HAVECA: 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.
HAVECA
Largest movements
- Receivables within one year -€77,321
down €77,321 (-93.1%), from €83,044 to €5,723
of which Trade receivables: -€77,321
- Cash +€43,116
up €43,116 (+1603.6%), from €2,689 to €45,804
mainly Receivables within one year (+€77,321) and Other debts (+€8,020)
- Tangible fixed assets +€7,660
up €7,660 (+89.6%), from €8,551 to €16,211
of which Land and buildings: +€7,064
- Deferred charges and accrued income +€1,425
new in 2025: €1,425
- Profit (loss) carried forward -€25,451
down €25,451 (-45.3%), from -€56,225 to -€81,676
- Tax, wage and social debts -€8,427
down €8,427 (-74.0%), from €11,394 to €2,967
- Other debts +€8,020
up €8,020 (+33.2%), from €24,122 to €32,141
- Gross operating margin -€61,515
down €61,515, from €39,826 to -€21,689
- Financial charges -€5,140
down €5,140 (-88.0%), from €5,839 to €699
- Depreciation +€1,532
up €1,532 (+258.7%), from €592 to €2,125
- Other operating charges +€742
new in 2025: €742
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 | €94,791 | €69,671 | -€25,119 | -26.5% |
| Fixed assets | 21/28 | €9,058 | €16,719 | +€7,660 | +84.6% |
| Tangible fixed assets | 22/27 | €8,551 | €16,211 | +€7,660 | +89.6% |
| Land and buildings | 22 | €7,711 | €14,776 | +€7,064 | +91.6% |
| Plant, machinery and equipment | 23 | €839 | €1,435 | +€596 | +71.0% |
| Financial fixed assets | 28 | €508 | €508 | = | 0.0% |
| Current assets | 29/58 | €85,733 | €52,953 | -€32,780 | -38.2% |
| Amounts receivable within one year | 40/41 | €83,044 | €5,723 | -€77,321 | -93.1% |
| Trade receivables | 40 | €83,044 | €5,723 | -€77,321 | -93.1% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €2,689 | €45,804 | +€43,116 | +1603.6% |
| Deferred charges and accrued income | 490/1 | - | €1,425 | +€1,425 | |
| Total equity and liabilities | 10/49 | €94,791 | €69,671 | -€25,119 | -26.5% |
| Equity | 10/15 | €59,275 | €33,824 | -€25,451 | -42.9% |
| Contributions | 10/11 | €105,000 | €105,000 | = | 0.0% |
| Reserves | 13 | €10,500 | €10,500 | = | 0.0% |
| Distributable reserves | 133 | €10,500 | €10,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,225 | -€81,676 | -€25,451 | -45.3% |
| Amounts payable | 17/49 | €35,516 | €35,847 | +€331 | +0.9% |
| Amounts payable within one year | 42/48 | €35,516 | €35,847 | +€331 | +0.9% |
| Trade debts | 44 | - | €739 | +€739 | |
| Suppliers | 440/4 | - | €739 | +€739 | |
| Taxes, remuneration and social security | 45 | €11,394 | €2,967 | -€8,427 | -74.0% |
| Taxes | 450/3 | €11,394 | €2,967 | -€8,427 | -74.0% |
| Other amounts payable | 47/48 | €24,122 | €32,141 | +€8,020 | +33.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €592 | €2,125 | +€1,532 | +258.7% |
| Other operating charges | 640/8 | - | €742 | +€742 | |
| Gross operating margin | 9900 | €39,826 | -€21,689 | -€61,515 | |
| Operating profit (loss) | 9901 | €39,234 | -€24,556 | -€63,790 | |
| Financial charges | 65/66B | €5,839 | €699 | -€5,140 | -88.0% |
| Recurring financial charges | 65 | €5,839 | €699 | -€5,140 | -88.0% |
| Profit (loss) for the period before taxes | 9903 | €33,395 | -€25,255 | -€58,650 | |
| Income taxes | 67/77 | €214 | €196 | -€19 | -8.7% |
| Profit (loss) for the period | 9904 | €33,180 | -€25,451 | -€58,631 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,180 | -€25,451 | -€58,631 |
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 12 October 2026 via checked.be.