HASDRUBAL: 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.
HASDRUBAL
Largest movements
- Tangible fixed assets -€17,644
down €17,644 (-9.4%), from €187,589 to €169,944
- Cash -€4,581
down €4,581 (-72.0%), from €6,363 to €1,783
mainly Net result for the year (-€11,953) and Other debts (-€9,558)
- Reserves -€16,861
down €16,861 (-14.8%), from €113,969 to €97,108
of which Tax-exempt reserves: -€16,861
- Other debts -€9,558
down €9,558 (-16.2%), from €59,174 to €49,616
- Profit (loss) carried forward +€4,908
up €4,908 (+59.5%), from -€8,251 to -€3,343
- Gross operating margin +€1,605
up €1,605 (+10.1%), from €15,932 to €17,537
- Other operating charges +€444
up €444 (+10.9%), from €4,092 to €4,536
- Taxes +€278
up €278 (+17.0%), from €1,630 to €1,908
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.
Cash bridge derived
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 | €199,183 | €177,114 | -€22,068 | -11.1% |
| Fixed assets | 21/28 | €187,589 | €169,944 | -€17,644 | -9.4% |
| Tangible fixed assets | 22/27 | €187,589 | €169,944 | -€17,644 | -9.4% |
| Land and buildings | 22 | €187,589 | €169,944 | -€17,644 | -9.4% |
| Current assets | 29/58 | €11,594 | €7,170 | -€4,424 | -38.2% |
| Amounts receivable within one year | 40/41 | €5,231 | €5,387 | +€157 | +3.0% |
| Other amounts receivable | 41 | €5,231 | €5,387 | +€157 | +3.0% |
| Cash at bank and in hand | 54/58 | €6,363 | €1,783 | -€4,581 | -72.0% |
| Total equity and liabilities | 10/49 | €199,183 | €177,114 | -€22,068 | -11.1% |
| Equity | 10/15 | €136,718 | €124,765 | -€11,953 | -8.7% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €113,969 | €97,108 | -€16,861 | -14.8% |
| Tax-exempt reserves | 132 | €112,599 | €95,737 | -€16,861 | -15.0% |
| Distributable reserves | 133 | €1,370 | €1,370 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,251 | -€3,343 | +€4,908 | +59.5% |
| Amounts payable | 17/49 | €62,465 | €52,350 | -€10,115 | -16.2% |
| Amounts payable within one year | 42/48 | €60,805 | €51,525 | -€9,280 | -15.3% |
| Taxes, remuneration and social security | 45 | €1,630 | €1,908 | +€278 | +17.0% |
| Taxes | 450/3 | €1,630 | €1,908 | +€278 | +17.0% |
| Other amounts payable | 47/48 | €59,174 | €49,616 | -€9,558 | -16.2% |
| Accrued charges and deferred income | 492/3 | €1,660 | €825 | -€835 | -50.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,872 | €22,897 | +€25 | +0.1% |
| Other operating charges | 640/8 | €4,092 | €4,536 | +€444 | +10.9% |
| Gross operating margin | 9900 | €15,932 | €17,537 | +€1,605 | +10.1% |
| Operating profit (loss) | 9901 | -€11,031 | -€9,895 | +€1,136 | +10.3% |
| Financial charges | 65/66B | €135 | €150 | +€15 | +11.1% |
| Recurring financial charges | 65 | €135 | €150 | +€15 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | -€11,166 | -€10,045 | +€1,121 | +10.0% |
| Income taxes | 67/77 | €1,630 | €1,908 | +€278 | +17.0% |
| Profit (loss) for the period | 9904 | -€12,796 | -€11,953 | +€843 | +6.6% |
| Transfer from tax-exempt reserves | 789 | €16,862 | €16,861 | -€1 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,066 | €4,908 | +€842 | +20.7% |
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 11 October 2026 via checked.be.