HAVALOS: 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.
HAVALOS
Largest movements
- Tangible fixed assets -€97,452
down €97,452 (-5.9%), from €1.7m to €1.6m
of which Land and buildings: -€97,268
- Cash +€56,264
up €56,264 (+280.4%), from €20,065 to €76,329
mainly Depreciation (+€97,452) and Net result for the year (+€5,988)
- Other debts -€44,009
down €44,009 (-90.8%), from €48,445 to €4,436
- Gross operating margin +€21,229
up €21,229 (+22.3%), from €95,166 to €116,395
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 | €1,685,117 | €1,644,053 | -€41,064 | -2.4% |
| Fixed assets | 21/28 | €1,662,926 | €1,565,474 | -€97,452 | -5.9% |
| Tangible fixed assets | 22/27 | €1,662,926 | €1,565,474 | -€97,452 | -5.9% |
| Land and buildings | 22 | €1,662,145 | €1,564,877 | -€97,268 | -5.9% |
| Furniture and vehicles | 24 | €781 | €597 | -€184 | -23.5% |
| Current assets | 29/58 | €22,191 | €78,580 | +€56,388 | +254.1% |
| Cash at bank and in hand | 54/58 | €20,065 | €76,329 | +€56,264 | +280.4% |
| Deferred charges and accrued income | 490/1 | €2,126 | €2,251 | +€125 | +5.9% |
| Total equity and liabilities | 10/49 | €1,685,117 | €1,644,053 | -€41,064 | -2.4% |
| Equity | 10/15 | €1,629,354 | €1,635,342 | +€5,988 | +0.4% |
| Contributions | 10/11 | €2,100,000 | €2,100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€470,646 | -€464,658 | +€5,988 | +1.3% |
| Amounts payable | 17/49 | €55,763 | €8,712 | -€47,051 | -84.4% |
| Amounts payable within one year | 42/48 | €50,173 | €6,067 | -€44,106 | -87.9% |
| Trade debts | 44 | €1,728 | €1,631 | -€97 | -5.6% |
| Suppliers | 440/4 | €1,728 | €1,631 | -€97 | -5.6% |
| Other amounts payable | 47/48 | €48,445 | €4,436 | -€44,009 | -90.8% |
| Accrued charges and deferred income | 492/3 | €5,590 | €2,645 | -€2,945 | -52.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,341 | €97,452 | +€111 | +0.1% |
| Other operating charges | 640/8 | €12,866 | €12,805 | -€60 | -0.5% |
| Gross operating margin | 9900 | €95,166 | €116,395 | +€21,229 | +22.3% |
| Operating profit (loss) | 9901 | -€15,041 | €6,138 | +€21,178 | |
| Financial charges | 65/66B | €135 | €150 | +€15 | +11.1% |
| Recurring financial charges | 65 | €135 | €150 | +€15 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | -€15,176 | €5,988 | +€21,163 | |
| Profit (loss) for the period | 9904 | -€15,176 | €5,988 | +€21,163 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,176 | €5,988 | +€21,163 |
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 4 October 2026 via checked.be.