HAZEL: 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.
HAZEL
Largest movements
- Cash +€43,202
up €43,202 (+33.5%), from €129,006 to €172,208
mainly Other debts (+€91,375) and Net result for the year (+€86,505)
- Tangible fixed assets -€35,190
down €35,190 (-15.0%), from €234,401 to €199,210
of which Land and buildings: -€28,351
- Other debts +€91,375
up €91,375 (+115.3%), from €79,218 to €170,593
- Reserves -€82,334
no longer reported in 2025 (was €82,334)
- Tax, wage and social debts +€23,824
new in 2025: €23,824
of which Taxes: +€22,074
- Debts after one year -€20,433
down €20,433 (-9.5%), from €214,550 to €194,117
- Accrued charges and deferred income -€5,369
down €5,369 (-51.0%), from €10,537 to €5,168
- Financial charges -€5,408
down €5,408 (-50.2%), from €10,769 to €5,361
- Gross operating margin -€5,176
down €5,176 (-3.3%), from €159,112 to €153,936
- Taxes -€5,117
down €5,117 (-18.2%), from €28,147 to €23,030
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 | €431,732 | €439,527 | +€7,795 | +1.8% |
| Fixed assets | 21/28 | €234,611 | €199,420 | -€35,190 | -15.0% |
| Tangible fixed assets | 22/27 | €234,401 | €199,210 | -€35,190 | -15.0% |
| Land and buildings | 22 | €204,199 | €175,849 | -€28,351 | -13.9% |
| Plant, machinery and equipment | 23 | €636 | €369 | -€267 | -42.0% |
| Furniture and vehicles | 24 | €20,660 | €14,087 | -€6,573 | -31.8% |
| Other tangible fixed assets | 26 | €8,905 | €8,905 | = | 0.0% |
| Financial fixed assets | 28 | €210 | €210 | = | 0.0% |
| Current assets | 29/58 | €197,121 | €240,107 | +€42,985 | +21.8% |
| Amounts receivable within one year | 40/41 | €67,856 | €65,532 | -€2,324 | -3.4% |
| Trade receivables | 40 | €62,560 | €61,710 | -€850 | -1.4% |
| Other amounts receivable | 41 | €5,296 | €3,822 | -€1,474 | -27.8% |
| Cash at bank and in hand | 54/58 | €129,006 | €172,208 | +€43,202 | +33.5% |
| Deferred charges and accrued income | 490/1 | €259 | €2,367 | +€2,108 | +813.8% |
| Total equity and liabilities | 10/49 | €431,732 | €439,527 | +€7,795 | +1.8% |
| Equity | 10/15 | €100,934 | €18,600 | -€82,334 | -81.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €82,334 | - | -€82,334 | |
| Distributable reserves | 133 | €82,334 | - | -€82,334 | |
| Amounts payable | 17/49 | €330,798 | €420,927 | +€90,129 | +27.2% |
| Amounts payable after more than one year | 17 | €214,550 | €194,117 | -€20,433 | -9.5% |
| Financial debts | 170/4 | €214,550 | €194,117 | -€20,433 | -9.5% |
| Amounts payable within one year | 42/48 | €105,711 | €221,642 | +€115,931 | +109.7% |
| Current portion of amounts payable after more than one year | 42 | €20,433 | €20,433 | = | 0.0% |
| Trade debts | 44 | €1,060 | €1,793 | +€732 | +69.1% |
| Suppliers | 440/4 | €1,060 | €1,793 | +€732 | +69.1% |
| Advances received on contracts in progress | 46 | €5,000 | €5,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | - | €23,824 | +€23,824 | |
| Taxes | 450/3 | - | €22,074 | +€22,074 | |
| Remuneration and social security | 454/9 | - | €1,750 | +€1,750 | |
| Other amounts payable | 47/48 | €79,218 | €170,593 | +€91,375 | +115.3% |
| Accrued charges and deferred income | 492/3 | €10,537 | €5,168 | -€5,369 | -51.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,708 | €35,190 | -€517 | -1.4% |
| Other operating charges | 640/8 | €4,234 | €3,850 | -€384 | -9.1% |
| Gross operating margin | 9900 | €159,112 | €153,936 | -€5,176 | -3.3% |
| Operating profit (loss) | 9901 | €119,170 | €114,895 | -€4,274 | -3.6% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €10,769 | €5,361 | -€5,408 | -50.2% |
| Recurring financial charges | 65 | €10,769 | €5,361 | -€5,408 | -50.2% |
| Profit (loss) for the period before taxes | 9903 | €108,401 | €109,535 | +€1,134 | +1.0% |
| Income taxes | 67/77 | €28,147 | €23,030 | -€5,117 | -18.2% |
| Profit (loss) for the period | 9904 | €80,254 | €86,505 | +€6,251 | +7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €80,254 | €86,505 | +€6,251 | +7.8% |
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 8 October 2026 via checked.be.