HAVADA: 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.
HAVADA
Largest movements
- Cash -€13,697
down €13,697 (-85.1%), from €16,100 to €2,403
mainly Debts after one year (-€16,304) and Net result for the year (-€10,626)
- Tangible fixed assets -€9,792
down €9,792 (-5.0%), from €196,317 to €186,525
of which Land and buildings: -€9,792
- Debts after one year -€16,304
down €16,304 (-14.1%), from €115,301 to €98,997
- Reserves -€10,626
down €10,626 (-17.1%), from €62,248 to €51,622
of which Distributable reserves: -€10,626
- Trade debts +€2,841
up €2,841 (+55.0%), from €5,160 to €8,001
- Depreciation -€8,198
down €8,198 (-45.6%), from €17,990 to €9,792
- Gross operating margin +€4,019
up €4,019 (+343.0%), from €1,172 to €5,191
- Financial income -€473
down €473 (-100.0%), from €473 to €0
- Financial charges +€337
up €337 (+10.0%), from €3,382 to €3,719
- Other operating charges -€199
down €199 (-7.9%), from €2,504 to €2,305
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 | €217,898 | €195,080 | -€22,818 | -10.5% |
| Fixed assets | 21/28 | €196,317 | €186,673 | -€9,644 | -4.9% |
| Tangible fixed assets | 22/27 | €196,317 | €186,525 | -€9,792 | -5.0% |
| Land and buildings | 22 | €184,665 | €174,873 | -€9,792 | -5.3% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €11,652 | €11,652 | = | 0.0% |
| Financial fixed assets | 28 | €0 | €149 | +€149 | |
| Current assets | 29/58 | €21,580 | €8,406 | -€13,174 | -61.0% |
| Amounts receivable within one year | 40/41 | €3,654 | €2,456 | -€1,198 | -32.8% |
| Trade receivables | 40 | €2,855 | €2,456 | -€399 | -14.0% |
| Other amounts receivable | 41 | €799 | €0 | -€799 | -100.0% |
| Cash at bank and in hand | 54/58 | €16,100 | €2,403 | -€13,697 | -85.1% |
| Deferred charges and accrued income | 490/1 | €1,826 | €3,547 | +€1,721 | +94.2% |
| Total equity and liabilities | 10/49 | €217,898 | €195,080 | -€22,818 | -10.5% |
| Equity | 10/15 | €80,848 | €70,222 | -€10,626 | -13.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €62,248 | €51,622 | -€10,626 | -17.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €62,248 | €51,622 | -€10,626 | -17.1% |
| Amounts payable | 17/49 | €137,050 | €124,857 | -€12,192 | -8.9% |
| Amounts payable after more than one year | 17 | €115,301 | €98,997 | -€16,304 | -14.1% |
| Financial debts | 170/4 | €115,301 | €98,997 | -€16,304 | -14.1% |
| Amounts payable within one year | 42/48 | €21,749 | €25,807 | +€4,058 | +18.7% |
| Current portion of amounts payable after more than one year | 42 | €15,854 | €16,304 | +€450 | +2.8% |
| Trade debts | 44 | €5,160 | €8,001 | +€2,841 | +55.0% |
| Suppliers | 440/4 | €5,160 | €8,001 | +€2,841 | +55.0% |
| Taxes, remuneration and social security | 45 | €42 | €526 | +€484 | +1145.0% |
| Taxes | 450/3 | €42 | €526 | +€484 | +1145.0% |
| Other amounts payable | 47/48 | €692 | €976 | +€285 | +41.1% |
| Accrued charges and deferred income | 492/3 | - | €53 | +€53 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,990 | €9,792 | -€8,198 | -45.6% |
| Other operating charges | 640/8 | €2,504 | €2,305 | -€199 | -7.9% |
| Gross operating margin | 9900 | €1,172 | €5,191 | +€4,019 | +343.0% |
| Operating profit (loss) | 9901 | -€19,323 | -€6,907 | +€12,416 | +64.3% |
| Financial income | 75/76B | €473 | €0 | -€473 | -100.0% |
| Recurring financial income | 75 | €473 | €0 | -€473 | -100.0% |
| Financial charges | 65/66B | €3,382 | €3,719 | +€337 | +10.0% |
| Recurring financial charges | 65 | €3,382 | €3,719 | +€337 | +10.0% |
| Profit (loss) for the period before taxes | 9903 | -€22,231 | -€10,626 | +€11,605 | +52.2% |
| Profit (loss) for the period | 9904 | -€22,231 | -€10,626 | +€11,605 | +52.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,231 | -€10,626 | +€11,605 | +52.2% |
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.