HUZAAR: 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.
HUZAAR
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+64.3%), from €2.1m to €3.4m
of which Land and buildings: +€1.2m
- Receivables within one year +€93,174
up €93,174 (+22.5%), from €414,358 to €507,532
of which Trade receivables: +€103,484
- Deferred charges and accrued income -€61,889
down €61,889 (-88.2%), from €70,207 to €8,318
- Debts after one year +€1.2m
up €1.2m (+143.3%), from €803,693 to €2.0m
- Trade debts -€327,761
down €327,761 (-38.0%), from €862,681 to €534,920
- Current portion of long-term debt +€203,503
up €203,503 (+70.3%), from €289,673 to €493,176
- Short-term financial debts +€131,140
new in 2025: €131,140
- Other debts +€120,278
up €120,278 (+838.5%), from €14,345 to €134,623
- Gross operating margin +€660,768
up €660,768 (+60.0%), from €1.1m to €1.8m
- Staff costs +€511,210
up €511,210 (+121.0%), from €422,408 to €933,618
- Depreciation +€396,754
up €396,754 (+121.9%), from €325,585 to €722,339
- Taxes -€67,061
down €67,061 (-98.9%), from €67,819 to €758
- Financial charges +€64,676
up €64,676 (+214.9%), from €30,097 to €94,773
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 | €2,643,048 | €4,013,963 | +€1.4m | +51.9% |
| Fixed assets | 21/28 | €2,061,545 | €3,383,253 | +€1.3m | +64.1% |
| Tangible fixed assets | 22/27 | €2,055,511 | €3,377,090 | +€1.3m | +64.3% |
| Land and buildings | 22 | €541,468 | €1,725,109 | +€1.2m | +218.6% |
| Plant, machinery and equipment | 23 | €1,394,536 | €1,433,818 | +€39,282 | +2.8% |
| Furniture and vehicles | 24 | €62,184 | €192,014 | +€129,830 | +208.8% |
| Leasing and similar rights | 25 | €57,323 | €26,149 | -€31,174 | -54.4% |
| Financial fixed assets | 28 | €6,034 | €6,163 | +€129 | +2.1% |
| Current assets | 29/58 | €581,503 | €630,710 | +€49,207 | +8.5% |
| Stocks and contracts in progress | 3 | €21,972 | €12,209 | -€9,763 | -44.4% |
| Stocks | 30/36 | €21,972 | €12,209 | -€9,763 | -44.4% |
| Amounts receivable within one year | 40/41 | €414,358 | €507,532 | +€93,174 | +22.5% |
| Trade receivables | 40 | €349,806 | €453,290 | +€103,484 | +29.6% |
| Other amounts receivable | 41 | €64,552 | €54,242 | -€10,310 | -16.0% |
| Cash at bank and in hand | 54/58 | €74,966 | €102,651 | +€27,685 | +36.9% |
| Deferred charges and accrued income | 490/1 | €70,207 | €8,318 | -€61,889 | -88.2% |
| Total equity and liabilities | 10/49 | €2,643,048 | €4,013,963 | +€1.4m | +51.9% |
| Equity | 10/15 | €593,293 | €598,073 | +€4,780 | +0.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €38,550 | €38,550 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €19,800 | €19,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €534,743 | €539,523 | +€4,780 | +0.9% |
| Amounts payable | 17/49 | €2,049,755 | €3,415,890 | +€1.4m | +66.6% |
| Amounts payable after more than one year | 17 | €803,693 | €1,955,109 | +€1.2m | +143.3% |
| Financial debts | 170/4 | €803,693 | €1,955,109 | +€1.2m | +143.3% |
| Amounts payable within one year | 42/48 | €1,246,062 | €1,453,281 | +€207,219 | +16.6% |
| Current portion of amounts payable after more than one year | 42 | €289,673 | €493,176 | +€203,503 | +70.3% |
| Financial debts | 43 | - | €131,140 | +€131,140 | |
| Credit institutions | 430/8 | - | €131,140 | +€131,140 | |
| Trade debts | 44 | €862,681 | €534,920 | -€327,761 | -38.0% |
| Suppliers | 440/4 | €862,681 | €534,920 | -€327,761 | -38.0% |
| Taxes, remuneration and social security | 45 | €79,363 | €159,422 | +€80,059 | +100.9% |
| Taxes | 450/3 | - | €18,216 | +€18,216 | |
| Remuneration and social security | 454/9 | €79,363 | €141,206 | +€61,843 | +77.9% |
| Other amounts payable | 47/48 | €14,345 | €134,623 | +€120,278 | +838.5% |
| Accrued charges and deferred income | 492/3 | - | €7,500 | +€7,500 | |
| Non-recurring operating income | 76A | €4,900 | €24,772 | +€19,872 | +405.6% |
| Remuneration, social security and pensions | 62 | €422,408 | €933,618 | +€511,210 | +121.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €325,585 | €722,339 | +€396,754 | +121.9% |
| Other operating charges | 640/8 | €11,443 | €7,391 | -€4,052 | -35.4% |
| Gross operating margin | 9900 | €1,101,530 | €1,762,298 | +€660,768 | +60.0% |
| Operating profit (loss) | 9901 | €342,094 | €98,950 | -€243,144 | -71.1% |
| Financial income | 75/76B | €449 | €1,361 | +€912 | +203.1% |
| Recurring financial income | 75 | €449 | €1,361 | +€912 | +203.1% |
| Financial charges | 65/66B | €30,097 | €94,773 | +€64,676 | +214.9% |
| Recurring financial charges | 65 | €30,097 | €94,773 | +€64,676 | +214.9% |
| Profit (loss) for the period before taxes | 9903 | €312,446 | €5,538 | -€306,908 | -98.2% |
| Income taxes | 67/77 | €67,819 | €758 | -€67,061 | -98.9% |
| Profit (loss) for the period | 9904 | €244,627 | €4,780 | -€239,847 | -98.0% |
| Profit (loss) for the period to be appropriated | 9905 | €244,627 | €4,780 | -€239,847 | -98.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.