Havane: 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.
Havane
Largest movements
- Current investments +€24,000
up €24,000 (+56.4%), from €42,540 to €66,540
- Tangible fixed assets -€6,750
down €6,750 (-21.1%), from €32,039 to €25,288
of which Plant, machinery and equipment: -€5,857
- Cash -€6,704
down €6,704 (-3.7%), from €179,886 to €173,182
mainly Contributions, distributions and other (-€48,712) and Current investments (-€24,000)
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€41,756
up €41,756 (+135.3%), from €30,869 to €72,625
- Taxes +€7,433
up €7,433 (+70.6%), from €10,528 to €17,960
- Depreciation +€1,379
up €1,379 (+20.3%), from €6,796 to €8,176
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €614,589 | €616,064 | +€1,475 | +0.2% |
| Fixed assets | 21/28 | €306,039 | €299,288 | -€6,750 | -2.2% |
| Tangible fixed assets | 22/27 | €32,039 | €25,288 | -€6,750 | -21.1% |
| Plant, machinery and equipment | 23 | €27,741 | €21,883 | -€5,857 | -21.1% |
| Furniture and vehicles | 24 | €4,298 | €3,405 | -€893 | -20.8% |
| Financial fixed assets | 28 | €274,000 | €274,000 | = | 0.0% |
| Current assets | 29/58 | €308,551 | €316,776 | +€8,226 | +2.7% |
| Amounts receivable within one year | 40/41 | €60,111 | €56,397 | -€3,714 | -6.2% |
| Trade receivables | 40 | €60,111 | €56,397 | -€3,714 | -6.2% |
| Current investments | 50/53 | €42,540 | €66,540 | +€24,000 | +56.4% |
| Cash at bank and in hand | 54/58 | €179,886 | €173,182 | -€6,704 | -3.7% |
| Deferred charges and accrued income | 490/1 | €26,013 | €20,657 | -€5,356 | -20.6% |
| Total equity and liabilities | 10/49 | €614,589 | €616,064 | +€1,475 | +0.2% |
| Equity | 10/15 | €554,425 | €551,072 | -€3,353 | -0.6% |
| Contributions | 10/11 | €280,200 | €280,200 | = | 0.0% |
| Reserves | 13 | €226,744 | €223,391 | -€3,353 | -1.5% |
| Non-distributable reserves | 130/1 | €21,399 | €21,399 | = | 0.0% |
| Reserves not available under the articles | 1311 | €21,399 | €21,399 | = | 0.0% |
| Distributable reserves | 133 | €205,345 | €201,992 | -€3,353 | -1.6% |
| Profit (loss) carried forward | 14 | €47,480 | €47,480 | = | 0.0% |
| Amounts payable | 17/49 | €60,165 | €64,993 | +€4,828 | +8.0% |
| Amounts payable within one year | 42/48 | €60,165 | €64,993 | +€4,828 | +8.0% |
| Trade debts | 44 | €1,555 | €3,773 | +€2,218 | +142.6% |
| Suppliers | 440/4 | €1,555 | €3,773 | +€2,218 | +142.6% |
| Taxes, remuneration and social security | 45 | €14,457 | €14,309 | -€148 | -1.0% |
| Taxes | 450/3 | €14,457 | €14,309 | -€148 | -1.0% |
| Other amounts payable | 47/48 | €44,153 | €46,911 | +€2,758 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,796 | €8,176 | +€1,379 | +20.3% |
| Other operating charges | 640/8 | €62 | €62 | = | 0.0% |
| Gross operating margin | 9900 | €30,869 | €72,625 | +€41,756 | +135.3% |
| Operating profit (loss) | 9901 | €24,011 | €64,387 | +€40,376 | +168.2% |
| Financial income | 75/76B | €895 | €351 | -€543 | -60.7% |
| Recurring financial income | 75 | €895 | €351 | -€543 | -60.7% |
| Financial charges | 65/66B | €1,201 | €1,419 | +€217 | +18.1% |
| Recurring financial charges | 65 | €1,201 | €1,419 | +€217 | +18.1% |
| Profit (loss) for the period before taxes | 9903 | €23,704 | €63,320 | +€39,616 | +167.1% |
| Income taxes | 67/77 | €10,528 | €17,960 | +€7,433 | +70.6% |
| Profit (loss) for the period | 9904 | €13,176 | €45,359 | +€32,183 | +244.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,176 | €45,359 | +€32,183 | +244.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.