HADEP: 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.
HADEP
Largest movements
- Cash +€92,145
up €92,145 (+33.9%), from €272,081 to €364,226
mainly Net result for the year (+€51,459) and Debts within one year (+€47,558)
- Deferred charges and accrued income -€43,251
down €43,251 (-34.1%), from €126,724 to €83,473
- Tangible fixed assets +€23,537
up €23,537 (+4.3%), from €542,713 to €566,250
of which Assets under construction and advance payments: +€51,029
- Profit (loss) carried forward +€51,459
up €51,459 (+23.5%), from €219,122 to €270,581
- Debts within one year +€47,558
up €47,558 (+11.6%), from €411,039 to €458,597
of which Tax, wage and social debts: +€57,108
- Investment grants -€15,117
down €15,117 (-4.0%), from €373,594 to €358,477
- Gross operating margin +€73,215
up €73,215 (+3.8%), from €1.9m to €2.0m
- Staff costs +€37,943
up €37,943 (+2.0%), from €1.9m to €1.9m
- Write-downs -€25,032
down €25,032, from €12,516 to -€12,516
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 | €1,267,226 | €1,330,604 | +€63,378 | +5.0% |
| Fixed assets | 21/28 | €543,170 | €566,707 | +€23,537 | +4.3% |
| Tangible fixed assets | 22/27 | €542,713 | €566,250 | +€23,537 | +4.3% |
| Land and buildings | 22 | €492,273 | €460,844 | -€31,429 | -6.4% |
| Plant, machinery and equipment | 23 | €4,737 | €11,350 | +€6,613 | +139.6% |
| Furniture and vehicles | 24 | €45,703 | €43,027 | -€2,676 | -5.9% |
| Assets under construction and advance payments | 27 | - | €51,029 | +€51,029 | |
| Financial fixed assets | 28 | €457 | €457 | +€0 | +0.1% |
| Current assets | 29/58 | €724,056 | €763,897 | +€39,841 | +5.5% |
| Amounts receivable within one year | 40/41 | €325,251 | €316,197 | -€9,054 | -2.8% |
| Trade receivables | 40 | €47,011 | €36,099 | -€10,912 | -23.2% |
| Other amounts receivable | 41 | €278,240 | €280,098 | +€1,858 | +0.7% |
| Cash at bank and in hand | 54/58 | €272,081 | €364,226 | +€92,145 | +33.9% |
| Deferred charges and accrued income | 490/1 | €126,724 | €83,473 | -€43,251 | -34.1% |
| Total equity and liabilities | 10/49 | €1,267,226 | €1,330,604 | +€63,378 | +5.0% |
| Equity | 10/15 | €802,322 | €838,664 | +€36,342 | +4.5% |
| Contributions | 10/11 | €185,000 | €185,000 | = | 0.0% |
| Capital | 10 | €185,000 | €185,000 | = | 0.0% |
| Reserves | 13 | €24,606 | €24,606 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | €219,122 | €270,581 | +€51,459 | +23.5% |
| Investment grants | 15 | €373,594 | €358,477 | -€15,117 | -4.0% |
| Provisions and deferred taxes | 16 | €12,516 | - | -€12,516 | |
| Provisions for liabilities and charges | 160/5 | €12,516 | - | -€12,516 | |
| Other liabilities and charges | 164/5 | €12,516 | - | -€12,516 | |
| Amounts payable | 17/49 | €452,388 | €491,939 | +€39,551 | +8.7% |
| Amounts payable after more than one year | 17 | €24,473 | €18,478 | -€5,995 | -24.5% |
| Financial debts | 170/4 | €24,473 | €18,478 | -€5,995 | -24.5% |
| Amounts payable within one year | 42/48 | €411,039 | €458,597 | +€47,558 | +11.6% |
| Current portion of amounts payable after more than one year | 42 | €5,739 | €5,995 | +€256 | +4.5% |
| Trade debts | 44 | €46,422 | €82,685 | +€36,263 | +78.1% |
| Suppliers | 440/4 | €46,422 | €82,685 | +€36,263 | +78.1% |
| Taxes, remuneration and social security | 45 | €274,682 | €331,790 | +€57,108 | +20.8% |
| Taxes | 450/3 | €49,606 | €58,747 | +€9,141 | +18.4% |
| Remuneration and social security | 454/9 | €225,076 | €273,043 | +€47,967 | +21.3% |
| Accrued charges and deferred income | 492/3 | €16,876 | €14,864 | -€2,012 | -11.9% |
| Turnover | 70 | €373,693 | €390,203 | +€16,510 | +4.4% |
| Non-recurring operating income | 76A | €43,526 | €20,607 | -€22,919 | -52.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €408,812 | €406,080 | -€2,732 | -0.7% |
| Remuneration, social security and pensions | 62 | €1,884,798 | €1,922,741 | +€37,943 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,674 | €46,288 | +€6,614 | +16.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,516 | -€12,516 | -€25,032 | |
| Other operating charges | 640/8 | €4,243 | €3,754 | -€489 | -11.5% |
| Non-recurring operating charges | 66A | €38,422 | €29 | -€38,393 | -99.9% |
| Gross operating margin | 9900 | €1,939,823 | €2,013,038 | +€73,215 | +3.8% |
| Operating profit (loss) | 9901 | €21,620 | €52,742 | +€31,122 | +143.9% |
| Financial income | 75/76B | €7,779 | €548 | -€7,231 | -93.0% |
| Recurring financial income | 75 | €1,779 | €548 | -€1,231 | -69.2% |
| Non-recurring financial income | 76B | €6,000 | - | -€6,000 | |
| Financial charges | 65/66B | €1,131 | €1,831 | +€700 | +61.9% |
| Recurring financial charges | 65 | €1,131 | €1,831 | +€700 | +61.9% |
| Profit (loss) for the period before taxes | 9903 | €28,268 | €51,459 | +€23,191 | +82.0% |
| Profit (loss) for the period | 9904 | €28,268 | €51,459 | +€23,191 | +82.0% |
| Profit (loss) for the period to be appropriated | 9905 | €28,268 | €51,459 | +€23,191 | +82.0% |
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 1 October 2026 via checked.be.