HAZOP: 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.
HAZOP
Largest movements
- Cash -€858,830
down €858,830 (-77.6%), from €1.1m to €247,513
mainly Investment in fixed assets (net) (-€1.1m) and Other debts (-€582,351)
- Tangible fixed assets +€816,957
up €816,957 (+29.9%), from €2.7m to €3.5m
of which Assets under construction and advance payments: +€763,305
- Receivables within one year +€98,232
up €98,232 (+43.6%), from €225,414 to €323,646
of which Trade receivables: +€98,260
- Other debts -€582,351
down €582,351 (-75.2%), from €774,452 to €192,101
- Profit (loss) carried forward +€521,775
up €521,775 (+64.6%), from -€808,003 to -€286,228
- Current portion of long-term debt +€87,276
up €87,276 (+14.3%), from €610,000 to €697,277
- Tax, wage and social debts +€57,213
up €57,213 (+189.5%), from €30,189 to €87,402
- Debts after one year -€48,958
down €48,958 (-1.5%), from €3.2m to €3.2m
- Purchases and services -€182,044
down €182,044 (-21.6%), from €842,056 to €660,012
- Gross operating margin +€115,635
up €115,635 (+12.5%), from €923,450 to €1.0m
- Taxes +€81,500
new in 2025: €81,500
- Turnover +€75,039
up €75,039 (+7.8%), from €960,850 to €1.0m
- Depreciation +€42,250
up €42,250 (+16.3%), from €259,128 to €301,378
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 | €4,062,505 | €4,118,865 | +€56,360 | +1.4% |
| Fixed assets | 21/28 | €2,730,748 | €3,547,705 | +€816,957 | +29.9% |
| Tangible fixed assets | 22/27 | €2,730,748 | €3,547,705 | +€816,957 | +29.9% |
| Land and buildings | 22 | €2,730,748 | €2,784,400 | +€53,652 | +2.0% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Assets under construction and advance payments | 27 | - | €763,305 | +€763,305 | |
| Current assets | 29/58 | €1,331,757 | €571,160 | -€760,597 | -57.1% |
| Amounts receivable within one year | 40/41 | €225,414 | €323,646 | +€98,232 | +43.6% |
| Trade receivables | 40 | €225,386 | €323,646 | +€98,260 | +43.6% |
| Other amounts receivable | 41 | €28 | - | -€28 | |
| Cash at bank and in hand | 54/58 | €1,106,343 | €247,513 | -€858,830 | -77.6% |
| Total equity and liabilities | 10/49 | €4,062,505 | €4,118,865 | +€56,360 | +1.4% |
| Equity | 10/15 | -€746,030 | -€224,255 | +€521,775 | +69.9% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€808,003 | -€286,228 | +€521,775 | +64.6% |
| Amounts payable | 17/49 | €4,808,535 | €4,343,119 | -€465,416 | -9.7% |
| Amounts payable after more than one year | 17 | €3,248,400 | €3,199,443 | -€48,958 | -1.5% |
| Financial debts | 170/4 | €3,248,400 | €3,199,443 | -€48,958 | -1.5% |
| Amounts payable within one year | 42/48 | €1,466,849 | €1,052,819 | -€414,030 | -28.2% |
| Current portion of amounts payable after more than one year | 42 | €610,000 | €697,277 | +€87,276 | +14.3% |
| Trade debts | 44 | €52,208 | €76,039 | +€23,831 | +45.6% |
| Suppliers | 440/4 | €52,208 | €76,039 | +€23,831 | +45.6% |
| Taxes, remuneration and social security | 45 | €30,189 | €87,402 | +€57,213 | +189.5% |
| Taxes | 450/3 | €30,189 | €87,402 | +€57,213 | +189.5% |
| Other amounts payable | 47/48 | €774,452 | €192,101 | -€582,351 | -75.2% |
| Accrued charges and deferred income | 492/3 | €93,286 | €90,858 | -€2,428 | -2.6% |
| Turnover | 70 | €960,850 | €1,035,889 | +€75,039 | +7.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €842,056 | €660,012 | -€182,044 | -21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €259,128 | €301,378 | +€42,250 | +16.3% |
| Other operating charges | 640/8 | €1,216 | €1,369 | +€154 | +12.6% |
| Gross operating margin | 9900 | €923,450 | €1,039,085 | +€115,635 | +12.5% |
| Operating profit (loss) | 9901 | €663,106 | €736,338 | +€73,232 | +11.0% |
| Financial income | 75/76B | €11,514 | €4,974 | -€6,541 | -56.8% |
| Recurring financial income | 75 | €11,514 | €4,974 | -€6,541 | -56.8% |
| Financial charges | 65/66B | €156,965 | €138,036 | -€18,929 | -12.1% |
| Recurring financial charges | 65 | €156,965 | €138,036 | -€18,929 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €517,656 | €603,275 | +€85,620 | +16.5% |
| Income taxes | 67/77 | - | €81,500 | +€81,500 | |
| Profit (loss) for the period | 9904 | €517,656 | €521,775 | +€4,120 | +0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €517,656 | €521,775 | +€4,120 | +0.8% |
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 10 October 2026 via checked.be.