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
- Cash +€78,662
up €78,662 (+220%), from €35,739 to €114,400
mainly Other debts (+€99,514) and Net result for the year (+€83,171)
- Tangible fixed assets -€26,183
down €26,183 (-21.3%), from €123,003 to €96,819
of which Plant, machinery and equipment: -€20,702
- Stocks and contracts +€7,364
up €7,364 (+94.5%), from €7,796 to €15,161
- Receivables within one year +€3,956
up €3,956 (+12.5%), from €31,699 to €35,655
of which Trade receivables: +€13,165
- Other debts +€99,514
up €99,514 (+186%), from €53,522 to €153,036
- Reserves -€39,951
down €39,951 (-32.4%), from €123,122 to €83,171
- Gross operating margin +€79,216
up €79,216 (+70.0%), from €113,128 to €192,344
- Taxes +€19,431
up €19,431 (+227%), from €8,550 to €27,980
- Depreciation +€2,352
up €2,352 (+8.5%), from €27,521 to €29,873
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 | €198,237 | €262,035 | +€63,799 | +32.2% |
| Fixed assets | 21/28 | €123,003 | €96,819 | -€26,183 | -21.3% |
| Tangible fixed assets | 22/27 | €123,003 | €96,819 | -€26,183 | -21.3% |
| Plant, machinery and equipment | 23 | €96,699 | €75,998 | -€20,702 | -21.4% |
| Furniture and vehicles | 24 | €21,215 | €16,133 | -€5,082 | -24.0% |
| Other tangible fixed assets | 26 | €5,088 | €4,689 | -€399 | -7.8% |
| Current assets | 29/58 | €75,234 | €165,216 | +€89,982 | +120% |
| Stocks and contracts in progress | 3 | €7,796 | €15,161 | +€7,364 | +94.5% |
| Stocks | 30/36 | €7,796 | €15,161 | +€7,364 | +94.5% |
| Amounts receivable within one year | 40/41 | €31,699 | €35,655 | +€3,956 | +12.5% |
| Trade receivables | 40 | €10,249 | €23,414 | +€13,165 | +128% |
| Other amounts receivable | 41 | €21,450 | €12,242 | -€9,209 | -42.9% |
| Cash at bank and in hand | 54/58 | €35,739 | €114,400 | +€78,662 | +220% |
| Total equity and liabilities | 10/49 | €198,237 | €262,035 | +€63,799 | +32.2% |
| Equity | 10/15 | €128,122 | €88,171 | -€39,951 | -31.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €123,122 | €83,171 | -€39,951 | -32.4% |
| Distributable reserves | 133 | €123,122 | €83,171 | -€39,951 | -32.4% |
| Amounts payable | 17/49 | €70,115 | €173,864 | +€103,749 | +148% |
| Amounts payable within one year | 42/48 | €65,701 | €168,843 | +€103,141 | +157% |
| Trade debts | 44 | €1,910 | €3,247 | +€1,338 | +70.0% |
| Suppliers | 440/4 | €1,910 | €3,247 | +€1,338 | +70.0% |
| Taxes, remuneration and social security | 45 | €10,269 | €12,559 | +€2,290 | +22.3% |
| Taxes | 450/3 | €3,180 | €8,473 | +€5,293 | +166% |
| Remuneration and social security | 454/9 | €7,089 | €4,086 | -€3,003 | -42.4% |
| Other amounts payable | 47/48 | €53,522 | €153,036 | +€99,514 | +186% |
| Accrued charges and deferred income | 492/3 | €4,413 | €5,021 | +€608 | +13.8% |
| Remuneration, social security and pensions | 62 | €47,281 | €49,044 | +€1,763 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,521 | €29,873 | +€2,352 | +8.5% |
| Other operating charges | 640/8 | €721 | €515 | -€206 | -28.6% |
| Non-recurring operating charges | 66A | €940 | - | -€940 | |
| Gross operating margin | 9900 | €113,128 | €192,344 | +€79,216 | +70.0% |
| Operating profit (loss) | 9901 | €36,665 | €112,912 | +€76,247 | +208% |
| Financial income | 75/76B | €1,451 | €2,417 | +€966 | +66.6% |
| Recurring financial income | 75 | €1,451 | €2,417 | +€966 | +66.6% |
| Financial charges | 65/66B | €4,493 | €4,177 | -€316 | -7.0% |
| Recurring financial charges | 65 | €4,493 | €4,177 | -€316 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €33,622 | €111,152 | +€77,529 | +231% |
| Income taxes | 67/77 | €8,550 | €27,980 | +€19,431 | +227% |
| Profit (loss) for the period | 9904 | €25,073 | €83,171 | +€58,099 | +232% |
| Profit (loss) for the period to be appropriated | 9905 | €25,073 | €83,171 | +€58,099 | +232% |
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.