HASAR: 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.
HASAR
Largest movements
- Tangible fixed assets +€47,716
up €47,716 (+1,059%), from €4,506 to €52,222
of which Furniture and vehicles: +€47,851
- Cash -€36,896
down €36,896 (-31.3%), from €117,853 to €80,957
mainly Investment in fixed assets (net) (-€50,108) and Other debts (-€17,448)
No liability line moved by more than 1% of the balance sheet total.
- Financial income +€21,973
up €21,973 (+3,109%), from €707 to €22,679
- Gross operating margin -€20,880
down €20,880, from €12,320 to -€8,560
- Financial charges -€1,185
down €1,185 (-18.2%), from €6,529 to €5,344
- Taxes -€1,089
down €1,089 (-54.8%), from €1,988 to €899
- Depreciation -€749
down €749 (-23.8%), from €3,141 to €2,392
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 | €2,527,927 | €2,525,882 | -€2,045 | -0.1% |
| Fixed assets | 21/28 | €2,258,775 | €2,306,491 | +€47,716 | +2.1% |
| Tangible fixed assets | 22/27 | €4,506 | €52,222 | +€47,716 | +1,059% |
| Furniture and vehicles | 24 | €3,382 | €51,234 | +€47,851 | +1,415% |
| Other tangible fixed assets | 26 | €1,124 | €988 | -€135 | -12.0% |
| Financial fixed assets | 28 | €2,254,269 | €2,254,269 | = | 0.0% |
| Current assets | 29/58 | €269,152 | €219,391 | -€49,761 | -18.5% |
| Amounts receivable within one year | 40/41 | €151,120 | €137,281 | -€13,840 | -9.2% |
| Trade receivables | 40 | €18,150 | €0 | -€18,150 | -100% |
| Other amounts receivable | 41 | €132,970 | €137,281 | +€4,310 | +3.2% |
| Cash at bank and in hand | 54/58 | €117,853 | €80,957 | -€36,896 | -31.3% |
| Deferred charges and accrued income | 490/1 | €179 | €1,154 | +€974 | +544% |
| Total equity and liabilities | 10/49 | €2,527,927 | €2,525,882 | -€2,045 | -0.1% |
| Equity | 10/15 | €2,379,381 | €2,383,578 | +€4,197 | +0.2% |
| Contributions | 10/11 | €2,281,000 | €2,281,000 | = | 0.0% |
| Reserves | 13 | €98,381 | €102,578 | +€4,197 | +4.3% |
| Distributable reserves | 133 | €98,381 | €102,578 | +€4,197 | +4.3% |
| Amounts payable | 17/49 | €148,545 | €142,304 | -€6,241 | -4.2% |
| Amounts payable after more than one year | 17 | €70,755 | €70,843 | +€89 | +0.1% |
| Financial debts | 170/4 | €70,755 | €70,843 | +€89 | +0.1% |
| Amounts payable within one year | 42/48 | €77,791 | €69,985 | -€7,805 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €33,196 | €45,194 | +€11,998 | +36.1% |
| Trade debts | 44 | €1,507 | €2,222 | +€715 | +47.4% |
| Suppliers | 440/4 | €1,507 | €2,222 | +€715 | +47.4% |
| Taxes, remuneration and social security | 45 | €7,457 | €4,387 | -€3,070 | -41.2% |
| Taxes | 450/3 | €7,457 | €4,387 | -€3,070 | -41.2% |
| Other amounts payable | 47/48 | €35,631 | €18,183 | -€17,448 | -49.0% |
| Accrued charges and deferred income | 492/3 | €0 | €1,475 | +€1,475 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,141 | €2,392 | -€749 | -23.8% |
| Other operating charges | 640/8 | €1,405 | €1,211 | -€194 | -13.8% |
| Non-recurring operating charges | 66A | - | €77 | +€77 | |
| Gross operating margin | 9900 | €12,320 | -€8,560 | -€20,880 | |
| Operating profit (loss) | 9901 | €7,774 | -€12,239 | -€20,014 | |
| Financial income | 75/76B | €707 | €22,679 | +€21,973 | +3,109% |
| Recurring financial income | 75 | €707 | €22,679 | +€21,973 | +3,109% |
| Financial charges | 65/66B | €6,529 | €5,344 | -€1,185 | -18.2% |
| Recurring financial charges | 65 | €6,529 | €5,344 | -€1,185 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €1,952 | €5,096 | +€3,144 | +161% |
| Income taxes | 67/77 | €1,988 | €899 | -€1,089 | -54.8% |
| Profit (loss) for the period | 9904 | -€36 | €4,197 | +€4,232 | |
| Profit (loss) for the period to be appropriated | 9905 | -€36 | €4,197 | +€4,232 |
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 14 October 2026 via checked.be.