HAVO: 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.
HAVO
Largest movements
- Tangible fixed assets -€8,362
down €8,362 (-22.2%), from €37,612 to €29,250
of which Furniture and vehicles: -€7,615
- Receivables within one year +€7,898
up €7,898 (+74.1%), from €10,664 to €18,562
of which Trade receivables: +€7,959
- Cash -€5,622
down €5,622 (-82.2%), from €6,837 to €1,214
mainly Net result for the year (-€9,173) and Receivables within one year (-€7,898)
- Reserves -€9,173
down €9,173 (-58.4%), from €15,695 to €6,522
of which Distributable reserves: -€9,173
- Short-term financial debts +€7,496
up €7,496 (+2,715%), from €276 to €7,772
- Other debts -€2,986
down €2,986 (-46.9%), from €6,364 to €3,378
- Trade debts -€1,285
no longer reported in 2025 (was €1,285)
- Gross operating margin -€10,854
down €10,854 (-88.7%), from €12,232 to €1,378
- Depreciation -€1,938
down €1,938 (-18.8%), from €10,301 to €8,362
- Taxes -€147
no longer reported in 2025 (was €147)
- Financial charges +€126
up €126 (+8.1%), from €1,557 to €1,683
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 | €55,113 | €49,026 | -€6,086 | -11.0% |
| Fixed assets | 21/28 | €37,612 | €29,250 | -€8,362 | -22.2% |
| Tangible fixed assets | 22/27 | €37,612 | €29,250 | -€8,362 | -22.2% |
| Land and buildings | 22 | €3,184 | €2,437 | -€747 | -23.5% |
| Furniture and vehicles | 24 | €34,428 | €26,813 | -€7,615 | -22.1% |
| Current assets | 29/58 | €17,501 | €19,776 | +€2,276 | +13.0% |
| Amounts receivable within one year | 40/41 | €10,664 | €18,562 | +€7,898 | +74.1% |
| Trade receivables | 40 | €10,239 | €18,198 | +€7,959 | +77.7% |
| Other amounts receivable | 41 | €424 | €364 | -€61 | -14.3% |
| Cash at bank and in hand | 54/58 | €6,837 | €1,214 | -€5,622 | -82.2% |
| Total equity and liabilities | 10/49 | €55,113 | €49,026 | -€6,086 | -11.0% |
| Equity | 10/15 | €46,682 | €37,509 | -€9,173 | -19.6% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €15,695 | €6,522 | -€9,173 | -58.4% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €12,596 | €3,423 | -€9,173 | -72.8% |
| Amounts payable | 17/49 | €8,431 | €11,518 | +€3,086 | +36.6% |
| Amounts payable within one year | 42/48 | €8,180 | €11,260 | +€3,080 | +37.7% |
| Financial debts | 43 | €276 | €7,772 | +€7,496 | +2,715% |
| Credit institutions | 430/8 | €276 | €7,772 | +€7,496 | +2,715% |
| Trade debts | 44 | €1,285 | - | -€1,285 | |
| Suppliers | 440/4 | €1,285 | - | -€1,285 | |
| Taxes, remuneration and social security | 45 | €255 | €110 | -€145 | -56.7% |
| Taxes | 450/3 | €255 | €110 | -€145 | -56.7% |
| Other amounts payable | 47/48 | €6,364 | €3,378 | -€2,986 | -46.9% |
| Accrued charges and deferred income | 492/3 | €252 | €257 | +€6 | +2.3% |
| Non-recurring operating income | 76A | - | €1,517 | +€1,517 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,301 | €8,362 | -€1,938 | -18.8% |
| Other operating charges | 640/8 | €115 | €126 | +€11 | +9.6% |
| Non-recurring operating charges | 66A | €384 | €387 | +€3 | +0.8% |
| Gross operating margin | 9900 | €12,232 | €1,378 | -€10,854 | -88.7% |
| Operating profit (loss) | 9901 | €1,432 | -€7,498 | -€8,930 | |
| Financial income | 75/76B | €7 | €8 | +€1 | +8.8% |
| Recurring financial income | 75 | €7 | €8 | +€1 | +8.8% |
| Financial charges | 65/66B | €1,557 | €1,683 | +€126 | +8.1% |
| Recurring financial charges | 65 | €1,557 | €1,683 | +€126 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | -€117 | -€9,173 | -€9,055 | -7,710% |
| Income taxes | 67/77 | €147 | - | -€147 | |
| Profit (loss) for the period | 9904 | -€265 | -€9,173 | -€8,908 | -3,366% |
| Profit (loss) for the period to be appropriated | 9905 | -€265 | -€9,173 | -€8,908 | -3,366% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.