HAS: 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.
HAS
Largest movements
- Receivables within one year +€207,008
up €207,008 (+21.7%), from €956,104 to €1.2m
of which Other amounts receivable: +€141,625
- Cash +€38,701
up €38,701 (+36.8%), from €105,047 to €143,748
mainly Trade debts (+€197,278) and Accrued charges and deferred income (+€166,217)
- Stocks and contracts -€20,000
down €20,000 (-4.9%), from €410,000 to €390,000
of which Stocks: -€38,000
- Trade debts +€197,278
up €197,278 (+27.4%), from €719,593 to €916,871
- Accrued charges and deferred income +€166,217
up €166,217 (+3,196%), from €5,200 to €171,417
- Reserves -€144,878
down €144,878 (-31.0%), from €467,790 to €322,912
of which Distributable reserves: -€144,878
- Gross operating margin -€192,406
down €192,406 (-21.0%), from €917,542 to €725,136
- Staff costs +€96,362
up €96,362 (+12.8%), from €754,243 to €850,605
- Taxes -€14,134
down €14,134 (-94.3%), from €14,989 to €855
- Write-downs -€9,522
down €9,522, from €4,761 to -€4,761
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 | €1,576,707 | €1,787,623 | +€210,916 | +13.4% |
| Fixed assets | 21/28 | €76,202 | €67,758 | -€8,444 | -11.1% |
| Tangible fixed assets | 22/27 | €72,792 | €67,758 | -€5,034 | -6.9% |
| Land and buildings | 22 | €401 | €401 | = | 0.0% |
| Plant, machinery and equipment | 23 | €8,555 | €10,303 | +€1,748 | +20.4% |
| Furniture and vehicles | 24 | €59,460 | €52,943 | -€6,517 | -11.0% |
| Other tangible fixed assets | 26 | €4,376 | €4,111 | -€266 | -6.1% |
| Financial fixed assets | 28 | €3,410 | €0 | -€3,410 | -100% |
| Current assets | 29/58 | €1,500,504 | €1,719,865 | +€219,361 | +14.6% |
| Stocks and contracts in progress | 3 | €410,000 | €390,000 | -€20,000 | -4.9% |
| Stocks | 30/36 | €318,000 | €280,000 | -€38,000 | -11.9% |
| Contracts in progress | 37 | €92,000 | €110,000 | +€18,000 | +19.6% |
| Amounts receivable within one year | 40/41 | €956,104 | €1,163,113 | +€207,008 | +21.7% |
| Trade receivables | 40 | €592,436 | €657,820 | +€65,384 | +11.0% |
| Other amounts receivable | 41 | €363,668 | €505,293 | +€141,625 | +38.9% |
| Cash at bank and in hand | 54/58 | €105,047 | €143,748 | +€38,701 | +36.8% |
| Deferred charges and accrued income | 490/1 | €29,353 | €23,004 | -€6,348 | -21.6% |
| Total equity and liabilities | 10/49 | €1,576,707 | €1,787,623 | +€210,916 | +13.4% |
| Equity | 10/15 | €486,390 | €341,512 | -€144,878 | -29.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €467,790 | €322,912 | -€144,878 | -31.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €449,040 | €304,162 | -€144,878 | -32.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,090,317 | €1,446,111 | +€355,794 | +32.6% |
| Amounts payable within one year | 42/48 | €1,085,117 | €1,274,694 | +€189,577 | +17.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €100,082 | €100,572 | +€490 | +0.5% |
| Credit institutions | 430/8 | €100,056 | €100,572 | +€516 | +0.5% |
| Other loans | 439 | €26 | €0 | -€26 | -100% |
| Trade debts | 44 | €719,593 | €916,871 | +€197,278 | +27.4% |
| Suppliers | 440/4 | €719,593 | €916,871 | +€197,278 | +27.4% |
| Advances received on contracts in progress | 46 | €1,028 | €509 | -€520 | -50.5% |
| Taxes, remuneration and social security | 45 | €150,766 | €141,951 | -€8,815 | -5.8% |
| Taxes | 450/3 | €42,385 | €14,303 | -€28,082 | -66.3% |
| Remuneration and social security | 454/9 | €108,380 | €127,648 | +€19,268 | +17.8% |
| Other amounts payable | 47/48 | €113,648 | €114,792 | +€1,143 | +1.0% |
| Accrued charges and deferred income | 492/3 | €5,200 | €171,417 | +€166,217 | +3,196% |
| Non-recurring operating income | 76A | €0 | €3,000 | +€3,000 | |
| Remuneration, social security and pensions | 62 | €754,243 | €850,605 | +€96,362 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,559 | €32,081 | -€7,479 | -18.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,761 | -€4,761 | -€9,522 | |
| Other operating charges | 640/8 | €6,892 | €9,862 | +€2,970 | +43.1% |
| Gross operating margin | 9900 | €917,542 | €725,136 | -€192,406 | -21.0% |
| Operating profit (loss) | 9901 | €112,087 | -€162,651 | -€274,738 | |
| Financial income | 75/76B | €34,837 | €42,166 | +€7,329 | +21.0% |
| Recurring financial income | 75 | €34,837 | €42,166 | +€7,329 | +21.0% |
| Financial charges | 65/66B | €19,417 | €23,537 | +€4,121 | +21.2% |
| Recurring financial charges | 65 | €19,417 | €23,537 | +€4,121 | +21.2% |
| Profit (loss) for the period before taxes | 9903 | €127,507 | -€144,022 | -€271,529 | |
| Income taxes | 67/77 | €14,989 | €855 | -€14,134 | -94.3% |
| Profit (loss) for the period | 9904 | €112,518 | -€144,878 | -€257,396 | |
| Profit (loss) for the period to be appropriated | 9905 | €112,518 | -€144,878 | -€257,396 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.