H.A.P. Construct: 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.
H.A.P. Construct
Largest movements
- Receivables within one year +€302,777
up €302,777 (+54.6%), from €554,608 to €857,385
of which Trade receivables: +€366,090
- Cash -€43,080
down €43,080 (-9.6%), from €451,033 to €407,953
mainly Contributions, distributions and other (-€317,123) and Receivables within one year (-€302,777)
- Advances received +€129,650
up €129,650 (+489%), from €26,500 to €156,150
- Trade debts +€61,360
up €61,360 (+69.6%), from €88,157 to €149,517
- Other debts +€29,640
up €29,640 (+10.3%), from €288,549 to €318,189
- Reserves +€28,179
up €28,179 (+2.3%), from €1.2m to €1.2m
of which Distributable reserves: +€28,179
- Debts after one year +€22,959
up €22,959 (+110%), from €20,849 to €43,807
- Staff costs +€65,444
up €65,444 (+17.0%), from €384,953 to €450,396
- Gross operating margin +€59,279
up €59,279 (+5.7%), from €1.0m to €1.1m
- Other operating charges +€14,318
up €14,318 (+122%), from €11,773 to €26,092
- Taxes +€13,542
up €13,542 (+9.5%), from €142,116 to €155,658
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 | €1,758,678 | €2,027,910 | +€269,232 | +15.3% |
| Fixed assets | 21/28 | €613,130 | €619,075 | +€5,946 | +1.0% |
| Intangible fixed assets | 21 | €2,113 | €1,353 | -€760 | -36.0% |
| Tangible fixed assets | 22/27 | €611,016 | €617,722 | +€6,706 | +1.1% |
| Plant, machinery and equipment | 23 | €128,395 | €93,125 | -€35,270 | -27.5% |
| Furniture and vehicles | 24 | €120,091 | €194,155 | +€74,064 | +61.7% |
| Other tangible fixed assets | 26 | €362,530 | €330,442 | -€32,089 | -8.9% |
| Current assets | 29/58 | €1,145,548 | €1,408,834 | +€263,286 | +23.0% |
| Stocks and contracts in progress | 3 | €125,409 | €136,316 | +€10,907 | +8.7% |
| Stocks | 30/36 | €48,750 | €49,725 | +€975 | +2.0% |
| Contracts in progress | 37 | €76,659 | €86,591 | +€9,932 | +13.0% |
| Amounts receivable within one year | 40/41 | €554,608 | €857,385 | +€302,777 | +54.6% |
| Trade receivables | 40 | €448,180 | €814,270 | +€366,090 | +81.7% |
| Other amounts receivable | 41 | €106,428 | €43,115 | -€63,313 | -59.5% |
| Cash at bank and in hand | 54/58 | €451,033 | €407,953 | -€43,080 | -9.6% |
| Deferred charges and accrued income | 490/1 | €14,499 | €7,181 | -€7,318 | -50.5% |
| Total equity and liabilities | 10/49 | €1,758,678 | €2,027,910 | +€269,232 | +15.3% |
| Equity | 10/15 | €1,255,712 | €1,283,892 | +€28,179 | +2.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €1,205,712 | €1,233,892 | +€28,179 | +2.3% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €271,350 | €271,350 | = | 0.0% |
| Distributable reserves | 133 | €929,362 | €957,542 | +€28,179 | +3.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €502,966 | €744,018 | +€241,052 | +47.9% |
| Amounts payable after more than one year | 17 | €20,849 | €43,807 | +€22,959 | +110% |
| Financial debts | 170/4 | €20,849 | €43,807 | +€22,959 | +110% |
| Amounts payable within one year | 42/48 | €482,117 | €700,211 | +€218,093 | +45.2% |
| Current portion of amounts payable after more than one year | 42 | €39,679 | €36,191 | -€3,488 | -8.8% |
| Trade debts | 44 | €88,157 | €149,517 | +€61,360 | +69.6% |
| Suppliers | 440/4 | €88,157 | €149,517 | +€61,360 | +69.6% |
| Advances received on contracts in progress | 46 | €26,500 | €156,150 | +€129,650 | +489% |
| Taxes, remuneration and social security | 45 | €39,233 | €40,164 | +€931 | +2.4% |
| Taxes | 450/3 | €16,375 | €16,959 | +€584 | +3.6% |
| Remuneration and social security | 454/9 | €22,858 | €23,205 | +€347 | +1.5% |
| Other amounts payable | 47/48 | €288,549 | €318,189 | +€29,640 | +10.3% |
| Remuneration, social security and pensions | 62 | €384,953 | €450,396 | +€65,444 | +17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,884 | €145,631 | +€7,747 | +5.6% |
| Other operating charges | 640/8 | €11,773 | €26,092 | +€14,318 | +122% |
| Gross operating margin | 9900 | €1,038,425 | €1,097,704 | +€59,279 | +5.7% |
| Operating profit (loss) | 9901 | €503,816 | €475,586 | -€28,230 | -5.6% |
| Financial income | 75/76B | €48,732 | €45,533 | -€3,199 | -6.6% |
| Recurring financial income | 75 | €48,732 | €45,533 | -€3,199 | -6.6% |
| Financial charges | 65/66B | €25,458 | €20,158 | -€5,300 | -20.8% |
| Recurring financial charges | 65 | €22,458 | €20,158 | -€2,300 | -10.2% |
| Non-recurring financial charges | 66B | €3,000 | €0 | -€3,000 | -100% |
| Profit (loss) for the period before taxes | 9903 | €527,089 | €500,960 | -€26,129 | -5.0% |
| Income taxes | 67/77 | €142,116 | €155,658 | +€13,542 | +9.5% |
| Profit (loss) for the period | 9904 | €384,973 | €345,302 | -€39,671 | -10.3% |
| Transfer to tax-exempt reserves | 689 | €252,600 | €0 | -€252,600 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €132,373 | €345,302 | +€212,929 | +161% |
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 14 October 2026 via checked.be.