HAVA-AGO: 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.
HAVA-AGO
Largest movements
- Receivables within one year +€19,635
up €19,635 (+29.1%), from €67,469 to €87,103
of which Other amounts receivable: +€16,650
- Receivables after one year +€10,000
up €10,000 (+20.0%), from €50,000 to €60,000
- Cash -€6,545
down €6,545 (-6.5%), from €101,209 to €94,664
mainly Contributions, distributions and other (-€157,110) and Debts after one year (-€20,251)
- Other debts +€97,110
up €97,110 (+162%), from €60,000 to €157,110
- Reserves -€92,475
no longer reported in 2025 (was €92,475)
- Tax, wage and social debts +€26,922
up €26,922 (+121%), from €22,303 to €49,225
of which Taxes: +€28,367
- Debts after one year -€20,251
down €20,251 (-20.8%), from €97,179 to €76,928
- Advances received +€16,020
new in 2025: €16,020
- Gross operating margin +€10,584
up €10,584 (+10.2%), from €103,279 to €113,863
- Depreciation +€5,480
up €5,480 (+45.4%), from €12,063 to €17,543
- Taxes +€5,322
up €5,322 (+19.6%), from €27,214 to €32,536
- Financial income +€2,803
up €2,803 (+136%), from €2,060 to €4,864
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 | €322,534 | €344,981 | +€22,448 | +7.0% |
| Fixed assets | 21/28 | €103,345 | €103,214 | -€131 | -0.1% |
| Tangible fixed assets | 22/27 | €103,345 | €103,214 | -€131 | -0.1% |
| Land and buildings | 22 | €86,127 | €79,227 | -€6,901 | -8.0% |
| Plant, machinery and equipment | 23 | €3,448 | €2,689 | -€759 | -22.0% |
| Furniture and vehicles | 24 | €7,160 | €16,476 | +€9,316 | +130% |
| Other tangible fixed assets | 26 | €6,610 | €4,823 | -€1,787 | -27.0% |
| Current assets | 29/58 | €219,189 | €241,767 | +€22,578 | +10.3% |
| Amounts receivable after more than one year | 29 | €50,000 | €60,000 | +€10,000 | +20.0% |
| Other amounts receivable | 291 | €50,000 | €60,000 | +€10,000 | +20.0% |
| Amounts receivable within one year | 40/41 | €67,469 | €87,103 | +€19,635 | +29.1% |
| Trade receivables | 40 | €26,903 | €29,887 | +€2,985 | +11.1% |
| Other amounts receivable | 41 | €40,566 | €57,216 | +€16,650 | +41.0% |
| Cash at bank and in hand | 54/58 | €101,209 | €94,664 | -€6,545 | -6.5% |
| Deferred charges and accrued income | 490/1 | €511 | - | -€511 | |
| Total equity and liabilities | 10/49 | €322,534 | €344,981 | +€22,448 | +7.0% |
| Equity | 10/15 | €111,075 | €18,600 | -€92,475 | -83.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €92,475 | - | -€92,475 | |
| Distributable reserves | 133 | €92,475 | - | -€92,475 | |
| Amounts payable | 17/49 | €211,459 | €326,381 | +€114,923 | +54.3% |
| Amounts payable after more than one year | 17 | €97,179 | €76,928 | -€20,251 | -20.8% |
| Financial debts | 170/4 | €97,179 | €76,928 | -€20,251 | -20.8% |
| Amounts payable within one year | 42/48 | €108,294 | €245,917 | +€137,623 | +127% |
| Current portion of amounts payable after more than one year | 42 | €19,825 | €20,251 | +€425 | +2.1% |
| Trade debts | 44 | €6,165 | €3,311 | -€2,854 | -46.3% |
| Suppliers | 440/4 | €6,165 | €3,311 | -€2,854 | -46.3% |
| Advances received on contracts in progress | 46 | - | €16,020 | +€16,020 | |
| Taxes, remuneration and social security | 45 | €22,303 | €49,225 | +€26,922 | +121% |
| Taxes | 450/3 | €20,857 | €49,225 | +€28,367 | +136% |
| Remuneration and social security | 454/9 | €1,446 | - | -€1,446 | |
| Other amounts payable | 47/48 | €60,000 | €157,110 | +€97,110 | +162% |
| Accrued charges and deferred income | 492/3 | €5,986 | €3,536 | -€2,450 | -40.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,063 | €17,543 | +€5,480 | +45.4% |
| Other operating charges | 640/8 | €1,603 | €1,163 | -€440 | -27.5% |
| Gross operating margin | 9900 | €103,279 | €113,863 | +€10,584 | +10.2% |
| Operating profit (loss) | 9901 | €89,614 | €95,157 | +€5,544 | +6.2% |
| Financial income | 75/76B | €2,060 | €4,864 | +€2,803 | +136% |
| Recurring financial income | 75 | €2,060 | €4,864 | +€2,803 | +136% |
| Financial charges | 65/66B | €2,315 | €2,849 | +€534 | +23.1% |
| Recurring financial charges | 65 | €2,315 | €2,849 | +€534 | +23.1% |
| Profit (loss) for the period before taxes | 9903 | €89,359 | €97,172 | +€7,813 | +8.7% |
| Income taxes | 67/77 | €27,214 | €32,536 | +€5,322 | +19.6% |
| Profit (loss) for the period | 9904 | €62,145 | €64,636 | +€2,490 | +4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €62,145 | €64,636 | +€2,490 | +4.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.