HAGAPO: 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.
HAGAPO
Largest movements
- Receivables within one year +€30,127
up €30,127 (+206.2%), from €14,611 to €44,739
- Cash -€9,602
down €9,602 (-74.1%), from €12,965 to €3,363
mainly Receivables within one year (-€30,127) and Accrued charges and deferred income (-€5,244)
- Tangible fixed assets -€1,706
no longer reported in 2026 (was €1,706)
of which Land and buildings: -€1,706
- Deferred charges and accrued income -€1,042
no longer reported in 2026 (was €1,042)
- Reserves +€23,734
up €23,734 (+139.7%), from €16,990 to €40,724
- Accrued charges and deferred income -€5,244
no longer reported in 2026 (was €5,244)
- Trade debts +€1,547
up €1,547 (+27.0%), from €5,731 to €7,278
- Tax, wage and social debts -€1,400
no longer reported in 2026 (was €1,400)
- Other debts -€859
no longer reported in 2026 (was €859)
- Gross operating margin -€17,599
down €17,599 (-32.2%), from €54,737 to €37,138
- Other operating charges -€3,129
down €3,129 (-58.4%), from €5,356 to €2,226
- Taxes -€2,825
down €2,825 (-20.3%), from €13,900 to €11,076
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €30,324 | €48,102 | +€17,778 | +58.6% |
| Fixed assets | 21/28 | €1,706 | - | -€1,706 | |
| Tangible fixed assets | 22/27 | €1,706 | - | -€1,706 | |
| Land and buildings | 22 | €1,706 | - | -€1,706 | |
| Plant, machinery and equipment | 23 | €0 | - | -€0 | |
| Current assets | 29/58 | €28,619 | €48,102 | +€19,483 | +68.1% |
| Amounts receivable within one year | 40/41 | €14,611 | €44,739 | +€30,127 | +206.2% |
| Other amounts receivable | 41 | €14,611 | €44,739 | +€30,127 | +206.2% |
| Cash at bank and in hand | 54/58 | €12,965 | €3,363 | -€9,602 | -74.1% |
| Deferred charges and accrued income | 490/1 | €1,042 | - | -€1,042 | |
| Total equity and liabilities | 10/49 | €30,324 | €48,102 | +€17,778 | +58.6% |
| Equity | 10/15 | €17,090 | €40,824 | +€23,734 | +138.9% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €16,990 | €40,724 | +€23,734 | +139.7% |
| Distributable reserves | 133 | €16,990 | €40,724 | +€23,734 | +139.7% |
| Amounts payable | 17/49 | €13,234 | €7,278 | -€5,956 | -45.0% |
| Amounts payable within one year | 42/48 | €7,990 | €7,278 | -€712 | -8.9% |
| Trade debts | 44 | €5,731 | €7,278 | +€1,547 | +27.0% |
| Suppliers | 440/4 | €5,731 | €7,278 | +€1,547 | +27.0% |
| Taxes, remuneration and social security | 45 | €1,400 | - | -€1,400 | |
| Taxes | 450/3 | €1,400 | - | -€1,400 | |
| Other amounts payable | 47/48 | €859 | - | -€859 | |
| Accrued charges and deferred income | 492/3 | €5,244 | - | -€5,244 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €494 | €70 | -€425 | -85.9% |
| Other operating charges | 640/8 | €5,356 | €2,226 | -€3,129 | -58.4% |
| Gross operating margin | 9900 | €54,737 | €37,138 | -€17,599 | -32.2% |
| Operating profit (loss) | 9901 | €48,887 | €34,842 | -€14,045 | -28.7% |
| Financial charges | 65/66B | €81 | €32 | -€49 | -60.6% |
| Recurring financial charges | 65 | €81 | €32 | -€49 | -60.6% |
| Profit (loss) for the period before taxes | 9903 | €48,806 | €34,810 | -€13,996 | -28.7% |
| Income taxes | 67/77 | €13,900 | €11,076 | -€2,825 | -20.3% |
| Profit (loss) for the period | 9904 | €34,905 | €23,734 | -€11,171 | -32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €34,905 | €23,734 | -€11,171 | -32.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.