HAVELANGE CONSTRUCT: 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.
HAVELANGE CONSTRUCT
Largest movements
- Current investments +€125,000
up €125,000 (+62.5%), from €200,000 to €325,000
- Tangible fixed assets -€75,405
down €75,405 (-39.2%), from €192,212 to €116,808
of which Furniture and vehicles: -€52,593
- Receivables within one year -€37,938
down €37,938 (-59.9%), from €63,294 to €25,355
of which Trade receivables: -€29,352
- Stocks and contracts -€23,074
down €23,074 (-46.3%), from €49,870 to €26,796
of which Contracts in progress: -€24,916
- Other debts +€86,900
up €86,900 (+369.8%), from €23,500 to €110,400
- Reserves -€74,050
down €74,050 (-15.9%), from €464,579 to €390,529
of which Distributable reserves: -€60,400
- Debts after one year -€18,049
down €18,049 (-37.1%), from €48,641 to €30,592
- Trade debts -€11,031
down €11,031 (-32.7%), from €33,730 to €22,699
- Current portion of long-term debt -€8,977
down €8,977 (-33.2%), from €27,026 to €18,049
- Staff costs +€37,962
up €37,962 (+37.0%), from €102,665 to €140,627
- Financial income -€4,595
down €4,595 (-44.2%), from €10,398 to €5,803
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 | €656,053 | €634,192 | -€21,861 | -3.3% |
| Fixed assets | 21/28 | €192,262 | €116,857 | -€75,405 | -39.2% |
| Tangible fixed assets | 22/27 | €192,212 | €116,808 | -€75,405 | -39.2% |
| Land and buildings | 22 | €47,359 | €41,282 | -€6,077 | -12.8% |
| Plant, machinery and equipment | 23 | €69,907 | €53,172 | -€16,735 | -23.9% |
| Furniture and vehicles | 24 | €74,946 | €22,354 | -€52,593 | -70.2% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €463,791 | €517,334 | +€53,544 | +11.5% |
| Stocks and contracts in progress | 3 | €49,870 | €26,796 | -€23,074 | -46.3% |
| Stocks | 30/36 | €4,870 | €6,712 | +€1,842 | +37.8% |
| Contracts in progress | 37 | €45,000 | €20,084 | -€24,916 | -55.4% |
| Amounts receivable within one year | 40/41 | €63,294 | €25,355 | -€37,938 | -59.9% |
| Trade receivables | 40 | €37,718 | €8,367 | -€29,352 | -77.8% |
| Other amounts receivable | 41 | €25,575 | €16,988 | -€8,587 | -33.6% |
| Current investments | 50/53 | €200,000 | €325,000 | +€125,000 | +62.5% |
| Cash at bank and in hand | 54/58 | €134,211 | €128,023 | -€6,188 | -4.6% |
| Deferred charges and accrued income | 490/1 | €16,416 | €12,160 | -€4,256 | -25.9% |
| Total equity and liabilities | 10/49 | €656,053 | €634,192 | -€21,861 | -3.3% |
| Equity | 10/15 | €488,842 | €416,243 | -€72,599 | -14.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €464,579 | €390,529 | -€74,050 | -15.9% |
| Tax-exempt reserves | 132 | €143,779 | €130,129 | -€13,650 | -9.5% |
| Distributable reserves | 133 | €320,800 | €260,400 | -€60,400 | -18.8% |
| Profit (loss) carried forward | 14 | €11,037 | €11,186 | +€149 | +1.3% |
| Investment grants | 15 | €825 | €2,128 | +€1,302 | +157.8% |
| Provisions and deferred taxes | 16 | €17,704 | €13,154 | -€4,550 | -25.7% |
| Deferred taxes | 168 | €17,704 | €13,154 | -€4,550 | -25.7% |
| Amounts payable | 17/49 | €149,507 | €204,795 | +€55,288 | +37.0% |
| Amounts payable after more than one year | 17 | €48,641 | €30,592 | -€18,049 | -37.1% |
| Financial debts | 170/4 | €48,641 | €30,592 | -€18,049 | -37.1% |
| Amounts payable within one year | 42/48 | €99,567 | €173,672 | +€74,105 | +74.4% |
| Current portion of amounts payable after more than one year | 42 | €27,026 | €18,049 | -€8,977 | -33.2% |
| Trade debts | 44 | €33,730 | €22,699 | -€11,031 | -32.7% |
| Suppliers | 440/4 | €33,730 | €22,699 | -€11,031 | -32.7% |
| Taxes, remuneration and social security | 45 | €15,311 | €22,524 | +€7,213 | +47.1% |
| Taxes | 450/3 | €8,089 | €12,760 | +€4,671 | +57.7% |
| Remuneration and social security | 454/9 | €7,221 | €9,764 | +€2,543 | +35.2% |
| Other amounts payable | 47/48 | €23,500 | €110,400 | +€86,900 | +369.8% |
| Accrued charges and deferred income | 492/3 | €1,299 | €531 | -€768 | -59.1% |
| Remuneration, social security and pensions | 62 | €102,665 | €140,627 | +€37,962 | +37.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,294 | €77,270 | +€1,976 | +2.6% |
| Other operating charges | 640/8 | €3,556 | €4,337 | +€781 | +22.0% |
| Gross operating margin | 9900 | €268,411 | €269,508 | +€1,097 | +0.4% |
| Operating profit (loss) | 9901 | €86,897 | €47,274 | -€39,623 | -45.6% |
| Financial income | 75/76B | €10,398 | €5,803 | -€4,595 | -44.2% |
| Recurring financial income | 75 | €10,398 | €5,803 | -€4,595 | -44.2% |
| Financial charges | 65/66B | €3,240 | €3,130 | -€110 | -3.4% |
| Recurring financial charges | 65 | €3,051 | €3,130 | +€79 | +2.6% |
| Non-recurring financial charges | 66B | €189 | - | -€189 | |
| Profit (loss) for the period before taxes | 9903 | €94,055 | €49,947 | -€44,108 | -46.9% |
| Transfer from deferred taxes | 780 | €4,859 | €4,550 | -€309 | -6.4% |
| Transfer to deferred taxes | 680 | €10,250 | - | -€10,250 | |
| Income taxes | 67/77 | €18,319 | €17,999 | -€321 | -1.8% |
| Profit (loss) for the period | 9904 | €70,344 | €36,499 | -€33,846 | -48.1% |
| Transfer from tax-exempt reserves | 789 | €13,173 | €13,650 | +€477 | +3.6% |
| Transfer to tax-exempt reserves | 689 | €30,750 | - | -€30,750 | |
| Profit (loss) for the period to be appropriated | 9905 | €52,767 | €50,149 | -€2,619 | -5.0% |
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 12 October 2026 via checked.be.