HAZAL: what changed
Two financial 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.
HAZAL
Largest movements
- Stocks and contracts -€30,560
down €30,560 (-83.6%), from €36,560 to €6,000
- Receivables within one year +€4,561
up €4,561 (+468%), from €974 to €5,535
of which Trade receivables: +€4,881
- Cash -€675
down €675 (-5.8%), from €11,723 to €11,048
mainly Advances received (-€16,489) and Trade debts (-€12,305)
- Tangible fixed assets -€527
down €527 (-63.8%), from €825 to €299
- Advances received -€16,489
no longer reported in 2025 (was €16,489)
- Trade debts -€12,305
no longer reported in 2025 (was €12,305)
- Profit (loss) carried forward -€5,906
down €5,906, from €373 to -€5,533
- Tax, wage and social debts +€5,000
up €5,000 (+41.7%), from €12,000 to €17,000
- Other debts +€2,500
up €2,500 (+2,409%), from €104 to €2,604
- Gross operating margin +€5,138
up €5,138 (+51.4%), from -€10,002 to -€4,864
- Financial income -€400
no longer reported in 2025 (was €400)
- Depreciation -€330
down €330 (-38.5%), from €857 to €527
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.
Derived cash bridge
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 | €50,082 | €22,882 | -€27,200 | -54.3% |
| Fixed assets | 21/28 | €825 | €299 | -€527 | -63.8% |
| Tangible fixed assets | 22/27 | €825 | €299 | -€527 | -63.8% |
| Furniture and vehicles | 24 | €825 | €299 | -€527 | -63.8% |
| Current assets | 29/58 | €49,257 | €22,584 | -€26,674 | -54.2% |
| Stocks and contracts in progress | 3 | €36,560 | €6,000 | -€30,560 | -83.6% |
| Stocks | 30/36 | €36,560 | €6,000 | -€30,560 | -83.6% |
| Amounts receivable within one year | 40/41 | €974 | €5,535 | +€4,561 | +468% |
| Trade receivables | 40 | - | €4,881 | +€4,881 | |
| Other amounts receivable | 41 | €974 | €654 | -€320 | -32.8% |
| Cash at bank and in hand | 54/58 | €11,723 | €11,048 | -€675 | -5.8% |
| Total equity and liabilities | 10/49 | €50,082 | €22,882 | -€27,200 | -54.3% |
| Equity | 10/15 | €7,537 | €1,631 | -€5,906 | -78.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €964 | €964 | = | 0.0% |
| Non-distributable reserves | 130/1 | €964 | €964 | = | 0.0% |
| Reserves not available under the articles | 1311 | €964 | €964 | = | 0.0% |
| Profit (loss) carried forward | 14 | €373 | -€5,533 | -€5,906 | |
| Investment grants | 15 | €0 | - | = | |
| Amounts payable | 17/49 | €42,545 | €21,251 | -€21,294 | -50.1% |
| Amounts payable within one year | 42/48 | €40,898 | €19,604 | -€21,294 | -52.1% |
| Trade debts | 44 | €12,305 | - | -€12,305 | |
| Suppliers | 440/4 | €12,305 | - | -€12,305 | |
| Advances received on contracts in progress | 46 | €16,489 | - | -€16,489 | |
| Taxes, remuneration and social security | 45 | €12,000 | €17,000 | +€5,000 | +41.7% |
| Remuneration and social security | 454/9 | €12,000 | €17,000 | +€5,000 | +41.7% |
| Other amounts payable | 47/48 | €104 | €2,604 | +€2,500 | +2,409% |
| Accrued charges and deferred income | 492/3 | €1,647 | €1,647 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €857 | €527 | -€330 | -38.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€10,002 | -€4,864 | +€5,138 | +51.4% |
| Operating profit (loss) | 9901 | -€11,246 | -€5,791 | +€5,455 | +48.5% |
| Financial income | 75/76B | €400 | - | -€400 | |
| Recurring financial income | 75 | €400 | - | -€400 | |
| Financial charges | 65/66B | €105 | €116 | +€10 | +9.7% |
| Recurring financial charges | 65 | €105 | €116 | +€10 | +9.7% |
| Profit (loss) for the period before taxes | 9903 | -€10,951 | -€5,906 | +€5,045 | +46.1% |
| Profit (loss) for the period | 9904 | -€10,951 | -€5,906 | +€5,045 | +46.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,951 | -€5,906 | +€5,045 | +46.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.