €34,861
of which Taxes: +€30,383
- Debts after one year +€15,256
up €15,256 (+23.9%), from €63,882 to €79,139
- Trade debts -€12,813
down €12,813 (-61.6%), from €20,809 to €7,996
- Current portion of long-term debt +€8,698
up €8,698 (+34.3%), from €25,385 to €34,084
- Gross operating margin +€43,409
up €43,409 (+38.9%), from €111,576 to €154,984
- Taxes +€10,507
up €10,507 (+48.7%), from €21,577 to €32,084
- Staff costs -€6,680
down €6,680 (-72.7%), from €9,186 to €2,506
- Depreciation +€4,113
up €4,113 (+22.3%), from €18,423 to €22,536
- Financial income -€2,620
down €2,620 (-52.2%), from €5,019 to €2,399
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 | €273,278 | €292,579 | +€19,301 | +7.1% |
| Fixed assets | 21/28 | €99,779 | €134,405 | +€34,626 | +34.7% |
| Tangible fixed assets | 22/27 | €99,779 | €134,405 | +€34,626 | +34.7% |
| Plant, machinery and equipment | 23 | €36,843 | €26,532 | -€10,311 | -28.0% |
| Furniture and vehicles | 24 | €1,353 | €50,284 | +€48,931 | +3,616% |
| Other tangible fixed assets | 26 | €61,582 | €57,589 | -€3,994 | -6.5% |
| Current assets | 29/58 | €173,499 | €158,174 | -€15,325 | -8.8% |
| Stocks and contracts in progress | 3 | €16,942 | €26,230 | +€9,288 | +54.8% |
| Stocks | 30/36 | €16,942 | €26,230 | +€9,288 | +54.8% |
| Amounts receivable within one year | 40/41 | €142,971 | €72,873 | -€70,098 | -49.0% |
| Trade receivables | 40 | €48,866 | €14,281 | -€34,585 | -70.8% |
| Other amounts receivable | 41 | €94,105 | €58,592 | -€35,513 | -37.7% |
| Cash at bank and in hand | 54/58 | €12,657 | €58,725 | +€46,069 | +364% |
| Deferred charges and accrued income | 490/1 | €930 | €346 | -€584 | -62.8% |
| Total equity and liabilities | 10/49 | €273,278 | €292,579 | +€19,301 | +7.1% |
| Equity | 10/15 | €152,759 | €121,046 | -€31,713 | -20.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €134,000 | €102,000 | -€32,000 | -23.9% |
| Distributable reserves | 133 | €134,000 | €102,000 | -€32,000 | -23.9% |
| Profit (loss) carried forward | 14 | €159 | €446 | +€287 | +180% |
| Amounts payable | 17/49 | €120,519 | €171,533 | +€51,014 | +42.3% |
| Amounts payable after more than one year | 17 | €63,882 | €79,139 | +€15,256 | +23.9% |
| Financial debts | 170/4 | €63,882 | €79,139 | +€15,256 | +23.9% |
| Amounts payable within one year | 42/48 | €56,636 | €92,389 | +€35,753 | +63.1% |
| Current portion of amounts payable after more than one year | 42 | €25,385 | €34,084 | +€8,698 | +34.3% |
| Financial debts | 43 | €6,784 | €12,656 | +€5,872 | +86.6% |
| Credit institutions | 430/8 | €6,784 | €12,656 | +€5,872 | +86.6% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €20,809 | €7,996 | -€12,813 | -61.6% |
| Suppliers | 440/4 | €20,809 | €7,996 | -€12,813 | -61.6% |
| Taxes, remuneration and social security | 45 | €3,658 | €34,861 | +€31,203 | +853% |
| Taxes | 450/3 | €2,754 | €33,137 | +€30,383 | +1,103% |
| Remuneration and social security | 454/9 | €904 | €1,724 | +€820 | +90.6% |
| Other amounts payable | 47/48 | €0 | €2,793 | +€2,793 | |
| Accrued charges and deferred income | 492/3 | - | €5 | +€5 | |
| Remuneration, social security and pensions | 62 | €9,186 | €2,506 | -€6,680 | -72.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,423 | €22,536 | +€4,113 | +22.3% |
| Other operating charges | 640/8 | €1,395 | €1,602 | +€208 | +14.9% |
| Gross operating margin | 9900 | €111,576 | €154,984 | +€43,409 | +38.9% |
| Operating profit (loss) | 9901 | €82,571 | €128,340 | +€45,769 | +55.4% |
| Financial income | 75/76B | €5,019 | €2,399 | -€2,620 | -52.2% |
| Recurring financial income | 75 | €5,019 | €2,399 | -€2,620 | -52.2% |
| Financial charges | 65/66B | €4,847 | €5,368 | +€521 | +10.8% |
| Recurring financial charges | 65 | €4,847 | €5,368 | +€521 | +10.8% |
| Profit (loss) for the period before taxes | 9903 | €82,744 | €125,371 | +€42,627 | +51.5% |
| Income taxes | 67/77 | €21,577 | €32,084 | +€10,507 | +48.7% |
| Profit (loss) for the period | 9904 | €61,167 | €93,287 | +€32,120 | +52.5% |
| Profit (loss) for the period to be appropriated | 9905 | €61,167 | €93,287 | +€32,120 | +52.5% |
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 28 October 2026 via checked.be.