HAV Management: 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.
HAV Management
Largest movements
- Receivables within one year +€64,470
up €64,470 (+381.4%), from €16,904 to €81,374
of which Trade receivables: +€59,058
- Cash -€9,729
down €9,729 (-41.1%), from €23,691 to €13,962
mainly Receivables within one year (-€64,470) and Contributions, distributions and other (-€25,500)
- Deferred charges and accrued income -€4,921
down €4,921 (-80.2%), from €6,139 to €1,218
- Trade debts +€27,504
up €27,504 (+294.2%), from €9,349 to €36,852
of which Suppliers: +€18,004
- Reserves +€24,100
up €24,100 (+41.7%), from €57,782 to €81,882
of which Distributable reserves: +€24,100
- Debts after one year -€22,382
down €22,382 (-8.4%), from €266,255 to €243,873
- Tax, wage and social debts +€20,030
up €20,030 (+139.6%), from €14,344 to €34,374
of which Taxes: +€20,030
- Gross operating margin +€87,105
up €87,105 (+906.3%), from €9,611 to €96,716
- Taxes +€17,106
up €17,106, from -€21 to €17,085
- Depreciation +€5,046
up €5,046 (+42.0%), from €12,026 to €17,071
- Other operating charges +€4,450
up €4,450 (+160.7%), from €2,769 to €7,219
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 | €414,096 | €467,749 | +€53,653 | +13.0% |
| Fixed assets | 21/28 | €367,361 | €371,195 | +€3,833 | +1.0% |
| Tangible fixed assets | 22/27 | €367,311 | €371,145 | +€3,833 | +1.0% |
| Land and buildings | 22 | €366,134 | €355,478 | -€10,656 | -2.9% |
| Plant, machinery and equipment | 23 | €1,177 | €1,559 | +€382 | +32.4% |
| Furniture and vehicles | 24 | - | €14,108 | +€14,108 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €46,735 | €96,555 | +€49,820 | +106.6% |
| Amounts receivable within one year | 40/41 | €16,904 | €81,374 | +€64,470 | +381.4% |
| Trade receivables | 40 | €13,291 | €72,349 | +€59,058 | +444.4% |
| Other amounts receivable | 41 | €3,614 | €9,026 | +€5,412 | +149.8% |
| Cash at bank and in hand | 54/58 | €23,691 | €13,962 | -€9,729 | -41.1% |
| Deferred charges and accrued income | 490/1 | €6,139 | €1,218 | -€4,921 | -80.2% |
| Total equity and liabilities | 10/49 | €414,096 | €467,749 | +€53,653 | +13.0% |
| Equity | 10/15 | €64,625 | €88,820 | +€24,196 | +37.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €57,782 | €81,882 | +€24,100 | +41.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,172 | €1,172 | = | 0.0% |
| Distributable reserves | 133 | €54,750 | €78,850 | +€24,100 | +44.0% |
| Profit (loss) carried forward | 14 | -€11,758 | -€11,662 | +€96 | +0.8% |
| Amounts payable | 17/49 | €349,471 | €378,929 | +€29,458 | +8.4% |
| Amounts payable after more than one year | 17 | €266,255 | €243,873 | -€22,382 | -8.4% |
| Financial debts | 170/4 | €266,255 | €243,873 | -€22,382 | -8.4% |
| Amounts payable within one year | 42/48 | €82,785 | €134,624 | +€51,840 | +62.6% |
| Current portion of amounts payable after more than one year | 42 | €23,780 | €24,228 | +€449 | +1.9% |
| Trade debts | 44 | €9,349 | €36,852 | +€27,504 | +294.2% |
| Suppliers | 440/4 | €9,349 | €27,352 | +€18,004 | +192.6% |
| Bills of exchange payable | 441 | - | €9,500 | +€9,500 | |
| Taxes, remuneration and social security | 45 | €14,344 | €34,374 | +€20,030 | +139.6% |
| Taxes | 450/3 | €11,026 | €31,056 | +€20,030 | +181.7% |
| Remuneration and social security | 454/9 | €3,318 | €3,318 | = | 0.0% |
| Other amounts payable | 47/48 | €35,312 | €39,169 | +€3,858 | +10.9% |
| Accrued charges and deferred income | 492/3 | €432 | €432 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,026 | €17,071 | +€5,046 | +42.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €818 | - | -€818 | |
| Other operating charges | 640/8 | €2,769 | €7,219 | +€4,450 | +160.7% |
| Gross operating margin | 9900 | €9,611 | €96,716 | +€87,105 | +906.3% |
| Operating profit (loss) | 9901 | -€6,002 | €72,425 | +€78,428 | |
| Financial income | 75/76B | €186 | €64 | -€122 | -65.4% |
| Recurring financial income | 75 | €186 | €64 | -€122 | -65.4% |
| Financial charges | 65/66B | €5,970 | €5,709 | -€261 | -4.4% |
| Recurring financial charges | 65 | €5,970 | €5,709 | -€261 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | -€11,786 | €66,781 | +€78,567 | |
| Income taxes | 67/77 | -€21 | €17,085 | +€17,106 | |
| Profit (loss) for the period | 9904 | -€11,765 | €49,696 | +€61,461 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,765 | €49,696 | +€61,461 |
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 10 October 2026 via checked.be.