HAWE BELGIUM: what changed
HAWE BELGIUM
Largest movements
- Current investments +€254,179
new in 2025: €254,179
- Cash -€139,537
down €139,537 (-21.5%), from €648,242 to €508,706
mainly Current investments (-€254,179) and Receivables within one year (-€86,633)
- Receivables within one year +€86,633
up €86,633 (+30.0%), from €288,738 to €375,371
of which Trade receivables: +€88,857
- Tangible fixed assets +€13,156
up €13,156 (+170%), from €7,734 to €20,890
of which Furniture and vehicles: +€13,247
- Reserves +€131,362
up €131,362 (+18.8%), from €699,561 to €830,923
of which Distributable reserves: +€137,000
- Trade debts +€37,973
up €37,973 (+88.2%), from €43,072 to €81,045
- Tax, wage and social debts +€26,532
up €26,532 (+61.0%), from €43,495 to €70,027
of which Taxes: +€17,359
- Accrued charges and deferred income +€13,200
up €13,200 (+17.9%), from €73,600 to €86,800
- Gross operating margin +€240,797
up €240,797 (+56.3%), from €427,397 to €668,194
- Taxes +€65,812
up €65,812 (+198%), from €33,210 to €99,022
- Write-downs +€50,704
up €50,704 (+2,386%), from €2,125 to €52,829
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €950,820 | €1,166,126 | +€215,306 | +22.6% |
| Fixed assets | 21/28 | €8,034 | €20,890 | +€12,856 | +160% |
| Tangible fixed assets | 22/27 | €7,734 | €20,890 | +€13,156 | +170% |
| Plant, machinery and equipment | 23 | €261 | €170 | -€91 | -34.8% |
| Furniture and vehicles | 24 | €7,474 | €20,720 | +€13,247 | +177% |
| Financial fixed assets | 28 | €300 | - | -€300 | |
| Current assets | 29/58 | €942,785 | €1,145,236 | +€202,451 | +21.5% |
| Amounts receivable within one year | 40/41 | €288,738 | €375,371 | +€86,633 | +30.0% |
| Trade receivables | 40 | €284,367 | €373,223 | +€88,857 | +31.2% |
| Other amounts receivable | 41 | €4,371 | €2,147 | -€2,224 | -50.9% |
| Current investments | 50/53 | - | €254,179 | +€254,179 | |
| Cash at bank and in hand | 54/58 | €648,242 | €508,706 | -€139,537 | -21.5% |
| Deferred charges and accrued income | 490/1 | €5,805 | €6,981 | +€1,176 | +20.3% |
| Total equity and liabilities | 10/49 | €950,820 | €1,166,126 | +€215,306 | +22.6% |
| Equity | 10/15 | €790,652 | €928,254 | +€137,601 | +17.4% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Capital | 10 | €90,000 | €90,000 | = | 0.0% |
| Issued capital | 100 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €699,561 | €830,923 | +€131,362 | +18.8% |
| Non-distributable reserves | 130/1 | €14,638 | €9,000 | -€5,638 | -38.5% |
| Legal reserve | 130 | €14,638 | €9,000 | -€5,638 | -38.5% |
| Tax-exempt reserves | 132 | €2,837 | €2,837 | = | 0.0% |
| Distributable reserves | 133 | €682,086 | €819,086 | +€137,000 | +20.1% |
| Profit (loss) carried forward | 14 | €1,091 | €7,331 | +€6,239 | +572% |
| Amounts payable | 17/49 | €160,167 | €237,872 | +€77,705 | +48.5% |
| Amounts payable within one year | 42/48 | €86,567 | €151,072 | +€64,505 | +74.5% |
| Trade debts | 44 | €43,072 | €81,045 | +€37,973 | +88.2% |
| Suppliers | 440/4 | €43,072 | €81,045 | +€37,973 | +88.2% |
| Taxes, remuneration and social security | 45 | €43,495 | €70,027 | +€26,532 | +61.0% |
| Taxes | 450/3 | €15,747 | €33,107 | +€17,359 | +110% |
| Remuneration and social security | 454/9 | €27,748 | €36,921 | +€9,173 | +33.1% |
| Accrued charges and deferred income | 492/3 | €73,600 | €86,800 | +€13,200 | +17.9% |
| Remuneration, social security and pensions | 62 | €299,347 | €297,927 | -€1,421 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,407 | €1,982 | +€576 | +40.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,125 | €52,829 | +€50,704 | +2,386% |
| Other operating charges | 640/8 | €3,008 | €7,400 | +€4,393 | +146% |
| Gross operating margin | 9900 | €427,397 | €668,194 | +€240,797 | +56.3% |
| Operating profit (loss) | 9901 | €121,510 | €308,056 | +€186,546 | +154% |
| Financial income | 75/76B | €4,175 | €3,277 | -€898 | -21.5% |
| Recurring financial income | 75 | €4,175 | €3,277 | -€898 | -21.5% |
| Financial charges | 65/66B | €10,650 | €8,710 | -€1,941 | -18.2% |
| Recurring financial charges | 65 | €10,650 | €8,710 | -€1,941 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €115,035 | €302,623 | +€187,589 | +163% |
| Income taxes | 67/77 | €33,210 | €99,022 | +€65,812 | +198% |
| Profit (loss) for the period | 9904 | €81,824 | €203,601 | +€121,777 | +149% |
| Profit (loss) for the period to be appropriated | 9905 | €81,824 | €203,601 | +€121,777 | +149% |
Next steps
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 8 November 2026 via checked.be.