MD HAVERBEKE: 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.
MD HAVERBEKE
Largest movements
- Tangible fixed assets -€167,736
down €167,736 (-28.5%), from €588,406 to €420,670
of which Furniture and vehicles: -€205,337
- Stocks and contracts +€144,123
up €144,123 (+52.0%), from €277,200 to €421,323
- Cash -€84,279
down €84,279 (-41.6%), from €202,820 to €118,542
mainly Stocks and contracts (-€144,123) and Debts after one year (-€88,703)
- Receivables within one year +€36,407
up €36,407 (+8.0%), from €453,824 to €490,232
of which Trade receivables: +€37,322
- Receivables after one year +€34,335
up €34,335 (+140%), from €24,486 to €58,821
- Debts after one year -€88,703
down €88,703 (-37.2%), from €238,559 to €149,856
- Reserves +€56,070
up €56,070 (+5.6%), from €1.0m to €1.1m
of which Distributable reserves: +€56,070
- Current portion of long-term debt -€34,134
down €34,134 (-27.8%), from €122,836 to €88,703
- Trade debts +€30,119
up €30,119 (+27.1%), from €111,160 to €141,278
- Gross operating margin +€103,629
up €103,629 (+18.3%), from €567,504 to €671,133
- Staff costs +€81,486
up €81,486 (+35.5%), from €229,317 to €310,803
- Depreciation +€35,804
up €35,804 (+17.1%), from €209,430 to €245,234
- Write-downs -€10,000
down €10,000 (-100%), from €10,000 to €0
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 | €1,560,093 | €1,526,820 | -€33,273 | -2.1% |
| Fixed assets | 21/28 | €591,544 | €431,953 | -€159,591 | -27.0% |
| Intangible fixed assets | 21 | €576 | €8,720 | +€8,144 | +1,413% |
| Tangible fixed assets | 22/27 | €588,406 | €420,670 | -€167,736 | -28.5% |
| Land and buildings | 22 | - | €22,998 | +€22,998 | |
| Plant, machinery and equipment | 23 | €55,849 | €70,452 | +€14,603 | +26.1% |
| Furniture and vehicles | 24 | €532,557 | €327,221 | -€205,337 | -38.6% |
| Financial fixed assets | 28 | €2,562 | €2,562 | = | 0.0% |
| Current assets | 29/58 | €968,549 | €1,094,867 | +€126,319 | +13.0% |
| Amounts receivable after more than one year | 29 | €24,486 | €58,821 | +€34,335 | +140% |
| Trade receivables | 290 | €24,486 | €58,821 | +€34,335 | +140% |
| Stocks and contracts in progress | 3 | €277,200 | €421,323 | +€144,123 | +52.0% |
| Stocks | 30/36 | €277,200 | €421,323 | +€144,123 | +52.0% |
| Amounts receivable within one year | 40/41 | €453,824 | €490,232 | +€36,407 | +8.0% |
| Trade receivables | 40 | €450,619 | €487,941 | +€37,322 | +8.3% |
| Other amounts receivable | 41 | €3,205 | €2,291 | -€915 | -28.5% |
| Cash at bank and in hand | 54/58 | €202,820 | €118,542 | -€84,279 | -41.6% |
| Deferred charges and accrued income | 490/1 | €10,219 | €5,951 | -€4,268 | -41.8% |
| Total equity and liabilities | 10/49 | €1,560,093 | €1,526,820 | -€33,273 | -2.1% |
| Equity | 10/15 | €1,027,496 | €1,083,566 | +€56,070 | +5.5% |
| Contributions | 10/11 | €19,831 | €19,831 | = | 0.0% |
| Reserves | 13 | €1,007,664 | €1,063,735 | +€56,070 | +5.6% |
| Tax-exempt reserves | 132 | €75,000 | €75,000 | = | 0.0% |
| Distributable reserves | 133 | €932,664 | €988,735 | +€56,070 | +6.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €532,597 | €443,254 | -€89,343 | -16.8% |
| Amounts payable after more than one year | 17 | €238,559 | €149,856 | -€88,703 | -37.2% |
| Financial debts | 170/4 | €238,559 | €149,856 | -€88,703 | -37.2% |
| Amounts payable within one year | 42/48 | €294,038 | €293,398 | -€640 | -0.2% |
| Current portion of amounts payable after more than one year | 42 | €122,836 | €88,703 | -€34,134 | -27.8% |
| Financial debts | 43 | €4,985 | €4,710 | -€275 | -5.5% |
| Credit institutions | 430/8 | €4,985 | €4,710 | -€275 | -5.5% |
| Trade debts | 44 | €111,160 | €141,278 | +€30,119 | +27.1% |
| Suppliers | 440/4 | €111,160 | €141,278 | +€30,119 | +27.1% |
| Advances received on contracts in progress | 46 | €8,264 | €4,456 | -€3,808 | -46.1% |
| Taxes, remuneration and social security | 45 | €36,576 | €47,564 | +€10,988 | +30.0% |
| Taxes | 450/3 | €7,863 | €11,401 | +€3,538 | +45.0% |
| Remuneration and social security | 454/9 | €28,713 | €36,162 | +€7,449 | +25.9% |
| Other amounts payable | 47/48 | €10,216 | €6,687 | -€3,529 | -34.5% |
| Non-recurring operating income | 76A | €23,941 | €28,773 | +€4,832 | +20.2% |
| Remuneration, social security and pensions | 62 | €229,317 | €310,803 | +€81,486 | +35.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €209,430 | €245,234 | +€35,804 | +17.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,000 | €0 | -€10,000 | -100% |
| Other operating charges | 640/8 | €4,581 | €5,438 | +€857 | +18.7% |
| Non-recurring operating charges | 66A | - | €13,166 | +€13,166 | |
| Gross operating margin | 9900 | €567,504 | €671,133 | +€103,629 | +18.3% |
| Operating profit (loss) | 9901 | €114,176 | €96,493 | -€17,684 | -15.5% |
| Financial income | 75/76B | €488 | €1,964 | +€1,476 | +302% |
| Recurring financial income | 75 | €488 | €1,964 | +€1,476 | +302% |
| Financial charges | 65/66B | €14,087 | €15,762 | +€1,675 | +11.9% |
| Recurring financial charges | 65 | €14,087 | €15,762 | +€1,675 | +11.9% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €100,578 | €82,695 | -€17,883 | -17.8% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €26,834 | €21,625 | -€5,209 | -19.4% |
| Profit (loss) for the period | 9904 | €73,744 | €61,070 | -€12,674 | -17.2% |
| Profit (loss) for the period to be appropriated | 9905 | €73,744 | €61,070 | -€12,674 | -17.2% |
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 29 October 2026 via checked.be.