HAZARD Arnaud: 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.
HAZARD Arnaud
Largest movements
- Stocks and contracts -€56,810
down €56,810 (-24.8%), from €229,387 to €172,578
- Receivables within one year +€43,728
up €43,728 (+89.3%), from €48,986 to €92,714
of which Trade receivables: +€51,851
- Cash +€39,118
up €39,118 (+9.5%), from €411,129 to €450,247
mainly Other debts (+€234,316) and Net result for the year (+€144,348)
- Profit (loss) carried forward -€276,477
down €276,477 (-100%), from €276,477 to €0
- Other debts +€234,316
up €234,316 (+109%), from €215,902 to €450,217
- Reserves +€88,348
up €88,348 (+72.4%), from €121,995 to €210,343
of which Distributable reserves: +€88,348
- Trade debts -€25,218
down €25,218 (-54.9%), from €45,902 to €20,685
- Tax, wage and social debts +€13,054
up €13,054 (+23.3%), from €55,986 to €69,040
of which Taxes: +€11,156
- Gross operating margin +€26,599
up €26,599 (+7.7%), from €346,873 to €373,473
- Staff costs -€22,557
down €22,557 (-12.1%), from €187,086 to €164,529
- Taxes +€10,907
up €10,907 (+33.4%), from €32,626 to €43,533
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 | €735,237 | €768,885 | +€33,648 | +4.6% |
| Fixed assets | 21/28 | €43,985 | €51,577 | +€7,593 | +17.3% |
| Tangible fixed assets | 22/27 | €43,786 | €51,379 | +€7,593 | +17.3% |
| Land and buildings | 22 | €39,393 | €31,527 | -€7,866 | -20.0% |
| Plant, machinery and equipment | 23 | €3,863 | €1,632 | -€2,231 | -57.7% |
| Furniture and vehicles | 24 | €531 | €18,220 | +€17,689 | +3,332% |
| Financial fixed assets | 28 | €199 | €199 | = | 0.0% |
| Current assets | 29/58 | €691,252 | €717,307 | +€26,055 | +3.8% |
| Stocks and contracts in progress | 3 | €229,387 | €172,578 | -€56,810 | -24.8% |
| Stocks | 30/36 | €229,387 | €172,578 | -€56,810 | -24.8% |
| Amounts receivable within one year | 40/41 | €48,986 | €92,714 | +€43,728 | +89.3% |
| Trade receivables | 40 | €37,477 | €89,328 | +€51,851 | +138% |
| Other amounts receivable | 41 | €11,510 | €3,386 | -€8,124 | -70.6% |
| Cash at bank and in hand | 54/58 | €411,129 | €450,247 | +€39,118 | +9.5% |
| Deferred charges and accrued income | 490/1 | €1,750 | €1,769 | +€19 | +1.1% |
| Total equity and liabilities | 10/49 | €735,237 | €768,885 | +€33,648 | +4.6% |
| Equity | 10/15 | €417,072 | €228,943 | -€188,130 | -45.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €121,995 | €210,343 | +€88,348 | +72.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €120,135 | €208,483 | +€88,348 | +73.5% |
| Profit (loss) carried forward | 14 | €276,477 | €0 | -€276,477 | -100% |
| Amounts payable | 17/49 | €318,165 | €539,942 | +€221,777 | +69.7% |
| Amounts payable within one year | 42/48 | €317,790 | €539,942 | +€222,152 | +69.9% |
| Trade debts | 44 | €45,902 | €20,685 | -€25,218 | -54.9% |
| Suppliers | 440/4 | €45,902 | €20,685 | -€25,218 | -54.9% |
| Taxes, remuneration and social security | 45 | €55,986 | €69,040 | +€13,054 | +23.3% |
| Taxes | 450/3 | €38,696 | €49,852 | +€11,156 | +28.8% |
| Remuneration and social security | 454/9 | €17,290 | €19,187 | +€1,898 | +11.0% |
| Other amounts payable | 47/48 | €215,902 | €450,217 | +€234,316 | +109% |
| Accrued charges and deferred income | 492/3 | €375 | €0 | -€375 | -100% |
| Remuneration, social security and pensions | 62 | €187,086 | €164,529 | -€22,557 | -12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,050 | €12,232 | +€1,181 | +10.7% |
| Other operating charges | 640/8 | €8,364 | €7,452 | -€911 | -10.9% |
| Gross operating margin | 9900 | €346,873 | €373,473 | +€26,599 | +7.7% |
| Operating profit (loss) | 9901 | €140,373 | €189,260 | +€48,887 | +34.8% |
| Financial income | 75/76B | €535 | €0 | -€535 | -100.0% |
| Recurring financial income | 75 | €535 | €0 | -€535 | -100.0% |
| Financial charges | 65/66B | €1,192 | €1,379 | +€187 | +15.7% |
| Recurring financial charges | 65 | €1,192 | €1,379 | +€187 | +15.7% |
| Profit (loss) for the period before taxes | 9903 | €139,717 | €187,881 | +€48,164 | +34.5% |
| Income taxes | 67/77 | €32,626 | €43,533 | +€10,907 | +33.4% |
| Profit (loss) for the period | 9904 | €107,091 | €144,348 | +€37,257 | +34.8% |
| Profit (loss) for the period to be appropriated | 9905 | €107,091 | €144,348 | +€37,257 | +34.8% |
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 15 October 2026 via checked.be.