HaTwee: what changed
Two fiscal 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.
HaTwee
Largest movements
- Tangible fixed assets -€40,783
down €40,783 (-7.9%), from €518,852 to €478,069
of which Land and buildings: -€22,677
- Stocks and contracts +€35,903
up €35,903 (+8.1%), from €441,246 to €477,149
- Receivables within one year -€25,079
down €25,079 (-4.2%), from €592,259 to €567,180
of which Trade receivables: -€28,202
- Cash -€18,811
down €18,811 (-45.2%), from €41,635 to €22,823
mainly Short-term financial debts (-€79,838) and Debts after one year (-€65,725)
- Reserves +€91,288
up €91,288 (+23.1%), from €394,472 to €485,760
- Short-term financial debts -€79,838
down €79,838 (-23.6%), from €338,813 to €258,975
- Debts after one year -€65,725
down €65,725 (-44.2%), from €148,635 to €82,910
- Profit (loss) carried forward -€22,253
down €22,253 (-100.0%), from €22,253 to €0
- Trade debts +€18,922
up €18,922 (+8.2%), from €230,844 to €249,766
- Gross operating margin -€72,609
down €72,609 (-9.9%), from €731,705 to €659,096
- Staff costs +€47,574
up €47,574 (+12.2%), from €389,437 to €437,011
- Taxes -€19,993
down €19,993 (-41.8%), from €47,845 to €27,852
- Depreciation -€19,279
down €19,279 (-22.4%), from €85,879 to €66,600
- Financial charges -€9,056
down €9,056 (-14.9%), from €60,650 to €51,594
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 | €1,630,888 | €1,562,057 | -€68,831 | -4.2% |
| Fixed assets | 21/28 | €530,356 | €480,872 | -€49,483 | -9.3% |
| Intangible fixed assets | 21 | €11,228 | €2,529 | -€8,700 | -77.5% |
| Tangible fixed assets | 22/27 | €518,852 | €478,069 | -€40,783 | -7.9% |
| Land and buildings | 22 | €416,291 | €393,614 | -€22,677 | -5.4% |
| Plant, machinery and equipment | 23 | €57,460 | €43,793 | -€13,667 | -23.8% |
| Furniture and vehicles | 24 | €8,956 | €12,673 | +€3,717 | +41.5% |
| Leasing and similar rights | 25 | €36,145 | €27,989 | -€8,156 | -22.6% |
| Financial fixed assets | 28 | €275 | €275 | = | 0.0% |
| Current assets | 29/58 | €1,100,532 | €1,081,185 | -€19,348 | -1.8% |
| Stocks and contracts in progress | 3 | €441,246 | €477,149 | +€35,903 | +8.1% |
| Stocks | 30/36 | €441,246 | €477,149 | +€35,903 | +8.1% |
| Amounts receivable within one year | 40/41 | €592,259 | €567,180 | -€25,079 | -4.2% |
| Trade receivables | 40 | €556,079 | €527,877 | -€28,202 | -5.1% |
| Other amounts receivable | 41 | €36,181 | €39,303 | +€3,123 | +8.6% |
| Cash at bank and in hand | 54/58 | €41,635 | €22,823 | -€18,811 | -45.2% |
| Deferred charges and accrued income | 490/1 | €25,393 | €14,033 | -€11,360 | -44.7% |
| Total equity and liabilities | 10/49 | €1,630,888 | €1,562,057 | -€68,831 | -4.2% |
| Equity | 10/15 | €681,315 | €750,350 | +€69,035 | +10.1% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Revaluation surpluses | 12 | €234,590 | €234,590 | = | 0.0% |
| Reserves | 13 | €394,472 | €485,760 | +€91,288 | +23.1% |
| Distributable reserves | 133 | €394,472 | €485,760 | +€91,288 | +23.1% |
| Profit (loss) carried forward | 14 | €22,253 | €0 | -€22,253 | -100.0% |
| Amounts payable | 17/49 | €949,573 | €811,707 | -€137,866 | -14.5% |
| Amounts payable after more than one year | 17 | €148,635 | €82,910 | -€65,725 | -44.2% |
| Financial debts | 170/4 | €148,635 | €82,910 | -€65,725 | -44.2% |
| Amounts payable within one year | 42/48 | €800,938 | €728,797 | -€72,141 | -9.0% |
| Current portion of amounts payable after more than one year | 42 | €90,234 | €72,889 | -€17,345 | -19.2% |
| Financial debts | 43 | €338,813 | €258,975 | -€79,838 | -23.6% |
| Credit institutions | 430/8 | €338,813 | €258,975 | -€79,838 | -23.6% |
| Trade debts | 44 | €230,844 | €249,766 | +€18,922 | +8.2% |
| Suppliers | 440/4 | €230,844 | €249,766 | +€18,922 | +8.2% |
| Taxes, remuneration and social security | 45 | €70,436 | €85,123 | +€14,687 | +20.9% |
| Taxes | 450/3 | €30,851 | €15,954 | -€14,897 | -48.3% |
| Remuneration and social security | 454/9 | €39,585 | €69,169 | +€29,584 | +74.7% |
| Other amounts payable | 47/48 | €70,611 | €62,043 | -€8,568 | -12.1% |
| Non-recurring operating income | 76A | €14,575 | €0 | -€14,575 | -100.0% |
| Remuneration, social security and pensions | 62 | €389,437 | €437,011 | +€47,574 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,879 | €66,600 | -€19,279 | -22.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,163 | €0 | -€1,163 | -100.0% |
| Other operating charges | 640/8 | €8,067 | €7,019 | -€1,048 | -13.0% |
| Non-recurring operating charges | 66A | €8,268 | €0 | -€8,268 | -100.0% |
| Gross operating margin | 9900 | €731,705 | €659,096 | -€72,609 | -9.9% |
| Operating profit (loss) | 9901 | €238,892 | €148,466 | -€90,426 | -37.9% |
| Financial income | 75/76B | €8 | €15 | +€7 | +83.4% |
| Recurring financial income | 75 | €8 | €15 | +€7 | +83.4% |
| Financial charges | 65/66B | €60,650 | €51,594 | -€9,056 | -14.9% |
| Recurring financial charges | 65 | €60,650 | €51,594 | -€9,056 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €178,250 | €96,887 | -€81,363 | -45.6% |
| Income taxes | 67/77 | €47,845 | €27,852 | -€19,993 | -41.8% |
| Profit (loss) for the period | 9904 | €130,405 | €69,035 | -€61,370 | -47.1% |
| Profit (loss) for the period to be appropriated | 9905 | €130,405 | €69,035 | -€61,370 | -47.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.