HAVOBO: 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.
HAVOBO
Largest movements
- Receivables after one year -€140,000
down €140,000 (-19.5%), from €718,200 to €578,200
- Receivables within one year -€51,855
down €51,855 (-46.5%), from €111,581 to €59,726
of which Other amounts receivable: -€56,616
- Reserves -€158,010
down €158,010 (-52.0%), from €304,050 to €146,040
of which Distributable reserves: -€158,010
- Debts after one year -€17,585
down €17,585 (-15.2%), from €115,653 to €98,067
- Financial income -€3,162
down €3,162 (-6.8%), from €46,423 to €43,261
- Gross operating margin +€1,916
up €1,916 (+14.7%), from -€13,044 to -€11,128
- Financial charges -€1,101
down €1,101 (-17.1%), from €6,426 to €5,325
- Other operating charges +€398
up €398 (+9.6%), from €4,163 to €4,561
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 | €1,276,340 | €1,097,459 | -€178,881 | -14.0% |
| Fixed assets | 21/28 | €407,828 | €407,828 | = | 0.0% |
| Tangible fixed assets | 22/27 | €407,828 | €407,828 | = | 0.0% |
| Land and buildings | 22 | €407,828 | €407,828 | = | 0.0% |
| Current assets | 29/58 | €868,513 | €689,631 | -€178,881 | -20.6% |
| Amounts receivable after more than one year | 29 | €718,200 | €578,200 | -€140,000 | -19.5% |
| Other amounts receivable | 291 | €718,200 | €578,200 | -€140,000 | -19.5% |
| Amounts receivable within one year | 40/41 | €111,581 | €59,726 | -€51,855 | -46.5% |
| Trade receivables | 40 | €17,082 | €21,843 | +€4,761 | +27.9% |
| Other amounts receivable | 41 | €94,499 | €37,883 | -€56,616 | -59.9% |
| Current investments | 50/53 | €34,511 | €34,511 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,501 | €9,641 | +€7,140 | +285.4% |
| Deferred charges and accrued income | 490/1 | €1,719 | €7,553 | +€5,834 | +339.4% |
| Total equity and liabilities | 10/49 | €1,276,340 | €1,097,459 | -€178,881 | -14.0% |
| Equity | 10/15 | €958,796 | €800,786 | -€158,010 | -16.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €304,050 | €146,040 | -€158,010 | -52.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €283,300 | €125,290 | -€158,010 | -55.8% |
| Profit (loss) carried forward | 14 | €634,746 | €634,746 | +€0 | 0.0% |
| Amounts payable | 17/49 | €317,544 | €296,672 | -€20,871 | -6.6% |
| Amounts payable after more than one year | 17 | €115,653 | €98,067 | -€17,585 | -15.2% |
| Financial debts | 170/4 | €115,653 | €98,067 | -€17,585 | -15.2% |
| Amounts payable within one year | 42/48 | €201,891 | €198,605 | -€3,286 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €16,862 | €17,585 | +€723 | +4.3% |
| Trade debts | 44 | €1,278 | - | -€1,278 | |
| Suppliers | 440/4 | €1,278 | - | -€1,278 | |
| Taxes, remuneration and social security | 45 | €2,026 | €5,463 | +€3,438 | +169.7% |
| Taxes | 450/3 | €391 | €3,828 | +€3,438 | +879.9% |
| Remuneration and social security | 454/9 | €1,635 | €1,635 | = | 0.0% |
| Other amounts payable | 47/48 | €181,726 | €175,556 | -€6,170 | -3.4% |
| Other operating charges | 640/8 | €4,163 | €4,561 | +€398 | +9.6% |
| Gross operating margin | 9900 | -€13,044 | -€11,128 | +€1,916 | +14.7% |
| Operating profit (loss) | 9901 | -€17,207 | -€15,689 | +€1,518 | +8.8% |
| Financial income | 75/76B | €46,423 | €43,261 | -€3,162 | -6.8% |
| Recurring financial income | 75 | €46,423 | €43,261 | -€3,162 | -6.8% |
| Financial charges | 65/66B | €6,426 | €5,325 | -€1,101 | -17.1% |
| Recurring financial charges | 65 | €6,426 | €5,325 | -€1,101 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | €22,789 | €22,246 | -€543 | -2.4% |
| Income taxes | 67/77 | €7,271 | €7,256 | -€15 | -0.2% |
| Profit (loss) for the period | 9904 | €15,519 | €14,990 | -€529 | -3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €15,519 | €14,990 | -€529 | -3.4% |
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 10 October 2026 via checked.be.