H-AP: what changed
Two fiscal 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-AP
Largest movements
- Receivables within one year +€50,402
up €50,402 (+3361.3%), from €1,499 to €51,901
of which Trade receivables: +€49,311
- Cash -€20,810
down €20,810 (-29.2%), from €71,211 to €50,402
mainly Receivables within one year (-€50,402) and Net result for the year (-€26,440)
- Tangible fixed assets +€5,325
up €5,325 (+33.3%), from €15,979 to €21,304
of which Furniture and vehicles: +€3,128
- Deferred charges and accrued income +€2,730
up €2,730 (+44.7%), from €6,109 to €8,839
- Other debts +€67,153
up €67,153, from €0 to €67,153
- Reserves -€26,440
down €26,440 (-35.9%), from €73,629 to €47,189
- Trade debts -€1,864
down €1,864 (-38.9%), from €4,795 to €2,931
- Financial charges +€78,203
up €78,203 (+16435.1%), from €476 to €78,679
- Taxes -€14,027
down €14,027 (-95.5%), from €14,686 to €659
- Gross operating margin +€11,606
up €11,606 (+20.8%), from €55,724 to €67,329
- Depreciation -€1,943
down €1,943 (-16.0%), from €12,143 to €10,200
- Staff costs -€1,004
down €1,004 (-100.0%), from €1,004 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.
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 | €94,799 | €132,445 | +€37,646 | +39.7% |
| Fixed assets | 21/28 | €15,979 | €21,304 | +€5,325 | +33.3% |
| Tangible fixed assets | 22/27 | €15,979 | €21,304 | +€5,325 | +33.3% |
| Furniture and vehicles | 24 | €14,836 | €17,963 | +€3,128 | +21.1% |
| Other tangible fixed assets | 26 | €1,143 | €3,340 | +€2,197 | +192.1% |
| Current assets | 29/58 | €78,820 | €111,142 | +€32,322 | +41.0% |
| Amounts receivable within one year | 40/41 | €1,499 | €51,901 | +€50,402 | +3361.3% |
| Trade receivables | 40 | €0 | €49,311 | +€49,311 | |
| Other amounts receivable | 41 | €1,499 | €2,591 | +€1,091 | +72.8% |
| Cash at bank and in hand | 54/58 | €71,211 | €50,402 | -€20,810 | -29.2% |
| Deferred charges and accrued income | 490/1 | €6,109 | €8,839 | +€2,730 | +44.7% |
| Total equity and liabilities | 10/49 | €94,799 | €132,445 | +€37,646 | +39.7% |
| Equity | 10/15 | €73,729 | €47,289 | -€26,440 | -35.9% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €73,629 | €47,189 | -€26,440 | -35.9% |
| Distributable reserves | 133 | €73,629 | €47,189 | -€26,440 | -35.9% |
| Amounts payable | 17/49 | €21,070 | €85,156 | +€64,086 | +304.2% |
| Amounts payable within one year | 42/48 | €21,070 | €85,156 | +€64,086 | +304.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €4,795 | €2,931 | -€1,864 | -38.9% |
| Suppliers | 440/4 | €4,795 | €2,931 | -€1,864 | -38.9% |
| Taxes, remuneration and social security | 45 | €16,275 | €15,073 | -€1,202 | -7.4% |
| Taxes | 450/3 | €16,275 | €15,073 | -€1,202 | -7.4% |
| Other amounts payable | 47/48 | €0 | €67,153 | +€67,153 | |
| Remuneration, social security and pensions | 62 | €1,004 | €0 | -€1,004 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,143 | €10,200 | -€1,943 | -16.0% |
| Other operating charges | 640/8 | €4,066 | €4,231 | +€165 | +4.1% |
| Gross operating margin | 9900 | €55,724 | €67,329 | +€11,606 | +20.8% |
| Operating profit (loss) | 9901 | €38,510 | €52,898 | +€14,388 | +37.4% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €476 | €78,679 | +€78,203 | +16435.1% |
| Recurring financial charges | 65 | €476 | €78,679 | +€78,203 | +16435.1% |
| Profit (loss) for the period before taxes | 9903 | €38,035 | -€25,781 | -€63,815 | |
| Income taxes | 67/77 | €14,686 | €659 | -€14,027 | -95.5% |
| Profit (loss) for the period | 9904 | €23,348 | -€26,440 | -€49,789 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,348 | -€26,440 | -€49,789 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.