HAVAZA: 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.
HAVAZA
Largest movements
- Cash -€582,458
down €582,458 (-86.4%), from €674,016 to €91,558
mainly Current investments (-€507,000) and Debts after one year (-€95,000)
- Current investments +€507,000
new in 2025: €507,000
- Stocks and contracts +€28,795
up €28,795 (+29.1%), from €99,063 to €127,858
- Tangible fixed assets -€18,471
down €18,471 (-56.5%), from €32,673 to €14,202
of which Furniture and vehicles: -€9,436
- Financial fixed assets +€8,700
up €8,700 (+870%), from €1,000 to €9,700
- Debts after one year -€95,000
no longer reported in 2025 (was €95,000)
- Profit (loss) carried forward +€52,317
up €52,317 (+10.5%), from €499,966 to €552,283
- Other debts -€10,611
no longer reported in 2025 (was €10,611)
- Gross operating margin -€95,911
down €95,911 (-53.4%), from €179,707 to €83,797
- Taxes -€21,946
down €21,946 (-51.5%), from €42,622 to €20,676
- Depreciation -€7,536
down €7,536 (-40.2%), from €18,725 to €11,189
- Financial income +€1,816
up €1,816 (+244%), from €744 to €2,560
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 | €808,335 | €759,898 | -€48,437 | -6.0% |
| Fixed assets | 21/28 | €33,673 | €23,902 | -€9,771 | -29.0% |
| Tangible fixed assets | 22/27 | €32,673 | €14,202 | -€18,471 | -56.5% |
| Land and buildings | 22 | €7,283 | - | -€7,283 | |
| Plant, machinery and equipment | 23 | €3,376 | €1,623 | -€1,753 | -51.9% |
| Furniture and vehicles | 24 | €22,015 | €12,579 | -€9,436 | -42.9% |
| Financial fixed assets | 28 | €1,000 | €9,700 | +€8,700 | +870% |
| Current assets | 29/58 | €774,662 | €735,996 | -€38,665 | -5.0% |
| Stocks and contracts in progress | 3 | €99,063 | €127,858 | +€28,795 | +29.1% |
| Stocks | 30/36 | €99,063 | €127,858 | +€28,795 | +29.1% |
| Amounts receivable within one year | 40/41 | €909 | €8,885 | +€7,976 | +878% |
| Trade receivables | 40 | €457 | - | -€457 | |
| Other amounts receivable | 41 | €452 | €8,885 | +€8,433 | +1,867% |
| Current investments | 50/53 | - | €507,000 | +€507,000 | |
| Cash at bank and in hand | 54/58 | €674,016 | €91,558 | -€582,458 | -86.4% |
| Deferred charges and accrued income | 490/1 | €675 | €696 | +€21 | +3.1% |
| Total equity and liabilities | 10/49 | €808,335 | €759,898 | -€48,437 | -6.0% |
| Equity | 10/15 | €674,566 | €726,883 | +€52,317 | +7.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €154,600 | €154,600 | = | 0.0% |
| Distributable reserves | 133 | €154,600 | €154,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €499,966 | €552,283 | +€52,317 | +10.5% |
| Amounts payable | 17/49 | €133,769 | €33,016 | -€100,754 | -75.3% |
| Amounts payable after more than one year | 17 | €95,000 | - | -€95,000 | |
| Financial debts | 170/4 | €95,000 | - | -€95,000 | |
| Amounts payable within one year | 42/48 | €37,485 | €33,016 | -€4,469 | -11.9% |
| Trade debts | 44 | €908 | €8,373 | +€7,465 | +822% |
| Suppliers | 440/4 | €908 | €8,373 | +€7,465 | +822% |
| Taxes, remuneration and social security | 45 | €25,967 | €24,642 | -€1,324 | -5.1% |
| Taxes | 450/3 | €23,467 | €24,642 | +€1,175 | +5.0% |
| Remuneration and social security | 454/9 | €2,499 | - | -€2,499 | |
| Other amounts payable | 47/48 | €10,611 | - | -€10,611 | |
| Accrued charges and deferred income | 492/3 | €1,284 | - | -€1,284 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,725 | €11,189 | -€7,536 | -40.2% |
| Other operating charges | 640/8 | €968 | €1,121 | +€152 | +15.7% |
| Gross operating margin | 9900 | €179,707 | €83,797 | -€95,911 | -53.4% |
| Operating profit (loss) | 9901 | €160,014 | €71,487 | -€88,527 | -55.3% |
| Financial income | 75/76B | €744 | €2,560 | +€1,816 | +244% |
| Recurring financial income | 75 | €744 | €2,560 | +€1,816 | +244% |
| Financial charges | 65/66B | €232 | €1,054 | +€822 | +354% |
| Recurring financial charges | 65 | €232 | €1,054 | +€822 | +354% |
| Profit (loss) for the period before taxes | 9903 | €160,526 | €72,993 | -€87,533 | -54.5% |
| Income taxes | 67/77 | €42,622 | €20,676 | -€21,946 | -51.5% |
| Profit (loss) for the period | 9904 | €117,903 | €52,317 | -€65,586 | -55.6% |
| Profit (loss) for the period to be appropriated | 9905 | €117,903 | €52,317 | -€65,586 | -55.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.