Has Invest: 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 Invest
Largest movements
- Receivables within one year -€244,971
down €244,971 (-52.8%), from €463,945 to €218,974
of which Trade receivables: -€187,615
- Tangible fixed assets -€200,189
down €200,189 (-4.2%), from €4.7m to €4.5m
of which Plant, machinery and equipment: -€139,201
- Reserves -€377,106
down €377,106 (-17.3%), from €2.2m to €1.8m
of which Distributable reserves: -€377,106
- Debts after one year -€360,662
down €360,662 (-11.0%), from €3.3m to €2.9m
- Other debts +€358,251
new in 2025: €358,251
- Trade debts -€152,527
down €152,527 (-94.5%), from €161,388 to €8,862
- Other operating charges -€132,400
down €132,400 (-77.5%), from €170,754 to €38,353
- Gross operating margin -€116,211
down €116,211 (-15.9%), from €733,150 to €616,940
- Write-downs -€18,332
down €18,332 (-73.5%), from €24,937 to €6,605
- Financial charges -€18,147
down €18,147 (-18.6%), from €97,360 to €79,213
- Depreciation +€11,766
up €11,766 (+2.4%), from €489,474 to €501,241
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 | €6,741,858 | €6,274,073 | -€467,785 | -6.9% |
| Fixed assets | 21/28 | €4,722,749 | €4,522,560 | -€200,189 | -4.2% |
| Tangible fixed assets | 22/27 | €4,721,279 | €4,521,090 | -€200,189 | -4.2% |
| Land and buildings | 22 | €3,586,943 | €3,592,532 | +€5,589 | +0.2% |
| Plant, machinery and equipment | 23 | €1,012,084 | €872,883 | -€139,201 | -13.8% |
| Furniture and vehicles | 24 | €122,252 | €55,675 | -€66,577 | -54.5% |
| Financial fixed assets | 28 | €1,470 | €1,470 | = | 0.0% |
| Current assets | 29/58 | €2,019,110 | €1,751,514 | -€267,596 | -13.3% |
| Amounts receivable after more than one year | 29 | €1,500,000 | €1,500,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,500,000 | €1,500,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €463,945 | €218,974 | -€244,971 | -52.8% |
| Trade receivables | 40 | €396,589 | €208,974 | -€187,615 | -47.3% |
| Other amounts receivable | 41 | €67,356 | €10,000 | -€57,356 | -85.2% |
| Cash at bank and in hand | 54/58 | €55,045 | €32,446 | -€22,599 | -41.1% |
| Deferred charges and accrued income | 490/1 | €121 | €94 | -€27 | -22.2% |
| Total equity and liabilities | 10/49 | €6,741,858 | €6,274,073 | -€467,785 | -6.9% |
| Equity | 10/15 | €2,934,574 | €2,593,388 | -€341,186 | -11.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €435,974 | €435,974 | = | 0.0% |
| Reserves | 13 | €2,178,191 | €1,801,085 | -€377,106 | -17.3% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €2,159,441 | €1,782,335 | -€377,106 | -17.5% |
| Profit (loss) carried forward | 14 | €301,809 | €337,729 | +€35,920 | +11.9% |
| Amounts payable | 17/49 | €3,807,285 | €3,680,685 | -€126,600 | -3.3% |
| Amounts payable after more than one year | 17 | €3,284,079 | €2,923,417 | -€360,662 | -11.0% |
| Financial debts | 170/4 | €3,284,079 | €2,923,417 | -€360,662 | -11.0% |
| Amounts payable within one year | 42/48 | €522,681 | €756,493 | +€233,812 | +44.7% |
| Current portion of amounts payable after more than one year | 42 | €356,976 | €360,662 | +€3,686 | +1.0% |
| Trade debts | 44 | €161,388 | €8,862 | -€152,527 | -94.5% |
| Suppliers | 440/4 | €161,388 | €8,862 | -€152,527 | -94.5% |
| Taxes, remuneration and social security | 45 | €4,317 | €28,719 | +€24,402 | +565% |
| Taxes | 450/3 | €4,317 | €28,719 | +€24,402 | +565% |
| Other amounts payable | 47/48 | - | €358,251 | +€358,251 | |
| Accrued charges and deferred income | 492/3 | €525 | €775 | +€250 | +47.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €489,474 | €501,241 | +€11,766 | +2.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €24,937 | €6,605 | -€18,332 | -73.5% |
| Other operating charges | 640/8 | €170,754 | €38,353 | -€132,400 | -77.5% |
| Gross operating margin | 9900 | €733,150 | €616,940 | -€116,211 | -15.9% |
| Operating profit (loss) | 9901 | €47,985 | €70,740 | +€22,755 | +47.4% |
| Financial income | 75/76B | €44,393 | €44,393 | = | 0.0% |
| Recurring financial income | 75 | €44,393 | €44,393 | = | 0.0% |
| Financial charges | 65/66B | €97,360 | €79,213 | -€18,147 | -18.6% |
| Recurring financial charges | 65 | €97,360 | €79,213 | -€18,147 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,981 | €35,920 | +€40,902 | |
| Income taxes | 67/77 | €87 | - | -€87 | |
| Profit (loss) for the period | 9904 | -€5,068 | €35,920 | +€40,989 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,068 | €35,920 | +€40,989 |
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 25 October 2026 via checked.be.