HAZEL21: 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.
HAZEL21
Largest movements
- Receivables within one year -€32,365
down €32,365 (-58.7%), from €55,162 to €22,797
of which Trade receivables: -€32,365
- Tangible fixed assets -€10,737
down €10,737 (-38.7%), from €27,711 to €16,974
- Cash +€9,168
up €9,168 (+26.2%), from €35,013 to €44,181
mainly Receivables within one year (+€32,365) and Depreciation (+€10,737)
- Reserves -€20,819
down €20,819 (-24.9%), from €83,763 to €62,944
- Debts after one year -€9,208
down €9,208 (-70.4%), from €13,075 to €3,867
- Tax, wage and social debts -€1,962
down €1,962 (-19.3%), from €10,158 to €8,196
- Trade debts -€1,820
down €1,820 (-89.4%), from €2,036 to €216
- Gross operating margin -€25,124
down €25,124 (-63.9%), from €39,336 to €14,212
- Taxes -€4,877
down €4,877 (-74.1%), from €6,580 to €1,704
- Depreciation +€630
up €630 (+6.2%), from €10,106 to €10,737
- Financial charges -€454
down €454 (-57.5%), from €789 to €335
- Other operating charges +€406
up €406 (+119.9%), from €338 to €744
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 | €118,437 | €84,549 | -€33,887 | -28.6% |
| Fixed assets | 21/28 | €27,711 | €16,974 | -€10,737 | -38.7% |
| Tangible fixed assets | 22/27 | €27,711 | €16,974 | -€10,737 | -38.7% |
| Furniture and vehicles | 24 | €27,711 | €16,974 | -€10,737 | -38.7% |
| Current assets | 29/58 | €90,726 | €67,575 | -€23,151 | -25.5% |
| Amounts receivable within one year | 40/41 | €55,162 | €22,797 | -€32,365 | -58.7% |
| Trade receivables | 40 | €55,162 | €22,797 | -€32,365 | -58.7% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €35,013 | €44,181 | +€9,168 | +26.2% |
| Deferred charges and accrued income | 490/1 | €550 | €597 | +€46 | +8.4% |
| Total equity and liabilities | 10/49 | €118,437 | €84,549 | -€33,887 | -28.6% |
| Equity | 10/15 | €83,764 | €62,945 | -€20,819 | -24.9% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €83,763 | €62,944 | -€20,819 | -24.9% |
| Distributable reserves | 133 | €83,763 | €62,944 | -€20,819 | -24.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €34,672 | €21,604 | -€13,068 | -37.7% |
| Amounts payable after more than one year | 17 | €13,075 | €3,867 | -€9,208 | -70.4% |
| Financial debts | 170/4 | €13,075 | €3,867 | -€9,208 | -70.4% |
| Amounts payable within one year | 42/48 | €21,474 | €17,737 | -€3,737 | -17.4% |
| Current portion of amounts payable after more than one year | 42 | €9,107 | €9,208 | +€101 | +1.1% |
| Trade debts | 44 | €2,036 | €216 | -€1,820 | -89.4% |
| Suppliers | 440/4 | €2,036 | €216 | -€1,820 | -89.4% |
| Taxes, remuneration and social security | 45 | €10,158 | €8,196 | -€1,962 | -19.3% |
| Taxes | 450/3 | €10,158 | €8,196 | -€1,962 | -19.3% |
| Other amounts payable | 47/48 | €173 | €117 | -€56 | -32.4% |
| Accrued charges and deferred income | 492/3 | €123 | €0 | -€123 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,106 | €10,737 | +€630 | +6.2% |
| Other operating charges | 640/8 | €338 | €744 | +€406 | +119.9% |
| Gross operating margin | 9900 | €39,336 | €14,212 | -€25,124 | -63.9% |
| Operating profit (loss) | 9901 | €28,891 | €2,731 | -€26,160 | -90.5% |
| Financial income | 75/76B | €5 | €16 | +€10 | +186.9% |
| Recurring financial income | 75 | €5 | €16 | +€10 | +186.9% |
| Financial charges | 65/66B | €789 | €335 | -€454 | -57.5% |
| Recurring financial charges | 65 | €789 | €335 | -€454 | -57.5% |
| Profit (loss) for the period before taxes | 9903 | €28,108 | €2,412 | -€25,696 | -91.4% |
| Income taxes | 67/77 | €6,580 | €1,704 | -€4,877 | -74.1% |
| Profit (loss) for the period | 9904 | €21,528 | €708 | -€20,819 | -96.7% |
| Profit (loss) for the period to be appropriated | 9905 | €21,528 | €708 | -€20,819 | -96.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.