HAYSTACK: 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.
HAYSTACK
Largest movements
- Receivables within one year -€1.4m
down €1.4m (-31.0%), from €4.6m to €3.1m
of which Trade receivables: -€1.5m
- Deferred charges and accrued income +€511,122
up €511,122 (+125.9%), from €406,104 to €917,226
- Cash +€297,185
up €297,185 (+178.3%), from €166,716 to €463,901
mainly Receivables within one year (+€1.4m) and Net result for the year (+€928,622)
- Intangible fixed assets +€81,398
up €81,398 (+32.9%), from €247,519 to €328,917
- Accrued charges and deferred income -€844,202
down €844,202 (-56.4%), from €1.5m to €653,599
- Reserves +€485,661
up €485,661 (+28.2%), from €1.7m to €2.2m
of which Distributable reserves: +€485,661
- Short-term financial debts -€100,000
no longer reported in 2025 (was €100,000)
- Tax, wage and social debts +€91,292
up €91,292 (+17.4%), from €523,450 to €614,742
of which Remuneration and social security: +€66,808
- Trade debts -€91,249
down €91,249 (-7.6%), from €1.2m to €1.1m
- Staff costs +€653,144
up €653,144 (+19.3%), from €3.4m to €4.0m
- Gross operating margin +€619,663
up €619,663 (+13.5%), from €4.6m to €5.2m
- Taxes -€61,015
down €61,015 (-33.6%), from €181,817 to €120,802
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 | €5,837,894 | €5,361,588 | -€476,306 | -8.2% |
| Fixed assets | 21/28 | €488,624 | €617,343 | +€128,719 | +26.3% |
| Intangible fixed assets | 21 | €247,519 | €328,917 | +€81,398 | +32.9% |
| Tangible fixed assets | 22/27 | €189,862 | €245,426 | +€55,565 | +29.3% |
| Land and buildings | 22 | €105,214 | €107,203 | +€1,989 | +1.9% |
| Plant, machinery and equipment | 23 | €69,802 | €62,124 | -€7,678 | -11.0% |
| Furniture and vehicles | 24 | €14,846 | €75,056 | +€60,210 | +405.6% |
| Other tangible fixed assets | 26 | - | €1,043 | +€1,043 | |
| Financial fixed assets | 28 | €51,244 | €43,000 | -€8,244 | -16.1% |
| Current assets | 29/58 | €5,349,270 | €4,744,245 | -€605,025 | -11.3% |
| Amounts receivable after more than one year | 29 | €208,205 | €213,206 | +€5,000 | +2.4% |
| Other amounts receivable | 291 | €208,205 | €213,206 | +€5,000 | +2.4% |
| Amounts receivable within one year | 40/41 | €4,568,244 | €3,149,912 | -€1.4m | -31.0% |
| Trade receivables | 40 | €4,426,842 | €2,955,033 | -€1.5m | -33.2% |
| Other amounts receivable | 41 | €141,402 | €194,879 | +€53,477 | +37.8% |
| Cash at bank and in hand | 54/58 | €166,716 | €463,901 | +€297,185 | +178.3% |
| Deferred charges and accrued income | 490/1 | €406,104 | €917,226 | +€511,122 | +125.9% |
| Total equity and liabilities | 10/49 | €5,837,894 | €5,361,588 | -€476,306 | -8.2% |
| Equity | 10/15 | €1,786,444 | €2,272,105 | +€485,661 | +27.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,724,444 | €2,210,105 | +€485,661 | +28.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €282,070 | €282,070 | = | 0.0% |
| Distributable reserves | 133 | €1,436,174 | €1,921,835 | +€485,661 | +33.8% |
| Amounts payable | 17/49 | €4,051,450 | €3,089,483 | -€961,967 | -23.7% |
| Amounts payable after more than one year | 17 | €73,339 | €56,951 | -€16,389 | -22.3% |
| Financial debts | 170/4 | €73,339 | €56,951 | -€16,389 | -22.3% |
| Amounts payable within one year | 42/48 | €2,480,310 | €2,378,933 | -€101,377 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €347,343 | €397,133 | +€49,790 | +14.3% |
| Financial debts | 43 | €100,000 | - | -€100,000 | |
| Credit institutions | 430/8 | €100,000 | - | -€100,000 | |
| Trade debts | 44 | €1,202,845 | €1,111,596 | -€91,249 | -7.6% |
| Suppliers | 440/4 | €1,202,845 | €1,111,596 | -€91,249 | -7.6% |
| Taxes, remuneration and social security | 45 | €523,450 | €614,742 | +€91,292 | +17.4% |
| Taxes | 450/3 | €204,742 | €229,227 | +€24,485 | +12.0% |
| Remuneration and social security | 454/9 | €318,708 | €385,515 | +€66,808 | +21.0% |
| Other amounts payable | 47/48 | €306,671 | €255,462 | -€51,209 | -16.7% |
| Accrued charges and deferred income | 492/3 | €1,497,801 | €653,599 | -€844,202 | -56.4% |
| Remuneration, social security and pensions | 62 | €3,377,795 | €4,030,938 | +€653,144 | +19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €189,840 | €226,185 | +€36,345 | +19.1% |
| Other operating charges | 640/8 | €16,864 | €14,357 | -€2,507 | -14.9% |
| Non-recurring operating charges | 66A | €44,195 | €57,508 | +€13,313 | +30.1% |
| Gross operating margin | 9900 | €4,585,532 | €5,205,195 | +€619,663 | +13.5% |
| Operating profit (loss) | 9901 | €956,839 | €876,207 | -€80,632 | -8.4% |
| Financial income | 75/76B | €260,579 | €261,616 | +€1,036 | +0.4% |
| Recurring financial income | 75 | €260,579 | €261,616 | +€1,036 | +0.4% |
| Financial charges | 65/66B | €84,037 | €88,398 | +€4,361 | +5.2% |
| Recurring financial charges | 65 | €78,437 | €83,211 | +€4,774 | +6.1% |
| Non-recurring financial charges | 66B | €5,600 | €5,187 | -€413 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €1,133,382 | €1,049,425 | -€83,957 | -7.4% |
| Income taxes | 67/77 | €181,817 | €120,802 | -€61,015 | -33.6% |
| Profit (loss) for the period | 9904 | €951,565 | €928,622 | -€22,942 | -2.4% |
| Transfer to tax-exempt reserves | 689 | €282,070 | - | -€282,070 | |
| Profit (loss) for the period to be appropriated | 9905 | €669,495 | €928,622 | +€259,128 | +38.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.