HAWC: what changed
Two fiscal 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.
HAWC
Largest movements
- Cash +€432,895
up €432,895 (+4246.5%), from €10,194 to €443,089
mainly Short-term financial debts (+€426,000) and Trade debts (+€318,352)
- Receivables within one year +€422,119
up €422,119 (+97.5%), from €432,759 to €854,878
of which Trade receivables: +€402,128
- Stocks and contracts +€70,794
up €70,794 (+28.1%), from €251,730 to €322,523
of which Stocks: +€88,455
- Intangible fixed assets +€27,689
up €27,689 (+109.4%), from €25,307 to €52,996
- Short-term financial debts +€426,000
new in 2026: €426,000
- Trade debts +€318,352
up €318,352 (+171.2%), from €185,923 to €504,275
- Other debts +€165,473
up €165,473 (+938.9%), from €17,625 to €183,097
- Debts after one year +€45,986
up €45,986 (+36.8%), from €125,000 to €170,986
- Current portion of long-term debt +€27,742
new in 2026: €27,742
- Gross operating margin -€48,692
down €48,692 (-15.6%), from €311,217 to €262,525
- Write-downs -€27,506
down €27,506, from €25,774 to -€1,732
- Staff costs +€20,691
up €20,691 (+9.1%), from €226,430 to €247,121
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €745,879 | €1,699,374 | +€953,494 | +127.8% |
| Fixed assets | 21/28 | €29,412 | €61,848 | +€32,436 | +110.3% |
| Intangible fixed assets | 21 | €25,307 | €52,996 | +€27,689 | +109.4% |
| Tangible fixed assets | 22/27 | €0 | €4,947 | +€4,947 | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | - | €4,947 | +€4,947 | |
| Financial fixed assets | 28 | €4,105 | €3,905 | -€200 | -4.9% |
| Current assets | 29/58 | €716,467 | €1,637,526 | +€921,059 | +128.6% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €251,730 | €322,523 | +€70,794 | +28.1% |
| Stocks | 30/36 | €217,179 | €305,634 | +€88,455 | +40.7% |
| Contracts in progress | 37 | €34,551 | €16,890 | -€17,661 | -51.1% |
| Amounts receivable within one year | 40/41 | €432,759 | €854,878 | +€422,119 | +97.5% |
| Trade receivables | 40 | €367,355 | €769,483 | +€402,128 | +109.5% |
| Other amounts receivable | 41 | €65,404 | €85,395 | +€19,991 | +30.6% |
| Cash at bank and in hand | 54/58 | €10,194 | €443,089 | +€432,895 | +4246.5% |
| Deferred charges and accrued income | 490/1 | €21,785 | €17,036 | -€4,749 | -21.8% |
| Total equity and liabilities | 10/49 | €745,879 | €1,699,374 | +€953,494 | +127.8% |
| Equity | 10/15 | €319,366 | €318,365 | -€1,001 | -0.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €313,166 | €312,165 | -€1,001 | -0.3% |
| Distributable reserves | 133 | €313,166 | €312,165 | -€1,001 | -0.3% |
| Amounts payable | 17/49 | €426,513 | €1,381,009 | +€954,495 | +223.8% |
| Amounts payable after more than one year | 17 | €125,000 | €170,986 | +€45,986 | +36.8% |
| Financial debts | 170/4 | €125,000 | €170,986 | +€45,986 | +36.8% |
| Amounts payable within one year | 42/48 | €299,163 | €1,206,614 | +€907,451 | +303.3% |
| Current portion of amounts payable after more than one year | 42 | - | €27,742 | +€27,742 | |
| Financial debts | 43 | - | €426,000 | +€426,000 | |
| Credit institutions | 430/8 | - | €426,000 | +€426,000 | |
| Trade debts | 44 | €185,923 | €504,275 | +€318,352 | +171.2% |
| Suppliers | 440/4 | €185,923 | €504,275 | +€318,352 | +171.2% |
| Advances received on contracts in progress | 46 | €20,043 | €0 | -€20,043 | -100.0% |
| Taxes, remuneration and social security | 45 | €75,573 | €65,500 | -€10,072 | -13.3% |
| Taxes | 450/3 | €35,850 | €13,813 | -€22,037 | -61.5% |
| Remuneration and social security | 454/9 | €39,723 | €51,688 | +€11,965 | +30.1% |
| Other amounts payable | 47/48 | €17,625 | €183,097 | +€165,473 | +938.9% |
| Accrued charges and deferred income | 492/3 | €2,350 | €3,408 | +€1,058 | +45.0% |
| Remuneration, social security and pensions | 62 | €226,430 | €247,121 | +€20,691 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,673 | €9,834 | +€160 | +1.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €25,774 | -€1,732 | -€27,506 | |
| Other operating charges | 640/8 | €733 | €1,876 | +€1,143 | +155.8% |
| Non-recurring operating charges | 66A | €592 | €122 | -€470 | -79.4% |
| Gross operating margin | 9900 | €311,217 | €262,525 | -€48,692 | -15.6% |
| Operating profit (loss) | 9901 | €48,015 | €5,304 | -€42,711 | -89.0% |
| Financial income | 75/76B | €6,204 | €6,009 | -€195 | -3.1% |
| Recurring financial income | 75 | €6,204 | €6,009 | -€195 | -3.1% |
| Financial charges | 65/66B | €11,026 | €12,072 | +€1,047 | +9.5% |
| Recurring financial charges | 65 | €11,026 | €12,072 | +€1,047 | +9.5% |
| Profit (loss) for the period before taxes | 9903 | €43,192 | -€760 | -€43,952 | |
| Income taxes | 67/77 | €2,184 | €241 | -€1,943 | -89.0% |
| Profit (loss) for the period | 9904 | €41,009 | -€1,001 | -€42,009 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,009 | -€1,001 | -€42,009 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.