HAV-e: 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.
HAV-e
Largest movements
- Receivables within one year +€298,113
up €298,113 (+53.1%), from €561,318 to €859,432
of which Trade receivables: +€310,326
- Cash +€27,250
up €27,250 (+8.4%), from €326,146 to €353,397
mainly Net result for the year (+€354,223) and Other debts (+€141,342)
- Tangible fixed assets -€22,716
down €22,716 (-20.9%), from €108,765 to €86,050
of which Furniture and vehicles: -€25,339
- Intangible fixed assets +€14,479
up €14,479 (+64.9%), from €22,317 to €36,796
- Other debts +€141,342
up €141,342 (+95.9%), from €147,429 to €288,771
- Tax, wage and social debts +€116,959
up €116,959 (+46.7%), from €250,526 to €367,485
of which Taxes: +€80,376
- Trade debts +€51,875
up €51,875 (+77.8%), from €66,708 to €118,583
- Reserves +€44,726
up €44,726 (+9.5%), from €471,983 to €516,709
- Debts after one year -€26,894
down €26,894 (-50.8%), from €52,951 to €26,057
- Gross operating margin +€374,555
up €374,555 (+37.8%), from €989,658 to €1.4m
- Staff costs +€194,197
up €194,197 (+30.2%), from €642,485 to €836,682
- Taxes +€59,735
up €59,735 (+122.3%), from €48,862 to €108,596
- Depreciation -€17,825
down €17,825 (-26.3%), from €67,749 to €49,924
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 | €1,047,160 | €1,367,774 | +€320,613 | +30.6% |
| Fixed assets | 21/28 | €131,082 | €122,846 | -€8,236 | -6.3% |
| Intangible fixed assets | 21 | €22,317 | €36,796 | +€14,479 | +64.9% |
| Tangible fixed assets | 22/27 | €108,765 | €86,050 | -€22,716 | -20.9% |
| Plant, machinery and equipment | 23 | €328 | €219 | -€109 | -33.3% |
| Furniture and vehicles | 24 | €105,334 | €79,995 | -€25,339 | -24.1% |
| Other tangible fixed assets | 26 | €3,103 | €4,743 | +€1,640 | +52.8% |
| Assets under construction and advance payments | 27 | - | €1,093 | +€1,093 | |
| Current assets | 29/58 | €916,078 | €1,244,928 | +€328,850 | +35.9% |
| Amounts receivable within one year | 40/41 | €561,318 | €859,432 | +€298,113 | +53.1% |
| Trade receivables | 40 | €549,034 | €859,360 | +€310,326 | +56.5% |
| Other amounts receivable | 41 | €12,284 | €72 | -€12,212 | -99.4% |
| Cash at bank and in hand | 54/58 | €326,146 | €353,397 | +€27,250 | +8.4% |
| Deferred charges and accrued income | 490/1 | €28,613 | €32,100 | +€3,487 | +12.2% |
| Total equity and liabilities | 10/49 | €1,047,160 | €1,367,774 | +€320,613 | +30.6% |
| Equity | 10/15 | €494,606 | €538,319 | +€43,713 | +8.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €471,983 | €516,709 | +€44,726 | +9.5% |
| Distributable reserves | 133 | €471,983 | €516,709 | +€44,726 | +9.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Investment grants | 15 | €4,022 | €3,010 | -€1,013 | -25.2% |
| Provisions and deferred taxes | 16 | €1,341 | €1,003 | -€338 | -25.2% |
| Deferred taxes | 168 | €1,341 | €1,003 | -€338 | -25.2% |
| Amounts payable | 17/49 | €551,214 | €828,451 | +€277,238 | +50.3% |
| Amounts payable after more than one year | 17 | €52,951 | €26,057 | -€26,894 | -50.8% |
| Financial debts | 170/4 | €52,951 | €26,057 | -€26,894 | -50.8% |
| Amounts payable within one year | 42/48 | €497,855 | €802,097 | +€304,241 | +61.1% |
| Current portion of amounts payable after more than one year | 42 | €33,192 | €26,894 | -€6,298 | -19.0% |
| Financial debts | 43 | - | €363 | +€363 | |
| Other loans | 439 | - | €363 | +€363 | |
| Trade debts | 44 | €66,708 | €118,583 | +€51,875 | +77.8% |
| Suppliers | 440/4 | €66,708 | €118,583 | +€51,875 | +77.8% |
| Taxes, remuneration and social security | 45 | €250,526 | €367,485 | +€116,959 | +46.7% |
| Taxes | 450/3 | €162,009 | €242,384 | +€80,376 | +49.6% |
| Remuneration and social security | 454/9 | €88,517 | €125,101 | +€36,584 | +41.3% |
| Other amounts payable | 47/48 | €147,429 | €288,771 | +€141,342 | +95.9% |
| Accrued charges and deferred income | 492/3 | €407 | €297 | -€110 | -26.9% |
| Non-recurring operating income | 76A | €1,235 | €0 | -€1,235 | -100.0% |
| Remuneration, social security and pensions | 62 | €642,485 | €836,682 | +€194,197 | +30.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,749 | €49,924 | -€17,825 | -26.3% |
| Other operating charges | 640/8 | €3,397 | €4,487 | +€1,090 | +32.1% |
| Non-recurring operating charges | 66A | €169 | €0 | -€169 | -100.0% |
| Gross operating margin | 9900 | €989,658 | €1,364,212 | +€374,555 | +37.8% |
| Operating profit (loss) | 9901 | €275,857 | €473,119 | +€197,262 | +71.5% |
| Financial income | 75/76B | €1,499 | €1,930 | +€430 | +28.7% |
| Recurring financial income | 75 | €1,499 | €1,930 | +€430 | +28.7% |
| Financial charges | 65/66B | €9,077 | €12,568 | +€3,491 | +38.5% |
| Recurring financial charges | 65 | €9,077 | €12,568 | +€3,491 | +38.5% |
| Profit (loss) for the period before taxes | 9903 | €268,280 | €462,482 | +€194,202 | +72.4% |
| Transfer from deferred taxes | 780 | €338 | €338 | = | 0.0% |
| Income taxes | 67/77 | €48,862 | €108,596 | +€59,735 | +122.3% |
| Profit (loss) for the period | 9904 | €219,756 | €354,223 | +€134,467 | +61.2% |
| Profit (loss) for the period to be appropriated | 9905 | €219,756 | €354,223 | +€134,467 | +61.2% |
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 4 October 2026 via checked.be.