HAVECO: 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.
HAVECO
Largest movements
- Cash +€34,877
up €34,877 (+55.3%), from €63,118 to €97,995
mainly Net result for the year (+€54,756) and Other debts (+€25,403)
- Other debts +€25,403
up €25,403 (+45.6%), from €55,670 to €81,073
- Reserves +€12,516
up €12,516 (+4.8%), from €259,693 to €272,209
- Short-term financial debts -€11,340
no longer reported in 2025 (was €11,340)
- Tax, wage and social debts +€6,541
up €6,541 (+63.7%), from €10,272 to €16,813
- Gross operating margin +€29,265
up €29,265 (+69.9%), from €41,855 to €71,120
- Taxes +€9,094
up €9,094 (+66.4%), from €13,704 to €22,797
- Financial charges +€1,802
up €1,802 (+86.8%), from €2,076 to €3,878
- Financial income +€1,163
up €1,163 (+11.0%), from €10,588 to €11,751
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 | €356,908 | €392,752 | +€35,844 | +10.0% |
| Fixed assets | 21/28 | €897 | €490 | -€407 | -45.4% |
| Tangible fixed assets | 22/27 | €847 | €440 | -€407 | -48.0% |
| Furniture and vehicles | 24 | €847 | €440 | -€407 | -48.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €356,012 | €392,262 | +€36,251 | +10.2% |
| Amounts receivable within one year | 40/41 | €291,649 | €292,667 | +€1,018 | +0.3% |
| Trade receivables | 40 | - | €7,865 | +€7,865 | |
| Other amounts receivable | 41 | €291,649 | €284,802 | -€6,847 | -2.3% |
| Cash at bank and in hand | 54/58 | €63,118 | €97,995 | +€34,877 | +55.3% |
| Deferred charges and accrued income | 490/1 | €1,245 | €1,600 | +€355 | +28.5% |
| Total equity and liabilities | 10/49 | €356,908 | €392,752 | +€35,844 | +10.0% |
| Equity | 10/15 | €278,293 | €290,809 | +€12,516 | +4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €259,693 | €272,209 | +€12,516 | +4.8% |
| Distributable reserves | 133 | €259,693 | €272,209 | +€12,516 | +4.8% |
| Amounts payable | 17/49 | €78,616 | €101,944 | +€23,328 | +29.7% |
| Amounts payable within one year | 42/48 | €77,416 | €98,045 | +€20,629 | +26.6% |
| Financial debts | 43 | €11,340 | - | -€11,340 | |
| Credit institutions | 430/8 | €11,340 | - | -€11,340 | |
| Trade debts | 44 | €134 | €160 | +€26 | +19.4% |
| Suppliers | 440/4 | €134 | €160 | +€26 | +19.4% |
| Taxes, remuneration and social security | 45 | €10,272 | €16,813 | +€6,541 | +63.7% |
| Taxes | 450/3 | €10,272 | €16,813 | +€6,541 | +63.7% |
| Other amounts payable | 47/48 | €55,670 | €81,073 | +€25,403 | +45.6% |
| Accrued charges and deferred income | 492/3 | €1,200 | €3,899 | +€2,699 | +224.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €373 | €407 | +€33 | +8.9% |
| Other operating charges | 640/8 | €895 | €1,032 | +€137 | +15.3% |
| Gross operating margin | 9900 | €41,855 | €71,120 | +€29,265 | +69.9% |
| Operating profit (loss) | 9901 | €40,587 | €69,681 | +€29,094 | +71.7% |
| Financial income | 75/76B | €10,588 | €11,751 | +€1,163 | +11.0% |
| Recurring financial income | 75 | €10,588 | €11,751 | +€1,163 | +11.0% |
| Financial charges | 65/66B | €2,076 | €3,878 | +€1,802 | +86.8% |
| Recurring financial charges | 65 | €2,076 | €3,878 | +€1,802 | +86.8% |
| Profit (loss) for the period before taxes | 9903 | €49,098 | €77,554 | +€28,455 | +58.0% |
| Income taxes | 67/77 | €13,704 | €22,797 | +€9,094 | +66.4% |
| Profit (loss) for the period | 9904 | €35,394 | €54,756 | +€19,362 | +54.7% |
| Profit (loss) for the period to be appropriated | 9905 | €35,394 | €54,756 | +€19,362 | +54.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.