HAVAER: 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.
HAVAER
Largest movements
- Financial fixed assets +€191,400
up €191,400 (+922.4%), from €20,750 to €212,150
- Cash +€36,999
up €36,999 (+18.0%), from €206,041 to €243,040
mainly Net result for the year (+€192,526) and Depreciation (+€19,457)
- Tangible fixed assets -€34,384
down €34,384 (-42.7%), from €80,464 to €46,080
of which Furniture and vehicles: -€34,304
- Reserves +€192,526
up €192,526 (+71.9%), from €267,808 to €460,333
of which Distributable reserves: +€192,526
- Tax, wage and social debts +€7,591
up €7,591 (+45.0%), from €16,863 to €24,454
of which Taxes: +€7,591
- Other debts -€6,603
down €6,603 (-28.5%), from €23,168 to €16,565
- Financial income +€85,793
up €85,793 (+74.6%), from €115,027 to €200,821
- Gross operating margin +€20,588
up €20,588 (+60.0%), from €34,314 to €54,902
- Financial charges +€18,238
up €18,238 (+1368.6%), from €1,333 to €19,571
- Taxes +€9,494
up €9,494 (+69.1%), from €13,731 to €23,224
- Other operating charges -€2,877
down €2,877 (-75.3%), from €3,822 to €945
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 | €329,549 | €522,576 | +€193,028 | +58.6% |
| Fixed assets | 21/28 | €101,214 | €258,230 | +€157,016 | +155.1% |
| Tangible fixed assets | 22/27 | €80,464 | €46,080 | -€34,384 | -42.7% |
| Plant, machinery and equipment | 23 | €4,115 | €4,035 | -€80 | -2.0% |
| Furniture and vehicles | 24 | €76,349 | €42,045 | -€34,304 | -44.9% |
| Financial fixed assets | 28 | €20,750 | €212,150 | +€191,400 | +922.4% |
| Current assets | 29/58 | €228,334 | €264,346 | +€36,012 | +15.8% |
| Amounts receivable within one year | 40/41 | €17,394 | €15,551 | -€1,843 | -10.6% |
| Trade receivables | 40 | €15,849 | €15,175 | -€674 | -4.3% |
| Other amounts receivable | 41 | €1,545 | €376 | -€1,170 | -75.7% |
| Cash at bank and in hand | 54/58 | €206,041 | €243,040 | +€36,999 | +18.0% |
| Deferred charges and accrued income | 490/1 | €4,899 | €5,755 | +€856 | +17.5% |
| Total equity and liabilities | 10/49 | €329,549 | €522,576 | +€193,028 | +58.6% |
| Equity | 10/15 | €286,408 | €478,933 | +€192,526 | +67.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €267,808 | €460,333 | +€192,526 | +71.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €267,808 | €460,333 | +€192,526 | +71.9% |
| Amounts payable | 17/49 | €43,141 | €43,643 | +€502 | +1.2% |
| Amounts payable within one year | 42/48 | €41,828 | €42,333 | +€505 | +1.2% |
| Trade debts | 44 | €1,797 | €1,314 | -€483 | -26.9% |
| Suppliers | 440/4 | €1,797 | €1,314 | -€483 | -26.9% |
| Taxes, remuneration and social security | 45 | €16,863 | €24,454 | +€7,591 | +45.0% |
| Taxes | 450/3 | €14,063 | €21,654 | +€7,591 | +54.0% |
| Remuneration and social security | 454/9 | €2,800 | €2,800 | = | 0.0% |
| Other amounts payable | 47/48 | €23,168 | €16,565 | -€6,603 | -28.5% |
| Accrued charges and deferred income | 492/3 | €1,313 | €1,310 | -€3 | -0.3% |
| Non-recurring operating income | 76A | - | €1,873 | +€1,873 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,474 | €19,457 | -€1,017 | -5.0% |
| Other operating charges | 640/8 | €3,822 | €945 | -€2,877 | -75.3% |
| Gross operating margin | 9900 | €34,314 | €54,902 | +€20,588 | +60.0% |
| Operating profit (loss) | 9901 | €10,018 | €34,500 | +€24,482 | +244.4% |
| Financial income | 75/76B | €115,027 | €200,821 | +€85,793 | +74.6% |
| Recurring financial income | 75 | €115,027 | €200,821 | +€85,793 | +74.6% |
| Financial charges | 65/66B | €1,333 | €19,571 | +€18,238 | +1368.6% |
| Recurring financial charges | 65 | €1,333 | €19,571 | +€18,238 | +1368.6% |
| Profit (loss) for the period before taxes | 9903 | €123,713 | €215,750 | +€92,037 | +74.4% |
| Income taxes | 67/77 | €13,731 | €23,224 | +€9,494 | +69.1% |
| Profit (loss) for the period | 9904 | €109,982 | €192,526 | +€82,543 | +75.1% |
| Profit (loss) for the period to be appropriated | 9905 | €109,982 | €192,526 | +€82,543 | +75.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.