HAVANEX: 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.
HAVANEX
Largest movements
- Cash +€33,521
up €33,521 (+47.3%), from €70,865 to €104,386
mainly Net result for the year (+€72,359) and Other debts (+€30,889)
- Receivables within one year +€19,880
up €19,880 (+82.5%), from €24,100 to €43,981
of which Trade receivables: +€19,880
- Tangible fixed assets -€12,003
down €12,003 (-73.1%), from €16,427 to €4,424
of which Furniture and vehicles: -€11,870
- Receivables after one year +€3,695
up €3,695 (+8.0%), from €46,077 to €49,772
- Current investments -€3,000
down €3,000 (-4.8%), from €62,000 to €59,000
- Reserves +€45,359
up €45,359 (+106.1%), from €42,769 to €88,129
- Other debts +€30,889
up €30,889 (+25.5%), from €121,231 to €152,120
- Tax, wage and social debts -€20,071
down €20,071 (-58.3%), from €34,406 to €14,335
- Current portion of long-term debt -€5,721
down €5,721 (-66.5%), from €8,602 to €2,881
- Accrued charges and deferred income -€3,517
down €3,517 (-52.6%), from €6,686 to €3,170
- Gross operating margin +€19,377
up €19,377 (+24.9%), from €77,787 to €97,164
- Taxes +€8,337
up €8,337 (+58.3%), from €14,304 to €22,641
- Depreciation -€7,758
down €7,758 (-80.4%), from €9,654 to €1,896
- Financial charges -€2,740
down €2,740 (-37.7%), from €7,271 to €4,530
- Financial income +€1,598
up €1,598 (+42.7%), from €3,742 to €5,340
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 | €223,761 | €266,662 | +€42,902 | +19.2% |
| Fixed assets | 21/28 | €16,427 | €4,424 | -€12,003 | -73.1% |
| Tangible fixed assets | 22/27 | €16,427 | €4,424 | -€12,003 | -73.1% |
| Furniture and vehicles | 24 | €15,690 | €3,821 | -€11,870 | -75.7% |
| Other tangible fixed assets | 26 | €737 | €603 | -€133 | -18.1% |
| Current assets | 29/58 | €207,334 | €262,239 | +€54,905 | +26.5% |
| Amounts receivable after more than one year | 29 | €46,077 | €49,772 | +€3,695 | +8.0% |
| Other amounts receivable | 291 | €46,077 | €49,772 | +€3,695 | +8.0% |
| Amounts receivable within one year | 40/41 | €24,100 | €43,981 | +€19,880 | +82.5% |
| Trade receivables | 40 | €23,390 | €43,271 | +€19,880 | +85.0% |
| Other amounts receivable | 41 | €710 | €710 | = | 0.0% |
| Current investments | 50/53 | €62,000 | €59,000 | -€3,000 | -4.8% |
| Cash at bank and in hand | 54/58 | €70,865 | €104,386 | +€33,521 | +47.3% |
| Deferred charges and accrued income | 490/1 | €4,292 | €5,100 | +€808 | +18.8% |
| Total equity and liabilities | 10/49 | €223,761 | €266,662 | +€42,902 | +19.2% |
| Equity | 10/15 | €44,769 | €90,129 | +€45,359 | +101.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €42,769 | €88,129 | +€45,359 | +106.1% |
| Distributable reserves | 133 | €42,769 | €88,129 | +€45,359 | +106.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €178,991 | €176,534 | -€2,458 | -1.4% |
| Amounts payable after more than one year | 17 | €2,881 | €0 | -€2,881 | -100.0% |
| Financial debts | 170/4 | €2,881 | €0 | -€2,881 | -100.0% |
| Amounts payable within one year | 42/48 | €169,424 | €173,364 | +€3,940 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €8,602 | €2,881 | -€5,721 | -66.5% |
| Financial debts | 43 | €3,841 | €3,790 | -€51 | -1.3% |
| Credit institutions | 430/8 | €3,841 | €3,790 | -€51 | -1.3% |
| Trade debts | 44 | €1,343 | €237 | -€1,106 | -82.4% |
| Suppliers | 440/4 | €1,343 | €237 | -€1,106 | -82.4% |
| Taxes, remuneration and social security | 45 | €34,406 | €14,335 | -€20,071 | -58.3% |
| Taxes | 450/3 | €34,406 | €14,335 | -€20,071 | -58.3% |
| Other amounts payable | 47/48 | €121,231 | €152,120 | +€30,889 | +25.5% |
| Accrued charges and deferred income | 492/3 | €6,686 | €3,170 | -€3,517 | -52.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,654 | €1,896 | -€7,758 | -80.4% |
| Other operating charges | 640/8 | €597 | €1,078 | +€481 | +80.7% |
| Gross operating margin | 9900 | €77,787 | €97,164 | +€19,377 | +24.9% |
| Operating profit (loss) | 9901 | €67,536 | €94,190 | +€26,654 | +39.5% |
| Financial income | 75/76B | €3,742 | €5,340 | +€1,598 | +42.7% |
| Recurring financial income | 75 | €3,742 | €5,340 | +€1,598 | +42.7% |
| Financial charges | 65/66B | €7,271 | €4,530 | -€2,740 | -37.7% |
| Recurring financial charges | 65 | €7,271 | €4,530 | -€2,740 | -37.7% |
| Profit (loss) for the period before taxes | 9903 | €64,007 | €95,000 | +€30,993 | +48.4% |
| Income taxes | 67/77 | €14,304 | €22,641 | +€8,337 | +58.3% |
| Profit (loss) for the period | 9904 | €49,703 | €72,359 | +€22,656 | +45.6% |
| Profit (loss) for the period to be appropriated | 9905 | €49,703 | €72,359 | +€22,656 | +45.6% |
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 11 October 2026 via checked.be.