Hava: 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.
Hava
Largest movements
- Current investments -€845,285
down €845,285 (-62.8%), from €1.3m to €500,000
- Cash +€171,463
up €171,463 (+41.0%), from €418,004 to €589,467
mainly Debts after one year (+€1.3m) and Current investments (+€845,285)
- Receivables within one year +€131,817
up €131,817 (+22.8%), from €577,197 to €709,014
of which Trade receivables: +€73,051
- Tangible fixed assets -€119,472
down €119,472 (-7.5%), from €1.6m to €1.5m
of which Land and buildings: -€107,695
- Stocks and contracts -€58,061
down €58,061 (-13.9%), from €419,035 to €360,974
- Debts after one year +€1.3m
up €1.3m (+2018.2%), from €64,914 to €1.4m
- Reserves -€1.2m
down €1.2m (-39.5%), from €2.9m to €1.8m
of which Distributable reserves: -€1.2m
- Other debts -€1.1m
down €1.1m (-100.0%), from €1.1m to €0
- Trade debts +€130,065
up €130,065 (+146.3%), from €88,909 to €218,973
- Current portion of long-term debt +€100,210
up €100,210 (+154.9%), from €64,704 to €164,914
- Financial charges -€42,585
down €42,585 (-48.4%), from €87,904 to €45,320
- Staff costs +€42,173
up €42,173 (+6.8%), from €615,981 to €658,153
- Gross operating margin +€37,464
up €37,464 (+2.6%), from €1.4m to €1.5m
- Depreciation -€28,625
down €28,625 (-10.8%), from €266,004 to €237,379
- Financial income -€17,133
down €17,133 (-27.2%), from €62,908 to €45,774
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 | €4,394,926 | €3,656,426 | -€738,500 | -16.8% |
| Fixed assets | 21/28 | €1,619,177 | €1,495,205 | -€123,972 | -7.7% |
| Intangible fixed assets | 21 | €15,469 | €10,969 | -€4,500 | -29.1% |
| Tangible fixed assets | 22/27 | €1,603,292 | €1,483,820 | -€119,472 | -7.5% |
| Land and buildings | 22 | €1,062,629 | €954,935 | -€107,695 | -10.1% |
| Plant, machinery and equipment | 23 | €493,062 | €510,645 | +€17,583 | +3.6% |
| Furniture and vehicles | 24 | €47,601 | €18,241 | -€29,360 | -61.7% |
| Financial fixed assets | 28 | €417 | €417 | = | 0.0% |
| Current assets | 29/58 | €2,775,749 | €2,161,221 | -€614,528 | -22.1% |
| Stocks and contracts in progress | 3 | €419,035 | €360,974 | -€58,061 | -13.9% |
| Stocks | 30/36 | €419,035 | €360,974 | -€58,061 | -13.9% |
| Amounts receivable within one year | 40/41 | €577,197 | €709,014 | +€131,817 | +22.8% |
| Trade receivables | 40 | €575,990 | €649,042 | +€73,051 | +12.7% |
| Other amounts receivable | 41 | €1,206 | €59,972 | +€58,766 | +4871.4% |
| Current investments | 50/53 | €1,345,285 | €500,000 | -€845,285 | -62.8% |
| Cash at bank and in hand | 54/58 | €418,004 | €589,467 | +€171,463 | +41.0% |
| Deferred charges and accrued income | 490/1 | €16,228 | €1,766 | -€14,462 | -89.1% |
| Total equity and liabilities | 10/49 | €4,394,926 | €3,656,426 | -€738,500 | -16.8% |
| Equity | 10/15 | €2,973,964 | €1,814,554 | -€1.2m | -39.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €2,934,017 | €1,773,913 | -€1.2m | -39.5% |
| Tax-exempt reserves | 132 | €92,058 | €92,058 | = | 0.0% |
| Distributable reserves | 133 | €2,841,959 | €1,681,855 | -€1.2m | -40.8% |
| Profit (loss) carried forward | 14 | - | €694 | +€694 | |
| Investment grants | 15 | €9,947 | €9,947 | = | 0.0% |
| Amounts payable | 17/49 | €1,420,962 | €1,841,872 | +€420,910 | +29.6% |
| Amounts payable after more than one year | 17 | €64,914 | €1,375,000 | +€1.3m | +2018.2% |
| Financial debts | 170/4 | €64,914 | €1,375,000 | +€1.3m | +2018.2% |
| Amounts payable within one year | 42/48 | €1,353,411 | €463,275 | -€890,136 | -65.8% |
| Current portion of amounts payable after more than one year | 42 | €64,704 | €164,914 | +€100,210 | +154.9% |
| Trade debts | 44 | €88,909 | €218,973 | +€130,065 | +146.3% |
| Suppliers | 440/4 | €88,909 | €218,973 | +€130,065 | +146.3% |
| Taxes, remuneration and social security | 45 | €107,095 | €79,388 | -€27,707 | -25.9% |
| Taxes | 450/3 | €47,556 | €16,434 | -€31,121 | -65.4% |
| Remuneration and social security | 454/9 | €59,540 | €62,954 | +€3,414 | +5.7% |
| Other amounts payable | 47/48 | €1,092,703 | €0 | -€1.1m | -100.0% |
| Accrued charges and deferred income | 492/3 | €2,637 | €3,596 | +€959 | +36.4% |
| Non-recurring operating income | 76A | - | €11,975 | +€11,975 | |
| Remuneration, social security and pensions | 62 | €615,981 | €658,153 | +€42,173 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €266,004 | €237,379 | -€28,625 | -10.8% |
| Other operating charges | 640/8 | €33,142 | €35,607 | +€2,465 | +7.4% |
| Gross operating margin | 9900 | €1,446,268 | €1,483,732 | +€37,464 | +2.6% |
| Operating profit (loss) | 9901 | €531,142 | €552,593 | +€21,451 | +4.0% |
| Financial income | 75/76B | €62,908 | €45,774 | -€17,133 | -27.2% |
| Recurring financial income | 75 | €62,908 | €45,774 | -€17,133 | -27.2% |
| Financial charges | 65/66B | €87,904 | €45,320 | -€42,585 | -48.4% |
| Recurring financial charges | 65 | €87,904 | €45,320 | -€42,585 | -48.4% |
| Profit (loss) for the period before taxes | 9903 | €506,145 | €553,048 | +€46,903 | +9.3% |
| Transfer from deferred taxes | 780 | €875 | €0 | -€875 | -100.0% |
| Income taxes | 67/77 | €124,624 | €137,457 | +€12,833 | +10.3% |
| Profit (loss) for the period | 9904 | €382,396 | €415,590 | +€33,194 | +8.7% |
| Transfer from tax-exempt reserves | 789 | €1,700 | €0 | -€1,700 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €384,096 | €415,590 | +€31,494 | +8.2% |
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 1 October 2026 via checked.be.