HAZARD: 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.
HAZARD
Largest movements
- Tangible fixed assets -€160,736
down €160,736 (-38.5%), from €417,411 to €256,675
of which Furniture and vehicles: -€169,662
- Cash +€25,781
up €25,781 (+39.5%), from €65,210 to €90,991
mainly Depreciation (+€192,211) and Net result for the year (+€108,691)
- Stocks and contracts +€18,427
up €18,427 (+142.3%), from €12,951 to €31,379
- Debts after one year -€187,079
down €187,079 (-75.3%), from €248,579 to €61,500
- Other debts +€77,895
up €77,895 (+185.0%), from €42,105 to €120,000
- Trade debts +€16,560
up €16,560 (+79.1%), from €20,937 to €37,497
- Gross operating margin -€89,438
down €89,438 (-8.0%), from €1.1m to €1.0m
- Staff costs -€36,834
down €36,834 (-5.3%), from €692,807 to €655,973
- Taxes -€22,358
down €22,358 (-33.2%), from €67,295 to €44,937
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 | €1,164,297 | €1,050,668 | -€113,628 | -9.8% |
| Fixed assets | 21/28 | €418,411 | €257,675 | -€160,736 | -38.4% |
| Tangible fixed assets | 22/27 | €417,411 | €256,675 | -€160,736 | -38.5% |
| Plant, machinery and equipment | 23 | €10,586 | €19,512 | +€8,926 | +84.3% |
| Furniture and vehicles | 24 | €406,825 | €237,163 | -€169,662 | -41.7% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €745,886 | €792,994 | +€47,108 | +6.3% |
| Stocks and contracts in progress | 3 | €12,951 | €31,379 | +€18,427 | +142.3% |
| Stocks | 30/36 | €12,951 | €31,379 | +€18,427 | +142.3% |
| Amounts receivable within one year | 40/41 | €458,541 | €468,137 | +€9,596 | +2.1% |
| Trade receivables | 40 | €429,419 | €407,966 | -€21,453 | -5.0% |
| Other amounts receivable | 41 | €29,122 | €60,171 | +€31,049 | +106.6% |
| Current investments | 50/53 | €200,000 | €200,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €65,210 | €90,991 | +€25,781 | +39.5% |
| Deferred charges and accrued income | 490/1 | €9,184 | €2,487 | -€6,697 | -72.9% |
| Total equity and liabilities | 10/49 | €1,164,297 | €1,050,668 | -€113,628 | -9.8% |
| Equity | 10/15 | €638,326 | €627,017 | -€11,309 | -1.8% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €617,373 | €605,866 | -€11,507 | -1.9% |
| Distributable reserves | 133 | €617,373 | €605,866 | -€11,507 | -1.9% |
| Profit (loss) carried forward | 14 | €493 | €691 | +€197 | +40.0% |
| Amounts payable | 17/49 | €525,970 | €423,651 | -€102,319 | -19.5% |
| Amounts payable after more than one year | 17 | €248,579 | €61,500 | -€187,079 | -75.3% |
| Financial debts | 170/4 | €248,579 | €61,500 | -€187,079 | -75.3% |
| Amounts payable within one year | 42/48 | €277,392 | €362,151 | +€84,760 | +30.6% |
| Current portion of amounts payable after more than one year | 42 | €198,000 | €187,079 | -€10,921 | -5.5% |
| Trade debts | 44 | €20,937 | €37,497 | +€16,560 | +79.1% |
| Suppliers | 440/4 | €20,937 | €37,497 | +€16,560 | +79.1% |
| Taxes, remuneration and social security | 45 | €16,350 | €17,576 | +€1,226 | +7.5% |
| Taxes | 450/3 | €16,350 | €17,576 | +€1,226 | +7.5% |
| Other amounts payable | 47/48 | €42,105 | €120,000 | +€77,895 | +185.0% |
| Non-recurring operating income | 76A | - | €7,500 | +€7,500 | |
| Remuneration, social security and pensions | 62 | €692,807 | €655,973 | -€36,834 | -5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184,852 | €192,211 | +€7,359 | +4.0% |
| Other operating charges | 640/8 | €7,678 | €8,302 | +€625 | +8.1% |
| Non-recurring operating charges | 66A | €1,299 | €14,467 | +€13,168 | +1013.5% |
| Gross operating margin | 9900 | €1,114,666 | €1,025,227 | -€89,438 | -8.0% |
| Operating profit (loss) | 9901 | €228,029 | €154,274 | -€73,755 | -32.3% |
| Financial income | 75/76B | €3,731 | €4,155 | +€424 | +11.4% |
| Recurring financial income | 75 | €3,731 | €4,155 | +€424 | +11.4% |
| Financial charges | 65/66B | €6,971 | €4,801 | -€2,170 | -31.1% |
| Recurring financial charges | 65 | €6,971 | €4,801 | -€2,170 | -31.1% |
| Profit (loss) for the period before taxes | 9903 | €224,788 | €153,628 | -€71,161 | -31.7% |
| Income taxes | 67/77 | €67,295 | €44,937 | -€22,358 | -33.2% |
| Profit (loss) for the period | 9904 | €157,493 | €108,691 | -€48,803 | -31.0% |
| Profit (loss) for the period to be appropriated | 9905 | €157,493 | €108,691 | -€48,803 | -31.0% |
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 2 October 2026 via checked.be.