HAVIMAX: 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.
HAVIMAX
Largest movements
- Tangible fixed assets -€1.5m
down €1.5m (-70.6%), from €2.2m to €643,668
of which Land and buildings: -€1.6m
- Cash -€253,557
down €253,557 (-28.9%), from €877,109 to €623,552
mainly Debts after one year (-€1.2m) and Contributions, distributions and other (-€440,778)
- Deferred charges and accrued income +€68,016
up €68,016 (+1,715%), from €3,965 to €71,981
- Debts after one year -€1.2m
down €1.2m (-100%), from €1.2m to €0
of which Financial debts: -€1.2m
- Reserves -€441,906
down €441,906 (-58.1%), from €760,368 to €318,462
of which Distributable reserves: -€440,778
- Current portion of long-term debt -€48,557
down €48,557 (-100%), from €48,557 to €0
- Profit (loss) carried forward -€40,608
down €40,608, from €301 to -€40,308
- Gross operating margin +€116,151
up €116,151, from -€47,583 to €68,568
- Financial income -€41,049
down €41,049 (-89.3%), from €45,977 to €4,928
- Financial charges +€37,981
up €37,981 (+98.5%), from €38,573 to €76,555
- Depreciation -€15,720
down €15,720 (-39.0%), from €40,278 to €24,558
- Other operating charges +€5,966
up €5,966 (+72.5%), from €8,225 to €14,192
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.
Derived cash bridge
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 | €3,123,922 | €1,376,688 | -€1.7m | -55.9% |
| Fixed assets | 21/28 | €2,192,509 | €643,668 | -€1.5m | -70.6% |
| Tangible fixed assets | 22/27 | €2,192,509 | €643,668 | -€1.5m | -70.6% |
| Land and buildings | 22 | €2,192,509 | €642,251 | -€1.6m | -70.7% |
| Furniture and vehicles | 24 | - | €1,417 | +€1,417 | |
| Current assets | 29/58 | €931,413 | €733,020 | -€198,393 | -21.3% |
| Stocks and contracts in progress | 3 | €36,833 | €36,833 | = | 0.0% |
| Stocks | 30/36 | €36,833 | €36,833 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €13,506 | €654 | -€12,852 | -95.2% |
| Other amounts receivable | 41 | €13,506 | €654 | -€12,852 | -95.2% |
| Cash at bank and in hand | 54/58 | €877,109 | €623,552 | -€253,557 | -28.9% |
| Deferred charges and accrued income | 490/1 | €3,965 | €71,981 | +€68,016 | +1,715% |
| Total equity and liabilities | 10/49 | €3,123,922 | €1,376,688 | -€1.7m | -55.9% |
| Equity | 10/15 | €1,566,005 | €1,083,491 | -€482,514 | -30.8% |
| Contributions | 10/11 | €805,337 | €805,337 | = | 0.0% |
| Reserves | 13 | €760,368 | €318,462 | -€441,906 | -58.1% |
| Tax-exempt reserves | 132 | €212,586 | €211,458 | -€1,128 | -0.5% |
| Distributable reserves | 133 | €547,782 | €107,004 | -€440,778 | -80.5% |
| Profit (loss) carried forward | 14 | €301 | -€40,308 | -€40,608 | |
| Provisions and deferred taxes | 16 | €70,862 | €70,486 | -€376 | -0.5% |
| Deferred taxes | 168 | €70,862 | €70,486 | -€376 | -0.5% |
| Amounts payable | 17/49 | €1,487,055 | €222,710 | -€1.3m | -85.0% |
| Amounts payable after more than one year | 17 | €1,195,829 | €0 | -€1.2m | -100% |
| Financial debts | 170/4 | €1,194,129 | €0 | -€1.2m | -100% |
| Other amounts payable | 178/9 | €1,700 | €0 | -€1,700 | -100% |
| Amounts payable within one year | 42/48 | €287,684 | €222,573 | -€65,111 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €48,557 | €0 | -€48,557 | -100% |
| Trade debts | 44 | €10,708 | €2,594 | -€8,114 | -75.8% |
| Suppliers | 440/4 | €10,708 | €2,594 | -€8,114 | -75.8% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €228,419 | €219,979 | -€8,441 | -3.7% |
| Accrued charges and deferred income | 492/3 | €3,542 | €138 | -€3,404 | -96.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,278 | €24,558 | -€15,720 | -39.0% |
| Other operating charges | 640/8 | €8,225 | €14,192 | +€5,966 | +72.5% |
| Gross operating margin | 9900 | -€47,583 | €68,568 | +€116,151 | |
| Operating profit (loss) | 9901 | -€96,087 | €29,818 | +€125,905 | |
| Financial income | 75/76B | €45,977 | €4,928 | -€41,049 | -89.3% |
| Recurring financial income | 75 | €45,977 | €4,928 | -€41,049 | -89.3% |
| Financial charges | 65/66B | €38,573 | €76,555 | +€37,981 | +98.5% |
| Recurring financial charges | 65 | €38,573 | €76,555 | +€37,981 | +98.5% |
| Profit (loss) for the period before taxes | 9903 | -€88,683 | -€41,809 | +€46,875 | +52.9% |
| Transfer from deferred taxes | 780 | - | €376 | +€376 | |
| Transfer to deferred taxes | 680 | €12,112 | €0 | -€12,112 | -100% |
| Income taxes | 67/77 | €287 | €303 | +€16 | +5.6% |
| Profit (loss) for the period | 9904 | -€101,082 | -€41,736 | +€59,347 | +58.7% |
| Transfer from tax-exempt reserves | 789 | €12,112 | €1,128 | -€10,984 | -90.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€88,971 | -€40,608 | +€48,362 | +54.4% |
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 17 October 2026 via checked.be.