HAVELCO: 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.
HAVELCO
Largest movements
- Cash +€70,046
up €70,046 (+124.5%), from €56,250 to €126,296
mainly Net result for the year (+€98,658) and Other debts (+€30,963)
- Reserves +€64,908
up €64,908 (+13.3%), from €486,410 to €551,319
- Other debts +€30,963
up €30,963 (+49.3%), from €62,749 to €93,711
- Current portion of long-term debt -€23,949
no longer reported in 2025 (was €23,949)
- Financial income -€38,702
down €38,702 (-85.9%), from €45,052 to €6,350
of which Non-recurring financial income: -€30,977
- Taxes -€8,501
down €8,501 (-17.8%), from €47,875 to €39,374
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 | €961,006 | €1,027,604 | +€66,597 | +6.9% |
| Fixed assets | 21/28 | €600,834 | €600,801 | -€33 | 0.0% |
| Tangible fixed assets | 22/27 | €33 | - | -€33 | |
| Furniture and vehicles | 24 | €33 | - | -€33 | |
| Financial fixed assets | 28 | €600,801 | €600,801 | = | 0.0% |
| Current assets | 29/58 | €360,172 | €426,802 | +€66,630 | +18.5% |
| Amounts receivable within one year | 40/41 | €42,972 | €36,556 | -€6,416 | -14.9% |
| Trade receivables | 40 | €42,397 | €36,538 | -€5,859 | -13.8% |
| Other amounts receivable | 41 | €575 | €18 | -€557 | -96.9% |
| Current investments | 50/53 | €260,951 | €263,950 | +€3,000 | +1.1% |
| Cash at bank and in hand | 54/58 | €56,250 | €126,296 | +€70,046 | +124.5% |
| Total equity and liabilities | 10/49 | €961,006 | €1,027,604 | +€66,597 | +6.9% |
| Equity | 10/15 | €698,414 | €763,322 | +€64,908 | +9.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €486,410 | €551,319 | +€64,908 | +13.3% |
| Distributable reserves | 133 | €486,410 | €551,319 | +€64,908 | +13.3% |
| Profit (loss) carried forward | 14 | €192,003 | €192,003 | = | 0.0% |
| Amounts payable | 17/49 | €262,593 | €264,282 | +€1,689 | +0.6% |
| Amounts payable after more than one year | 17 | €155,000 | €155,000 | = | 0.0% |
| Financial debts | 170/4 | €155,000 | €155,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €102,677 | €103,782 | +€1,106 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €23,949 | - | -€23,949 | |
| Taxes, remuneration and social security | 45 | €15,978 | €10,071 | -€5,907 | -37.0% |
| Taxes | 450/3 | €15,978 | €10,071 | -€5,907 | -37.0% |
| Other amounts payable | 47/48 | €62,749 | €93,711 | +€30,963 | +49.3% |
| Accrued charges and deferred income | 492/3 | €4,916 | €5,500 | +€584 | +11.9% |
| Non-recurring operating income | 76A | - | €67 | +€67 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126 | - | -€126 | |
| Other operating charges | 640/8 | €361 | €527 | +€166 | +46.1% |
| Gross operating margin | 9900 | €148,575 | €147,399 | -€1,176 | -0.8% |
| Operating profit (loss) | 9901 | €148,089 | €146,872 | -€1,217 | -0.8% |
| Financial income | 75/76B | €45,052 | €6,350 | -€38,702 | -85.9% |
| Recurring financial income | 75 | €14,075 | €6,350 | -€7,725 | -54.9% |
| Non-recurring financial income | 76B | €30,977 | - | -€30,977 | |
| Financial charges | 65/66B | €15,019 | €15,190 | +€171 | +1.1% |
| Recurring financial charges | 65 | €15,019 | €15,190 | +€171 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €178,121 | €138,032 | -€40,089 | -22.5% |
| Income taxes | 67/77 | €47,875 | €39,374 | -€8,501 | -17.8% |
| Profit (loss) for the period | 9904 | €130,246 | €98,658 | -€31,588 | -24.3% |
| Profit (loss) for the period to be appropriated | 9905 | €130,246 | €98,658 | -€31,588 | -24.3% |
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 10 October 2026 via checked.be.