HAZER: 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.
HAZER
Largest movements
- Tangible fixed assets -€852,172
down €852,172 (-95.9%), from €888,664 to €36,492
of which Land and buildings: -€835,000
- Stocks and contracts +€488,000
new in 2025: €488,000
- Receivables within one year -€68,400
down €68,400 (-43.7%), from €156,364 to €87,964
- Cash -€42,244
down €42,244 (-66.2%), from €63,821 to €21,577
mainly Other debts (-€531,350) and Stocks and contracts (-€488,000)
- Other debts -€531,350
down €531,350 (-62.9%), from €844,157 to €312,807
- Reserves +€50,000
up €50,000 (+250.0%), from €20,000 to €70,000
- Tax, wage and social debts +€18,146
up €18,146 (+60.5%), from €29,973 to €48,120
of which Taxes: +€12,066
- Gross operating margin +€52,943
up €52,943 (+23.0%), from €229,881 to €282,824
- Staff costs +€40,260
up €40,260 (+27.8%), from €144,582 to €184,842
- Other operating charges -€17,556
down €17,556 (-91.5%), from €19,187 to €1,631
- Taxes +€10,034
up €10,034 (+71.7%), from €13,986 to €24,020
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 | €1,114,280 | €635,041 | -€479,239 | -43.0% |
| Fixed assets | 21/28 | €888,664 | €36,492 | -€852,172 | -95.9% |
| Tangible fixed assets | 22/27 | €888,664 | €36,492 | -€852,172 | -95.9% |
| Land and buildings | 22 | €835,000 | - | -€835,000 | |
| Plant, machinery and equipment | 23 | €1,871 | €1,001 | -€869 | -46.5% |
| Furniture and vehicles | 24 | €51,794 | €35,491 | -€16,303 | -31.5% |
| Current assets | 29/58 | €225,616 | €598,549 | +€372,933 | +165.3% |
| Stocks and contracts in progress | 3 | - | €488,000 | +€488,000 | |
| Stocks | 30/36 | - | €488,000 | +€488,000 | |
| Amounts receivable within one year | 40/41 | €156,364 | €87,964 | -€68,400 | -43.7% |
| Trade receivables | 40 | €156,364 | €87,964 | -€68,400 | -43.7% |
| Cash at bank and in hand | 54/58 | €63,821 | €21,577 | -€42,244 | -66.2% |
| Deferred charges and accrued income | 490/1 | €5,431 | €1,009 | -€4,423 | -81.4% |
| Total equity and liabilities | 10/49 | €1,114,280 | €635,041 | -€479,239 | -43.0% |
| Equity | 10/15 | €167,602 | €222,101 | +€54,499 | +32.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €20,000 | €70,000 | +€50,000 | +250.0% |
| Distributable reserves | 133 | €20,000 | €70,000 | +€50,000 | +250.0% |
| Profit (loss) carried forward | 14 | €97,602 | €102,101 | +€4,499 | +4.6% |
| Amounts payable | 17/49 | €946,678 | €412,940 | -€533,738 | -56.4% |
| Amounts payable after more than one year | 17 | €15,196 | €6,568 | -€8,629 | -56.8% |
| Financial debts | 170/4 | €15,196 | €6,568 | -€8,629 | -56.8% |
| Amounts payable within one year | 42/48 | €931,482 | €406,372 | -€525,110 | -56.4% |
| Current portion of amounts payable after more than one year | 42 | €15,186 | €8,629 | -€6,557 | -43.2% |
| Trade debts | 44 | €42,166 | €36,817 | -€5,349 | -12.7% |
| Suppliers | 440/4 | €42,166 | €36,817 | -€5,349 | -12.7% |
| Taxes, remuneration and social security | 45 | €29,973 | €48,120 | +€18,146 | +60.5% |
| Taxes | 450/3 | €26,605 | €38,671 | +€12,066 | +45.4% |
| Remuneration and social security | 454/9 | €3,369 | €9,449 | +€6,080 | +180.5% |
| Other amounts payable | 47/48 | €844,157 | €312,807 | -€531,350 | -62.9% |
| Non-recurring operating income | 76A | €6,756 | - | -€6,756 | |
| Remuneration, social security and pensions | 62 | €144,582 | €184,842 | +€40,260 | +27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,188 | €17,172 | -€16 | -0.1% |
| Other operating charges | 640/8 | €19,187 | €1,631 | -€17,556 | -91.5% |
| Gross operating margin | 9900 | €229,881 | €282,824 | +€52,943 | +23.0% |
| Operating profit (loss) | 9901 | €48,923 | €79,179 | +€30,256 | +61.8% |
| Financial income | 75/76B | - | €20 | +€20 | |
| Recurring financial income | 75 | - | €20 | +€20 | |
| Financial charges | 65/66B | €1,005 | €680 | -€326 | -32.4% |
| Recurring financial charges | 65 | €1,005 | €680 | -€326 | -32.4% |
| Profit (loss) for the period before taxes | 9903 | €47,918 | €78,520 | +€30,602 | +63.9% |
| Income taxes | 67/77 | €13,986 | €24,020 | +€10,034 | +71.7% |
| Profit (loss) for the period | 9904 | €33,932 | €54,499 | +€20,567 | +60.6% |
| Profit (loss) for the period to be appropriated | 9905 | €33,932 | €54,499 | +€20,567 | +60.6% |
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 12 October 2026 via checked.be.