HAVIER: 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.
HAVIER
Largest movements
- Receivables within one year +€66,449
up €66,449 (+68.6%), from €96,915 to €163,364
of which Trade receivables: +€77,449
- Cash +€57,005
up €57,005 (+41.3%), from €137,925 to €194,930
mainly Net result for the year (+€76,812) and Depreciation (+€35,516)
- Tangible fixed assets -€14,026
down €14,026 (-4.4%), from €319,886 to €305,860
of which Land and buildings: -€18,235
- Reserves +€132,355
up €132,355 (+179.2%), from €73,853 to €206,208
of which Distributable reserves: +€132,355
- Profit (loss) carried forward -€55,544
down €55,544 (-15.0%), from €369,289 to €313,746
- Trade debts +€34,257
up €34,257 (+84.6%), from €40,480 to €74,738
- Gross operating margin -€12,251
down €12,251 (-7.5%), from €164,023 to €151,772
- Taxes -€4,097
down €4,097 (-13.6%), from €30,097 to €26,000
- Depreciation +€3,179
up €3,179 (+9.8%), from €32,337 to €35,516
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 | €554,726 | €664,154 | +€109,428 | +19.7% |
| Fixed assets | 21/28 | €319,886 | €305,860 | -€14,026 | -4.4% |
| Tangible fixed assets | 22/27 | €319,886 | €305,860 | -€14,026 | -4.4% |
| Land and buildings | 22 | €273,544 | €255,309 | -€18,235 | -6.7% |
| Plant, machinery and equipment | 23 | €46,342 | €50,552 | +€4,209 | +9.1% |
| Current assets | 29/58 | €234,839 | €358,293 | +€123,454 | +52.6% |
| Amounts receivable within one year | 40/41 | €96,915 | €163,364 | +€66,449 | +68.6% |
| Trade receivables | 40 | €76,915 | €154,364 | +€77,449 | +100.7% |
| Other amounts receivable | 41 | €20,000 | €9,000 | -€11,000 | -55.0% |
| Cash at bank and in hand | 54/58 | €137,925 | €194,930 | +€57,005 | +41.3% |
| Total equity and liabilities | 10/49 | €554,726 | €664,154 | +€109,428 | +19.7% |
| Equity | 10/15 | €505,142 | €581,954 | +€76,812 | +15.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €73,853 | €206,208 | +€132,355 | +179.2% |
| Non-distributable reserves | 130/1 | €6,208 | €6,208 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8 | €8 | = | 0.0% |
| Distributable reserves | 133 | €67,645 | €200,000 | +€132,355 | +195.7% |
| Profit (loss) carried forward | 14 | €369,289 | €313,746 | -€55,544 | -15.0% |
| Amounts payable | 17/49 | €49,583 | €82,200 | +€32,616 | +65.8% |
| Amounts payable within one year | 42/48 | €49,583 | €82,200 | +€32,616 | +65.8% |
| Trade debts | 44 | €40,480 | €74,738 | +€34,257 | +84.6% |
| Suppliers | 440/4 | €40,480 | €74,738 | +€34,257 | +84.6% |
| Taxes, remuneration and social security | 45 | €3,503 | €1,862 | -€1,641 | -46.9% |
| Taxes | 450/3 | €3,503 | €1,862 | -€1,641 | -46.9% |
| Other amounts payable | 47/48 | €5,600 | €5,600 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,337 | €35,516 | +€3,179 | +9.8% |
| Other operating charges | 640/8 | €12,688 | €12,991 | +€302 | +2.4% |
| Non-recurring operating charges | 66A | - | €91 | +€91 | |
| Gross operating margin | 9900 | €164,023 | €151,772 | -€12,251 | -7.5% |
| Operating profit (loss) | 9901 | €118,997 | €103,174 | -€15,824 | -13.3% |
| Financial charges | 65/66B | €268 | €362 | +€93 | +34.8% |
| Recurring financial charges | 65 | €268 | €362 | +€93 | +34.8% |
| Profit (loss) for the period before taxes | 9903 | €118,729 | €102,812 | -€15,917 | -13.4% |
| Income taxes | 67/77 | €30,097 | €26,000 | -€4,097 | -13.6% |
| Profit (loss) for the period | 9904 | €88,631 | €76,812 | -€11,820 | -13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €88,631 | €76,812 | -€11,820 | -13.3% |
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 12 October 2026 via checked.be.