HAVALO: 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.
HAVALO
Largest movements
- Receivables after one year +€60,000
new in 2025: €60,000
- Cash -€18,633
down €18,633 (-21.9%), from €85,242 to €66,610
mainly Receivables after one year (-€60,000) and Debts after one year (-€13,077)
- Tangible fixed assets -€8,580
down €8,580 (-13.8%), from €62,023 to €53,444
of which Furniture and vehicles: -€7,779
- Reserves +€39,234
up €39,234 (+43.0%), from €91,158 to €130,393
- Debts after one year -€13,077
down €13,077 (-27.9%), from €46,854 to €33,777
- Other debts +€6,828
up €6,828 (+118.3%), from €5,771 to €12,599
- Tax, wage and social debts -€4,539
down €4,539 (-100.0%), from €4,539 to €0
- Accrued charges and deferred income +€4,424
new in 2025: €4,424
- Depreciation +€6,165
up €6,165 (+72.3%), from €8,528 to €14,693
- Gross operating margin -€5,053
down €5,053 (-7.1%), from €70,780 to €65,727
- Taxes -€2,135
down €2,135 (-17.5%), from €12,229 to €10,094
- Financial income +€1,800
up €1,800, from €0 to €1,800
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 | €164,037 | €197,270 | +€33,233 | +20.3% |
| Fixed assets | 21/28 | €62,023 | €53,444 | -€8,580 | -13.8% |
| Tangible fixed assets | 22/27 | €62,023 | €53,444 | -€8,580 | -13.8% |
| Plant, machinery and equipment | 23 | €3,401 | €2,601 | -€800 | -23.5% |
| Furniture and vehicles | 24 | €58,622 | €50,843 | -€7,779 | -13.3% |
| Current assets | 29/58 | €102,014 | €143,826 | +€41,812 | +41.0% |
| Amounts receivable after more than one year | 29 | - | €60,000 | +€60,000 | |
| Other amounts receivable | 291 | - | €60,000 | +€60,000 | |
| Amounts receivable within one year | 40/41 | €304 | €1,940 | +€1,636 | +537.6% |
| Trade receivables | 40 | €304 | €34 | -€270 | -88.9% |
| Other amounts receivable | 41 | - | €1,906 | +€1,906 | |
| Cash at bank and in hand | 54/58 | €85,242 | €66,610 | -€18,633 | -21.9% |
| Deferred charges and accrued income | 490/1 | €16,467 | €15,276 | -€1,191 | -7.2% |
| Total equity and liabilities | 10/49 | €164,037 | €197,270 | +€33,233 | +20.3% |
| Equity | 10/15 | €94,158 | €133,393 | +€39,234 | +41.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €91,158 | €130,393 | +€39,234 | +43.0% |
| Distributable reserves | 133 | €91,158 | €130,393 | +€39,234 | +43.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €69,879 | €63,877 | -€6,002 | -8.6% |
| Amounts payable after more than one year | 17 | €46,854 | €33,777 | -€13,077 | -27.9% |
| Financial debts | 170/4 | €46,854 | €33,777 | -€13,077 | -27.9% |
| Amounts payable within one year | 42/48 | €23,024 | €25,676 | +€2,652 | +11.5% |
| Current portion of amounts payable after more than one year | 42 | €12,580 | €13,077 | +€497 | +4.0% |
| Trade debts | 44 | €135 | €0 | -€135 | -100.0% |
| Suppliers | 440/4 | €135 | €0 | -€135 | -100.0% |
| Taxes, remuneration and social security | 45 | €4,539 | €0 | -€4,539 | -100.0% |
| Taxes | 450/3 | €4,539 | €0 | -€4,539 | -100.0% |
| Other amounts payable | 47/48 | €5,771 | €12,599 | +€6,828 | +118.3% |
| Accrued charges and deferred income | 492/3 | - | €4,424 | +€4,424 | |
| Remuneration, social security and pensions | 62 | €671 | €1,061 | +€390 | +58.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,528 | €14,693 | +€6,165 | +72.3% |
| Other operating charges | 640/8 | €624 | €204 | -€421 | -67.4% |
| Gross operating margin | 9900 | €70,780 | €65,727 | -€5,053 | -7.1% |
| Operating profit (loss) | 9901 | €60,958 | €49,770 | -€11,188 | -18.4% |
| Financial income | 75/76B | €0 | €1,800 | +€1,800 | |
| Recurring financial income | 75 | €0 | €1,800 | +€1,800 | |
| Financial charges | 65/66B | €1,694 | €2,242 | +€548 | +32.4% |
| Recurring financial charges | 65 | €1,694 | €2,242 | +€548 | +32.4% |
| Profit (loss) for the period before taxes | 9903 | €59,264 | €49,328 | -€9,936 | -16.8% |
| Income taxes | 67/77 | €12,229 | €10,094 | -€2,135 | -17.5% |
| Profit (loss) for the period | 9904 | €47,035 | €39,234 | -€7,801 | -16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €47,035 | €39,234 | -€7,801 | -16.6% |
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 9 October 2026 via checked.be.