HAZAL GROUP: 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 GROUP
Largest movements
- Receivables within one year +€126,137
up €126,137 (+30.7%), from €411,512 to €537,650
of which Other amounts receivable: +€154,222
- Cash -€59,527
no longer reported in 2025 (was €59,527)
mainly Receivables within one year (-€126,137) and Trade debts (-€54,179)
- Deferred charges and accrued income -€17,602
down €17,602 (-94.1%), from €18,700 to €1,098
- Profit (loss) carried forward +€63,635
up €63,635 (+35.0%), from €182,059 to €245,694
- Trade debts -€54,179
down €54,179 (-46.8%), from €115,746 to €61,568
- Tax, wage and social debts +€47,858
up €47,858 (+42.1%), from €113,592 to €161,450
of which Remuneration and social security: +€24,004
- Other debts -€20,782
down €20,782 (-25.9%), from €80,282 to €59,500
- Advances received +€12,496
new in 2025: €12,496
- Gross operating margin +€238,430
up €238,430 (+55.8%), from €427,310 to €665,740
- Staff costs +€236,532
up €236,532 (+81.4%), from €290,681 to €527,213
- Taxes -€19,241
down €19,241 (-33.3%), from €57,706 to €38,466
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 | €510,836 | €560,294 | +€49,458 | +9.7% |
| Fixed assets | 21/28 | €21,096 | €21,546 | +€450 | +2.1% |
| Tangible fixed assets | 22/27 | €21,096 | €21,546 | +€450 | +2.1% |
| Plant, machinery and equipment | 23 | €18,315 | €14,544 | -€3,771 | -20.6% |
| Furniture and vehicles | 24 | €2,781 | €7,002 | +€4,221 | +152% |
| Current assets | 29/58 | €489,740 | €538,748 | +€49,008 | +10.0% |
| Amounts receivable within one year | 40/41 | €411,512 | €537,650 | +€126,137 | +30.7% |
| Trade receivables | 40 | €186,076 | €157,991 | -€28,085 | -15.1% |
| Other amounts receivable | 41 | €225,437 | €379,659 | +€154,222 | +68.4% |
| Cash at bank and in hand | 54/58 | €59,527 | - | -€59,527 | |
| Deferred charges and accrued income | 490/1 | €18,700 | €1,098 | -€17,602 | -94.1% |
| Total equity and liabilities | 10/49 | €510,836 | €560,294 | +€49,458 | +9.7% |
| Equity | 10/15 | €200,659 | €264,294 | +€63,635 | +31.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €182,059 | €245,694 | +€63,635 | +35.0% |
| Amounts payable | 17/49 | €310,177 | €296,000 | -€14,177 | -4.6% |
| Amounts payable within one year | 42/48 | €309,627 | €296,000 | -€13,627 | -4.4% |
| Financial debts | 43 | €7 | €986 | +€979 | +14,381% |
| Credit institutions | 430/8 | €7 | €986 | +€979 | +14,381% |
| Trade debts | 44 | €115,746 | €61,568 | -€54,179 | -46.8% |
| Suppliers | 440/4 | €115,746 | €61,568 | -€54,179 | -46.8% |
| Advances received on contracts in progress | 46 | - | €12,496 | +€12,496 | |
| Taxes, remuneration and social security | 45 | €113,592 | €161,450 | +€47,858 | +42.1% |
| Taxes | 450/3 | €80,042 | €103,896 | +€23,854 | +29.8% |
| Remuneration and social security | 454/9 | €33,550 | €57,554 | +€24,004 | +71.5% |
| Other amounts payable | 47/48 | €80,282 | €59,500 | -€20,782 | -25.9% |
| Accrued charges and deferred income | 492/3 | €550 | - | -€550 | |
| Non-recurring operating income | 76A | €2,559 | - | -€2,559 | |
| Remuneration, social security and pensions | 62 | €290,681 | €527,213 | +€236,532 | +81.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,883 | €8,458 | +€2,575 | +43.8% |
| Other operating charges | 640/8 | €11,721 | €11,176 | -€546 | -4.7% |
| Gross operating margin | 9900 | €427,310 | €665,740 | +€238,430 | +55.8% |
| Operating profit (loss) | 9901 | €119,025 | €118,893 | -€132 | -0.1% |
| Financial income | 75/76B | €219 | €1,759 | +€1,541 | +704% |
| Recurring financial income | 75 | €219 | €1,759 | +€1,541 | +704% |
| Financial charges | 65/66B | €13,642 | €17,076 | +€3,434 | +25.2% |
| Recurring financial charges | 65 | €13,642 | €17,076 | +€3,434 | +25.2% |
| Profit (loss) for the period before taxes | 9903 | €105,602 | €103,577 | -€2,025 | -1.9% |
| Income taxes | 67/77 | €57,706 | €38,466 | -€19,241 | -33.3% |
| Profit (loss) for the period | 9904 | €47,896 | €65,111 | +€17,216 | +35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €47,896 | €65,111 | +€17,216 | +35.9% |
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 28 October 2026 via checked.be.