HASO: 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.
HASO
Largest movements
- Cash +€8,209
up €8,209 (+3.3%), from €250,996 to €259,205
mainly Advances received (+€47,957) and Other debts (+€36,265)
- Stocks and contracts +€8,152
up €8,152 (+10.2%), from €80,093 to €88,245
- Receivables within one year +€7,122
up €7,122 (+3,315%), from €215 to €7,337
- Advances received +€47,957
new in 2025: €47,957
- Other debts +€36,265
up €36,265 (+30.2%), from €120,234 to €156,499
- Trade debts -€26,975
down €26,975 (-55.8%), from €48,308 to €21,333
- Tax, wage and social debts -€21,784
down €21,784 (-31.2%), from €69,764 to €47,980
of which Taxes: -€16,684
- Reserves -€18,000
down €18,000 (-7.2%), from €248,340 to €230,340
- Depreciation +€6,049
up €6,049 (+47.6%), from €12,702 to €18,751
- Taxes -€5,639
down €5,639 (-28.1%), from €20,050 to €14,412
- Financial charges -€912
down €912 (-7.7%), from €11,846 to €10,934
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 | €570,354 | €588,001 | +€17,647 | +3.1% |
| Fixed assets | 21/28 | €234,050 | €228,214 | -€5,837 | -2.5% |
| Tangible fixed assets | 22/27 | €234,050 | €228,214 | -€5,837 | -2.5% |
| Land and buildings | 22 | €188,120 | €176,272 | -€11,848 | -6.3% |
| Plant, machinery and equipment | 23 | €45,930 | €51,942 | +€6,011 | +13.1% |
| Current assets | 29/58 | €336,304 | €359,788 | +€23,483 | +7.0% |
| Stocks and contracts in progress | 3 | €80,093 | €88,245 | +€8,152 | +10.2% |
| Stocks | 30/36 | €80,093 | €88,245 | +€8,152 | +10.2% |
| Amounts receivable within one year | 40/41 | €215 | €7,337 | +€7,122 | +3,315% |
| Trade receivables | 40 | €215 | €7,337 | +€7,122 | +3,315% |
| Current investments | 50/53 | €5,000 | €5,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €250,996 | €259,205 | +€8,209 | +3.3% |
| Total equity and liabilities | 10/49 | €570,354 | €588,001 | +€17,647 | +3.1% |
| Equity | 10/15 | €332,049 | €314,231 | -€17,817 | -5.4% |
| Contributions | 10/11 | €33,400 | €33,400 | = | 0.0% |
| Reserves | 13 | €248,340 | €230,340 | -€18,000 | -7.2% |
| Distributable reserves | 133 | €248,340 | €230,340 | -€18,000 | -7.2% |
| Profit (loss) carried forward | 14 | €50,309 | €50,491 | +€183 | +0.4% |
| Amounts payable | 17/49 | €238,306 | €273,770 | +€35,464 | +14.9% |
| Amounts payable within one year | 42/48 | €238,306 | €273,770 | +€35,464 | +14.9% |
| Trade debts | 44 | €48,308 | €21,333 | -€26,975 | -55.8% |
| Suppliers | 440/4 | €48,308 | €21,333 | -€26,975 | -55.8% |
| Advances received on contracts in progress | 46 | - | €47,957 | +€47,957 | |
| Taxes, remuneration and social security | 45 | €69,764 | €47,980 | -€21,784 | -31.2% |
| Taxes | 450/3 | €61,059 | €44,375 | -€16,684 | -27.3% |
| Remuneration and social security | 454/9 | €8,705 | €3,605 | -€5,100 | -58.6% |
| Other amounts payable | 47/48 | €120,234 | €156,499 | +€36,265 | +30.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,702 | €18,751 | +€6,049 | +47.6% |
| Other operating charges | 640/8 | €6,535 | €6,330 | -€205 | -3.1% |
| Gross operating margin | 9900 | €77,070 | €77,569 | +€499 | +0.6% |
| Operating profit (loss) | 9901 | €57,833 | €52,488 | -€5,345 | -9.2% |
| Financial income | 75/76B | €146 | €40 | -€106 | -72.4% |
| Recurring financial income | 75 | €146 | €40 | -€106 | -72.4% |
| Financial charges | 65/66B | €11,846 | €10,934 | -€912 | -7.7% |
| Recurring financial charges | 65 | €11,846 | €10,934 | -€912 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €46,133 | €41,594 | -€4,539 | -9.8% |
| Income taxes | 67/77 | €20,050 | €14,412 | -€5,639 | -28.1% |
| Profit (loss) for the period | 9904 | €26,083 | €27,183 | +€1,100 | +4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €26,083 | €27,183 | +€1,100 | +4.2% |
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 30 October 2026 via checked.be.