HA.P: 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.
HA.P
Largest movements
- Current investments +€350,000
up €350,000 (+233.3%), from €150,000 to €500,000
- Cash -€225,721
down €225,721 (-87.4%), from €258,162 to €32,441
mainly Contributions, distributions and other (-€658,224) and Current investments (-€350,000)
- Tangible fixed assets -€37,882
down €37,882 (-10.2%), from €370,007 to €332,125
- Receivables within one year -€10,459
down €10,459 (-34.6%), from €30,259 to €19,800
of which Other amounts receivable: -€10,369
- Other debts +€559,491
up €559,491 (+6414.3%), from €8,723 to €568,213
- Reserves -€547,467
down €547,467 (-83.2%), from €658,224 to €110,758
- Trade debts +€88,112
up €88,112 (+711.9%), from €12,377 to €100,489
- Tax, wage and social debts -€17,031
down €17,031 (-40.7%), from €41,836 to €24,805
of which Taxes: -€17,354
- Debts after one year -€9,969
down €9,969 (-17.0%), from €58,779 to €48,810
- Gross operating margin -€101,181
down €101,181 (-16.3%), from €619,915 to €518,734
- Taxes -€16,262
down €16,262 (-29.6%), from €55,009 to €38,747
- Staff costs -€14,672
down €14,672 (-4.4%), from €332,619 to €317,947
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 | €842,684 | €913,924 | +€71,240 | +8.5% |
| Fixed assets | 21/28 | €370,007 | €332,125 | -€37,882 | -10.2% |
| Tangible fixed assets | 22/27 | €370,007 | €332,125 | -€37,882 | -10.2% |
| Plant, machinery and equipment | 23 | €93,763 | €82,081 | -€11,681 | -12.5% |
| Furniture and vehicles | 24 | €52,374 | €41,430 | -€10,944 | -20.9% |
| Other tangible fixed assets | 26 | €223,871 | €208,613 | -€15,257 | -6.8% |
| Current assets | 29/58 | €472,678 | €581,800 | +€109,122 | +23.1% |
| Stocks and contracts in progress | 3 | €24,033 | €24,996 | +€963 | +4.0% |
| Stocks | 30/36 | €24,033 | €24,996 | +€963 | +4.0% |
| Amounts receivable within one year | 40/41 | €30,259 | €19,800 | -€10,459 | -34.6% |
| Trade receivables | 40 | €7,480 | €7,390 | -€90 | -1.2% |
| Other amounts receivable | 41 | €22,779 | €12,411 | -€10,369 | -45.5% |
| Current investments | 50/53 | €150,000 | €500,000 | +€350,000 | +233.3% |
| Cash at bank and in hand | 54/58 | €258,162 | €32,441 | -€225,721 | -87.4% |
| Deferred charges and accrued income | 490/1 | €10,223 | €4,562 | -€5,660 | -55.4% |
| Total equity and liabilities | 10/49 | €842,684 | €913,924 | +€71,240 | +8.5% |
| Equity | 10/15 | €708,224 | €160,758 | -€547,467 | -77.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €658,224 | €110,758 | -€547,467 | -83.2% |
| Distributable reserves | 133 | €658,224 | €110,758 | -€547,467 | -83.2% |
| Amounts payable | 17/49 | €134,460 | €753,167 | +€618,707 | +460.1% |
| Amounts payable after more than one year | 17 | €58,779 | €48,810 | -€9,969 | -17.0% |
| Financial debts | 170/4 | €58,779 | €48,810 | -€9,969 | -17.0% |
| Amounts payable within one year | 42/48 | €73,618 | €704,303 | +€630,685 | +856.7% |
| Current portion of amounts payable after more than one year | 42 | €10,683 | €10,795 | +€113 | +1.1% |
| Trade debts | 44 | €12,377 | €100,489 | +€88,112 | +711.9% |
| Suppliers | 440/4 | €12,377 | €100,489 | +€88,112 | +711.9% |
| Taxes, remuneration and social security | 45 | €41,836 | €24,805 | -€17,031 | -40.7% |
| Taxes | 450/3 | €24,650 | €7,296 | -€17,354 | -70.4% |
| Remuneration and social security | 454/9 | €17,186 | €17,510 | +€323 | +1.9% |
| Other amounts payable | 47/48 | €8,723 | €568,213 | +€559,491 | +6414.3% |
| Accrued charges and deferred income | 492/3 | €2,063 | €54 | -€2,009 | -97.4% |
| Remuneration, social security and pensions | 62 | €332,619 | €317,947 | -€14,672 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,454 | €47,382 | +€928 | +2.0% |
| Other operating charges | 640/8 | €1,147 | €1,995 | +€847 | +73.9% |
| Gross operating margin | 9900 | €619,915 | €518,734 | -€101,181 | -16.3% |
| Operating profit (loss) | 9901 | €239,695 | €151,411 | -€88,284 | -36.8% |
| Financial income | 75/76B | €2,287 | €3,176 | +€889 | +38.9% |
| Recurring financial income | 75 | €2,287 | €3,176 | +€889 | +38.9% |
| Financial charges | 65/66B | €10,090 | €5,081 | -€5,008 | -49.6% |
| Recurring financial charges | 65 | €10,090 | €5,081 | -€5,008 | -49.6% |
| Profit (loss) for the period before taxes | 9903 | €231,892 | €149,505 | -€82,387 | -35.5% |
| Income taxes | 67/77 | €55,009 | €38,747 | -€16,262 | -29.6% |
| Profit (loss) for the period | 9904 | €176,883 | €110,758 | -€66,125 | -37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €176,883 | €110,758 | -€66,125 | -37.4% |
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 8 October 2026 via checked.be.