H.W.P.: 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.W.P.
Largest movements
- Cash -€3.0m
down €3.0m (-70.6%), from €4.3m to €1.3m
mainly Investment in fixed assets (net) (-€3.0m) and Tax, wage and social debts (-€63,415)
- Financial fixed assets +€3.0m
up €3.0m (+214%), from €1.4m to €4.4m
of which Affiliated companies: +€3.0m
- Profit (loss) carried forward +€70,518
up €70,518 (+11.6%), from €609,889 to €680,407
- Financial income -€118,191
down €118,191 (-73.6%), from €160,649 to €42,458
of which Non-recurring financial income: -€159,024
- Taxes -€59,800
down €59,800 (-68.9%), from €86,776 to €26,976
of which Taxes: -€63,415
- Other operating income +€3,658
up €3,658 (+58.2%), from €6,287 to €9,945
- Turnover +€2,490
up €2,490 (+3.1%), from €80,631 to €83,121
- Services and other goods +€1,569
up €1,569 (+5.0%), from €31,631 to €33,200
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 | €6,372,414 | €6,384,269 | +€11,854 | +0.2% |
| Fixed assets | 21/28 | €1,543,638 | €4,543,638 | +€3.0m | +194% |
| Tangible fixed assets | 22/27 | €138,618 | €138,618 | = | 0.0% |
| Other tangible fixed assets | 26 | €138,618 | €138,618 | = | 0.0% |
| Financial fixed assets | 28 | €1,405,020 | €4,405,020 | +€3.0m | +214% |
| Affiliated companies | 280/1 | €1,355,020 | €4,355,020 | +€3.0m | +221% |
| Participating interests | 280 | €1,355,020 | €1,355,020 | = | 0.0% |
| Amounts receivable | 281 | - | €3,000,000 | +€3.0m | |
| Other financial fixed assets | 284/8 | €50,000 | €50,000 | = | 0.0% |
| Shares | 284 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €4,828,776 | €1,840,630 | -€3.0m | -61.9% |
| Stocks and contracts in progress | 3 | €528,522 | €528,522 | = | 0.0% |
| Stocks | 30/36 | €528,522 | €528,522 | = | 0.0% |
| Property held for sale | 35 | €528,522 | €528,522 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €8,276 | €49,611 | +€41,336 | +499% |
| Other amounts receivable | 41 | €8,276 | €49,611 | +€41,336 | +499% |
| Cash at bank and in hand | 54/58 | €4,291,978 | €1,262,496 | -€3.0m | -70.6% |
| Total equity and liabilities | 10/49 | €6,372,414 | €6,384,269 | +€11,854 | +0.2% |
| Equity | 10/15 | €6,079,127 | €6,153,356 | +€74,230 | +1.2% |
| Contributions | 10/11 | €5,271,875 | €5,271,875 | = | 0.0% |
| Capital | 10 | €5,271,875 | €5,271,875 | = | 0.0% |
| Issued capital | 100 | €5,271,875 | €5,271,875 | = | 0.0% |
| Reserves | 13 | €197,363 | €201,074 | +€3,711 | +1.9% |
| Non-distributable reserves | 130/1 | €197,363 | €201,074 | +€3,711 | +1.9% |
| Legal reserve | 130 | €197,363 | €201,074 | +€3,711 | +1.9% |
| Profit (loss) carried forward | 14 | €609,889 | €680,407 | +€70,518 | +11.6% |
| Amounts payable | 17/49 | €293,287 | €230,912 | -€62,375 | -21.3% |
| Amounts payable within one year | 42/48 | €244,569 | €181,041 | -€63,528 | -26.0% |
| Trade debts | 44 | €2,111 | €1,998 | -€113 | -5.4% |
| Suppliers | 440/4 | €2,111 | €1,998 | -€113 | -5.4% |
| Advances received on contracts in progress | 46 | €112,554 | €112,554 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €89,904 | €26,489 | -€63,415 | -70.5% |
| Taxes | 450/3 | €89,904 | €26,489 | -€63,415 | -70.5% |
| Other amounts payable | 47/48 | €40,000 | €40,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €48,719 | €49,871 | +€1,153 | +2.4% |
| Operating income | 70/76A | €204,087 | €93,066 | -€111,021 | -54.4% |
| Turnover | 70 | €80,631 | €83,121 | +€2,490 | +3.1% |
| Other operating income | 74 | €6,287 | €9,945 | +€3,658 | +58.2% |
| Non-recurring operating income | 76A | €117,169 | - | -€117,169 | |
| Operating charges | 60/66A | €32,865 | €34,316 | +€1,451 | +4.4% |
| Goods for resale, raw materials and consumables | 60 | €150 | - | -€150 | |
| Purchases | 600/8 | €150 | - | -€150 | |
| Services and other goods | 61 | €31,631 | €33,200 | +€1,569 | +5.0% |
| Other operating charges | 640/8 | €1,084 | €1,116 | +€32 | +3.0% |
| Operating profit (loss) | 9901 | €171,222 | €58,750 | -€112,473 | -65.7% |
| Financial income | 75/76B | €160,649 | €42,458 | -€118,191 | -73.6% |
| Recurring financial income | 75 | €1,625 | €42,458 | +€40,833 | +2,513% |
| Income from financial fixed assets | 750 | €1,625 | €1,625 | = | 0.0% |
| Income from current assets | 751 | - | €40,833 | +€40,833 | |
| Other financial income | 752/9 | - | €0 | +€0 | |
| Non-recurring financial income | 76B | €159,024 | - | -€159,024 | |
| Financial charges | 65/66B | - | €2 | +€2 | |
| Recurring financial charges | 65 | - | €2 | +€2 | |
| Other financial charges | 652/9 | - | €2 | +€2 | |
| Profit (loss) for the period before taxes | 9903 | €331,872 | €101,206 | -€230,666 | -69.5% |
| Income taxes | 67/77 | €86,776 | €26,976 | -€59,800 | -68.9% |
| Taxes | 670/3 | €90,391 | €26,976 | -€63,415 | -70.2% |
| Tax adjustments and reversals of tax provisions | 77 | €3,615 | - | -€3,615 | |
| Profit (loss) for the period | 9904 | €245,095 | €74,230 | -€170,866 | -69.7% |
| Profit (loss) for the period to be appropriated | 9905 | €245,095 | €74,230 | -€170,866 | -69.7% |
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 19 October 2026 via checked.be.