HAVECON: what changed
Two fiscal 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.
HAVECON
Largest movements
- Cash +€89,351
up €89,351 (+998.1%), from €8,952 to €98,304
mainly Net result for the year (+€53,276) and Investment in fixed assets (net) (+€23,796)
- Tangible fixed assets -€43,490
down €43,490 (-13.1%), from €332,838 to €289,348
of which Furniture and vehicles: -€38,203
- Receivables within one year -€18,415
down €18,415 (-27.2%), from €67,822 to €49,407
of which Trade receivables: -€29,185
- Profit (loss) carried forward +€53,276
up €53,276 (+31.9%), from €166,782 to €220,058
- Debts after one year -€50,047
down €50,047 (-32.9%), from €151,952 to €101,906
- Tax, wage and social debts +€19,705
up €19,705 (+67.3%), from €29,257 to €48,962
of which Taxes: +€23,989
- Trade debts +€5,959
up €5,959 (+63.6%), from €9,373 to €15,332
- Gross operating margin +€37,894
up €37,894 (+51.2%), from €73,988 to €111,883
- Taxes +€6,906
up €6,906 (+64.1%), from €10,782 to €17,688
- Depreciation -€6,395
down €6,395 (-24.5%), from €26,089 to €19,694
- Financial charges -€1,948
down €1,948 (-28.6%), from €6,808 to €4,860
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 | €414,249 | €444,072 | +€29,824 | +7.2% |
| Fixed assets | 21/28 | €333,338 | €289,848 | -€43,490 | -13.0% |
| Tangible fixed assets | 22/27 | €332,838 | €289,348 | -€43,490 | -13.1% |
| Land and buildings | 22 | €265,688 | €261,067 | -€4,621 | -1.7% |
| Plant, machinery and equipment | 23 | €17,555 | €16,889 | -€666 | -3.8% |
| Furniture and vehicles | 24 | €49,595 | €11,392 | -€38,203 | -77.0% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €80,911 | €154,225 | +€73,314 | +90.6% |
| Amounts receivable within one year | 40/41 | €67,822 | €49,407 | -€18,415 | -27.2% |
| Trade receivables | 40 | €29,185 | - | -€29,185 | |
| Other amounts receivable | 41 | €38,637 | €49,407 | +€10,770 | +27.9% |
| Cash at bank and in hand | 54/58 | €8,952 | €98,304 | +€89,351 | +998.1% |
| Deferred charges and accrued income | 490/1 | €4,136 | €6,514 | +€2,378 | +57.5% |
| Total equity and liabilities | 10/49 | €414,249 | €444,072 | +€29,824 | +7.2% |
| Equity | 10/15 | €174,842 | €228,118 | +€53,276 | +30.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €166,782 | €220,058 | +€53,276 | +31.9% |
| Amounts payable | 17/49 | €239,407 | €215,954 | -€23,453 | -9.8% |
| Amounts payable after more than one year | 17 | €151,952 | €101,906 | -€50,047 | -32.9% |
| Financial debts | 170/4 | €151,952 | €101,906 | -€50,047 | -32.9% |
| Amounts payable within one year | 42/48 | €87,455 | €114,049 | +€26,594 | +30.4% |
| Current portion of amounts payable after more than one year | 42 | €48,824 | €49,755 | +€931 | +1.9% |
| Trade debts | 44 | €9,373 | €15,332 | +€5,959 | +63.6% |
| Suppliers | 440/4 | €9,373 | €15,332 | +€5,959 | +63.6% |
| Taxes, remuneration and social security | 45 | €29,257 | €48,962 | +€19,705 | +67.3% |
| Taxes | 450/3 | €24,973 | €48,962 | +€23,989 | +96.1% |
| Remuneration and social security | 454/9 | €4,284 | - | -€4,284 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,089 | €19,694 | -€6,395 | -24.5% |
| Other operating charges | 640/8 | €3,093 | €3,645 | +€552 | +17.9% |
| Non-recurring operating charges | 66A | - | €15,097 | +€15,097 | |
| Gross operating margin | 9900 | €73,988 | €111,883 | +€37,894 | +51.2% |
| Operating profit (loss) | 9901 | €44,807 | €73,447 | +€28,640 | +63.9% |
| Financial income | 75/76B | €2,271 | €2,378 | +€107 | +4.7% |
| Recurring financial income | 75 | €2,271 | €2,378 | +€107 | +4.7% |
| Financial charges | 65/66B | €6,808 | €4,860 | -€1,948 | -28.6% |
| Recurring financial charges | 65 | €6,808 | €4,860 | -€1,948 | -28.6% |
| Profit (loss) for the period before taxes | 9903 | €40,270 | €70,964 | +€30,694 | +76.2% |
| Income taxes | 67/77 | €10,782 | €17,688 | +€6,906 | +64.1% |
| Profit (loss) for the period | 9904 | €29,488 | €53,276 | +€23,788 | +80.7% |
| Profit (loss) for the period to be appropriated | 9905 | €29,488 | €53,276 | +€23,788 | +80.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.