HAVANDER: 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.
HAVANDER
Largest movements
- Cash -€20,256
down €20,256 (-15.8%), from €128,136 to €107,881
mainly Contributions, distributions and other (-€170,054) and Tax, wage and social debts (-€4,668)
- Tangible fixed assets -€8,886
down €8,886 (-26.0%), from €34,231 to €25,344
of which Furniture and vehicles: -€8,502
- Deferred charges and accrued income -€2,253
down €2,253 (-22.2%), from €10,161 to €7,908
- Reserves -€137,261
down €137,261 (-100.0%), from €137,261 to €0
- Other debts +€112,493
up €112,493 (+311.8%), from €36,080 to €148,573
- Tax, wage and social debts -€4,668
down €4,668 (-47.1%), from €9,912 to €5,244
- Trade debts -€3,820
down €3,820 (-46.6%), from €8,194 to €4,374
- Gross operating margin +€7,641
up €7,641 (+16.0%), from €47,754 to €55,395
- Taxes +€1,680
up €1,680 (+20.2%), from €8,336 to €10,016
- Depreciation +€1,278
up €1,278 (+16.8%), from €7,608 to €8,886
- Other operating charges -€1,163
down €1,163 (-50.9%), from €2,286 to €1,122
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 | €192,448 | €159,191 | -€33,257 | -17.3% |
| Fixed assets | 21/28 | €34,231 | €25,344 | -€8,886 | -26.0% |
| Tangible fixed assets | 22/27 | €34,231 | €25,344 | -€8,886 | -26.0% |
| Plant, machinery and equipment | 23 | €942 | €558 | -€384 | -40.8% |
| Furniture and vehicles | 24 | €33,288 | €24,787 | -€8,502 | -25.5% |
| Current assets | 29/58 | €158,217 | €133,847 | -€24,370 | -15.4% |
| Amounts receivable within one year | 40/41 | €19,920 | €18,058 | -€1,862 | -9.3% |
| Trade receivables | 40 | €19,920 | €18,058 | -€1,862 | -9.3% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €128,136 | €107,881 | -€20,256 | -15.8% |
| Deferred charges and accrued income | 490/1 | €10,161 | €7,908 | -€2,253 | -22.2% |
| Total equity and liabilities | 10/49 | €192,448 | €159,191 | -€33,257 | -17.3% |
| Equity | 10/15 | €138,261 | €1,000 | -€137,261 | -99.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €137,261 | €0 | -€137,261 | -100.0% |
| Distributable reserves | 133 | €137,261 | €0 | -€137,261 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €54,186 | €158,191 | +€104,005 | +191.9% |
| Amounts payable within one year | 42/48 | €54,186 | €158,191 | +€104,005 | +191.9% |
| Trade debts | 44 | €8,194 | €4,374 | -€3,820 | -46.6% |
| Suppliers | 440/4 | €8,194 | €4,374 | -€3,820 | -46.6% |
| Taxes, remuneration and social security | 45 | €9,912 | €5,244 | -€4,668 | -47.1% |
| Taxes | 450/3 | €9,912 | €5,244 | -€4,668 | -47.1% |
| Other amounts payable | 47/48 | €36,080 | €148,573 | +€112,493 | +311.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,608 | €8,886 | +€1,278 | +16.8% |
| Other operating charges | 640/8 | €2,286 | €1,122 | -€1,163 | -50.9% |
| Gross operating margin | 9900 | €47,754 | €55,395 | +€7,641 | +16.0% |
| Operating profit (loss) | 9901 | €37,860 | €45,387 | +€7,527 | +19.9% |
| Financial income | 75/76B | €3 | €0 | -€3 | -99.3% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -99.3% |
| Financial charges | 65/66B | €3,019 | €2,578 | -€440 | -14.6% |
| Recurring financial charges | 65 | €3,019 | €2,578 | -€440 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | €34,844 | €42,808 | +€7,964 | +22.9% |
| Income taxes | 67/77 | €8,336 | €10,016 | +€1,680 | +20.2% |
| Profit (loss) for the period | 9904 | €26,508 | €32,793 | +€6,284 | +23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €26,508 | €32,793 | +€6,284 | +23.7% |
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 8 October 2026 via checked.be.