HAVARY: 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.
HAVARY
Largest movements
- Cash -€12,270
down €12,270 (-17.1%), from €71,958 to €59,689
mainly Contributions, distributions and other (-€24,564) and Investment in fixed assets (net) (-€21,933)
- Tangible fixed assets -€10,052
down €10,052 (-7.9%), from €126,793 to €116,741
of which Furniture and vehicles: -€9,292
- Debts after one year -€11,223
down €11,223 (-39.8%), from €28,172 to €16,948
- Reserves -€5,672
down €5,672 (-4.2%), from €133,841 to €128,169
of which Distributable reserves: -€5,672
- Tax, wage and social debts -€3,387
down €3,387 (-18.4%), from €18,436 to €15,050
- Current portion of long-term debt -€3,162
down €3,162 (-22.0%), from €14,386 to €11,223
- Gross operating margin -€16,591
down €16,591 (-21.0%), from €79,080 to €62,489
- Taxes -€4,654
down €4,654 (-34.2%), from €13,593 to €8,939
- Depreciation +€1,092
up €1,092 (+3.5%), from €30,893 to €31,985
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 | €216,945 | €191,798 | -€25,148 | -11.6% |
| Fixed assets | 21/28 | €126,793 | €116,741 | -€10,052 | -7.9% |
| Tangible fixed assets | 22/27 | €126,793 | €116,741 | -€10,052 | -7.9% |
| Plant, machinery and equipment | 23 | €0 | €3,419 | +€3,419 | |
| Furniture and vehicles | 24 | €43,437 | €34,145 | -€9,292 | -21.4% |
| Other tangible fixed assets | 26 | €83,356 | €79,177 | -€4,179 | -5.0% |
| Current assets | 29/58 | €90,152 | €75,057 | -€15,095 | -16.7% |
| Stocks and contracts in progress | 3 | €11,192 | €9,986 | -€1,206 | -10.8% |
| Stocks | 30/36 | €11,192 | €9,986 | -€1,206 | -10.8% |
| Amounts receivable within one year | 40/41 | €3,963 | €2,168 | -€1,795 | -45.3% |
| Trade receivables | 40 | €3,887 | €1,761 | -€2,126 | -54.7% |
| Other amounts receivable | 41 | €76 | €407 | +€331 | +433% |
| Cash at bank and in hand | 54/58 | €71,958 | €59,689 | -€12,270 | -17.1% |
| Deferred charges and accrued income | 490/1 | €3,039 | €3,213 | +€175 | +5.7% |
| Total equity and liabilities | 10/49 | €216,945 | €191,798 | -€25,148 | -11.6% |
| Equity | 10/15 | €146,241 | €140,569 | -€5,672 | -3.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €133,841 | €128,169 | -€5,672 | -4.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Other | 1319 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €131,981 | €126,309 | -€5,672 | -4.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €70,704 | €51,229 | -€19,476 | -27.5% |
| Amounts payable after more than one year | 17 | €28,172 | €16,948 | -€11,223 | -39.8% |
| Financial debts | 170/4 | €28,172 | €16,948 | -€11,223 | -39.8% |
| Amounts payable within one year | 42/48 | €42,533 | €34,280 | -€8,252 | -19.4% |
| Current portion of amounts payable after more than one year | 42 | €14,386 | €11,223 | -€3,162 | -22.0% |
| Trade debts | 44 | €8,694 | €6,978 | -€1,717 | -19.7% |
| Suppliers | 440/4 | €8,694 | €6,978 | -€1,717 | -19.7% |
| Taxes, remuneration and social security | 45 | €18,436 | €15,050 | -€3,387 | -18.4% |
| Taxes | 450/3 | €18,436 | €15,050 | -€3,387 | -18.4% |
| Other amounts payable | 47/48 | €1,017 | €1,030 | +€13 | +1.3% |
| Non-recurring operating income | 76A | €8,350 | €0 | -€8,350 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,893 | €31,985 | +€1,092 | +3.5% |
| Other operating charges | 640/8 | €1,287 | €1,116 | -€170 | -13.2% |
| Gross operating margin | 9900 | €79,080 | €62,489 | -€16,591 | -21.0% |
| Operating profit (loss) | 9901 | €46,900 | €29,387 | -€17,512 | -37.3% |
| Financial income | 75/76B | €247 | €291 | +€43 | +17.6% |
| Recurring financial income | 75 | €247 | €291 | +€43 | +17.6% |
| Financial charges | 65/66B | €2,047 | €1,847 | -€200 | -9.8% |
| Recurring financial charges | 65 | €2,047 | €1,847 | -€200 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €45,100 | €27,831 | -€17,269 | -38.3% |
| Income taxes | 67/77 | €13,593 | €8,939 | -€4,654 | -34.2% |
| Profit (loss) for the period | 9904 | €31,507 | €18,892 | -€12,615 | -40.0% |
| Profit (loss) for the period to be appropriated | 9905 | €31,507 | €18,892 | -€12,615 | -40.0% |
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 20 October 2026 via checked.be.