HAVART: 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.
What changed
HAVART
NACE 49.410, Freight transport by road
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€48,877
2024 · €320,450-€369,327
Equity
€8.5m
2024 · €8.5m-€48,877
Cash
€2.1m
2024 · €3.0m-€954,852
Balance sheet total
€15.0m
2024 · €9.6m+€5.3m
Largest movements
Assets
- Receivables after one year +€7.0m
new in 2025: €7.0m
- Cash -€954,852
down €954,852 (-31.7%), from €3.0m to €2.1m
mainly Receivables after one year (-€7.0m) and Investment in fixed assets (net) (-€209,408)
- Tangible fixed assets -€799,967
down €799,967 (-16.9%), from €4.7m to €3.9m
of which Furniture and vehicles: -€575,493
Equity and liabilities
- Debts after one year +€5.1m
up €5.1m (+1,372%), from €368,917 to €5.4m
- Trade debts +€184,314
up €184,314 (+68.2%), from €270,402 to €454,717
Income statement
- Gross operating margin -€235,179
down €235,179 (-5.7%), from €4.1m to €3.9m
- Staff costs +€235,162
up €235,162 (+9.6%), from €2.4m to €2.7m
- Depreciation -€99,355
down €99,355 (-9.0%), from €1.1m to €1.0m
- Taxes -€73,088
down €73,088 (-53.5%), from €136,594 to €63,506
- Financial charges +€69,829
up €69,829 (+290%), from €24,100 to €93,930
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.
Result 2024
€320,450
Gross operating margin
-€235,179
Staff costs
-€235,162
Depreciation
+€99,355
Write-downs
-€6,785
Other operating charges
-€63,734
Financial income
+€68,920
Financial charges
-€69,829
Taxes
+€73,088
Result 2025
-€48,877
raises the resultlowers the result
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.
From operations
-€5.9m
Investment
-€209,408
Financing
+€5.2m
Cash 2024
€3.0m
From operations (derived)
-€5.9m
Net result for the year
-€48,877
Depreciation
+€1.0m
Receivables after one year
-€7.0m
Smaller working-capital items
+€19,881
Deferred charges and accrued income
-€114,240
Trade debts
+€184,314
Investment (derived)
-€209,408
Investment in fixed assets (net)
-€209,408
Financing
+€5.2m
Debts after one year
+€5.1m
Current portion of long-term debt
+€141,806
Short-term financial debts
+€1,012
Cash 2025
€2.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,619,518 | €14,962,819 | +€5.3m | +55.5% |
| Fixed assets | 21/28 | €4,738,636 | €3,938,669 | -€799,967 | -16.9% |
| Tangible fixed assets | 22/27 | €4,737,743 | €3,937,776 | -€799,967 | -16.9% |
| Land and buildings | 22 | €1,132,866 | €1,061,660 | -€71,206 | -6.3% |
| Plant, machinery and equipment | 23 | €1,212,734 | €967,216 | -€245,518 | -20.2% |
| Furniture and vehicles | 24 | €2,392,143 | €1,816,650 | -€575,493 | -24.1% |
| Assets under construction and advance payments | 27 | - | €92,250 | +€92,250 | |
| Financial fixed assets | 28 | €892 | €892 | = | 0.0% |
| Current assets | 29/58 | €4,880,882 | €11,024,151 | +€6.1m | +126% |
| Amounts receivable after more than one year | 29 | - | €7,000,000 | +€7.0m | |
| Other amounts receivable | 291 | - | €7,000,000 | +€7.0m | |
| Stocks and contracts in progress | 3 | €126,356 | €126,356 | = | 0.0% |
| Stocks | 30/36 | €126,356 | €126,356 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,742,296 | €1,726,177 | -€16,120 | -0.9% |
| Trade receivables | 40 | €1,646,639 | €1,599,233 | -€47,406 | -2.9% |
| Other amounts receivable | 41 | €95,657 | €126,944 | +€31,287 | +32.7% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €3,012,230 | €2,057,378 | -€954,852 | -31.7% |
| Deferred charges and accrued income | 490/1 | - | €114,240 | +€114,240 | |
| Total equity and liabilities | 10/49 | €9,619,518 | €14,962,819 | +€5.3m | +55.5% |
| Equity | 10/15 | €8,538,827 | €8,489,950 | -€48,877 | -0.6% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €701,390 | €628,762 | -€72,628 | -10.4% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Tax-exempt reserves | 132 | €118,738 | €46,110 | -€72,628 | -61.2% |
| Distributable reserves | 133 | €575,215 | €575,215 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,763,069 | €7,786,820 | +€23,751 | +0.3% |
| Provisions and deferred taxes | 16 | €35,772 | €30,000 | -€5,772 | -16.1% |
| Provisions for liabilities and charges | 160/5 | - | €30,000 | +€30,000 | |
| Taxes | 161 | - | €30,000 | +€30,000 | |
| Deferred taxes | 168 | €35,772 | €0 | -€35,772 | -100% |
| Amounts payable | 17/49 | €1,044,919 | €6,442,870 | +€5.4m | +517% |
| Amounts payable after more than one year | 17 | €368,917 | €5,430,202 | +€5.1m | +1,372% |
| Financial debts | 170/4 | €368,917 | €5,430,202 | +€5.1m | +1,372% |
| Amounts payable within one year | 42/48 | €673,687 | €1,012,668 | +€338,980 | +50.3% |
| Current portion of amounts payable after more than one year | 42 | €213,953 | €355,759 | +€141,806 | +66.3% |
| Financial debts | 43 | - | €1,012 | +€1,012 | |
| Credit institutions | 430/8 | - | €1,012 | +€1,012 | |
| Trade debts | 44 | €270,402 | €454,717 | +€184,314 | +68.2% |
| Suppliers | 440/4 | €270,402 | €454,717 | +€184,314 | +68.2% |
| Taxes, remuneration and social security | 45 | €189,332 | €200,912 | +€11,580 | +6.1% |
| Taxes | 450/3 | €21,854 | €36,470 | +€14,616 | +66.9% |
| Remuneration and social security | 454/9 | €167,478 | €164,441 | -€3,037 | -1.8% |
| Other amounts payable | 47/48 | €0 | €268 | +€268 | |
| Accrued charges and deferred income | 492/3 | €2,315 | €0 | -€2,315 | -100% |
| Non-recurring operating income | 76A | €7,480 | - | -€7,480 | |
| Remuneration, social security and pensions | 62 | €2,437,429 | €2,672,591 | +€235,162 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,108,729 | €1,009,375 | -€99,355 | -9.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €77,403 | €84,188 | +€6,785 | +8.8% |
| Other operating charges | 640/8 | €78,926 | €142,660 | +€63,734 | +80.8% |
| Gross operating margin | 9900 | €4,102,304 | €3,867,125 | -€235,179 | -5.7% |
| Operating profit (loss) | 9901 | €399,817 | -€41,689 | -€441,506 | |
| Financial income | 75/76B | €45,556 | €114,475 | +€68,920 | +151% |
| Recurring financial income | 75 | €45,556 | €114,475 | +€68,920 | +151% |
| Financial charges | 65/66B | €24,100 | €93,930 | +€69,829 | +290% |
| Recurring financial charges | 65 | €24,100 | €93,930 | +€69,829 | +290% |
| Profit (loss) for the period before taxes | 9903 | €421,272 | -€21,143 | -€442,416 | |
| Transfer from deferred taxes | 780 | €35,772 | €35,772 | = | 0.0% |
| Income taxes | 67/77 | €136,594 | €63,506 | -€73,088 | -53.5% |
| Profit (loss) for the period | 9904 | €320,450 | -€48,877 | -€369,327 | |
| Transfer from tax-exempt reserves | 789 | €72,628 | €72,628 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €393,078 | €23,751 | -€369,327 | -94.0% |
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 27 October 2026 via checked.be.