Josef 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.
Josef Havenith
Largest movements
- Cash +€59,989
up €59,989 (+262%), from €22,884 to €82,873
mainly Receivables within one year (+€59,544) and Depreciation (+€13,838)
- Receivables within one year -€59,544
down €59,544 (-69.2%), from €86,059 to €26,515
of which Trade receivables: -€59,544
- Tangible fixed assets -€9,004
down €9,004 (-6.6%), from €137,431 to €128,427
of which Land and buildings: -€6,355
- Stocks and contracts -€7,517
down €7,517 (-16.0%), from €46,962 to €39,445
of which Stocks: -€6,517
- Other debts -€18,094
down €18,094 (-52.2%), from €34,661 to €16,567
- Reserves +€5,000
up €5,000 (+3.9%), from €127,000 to €132,000
of which Distributable reserves: +€5,000
- Tax, wage and social debts -€3,053
down €3,053 (-35.4%), from €8,627 to €5,574
of which Taxes: -€3,322
- Gross operating margin -€4,248
down €4,248 (-9.0%), from €47,269 to €43,021
- Depreciation -€2,377
down €2,377 (-14.7%), from €16,215 to €13,838
- Staff costs +€2,138
up €2,138 (+11.6%), from €18,423 to €20,561
- Other operating charges +€1,529
up €1,529 (+74.5%), from €2,053 to €3,583
- Financial income -€1,183
down €1,183 (-36.1%), from €3,277 to €2,093
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.
Derived cash bridge
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 | €303,500 | €286,730 | -€16,770 | -5.5% |
| Fixed assets | 21/28 | €140,418 | €131,414 | -€9,004 | -6.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €137,431 | €128,427 | -€9,004 | -6.6% |
| Land and buildings | 22 | €122,318 | €115,964 | -€6,355 | -5.2% |
| Plant, machinery and equipment | 23 | €12,582 | €11,441 | -€1,141 | -9.1% |
| Furniture and vehicles | 24 | €2,531 | €1,023 | -€1,508 | -59.6% |
| Financial fixed assets | 28 | €2,986 | €2,986 | = | 0.0% |
| Current assets | 29/58 | €163,082 | €155,316 | -€7,766 | -4.8% |
| Stocks and contracts in progress | 3 | €46,962 | €39,445 | -€7,517 | -16.0% |
| Stocks | 30/36 | €31,962 | €25,445 | -€6,517 | -20.4% |
| Contracts in progress | 37 | €15,000 | €14,000 | -€1,000 | -6.7% |
| Amounts receivable within one year | 40/41 | €86,059 | €26,515 | -€59,544 | -69.2% |
| Trade receivables | 40 | €86,059 | €26,515 | -€59,544 | -69.2% |
| Other amounts receivable | 41 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €22,884 | €82,873 | +€59,989 | +262% |
| Deferred charges and accrued income | 490/1 | €7,176 | €6,482 | -€694 | -9.7% |
| Total equity and liabilities | 10/49 | €303,500 | €286,730 | -€16,770 | -5.5% |
| Equity | 10/15 | €250,852 | €256,740 | +€5,888 | +2.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €127,000 | €132,000 | +€5,000 | +3.9% |
| Non-distributable reserves | 130/1 | €8,500 | €8,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,500 | €8,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €93,500 | €98,500 | +€5,000 | +5.3% |
| Profit (loss) carried forward | 14 | €117,652 | €118,540 | +€888 | +0.8% |
| Amounts payable | 17/49 | €52,647 | €29,989 | -€22,658 | -43.0% |
| Amounts payable within one year | 42/48 | €52,113 | €28,566 | -€23,547 | -45.2% |
| Trade debts | 44 | €8,825 | €6,425 | -€2,399 | -27.2% |
| Suppliers | 440/4 | €8,825 | €6,425 | -€2,399 | -27.2% |
| Taxes, remuneration and social security | 45 | €8,627 | €5,574 | -€3,053 | -35.4% |
| Taxes | 450/3 | €7,467 | €4,145 | -€3,322 | -44.5% |
| Remuneration and social security | 454/9 | €1,160 | €1,429 | +€269 | +23.2% |
| Other amounts payable | 47/48 | €34,661 | €16,567 | -€18,094 | -52.2% |
| Accrued charges and deferred income | 492/3 | €535 | €1,423 | +€888 | +166% |
| Non-recurring operating income | 76A | - | €2,869 | +€2,869 | |
| Remuneration, social security and pensions | 62 | €18,423 | €20,561 | +€2,138 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,215 | €13,838 | -€2,377 | -14.7% |
| Other operating charges | 640/8 | €2,053 | €3,583 | +€1,529 | +74.5% |
| Non-recurring operating charges | 66A | €330 | €63 | -€267 | -80.8% |
| Gross operating margin | 9900 | €47,269 | €43,021 | -€4,248 | -9.0% |
| Operating profit (loss) | 9901 | €10,247 | €4,976 | -€5,272 | -51.4% |
| Financial income | 75/76B | €3,277 | €2,093 | -€1,183 | -36.1% |
| Recurring financial income | 75 | €3,277 | €2,093 | -€1,183 | -36.1% |
| Financial charges | 65/66B | €281 | €331 | +€50 | +17.8% |
| Recurring financial charges | 65 | €281 | €331 | +€50 | +17.8% |
| Profit (loss) for the period before taxes | 9903 | €13,243 | €6,738 | -€6,505 | -49.1% |
| Income taxes | 67/77 | €1,583 | €849 | -€734 | -46.3% |
| Profit (loss) for the period | 9904 | €11,660 | €5,888 | -€5,772 | -49.5% |
| Profit (loss) for the period to be appropriated | 9905 | €11,660 | €5,888 | -€5,772 | -49.5% |
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 18 October 2026 via checked.be.