Havermarkt Construct: 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.
Havermarkt Construct
Largest movements
- Receivables within one year +€2.0m
up €2.0m (+551.1%), from €362,920 to €2.4m
of which Trade receivables: +€1.7m
- Stocks and contracts +€1.5m
up €1.5m (+63.0%), from €2.4m to €3.9m
- Cash +€188,807
up €188,807 (+145.2%), from €130,057 to €318,863
mainly Debts after one year (+€2.1m) and Advances received (+€848,918)
- Debts after one year +€2.1m
up €2.1m (+393.8%), from €524,323 to €2.6m
- Advances received +€848,918
up €848,918 (+10121.2%), from €8,388 to €857,305
- Trade debts +€539,750
up €539,750 (+22.1%), from €2.4m to €3.0m
- Tax, wage and social debts +€447,751
new in 2025: €447,751
- Profit (loss) carried forward -€205,555
down €205,555 (-231.8%), from -€88,668 to -€294,223
- Gross operating margin -€98,217
down €98,217 (-208.0%), from -€47,209 to -€145,426
- Financial charges +€52,015
up €52,015 (+678.5%), from €7,666 to €59,681
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 | €2,893,887 | €6,589,306 | +€3.7m | +127.7% |
| Formation expenses | 20 | €405 | €201 | -€203 | -50.2% |
| Current assets | 29/58 | €2,893,483 | €6,589,105 | +€3.7m | +127.7% |
| Stocks and contracts in progress | 3 | €2,397,514 | €3,907,155 | +€1.5m | +63.0% |
| Contracts in progress | 37 | €2,397,514 | €3,907,155 | +€1.5m | +63.0% |
| Amounts receivable within one year | 40/41 | €362,920 | €2,363,087 | +€2.0m | +551.1% |
| Trade receivables | 40 | €1,815 | €1,722,212 | +€1.7m | +94787.7% |
| Other amounts receivable | 41 | €361,105 | €640,874 | +€279,769 | +77.5% |
| Cash at bank and in hand | 54/58 | €130,057 | €318,863 | +€188,807 | +145.2% |
| Deferred charges and accrued income | 490/1 | €2,992 | €0 | -€2,992 | -100.0% |
| Total equity and liabilities | 10/49 | €2,893,887 | €6,589,306 | +€3.7m | +127.7% |
| Equity | 10/15 | -€78,668 | -€284,223 | -€205,555 | -261.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€88,668 | -€294,223 | -€205,555 | -231.8% |
| Amounts payable | 17/49 | €2,972,555 | €6,873,529 | +€3.9m | +131.2% |
| Amounts payable after more than one year | 17 | €524,323 | €2,588,879 | +€2.1m | +393.8% |
| Other amounts payable | 178/9 | €524,323 | €2,588,879 | +€2.1m | +393.8% |
| Amounts payable within one year | 42/48 | €2,448,232 | €4,284,650 | +€1.8m | +75.0% |
| Trade debts | 44 | €2,439,844 | €2,979,594 | +€539,750 | +22.1% |
| Suppliers | 440/4 | €2,439,844 | €2,979,594 | +€539,750 | +22.1% |
| Advances received on contracts in progress | 46 | €8,388 | €857,305 | +€848,918 | +10121.2% |
| Taxes, remuneration and social security | 45 | - | €447,751 | +€447,751 | |
| Taxes | 450/3 | - | €447,751 | +€447,751 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €203 | €203 | = | 0.0% |
| Other operating charges | 640/8 | €937 | €400 | -€538 | -57.4% |
| Gross operating margin | 9900 | -€47,209 | -€145,426 | -€98,217 | -208.0% |
| Operating profit (loss) | 9901 | -€48,350 | -€146,029 | -€97,679 | -202.0% |
| Financial income | 75/76B | €88 | €154 | +€66 | +75.4% |
| Recurring financial income | 75 | €88 | €154 | +€66 | +75.4% |
| Financial charges | 65/66B | €7,666 | €59,681 | +€52,015 | +678.5% |
| Recurring financial charges | 65 | €7,666 | €59,681 | +€52,015 | +678.5% |
| Profit (loss) for the period before taxes | 9903 | -€55,928 | -€205,555 | -€149,627 | -267.5% |
| Profit (loss) for the period | 9904 | -€55,928 | -€205,555 | -€149,627 | -267.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€55,928 | -€205,555 | -€149,627 | -267.5% |
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 7 October 2026 via checked.be.