Havanges: 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.
Havanges
Largest movements
- Tangible fixed assets -€945,855
down €945,855 (-40.5%), from €2.3m to €1.4m
of which Land and buildings: -€937,981
- Financial fixed assets -€897,595
down €897,595 (-43.6%), from €2.1m to €1.2m
- Cash +€827,409
up €827,409 (+862%), from €95,948 to €923,358
mainly Investment in fixed assets (net) (+€1.8m) and Receivables within one year (+€588,364)
- Stocks and contracts +€805,709
new in 2025: €805,709
- Receivables within one year -€588,364
down €588,364 (-90.8%), from €647,900 to €59,535
of which Other amounts receivable: -€573,239
- Debts after one year -€786,933
down €786,933 (-34.2%), from €2.3m to €1.5m
- Current portion of long-term debt -€97,720
down €97,720 (-32.7%), from €299,223 to €201,504
- Gross operating margin +€46,242
up €46,242 (+46.8%), from €98,911 to €145,154
- Financial income +€32,440
up €32,440 (+94.3%), from €34,396 to €66,835
- Depreciation -€6,706
down €6,706 (-7.3%), from €92,070 to €85,364
- Financial charges -€3,944
down €3,944 (-6.4%), from €61,548 to €57,604
- Taxes -€3,738
down €3,738 (-93.0%), from €4,020 to €282
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.
Derived cash bridge
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 | €6,789,077 | €5,852,141 | -€936,936 | -13.8% |
| Fixed assets | 21/28 | €4,393,702 | €2,550,252 | -€1.8m | -42.0% |
| Tangible fixed assets | 22/27 | €2,332,827 | €1,386,972 | -€945,855 | -40.5% |
| Land and buildings | 22 | €2,295,467 | €1,357,486 | -€937,981 | -40.9% |
| Plant, machinery and equipment | 23 | €1,504 | €4,739 | +€3,235 | +215% |
| Furniture and vehicles | 24 | €35,855 | €24,747 | -€11,109 | -31.0% |
| Financial fixed assets | 28 | €2,060,875 | €1,163,280 | -€897,595 | -43.6% |
| Current assets | 29/58 | €2,395,375 | €3,301,889 | +€906,513 | +37.8% |
| Stocks and contracts in progress | 3 | - | €805,709 | +€805,709 | |
| Stocks | 30/36 | - | €805,709 | +€805,709 | |
| Amounts receivable within one year | 40/41 | €647,900 | €59,535 | -€588,364 | -90.8% |
| Trade receivables | 40 | €15,125 | €0 | -€15,125 | -100% |
| Other amounts receivable | 41 | €632,775 | €59,535 | -€573,239 | -90.6% |
| Current investments | 50/53 | €1,570,321 | €1,513,286 | -€57,035 | -3.6% |
| Cash at bank and in hand | 54/58 | €95,948 | €923,358 | +€827,409 | +862% |
| Deferred charges and accrued income | 490/1 | €81,205 | €0 | -€81,205 | -100% |
| Total equity and liabilities | 10/49 | €6,789,077 | €5,852,141 | -€936,936 | -13.8% |
| Equity | 10/15 | €4,177,608 | €4,128,979 | -€48,630 | -1.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €4,237,978 | €4,237,978 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €4,236,123 | €4,236,123 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€66,569 | -€115,199 | -€48,630 | -73.1% |
| Amounts payable | 17/49 | €2,611,469 | €1,723,162 | -€888,307 | -34.0% |
| Amounts payable after more than one year | 17 | €2,301,258 | €1,514,325 | -€786,933 | -34.2% |
| Financial debts | 170/4 | €2,301,258 | €1,514,325 | -€786,933 | -34.2% |
| Amounts payable within one year | 42/48 | €310,211 | €208,837 | -€101,374 | -32.7% |
| Current portion of amounts payable after more than one year | 42 | €299,223 | €201,504 | -€97,720 | -32.7% |
| Financial debts | 43 | €15 | €5,574 | +€5,559 | +37,088% |
| Credit institutions | 430/8 | €15 | €5,574 | +€5,559 | +37,088% |
| Trade debts | 44 | €2,133 | €1,256 | -€877 | -41.1% |
| Suppliers | 440/4 | €2,133 | €1,256 | -€877 | -41.1% |
| Taxes, remuneration and social security | 45 | €8,839 | €503 | -€8,336 | -94.3% |
| Taxes | 450/3 | €8,839 | €503 | -€8,336 | -94.3% |
| Remuneration, social security and pensions | 62 | - | €430 | +€430 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,070 | €85,364 | -€6,706 | -7.3% |
| Other operating charges | 640/8 | €10,997 | €8,550 | -€2,446 | -22.2% |
| Non-recurring operating charges | 66A | - | €108,389 | +€108,389 | |
| Gross operating margin | 9900 | €98,911 | €145,154 | +€46,242 | +46.8% |
| Operating profit (loss) | 9901 | -€4,155 | -€57,579 | -€53,424 | -1,286% |
| Financial income | 75/76B | €34,396 | €66,835 | +€32,440 | +94.3% |
| Recurring financial income | 75 | €34,396 | €66,835 | +€32,440 | +94.3% |
| Financial charges | 65/66B | €61,548 | €57,604 | -€3,944 | -6.4% |
| Recurring financial charges | 65 | €61,548 | €57,604 | -€3,944 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | -€31,308 | -€48,348 | -€17,040 | -54.4% |
| Income taxes | 67/77 | €4,020 | €282 | -€3,738 | -93.0% |
| Profit (loss) for the period | 9904 | -€35,328 | -€48,630 | -€13,302 | -37.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,328 | -€48,630 | -€13,302 | -37.7% |
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 13 October 2026 via checked.be.