Has Trade: 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 Trade
Largest movements
- Receivables within one year -€159,637
down €159,637 (-19.1%), from €835,173 to €675,536
of which Trade receivables: -€147,890
- Tangible fixed assets +€149,223
up €149,223 (+123%), from €121,410 to €270,633
of which Leasing and similar rights: +€97,318
- Cash +€121,479
up €121,479 (+181%), from €66,931 to €188,409
mainly Trade debts (+€181,472) and Receivables within one year (+€159,637)
- Trade debts +€181,472
up €181,472 (+34.0%), from €533,803 to €715,276
- Profit (loss) carried forward -€165,340
down €165,340 (-61.6%), from €268,244 to €102,905
- Debts after one year +€117,558
up €117,558 (+134%), from €87,409 to €204,967
- Other debts -€63,349
no longer reported in 2025 (was €63,349)
- Current portion of long-term debt +€30,088
up €30,088 (+116%), from €25,915 to €56,003
- Gross operating margin -€212,050
down €212,050 (-56.9%), from €372,828 to €160,777
- Staff costs +€66,223
up €66,223 (+32.1%), from €206,096 to €272,319
- Depreciation +€21,048
up €21,048 (+138%), from €15,212 to €36,260
- Taxes -€20,156
down €20,156 (-99.3%), from €20,305 to €148
- Write-downs -€10,039
no longer reported in 2025 (was €10,039)
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 | €1,035,388 | €1,140,086 | +€104,698 | +10.1% |
| Fixed assets | 21/28 | €129,584 | €270,633 | +€141,049 | +109% |
| Tangible fixed assets | 22/27 | €121,410 | €270,633 | +€149,223 | +123% |
| Furniture and vehicles | 24 | €5,044 | €56,949 | +€51,905 | +1,029% |
| Leasing and similar rights | 25 | €116,366 | €213,684 | +€97,318 | +83.6% |
| Financial fixed assets | 28 | €8,174 | - | -€8,174 | |
| Current assets | 29/58 | €905,804 | €869,453 | -€36,351 | -4.0% |
| Amounts receivable within one year | 40/41 | €835,173 | €675,536 | -€159,637 | -19.1% |
| Trade receivables | 40 | €801,206 | €653,316 | -€147,890 | -18.5% |
| Other amounts receivable | 41 | €33,967 | €22,220 | -€11,747 | -34.6% |
| Cash at bank and in hand | 54/58 | €66,931 | €188,409 | +€121,479 | +181% |
| Deferred charges and accrued income | 490/1 | €3,700 | €5,508 | +€1,808 | +48.8% |
| Total equity and liabilities | 10/49 | €1,035,388 | €1,140,086 | +€104,698 | +10.1% |
| Equity | 10/15 | €273,244 | €107,905 | -€165,340 | -60.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €268,244 | €102,905 | -€165,340 | -61.6% |
| Amounts payable | 17/49 | €762,144 | €1,032,182 | +€270,038 | +35.4% |
| Amounts payable after more than one year | 17 | €87,409 | €204,967 | +€117,558 | +134% |
| Financial debts | 170/4 | €87,409 | €204,967 | +€117,558 | +134% |
| Amounts payable within one year | 42/48 | €673,830 | €809,185 | +€135,355 | +20.1% |
| Current portion of amounts payable after more than one year | 42 | €25,915 | €56,003 | +€30,088 | +116% |
| Trade debts | 44 | €533,803 | €715,276 | +€181,472 | +34.0% |
| Suppliers | 440/4 | €533,803 | €715,276 | +€181,472 | +34.0% |
| Taxes, remuneration and social security | 45 | €50,763 | €37,906 | -€12,857 | -25.3% |
| Taxes | 450/3 | €14,436 | €4,278 | -€10,158 | -70.4% |
| Remuneration and social security | 454/9 | €36,327 | €33,628 | -€2,699 | -7.4% |
| Other amounts payable | 47/48 | €63,349 | - | -€63,349 | |
| Accrued charges and deferred income | 492/3 | €905 | €18,030 | +€17,125 | +1,892% |
| Remuneration, social security and pensions | 62 | €206,096 | €272,319 | +€66,223 | +32.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,212 | €36,260 | +€21,048 | +138% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,039 | - | -€10,039 | |
| Other operating charges | 640/8 | €17,695 | €9,889 | -€7,806 | -44.1% |
| Gross operating margin | 9900 | €372,828 | €160,777 | -€212,050 | -56.9% |
| Operating profit (loss) | 9901 | €123,786 | -€157,690 | -€281,476 | |
| Financial income | 75/76B | - | €608 | +€608 | |
| Recurring financial income | 75 | - | €608 | +€608 | |
| Financial charges | 65/66B | €2,332 | €8,109 | +€5,777 | +248% |
| Recurring financial charges | 65 | €2,332 | €8,109 | +€5,777 | +248% |
| Profit (loss) for the period before taxes | 9903 | €121,454 | -€165,191 | -€286,645 | |
| Income taxes | 67/77 | €20,305 | €148 | -€20,156 | -99.3% |
| Profit (loss) for the period | 9904 | €101,149 | -€165,340 | -€266,488 | |
| Profit (loss) for the period to be appropriated | 9905 | €101,149 | -€165,340 | -€266,488 |
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 13 October 2026 via checked.be.