HSE HAVENITH: 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.
HSE HAVENITH
Largest movements
- Tangible fixed assets -€11,548
down €11,548 (-16.1%), from €71,777 to €60,229
of which Furniture and vehicles: -€11,118
- Receivables within one year -€11,005
down €11,005 (-28.7%), from €38,369 to €27,364
of which Trade receivables: -€8,205
- Cash +€4,117
up €4,117 (+2.9%), from €141,344 to €145,461
mainly Other debts (+€52,310) and Net result for the year (+€32,267)
- Reserves -€68,654
down €68,654 (-39.4%), from €174,367 to €105,714
- Other debts +€52,310
up €52,310 (+111%), from €47,082 to €99,392
- Trade debts -€9,362
down €9,362 (-62.5%), from €14,990 to €5,628
- Tax, wage and social debts +€7,607
up €7,607 (+111%), from €6,860 to €14,467
- Depreciation +€3,342
up €3,342 (+18.2%), from €18,373 to €21,715
- Other operating charges -€2,130
down €2,130 (-67.1%), from €3,175 to €1,046
- Gross operating margin +€1,917
up €1,917 (+3.0%), from €64,775 to €66,691
- Taxes +€1,187
up €1,187 (+10.4%), from €11,458 to €12,645
From the 2025 result to the 2026 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.
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €261,900 | €243,802 | -€18,098 | -6.9% |
| Fixed assets | 21/28 | €71,777 | €60,229 | -€11,548 | -16.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €71,777 | €60,229 | -€11,548 | -16.1% |
| Plant, machinery and equipment | 23 | €6,212 | €5,781 | -€430 | -6.9% |
| Furniture and vehicles | 24 | €65,565 | €54,447 | -€11,118 | -17.0% |
| Current assets | 29/58 | €190,123 | €183,573 | -€6,550 | -3.4% |
| Stocks and contracts in progress | 3 | €4,676 | €5,130 | +€454 | +9.7% |
| Stocks | 30/36 | €4,676 | €5,130 | +€454 | +9.7% |
| Amounts receivable within one year | 40/41 | €38,369 | €27,364 | -€11,005 | -28.7% |
| Trade receivables | 40 | €35,568 | €27,364 | -€8,205 | -23.1% |
| Other amounts receivable | 41 | €2,801 | - | -€2,801 | |
| Cash at bank and in hand | 54/58 | €141,344 | €145,461 | +€4,117 | +2.9% |
| Deferred charges and accrued income | 490/1 | €5,734 | €5,619 | -€115 | -2.0% |
| Total equity and liabilities | 10/49 | €261,900 | €243,802 | -€18,098 | -6.9% |
| Equity | 10/15 | €192,967 | €124,314 | -€68,654 | -35.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €174,367 | €105,714 | -€68,654 | -39.4% |
| Distributable reserves | 133 | €174,367 | €105,714 | -€68,654 | -39.4% |
| Amounts payable | 17/49 | €68,932 | €119,488 | +€50,556 | +73.3% |
| Amounts payable within one year | 42/48 | €68,932 | €119,488 | +€50,556 | +73.3% |
| Trade debts | 44 | €14,990 | €5,628 | -€9,362 | -62.5% |
| Suppliers | 440/4 | €14,990 | €5,628 | -€9,362 | -62.5% |
| Taxes, remuneration and social security | 45 | €6,860 | €14,467 | +€7,607 | +111% |
| Taxes | 450/3 | €6,860 | €14,467 | +€7,607 | +111% |
| Other amounts payable | 47/48 | €47,082 | €99,392 | +€52,310 | +111% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,373 | €21,715 | +€3,342 | +18.2% |
| Other operating charges | 640/8 | €3,175 | €1,046 | -€2,130 | -67.1% |
| Gross operating margin | 9900 | €64,775 | €66,691 | +€1,917 | +3.0% |
| Operating profit (loss) | 9901 | €43,226 | €43,930 | +€704 | +1.6% |
| Financial income | 75/76B | €1,264 | €1,826 | +€562 | +44.5% |
| Recurring financial income | 75 | €1,264 | €1,826 | +€562 | +44.5% |
| Financial charges | 65/66B | €412 | €845 | +€433 | +105% |
| Recurring financial charges | 65 | €412 | €845 | +€433 | +105% |
| Profit (loss) for the period before taxes | 9903 | €44,078 | €44,912 | +€834 | +1.9% |
| Income taxes | 67/77 | €11,458 | €12,645 | +€1,187 | +10.4% |
| Profit (loss) for the period | 9904 | €32,620 | €32,267 | -€353 | -1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €32,620 | €32,267 | -€353 | -1.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.