HaW: what changed
What changed
HaW
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€764,048
2024 · €555,164+€208,885
Equity
€2.9m
2024 · €2.5m+€335,719
Cash
€1.8m
2024 · €309,462+€1.5m
Balance sheet total
€4.2m
2024 · €3.7m+€508,587
Largest movements
Assets
- Cash +€1.5m
up €1.5m (+469%), from €309,462 to €1.8m
mainly Receivables within one year (+€942,031) and Net result for the year (+€764,048)
- Receivables within one year -€942,031
down €942,031 (-99.5%), from €946,878 to €4,847
of which Other amounts receivable: -€940,942
Equity and liabilities
- Reserves +€335,719
up €335,719 (+13.2%), from €2.5m to €2.9m
- Other debts +€269,986
up €269,986 (+4,614%), from €5,852 to €275,838
- Debts after one year -€131,605
down €131,605 (-14.8%), from €889,156 to €757,551
Income statement
- Depreciation -€93,981
down €93,981 (-46.7%), from €201,057 to €107,077
- Financial income +€87,901
up €87,901 (+17.0%), from €518,099 to €606,000
of which Financial income: +€88,801
- Gross operating margin +€50,838
up €50,838 (+11.3%), from €449,576 to €500,414
- Taxes +€22,949
up €22,949 (+18.1%), from €126,757 to €149,706
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€555,164
Gross operating margin
+€50,838
Staff costs
+€1,908
Depreciation
+€93,981
Other operating charges
+€153
Other operating items
-€3,447
Financial income
+€87,901
Financial charges
+€499
Taxes
-€22,949
Result 2025
€764,048
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€2.1m
Investment
-€102,850
Financing
-€556,100
Cash 2024
€309,462
From operations (derived)
+€2.1m
Net result for the year
+€764,048
Depreciation
+€107,077
Receivables within one year
+€942,031
Deferred charges and accrued income
-€3,448
Trade debts
+€7,064
Tax, wage and social debts
+€23,588
Other debts
+€269,986
Investment (derived)
-€102,850
Investment in fixed assets (net)
-€102,850
Financing
-€556,100
Debts after one year
-€131,605
Current portion of long-term debt
+€3,834
Contributions, distributions and other
-€428,329
Cash 2025
€1.8m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,661,207 | €4,169,793 | +€508,587 | +13.9% |
| Fixed assets | 21/28 | €2,366,442 | €2,362,215 | -€4,227 | -0.2% |
| Tangible fixed assets | 22/27 | €1,504,760 | €1,500,533 | -€4,227 | -0.3% |
| Land and buildings | 22 | €1,492,305 | €1,399,071 | -€93,234 | -6.2% |
| Furniture and vehicles | 24 | €8,877 | €96,500 | +€87,622 | +987% |
| Other tangible fixed assets | 26 | €3,578 | €4,963 | +€1,385 | +38.7% |
| Financial fixed assets | 28 | €861,682 | €861,682 | = | 0.0% |
| Current assets | 29/58 | €1,294,765 | €1,807,578 | +€512,813 | +39.6% |
| Amounts receivable within one year | 40/41 | €946,878 | €4,847 | -€942,031 | -99.5% |
| Trade receivables | 40 | €1,089 | - | -€1,089 | |
| Other amounts receivable | 41 | €945,789 | €4,847 | -€940,942 | -99.5% |
| Cash at bank and in hand | 54/58 | €309,462 | €1,760,859 | +€1.5m | +469% |
| Deferred charges and accrued income | 490/1 | €38,425 | €41,872 | +€3,448 | +9.0% |
| Total equity and liabilities | 10/49 | €3,661,207 | €4,169,793 | +€508,587 | +13.9% |
| Equity | 10/15 | €2,549,995 | €2,885,714 | +€335,719 | +13.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,537,595 | €2,873,314 | +€335,719 | +13.2% |
| Distributable reserves | 133 | €2,537,595 | €2,873,314 | +€335,719 | +13.2% |
| Amounts payable | 17/49 | €1,111,212 | €1,284,079 | +€172,867 | +15.6% |
| Amounts payable after more than one year | 17 | €889,156 | €757,551 | -€131,605 | -14.8% |
| Financial debts | 170/4 | €889,156 | €757,551 | -€131,605 | -14.8% |
| Amounts payable within one year | 42/48 | €221,976 | €526,448 | +€304,472 | +137% |
| Current portion of amounts payable after more than one year | 42 | €127,771 | €131,605 | +€3,834 | +3.0% |
| Financial debts | 43 | €25,000 | €25,000 | = | 0.0% |
| Credit institutions | 430/8 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €10,273 | €17,338 | +€7,064 | +68.8% |
| Suppliers | 440/4 | €10,273 | €17,338 | +€7,064 | +68.8% |
| Taxes, remuneration and social security | 45 | €53,080 | €76,668 | +€23,588 | +44.4% |
| Taxes | 450/3 | €46,902 | €76,054 | +€29,151 | +62.2% |
| Remuneration and social security | 454/9 | €6,178 | €615 | -€5,563 | -90.1% |
| Other amounts payable | 47/48 | €5,852 | €275,838 | +€269,986 | +4,614% |
| Accrued charges and deferred income | 492/3 | €80 | €80 | = | 0.0% |
| Non-recurring operating income | 76A | - | €6,500 | +€6,500 | |
| Remuneration, social security and pensions | 62 | €37,307 | €35,399 | -€1,908 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €201,057 | €107,077 | -€93,981 | -46.7% |
| Other operating charges | 640/8 | €17,558 | €17,405 | -€153 | -0.9% |
| Non-recurring operating charges | 66A | - | €3,447 | +€3,447 | |
| Gross operating margin | 9900 | €449,576 | €500,414 | +€50,838 | +11.3% |
| Operating profit (loss) | 9901 | €193,653 | €337,087 | +€143,433 | +74.1% |
| Financial income | 75/76B | €518,099 | €606,000 | +€87,901 | +17.0% |
| Recurring financial income | 75 | €517,199 | €606,000 | +€88,801 | +17.2% |
| Non-recurring financial income | 76B | €900 | - | -€900 | |
| Financial charges | 65/66B | €29,831 | €29,332 | -€499 | -1.7% |
| Recurring financial charges | 65 | €29,831 | €29,332 | -€499 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | €681,921 | €913,754 | +€231,834 | +34.0% |
| Income taxes | 67/77 | €126,757 | €149,706 | +€22,949 | +18.1% |
| Profit (loss) for the period | 9904 | €555,164 | €764,048 | +€208,885 | +37.6% |
| Profit (loss) for the period to be appropriated | 9905 | €555,164 | €764,048 | +€208,885 | +37.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.