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
- Receivables within one year +€99,829
up €99,829 (+90.4%), from €110,388 to €210,217
of which Trade receivables: +€80,151
- Cash +€55,689
up €55,689 (+35.4%), from €157,110 to €212,799
mainly Net result for the year (+€159,652) and Depreciation (+€13,873)
- Tangible fixed assets -€13,873
down €13,873 (-25.5%), from €54,393 to €40,520
- Profit (loss) carried forward +€159,652
up €159,652 (+99.1%), from €161,096 to €320,748
- Debts after one year -€18,259
down €18,259 (-30.7%), from €59,477 to €41,218
- Other debts +€10,024
new in 2025: €10,024
- Gross operating margin -€75,127
down €75,127 (-19.1%), from €393,354 to €318,227
- Staff costs -€72,452
down €72,452 (-34.6%), from €209,394 to €136,943
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 | €364,845 | €511,504 | +€146,660 | +40.2% |
| Fixed assets | 21/28 | €82,206 | €68,333 | -€13,873 | -16.9% |
| Tangible fixed assets | 22/27 | €54,393 | €40,520 | -€13,873 | -25.5% |
| Furniture and vehicles | 24 | €54,393 | €40,520 | -€13,873 | -25.5% |
| Financial fixed assets | 28 | €27,813 | €27,813 | = | 0.0% |
| Current assets | 29/58 | €282,639 | €443,172 | +€160,533 | +56.8% |
| Stocks and contracts in progress | 3 | €15,141 | €20,155 | +€5,015 | +33.1% |
| Stocks | 30/36 | €15,141 | €20,155 | +€5,015 | +33.1% |
| Amounts receivable within one year | 40/41 | €110,388 | €210,217 | +€99,829 | +90.4% |
| Trade receivables | 40 | €63,072 | €143,223 | +€80,151 | +127.1% |
| Other amounts receivable | 41 | €47,317 | €66,994 | +€19,678 | +41.6% |
| Cash at bank and in hand | 54/58 | €157,110 | €212,799 | +€55,689 | +35.4% |
| Total equity and liabilities | 10/49 | €364,845 | €511,504 | +€146,660 | +40.2% |
| Equity | 10/15 | €261,096 | €420,748 | +€159,652 | +61.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €161,096 | €320,748 | +€159,652 | +99.1% |
| Amounts payable | 17/49 | €103,749 | €90,756 | -€12,993 | -12.5% |
| Amounts payable after more than one year | 17 | €59,477 | €41,218 | -€18,259 | -30.7% |
| Financial debts | 170/4 | €59,477 | €41,218 | -€18,259 | -30.7% |
| Amounts payable within one year | 42/48 | €44,272 | €49,538 | +€5,267 | +11.9% |
| Current portion of amounts payable after more than one year | 42 | €22,707 | €21,056 | -€1,650 | -7.3% |
| Trade debts | 44 | €21,565 | €18,458 | -€3,107 | -14.4% |
| Suppliers | 440/4 | €21,565 | €18,458 | -€3,107 | -14.4% |
| Other amounts payable | 47/48 | - | €10,024 | +€10,024 | |
| Remuneration, social security and pensions | 62 | €209,394 | €136,943 | -€72,452 | -34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,598 | €13,873 | +€275 | +2.0% |
| Other operating charges | 640/8 | €2,417 | €1,257 | -€1,160 | -48.0% |
| Gross operating margin | 9900 | €393,354 | €318,227 | -€75,127 | -19.1% |
| Operating profit (loss) | 9901 | €167,944 | €166,154 | -€1,790 | -1.1% |
| Financial income | 75/76B | €20 | €82 | +€62 | +309.1% |
| Recurring financial income | 75 | €20 | €82 | +€62 | +309.1% |
| Financial charges | 65/66B | €6,869 | €5,445 | -€1,423 | -20.7% |
| Recurring financial charges | 65 | €6,869 | €5,445 | -€1,423 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €161,096 | €160,791 | -€304 | -0.2% |
| Income taxes | 67/77 | - | €1,139 | +€1,139 | |
| Profit (loss) for the period | 9904 | €161,096 | €159,652 | -€1,443 | -0.9% |
| Profit (loss) for the period to be appropriated | 9905 | €161,096 | €159,652 | -€1,443 | -0.9% |
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 10 October 2026 via checked.be.