HASOFA: 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.
HASOFA
Largest movements
- Tangible fixed assets +€17,321
up €17,321 (+230%), from €7,547 to €24,868
of which Plant, machinery and equipment: +€17,199
- Stocks and contracts -€15,868
down €15,868 (-50.0%), from €31,731 to €15,863
- Receivables within one year +€12,383
up €12,383 (+60.6%), from €20,438 to €32,821
of which Other amounts receivable: +€13,900
- Cash +€4,921
up €4,921 (+46.1%), from €10,683 to €15,604
mainly Debts after one year (+€37,530) and Stocks and contracts (+€15,868)
- Intangible fixed assets -€4,137
no longer reported in 2025 (was €4,137)
- Debts after one year +€37,530
new in 2025: €37,530
- Tax, wage and social debts -€33,114
down €33,114 (-42.6%), from €77,645 to €44,531
of which Remuneration and social security: -€20,870
- Current portion of long-term debt +€8,337
new in 2025: €8,337
- Gross operating margin -€72,830
down €72,830 (-33.5%), from €217,239 to €144,409
- Staff costs -€67,131
down €67,131 (-35.2%), from €190,875 to €123,744
- Financial charges +€4,374
up €4,374 (+90.7%), from €4,823 to €9,197
of which Financial charges: +€3,857
- Depreciation +€3,061
up €3,061 (+63.8%), from €4,795 to €7,856
- Taxes -€2,314
down €2,314 (-60.1%), from €3,848 to €1,534
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 | €80,619 | €94,389 | +€13,770 | +17.1% |
| Fixed assets | 21/28 | €13,987 | €27,268 | +€13,282 | +95.0% |
| Intangible fixed assets | 21 | €4,137 | - | -€4,137 | |
| Tangible fixed assets | 22/27 | €7,547 | €24,868 | +€17,321 | +230% |
| Plant, machinery and equipment | 23 | - | €17,199 | +€17,199 | |
| Furniture and vehicles | 24 | €4,065 | €5,046 | +€981 | +24.1% |
| Other tangible fixed assets | 26 | €3,482 | €2,622 | -€860 | -24.7% |
| Financial fixed assets | 28 | €2,303 | €2,401 | +€98 | +4.3% |
| Current assets | 29/58 | €66,632 | €67,121 | +€488 | +0.7% |
| Stocks and contracts in progress | 3 | €31,731 | €15,863 | -€15,868 | -50.0% |
| Stocks | 30/36 | €31,731 | €15,863 | -€15,868 | -50.0% |
| Amounts receivable within one year | 40/41 | €20,438 | €32,821 | +€12,383 | +60.6% |
| Trade receivables | 40 | €7,120 | €5,603 | -€1,517 | -21.3% |
| Other amounts receivable | 41 | €13,318 | €27,218 | +€13,900 | +104% |
| Cash at bank and in hand | 54/58 | €10,683 | €15,604 | +€4,921 | +46.1% |
| Deferred charges and accrued income | 490/1 | €3,781 | €2,833 | -€948 | -25.1% |
| Total equity and liabilities | 10/49 | €80,619 | €94,389 | +€13,770 | +17.1% |
| Equity | 10/15 | -€3,690 | -€3,455 | +€235 | +6.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,890 | -€9,655 | +€235 | +2.4% |
| Amounts payable | 17/49 | €84,309 | €97,844 | +€13,535 | +16.1% |
| Amounts payable after more than one year | 17 | - | €37,530 | +€37,530 | |
| Financial debts | 170/4 | - | €37,530 | +€37,530 | |
| Amounts payable within one year | 42/48 | €84,309 | €60,314 | -€23,995 | -28.5% |
| Current portion of amounts payable after more than one year | 42 | - | €8,337 | +€8,337 | |
| Trade debts | 44 | €6,664 | €7,446 | +€782 | +11.7% |
| Suppliers | 440/4 | €6,664 | €7,446 | +€782 | +11.7% |
| Taxes, remuneration and social security | 45 | €77,645 | €44,531 | -€33,114 | -42.6% |
| Taxes | 450/3 | €40,135 | €27,890 | -€12,244 | -30.5% |
| Remuneration and social security | 454/9 | €37,511 | €16,641 | -€20,870 | -55.6% |
| Non-recurring operating income | 76A | €357 | - | -€357 | |
| Remuneration, social security and pensions | 62 | €190,875 | €123,744 | -€67,131 | -35.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,795 | €7,856 | +€3,061 | +63.8% |
| Other operating charges | 640/8 | €944 | €985 | +€41 | +4.3% |
| Non-recurring operating charges | 66A | €836 | €858 | +€22 | +2.7% |
| Gross operating margin | 9900 | €217,239 | €144,409 | -€72,830 | -33.5% |
| Operating profit (loss) | 9901 | €19,789 | €10,966 | -€8,823 | -44.6% |
| Financial charges | 65/66B | €4,823 | €9,197 | +€4,374 | +90.7% |
| Recurring financial charges | 65 | €3,197 | €7,054 | +€3,857 | +121% |
| Non-recurring financial charges | 66B | €1,626 | €2,143 | +€517 | +31.8% |
| Profit (loss) for the period before taxes | 9903 | €14,966 | €1,769 | -€13,197 | -88.2% |
| Income taxes | 67/77 | €3,848 | €1,534 | -€2,314 | -60.1% |
| Profit (loss) for the period | 9904 | €11,118 | €235 | -€10,883 | -97.9% |
| Profit (loss) for the period to be appropriated | 9905 | €11,118 | €235 | -€10,883 | -97.9% |
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.