HAX: 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.
HAX
Largest movements
- Receivables within one year +€133,487
up €133,487 (+102.0%), from €130,880 to €264,367
of which Other amounts receivable: +€122,476
- Cash -€62,509
down €62,509 (-78.8%), from €79,356 to €16,848
mainly Contributions, distributions and other (-€429,679) and Receivables within one year (-€133,487)
- Other debts +€261,383
new in 2025: €261,383
- Reserves -€168,296
no longer reported in 2025 (was €168,296)
- Tax, wage and social debts -€23,151
down €23,151 (-45.6%), from €50,776 to €27,626
- Gross operating margin +€158,144
up €158,144 (+84.8%), from €186,532 to €344,676
- Taxes +€39,289
up €39,289 (+89.1%), from €44,094 to €83,383
- Financial income +€6,818
up €6,818 (+251.2%), from €2,714 to €9,532
- Depreciation +€4,668
new in 2025: €4,668
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 | €230,475 | €300,349 | +€69,875 | +30.3% |
| Formation expenses | 20 | €291 | - | -€291 | |
| Fixed assets | 21/28 | €17,702 | €18,617 | +€915 | +5.2% |
| Tangible fixed assets | 22/27 | €17,702 | €18,617 | +€915 | +5.2% |
| Land and buildings | 22 | €9,825 | €9,111 | -€714 | -7.3% |
| Furniture and vehicles | 24 | €7,876 | €7,841 | -€36 | -0.5% |
| Other tangible fixed assets | 26 | - | €1,665 | +€1,665 | |
| Current assets | 29/58 | €212,482 | €281,733 | +€69,251 | +32.6% |
| Amounts receivable within one year | 40/41 | €130,880 | €264,367 | +€133,487 | +102.0% |
| Trade receivables | 40 | €28,187 | €39,197 | +€11,010 | +39.1% |
| Other amounts receivable | 41 | €102,693 | €225,169 | +€122,476 | +119.3% |
| Cash at bank and in hand | 54/58 | €79,356 | €16,848 | -€62,509 | -78.8% |
| Deferred charges and accrued income | 490/1 | €2,245 | €518 | -€1,727 | -76.9% |
| Total equity and liabilities | 10/49 | €230,475 | €300,349 | +€69,875 | +30.3% |
| Equity | 10/15 | €173,296 | €5,000 | -€168,296 | -97.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €168,296 | - | -€168,296 | |
| Distributable reserves | 133 | €168,296 | - | -€168,296 | |
| Amounts payable | 17/49 | €57,178 | €295,349 | +€238,171 | +416.5% |
| Amounts payable within one year | 42/48 | €57,178 | €295,349 | +€238,171 | +416.5% |
| Trade debts | 44 | €6,402 | €6,341 | -€61 | -1.0% |
| Suppliers | 440/4 | €6,402 | €6,341 | -€61 | -1.0% |
| Taxes, remuneration and social security | 45 | €50,776 | €27,626 | -€23,151 | -45.6% |
| Taxes | 450/3 | €50,776 | €27,626 | -€23,151 | -45.6% |
| Other amounts payable | 47/48 | - | €261,383 | +€261,383 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €4,668 | +€4,668 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,968 | - | -€1,968 | |
| Other operating charges | 640/8 | €4,562 | €1,848 | -€2,714 | -59.5% |
| Non-recurring operating charges | 66A | - | €2,347 | +€2,347 | |
| Gross operating margin | 9900 | €186,532 | €344,676 | +€158,144 | +84.8% |
| Operating profit (loss) | 9901 | €180,002 | €335,813 | +€155,812 | +86.6% |
| Financial income | 75/76B | €2,714 | €9,532 | +€6,818 | +251.2% |
| Recurring financial income | 75 | €2,714 | €9,532 | +€6,818 | +251.2% |
| Financial charges | 65/66B | €117 | €579 | +€462 | +393.0% |
| Recurring financial charges | 65 | €117 | €579 | +€462 | +393.0% |
| Profit (loss) for the period before taxes | 9903 | €182,598 | €344,766 | +€162,168 | +88.8% |
| Income taxes | 67/77 | €44,094 | €83,383 | +€39,289 | +89.1% |
| Profit (loss) for the period | 9904 | €138,504 | €261,383 | +€122,879 | +88.7% |
| Profit (loss) for the period to be appropriated | 9905 | €138,504 | €261,383 | +€122,879 | +88.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.