HAKAPHAR: 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.
What changed
HAKAPHAR
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€82,164
2024 · €84,679-€2,515
Equity
€668,384
2024 · €573,820+€94,564
Cash
€32,329
2024 · €35,978-€3,649
Balance sheet total
€1.6m
2024 · €1.2m+€480,242
Largest movements
Assets
- Receivables within one year +€501,092
up €501,092 (+289%), from €173,417 to €674,508
of which Trade receivables: +€411,943
Equity and liabilities
- Other debts +€431,262
up €431,262 (+352%), from €122,344 to €553,606
- Reserves +€82,164
up €82,164 (+14.5%), from €567,620 to €649,784
- Debts after one year -€64,209
down €64,209 (-18.9%), from €339,102 to €274,893
- Accrued charges and deferred income +€17,271
up €17,271 (+197%), from €8,761 to €26,032
Income statement
- Financial charges +€16,681
up €16,681 (+115%), from €14,479 to €31,161
- Gross operating margin +€9,535
up €9,535 (+6.6%), from €143,577 to €153,112
- Financial income +€2,723
up €2,723 (+53.4%), from €5,098 to €7,820
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.
Result 2024
€84,679
Gross operating margin
+€9,535
Other operating charges
-€11
Other operating items
+€479
Financial income
+€2,723
Financial charges
-€16,681
Taxes
+€1,440
Result 2025
€82,164
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€52,746
Investment
-€98
Financing
-€56,296
Cash 2024
€35,978
From operations (derived)
+€52,746
Net result for the year
+€82,164
Depreciation
+€13,356
Receivables within one year
-€501,092
Deferred charges and accrued income
+€3,943
Trade debts
+€2,871
Tax, wage and social debts
+€2,970
Other debts
+€431,262
Accrued charges and deferred income
+€17,271
Investment (derived)
-€98
Current investments
-€98
Financing
-€56,296
Debts after one year
-€64,209
Current portion of long-term debt
-€4,304
Short-term financial debts
-€183
Contributions, distributions and other
+€12,400
Cash 2025
€32,329
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,155,109 | €1,635,351 | +€480,242 | +41.6% |
| Fixed assets | 21/28 | €916,338 | €902,981 | -€13,356 | -1.5% |
| Tangible fixed assets | 22/27 | €50,258 | €36,902 | -€13,356 | -26.6% |
| Furniture and vehicles | 24 | €50,258 | €36,902 | -€13,356 | -26.6% |
| Financial fixed assets | 28 | €866,079 | €866,079 | = | 0.0% |
| Current assets | 29/58 | €238,772 | €732,370 | +€493,599 | +207% |
| Amounts receivable within one year | 40/41 | €173,417 | €674,508 | +€501,092 | +289% |
| Trade receivables | 40 | €3,775 | €415,718 | +€411,943 | +10,912% |
| Other amounts receivable | 41 | €169,641 | €258,791 | +€89,149 | +52.6% |
| Current investments | 50/53 | €23,379 | €23,477 | +€98 | +0.4% |
| Cash at bank and in hand | 54/58 | €35,978 | €32,329 | -€3,649 | -10.1% |
| Deferred charges and accrued income | 490/1 | €5,998 | €2,055 | -€3,943 | -65.7% |
| Total equity and liabilities | 10/49 | €1,155,109 | €1,635,351 | +€480,242 | +41.6% |
| Equity | 10/15 | €573,820 | €668,384 | +€94,564 | +16.5% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200% |
| Reserves | 13 | €567,620 | €649,784 | +€82,164 | +14.5% |
| Distributable reserves | 133 | €567,620 | €649,784 | +€82,164 | +14.5% |
| Amounts payable | 17/49 | €581,289 | €966,967 | +€385,678 | +66.3% |
| Amounts payable after more than one year | 17 | €339,102 | €274,893 | -€64,209 | -18.9% |
| Financial debts | 170/4 | €339,102 | €274,893 | -€64,209 | -18.9% |
| Amounts payable within one year | 42/48 | €233,426 | €666,042 | +€432,617 | +185% |
| Current portion of amounts payable after more than one year | 42 | €73,263 | €68,959 | -€4,304 | -5.9% |
| Financial debts | 43 | €11,850 | €11,667 | -€183 | -1.5% |
| Credit institutions | 430/8 | €11,850 | €11,667 | -€183 | -1.5% |
| Trade debts | 44 | €6,005 | €8,877 | +€2,871 | +47.8% |
| Suppliers | 440/4 | €6,005 | €8,877 | +€2,871 | +47.8% |
| Taxes, remuneration and social security | 45 | €19,964 | €22,934 | +€2,970 | +14.9% |
| Taxes | 450/3 | €19,964 | €19,766 | -€198 | -1.0% |
| Remuneration and social security | 454/9 | €0 | €3,168 | +€3,168 | |
| Other amounts payable | 47/48 | €122,344 | €553,606 | +€431,262 | +352% |
| Accrued charges and deferred income | 492/3 | €8,761 | €26,032 | +€17,271 | +197% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,356 | €13,356 | = | 0.0% |
| Other operating charges | 640/8 | €1,101 | €1,112 | +€11 | +1.0% |
| Non-recurring operating charges | 66A | €532 | €53 | -€479 | -90.0% |
| Gross operating margin | 9900 | €143,577 | €153,112 | +€9,535 | +6.6% |
| Operating profit (loss) | 9901 | €128,588 | €138,591 | +€10,003 | +7.8% |
| Financial income | 75/76B | €5,098 | €7,820 | +€2,723 | +53.4% |
| Recurring financial income | 75 | €5,098 | €7,820 | +€2,723 | +53.4% |
| Financial charges | 65/66B | €14,479 | €31,161 | +€16,681 | +115% |
| Recurring financial charges | 65 | €14,479 | €31,161 | +€16,681 | +115% |
| Profit (loss) for the period before taxes | 9903 | €119,206 | €115,251 | -€3,955 | -3.3% |
| Income taxes | 67/77 | €34,527 | €33,086 | -€1,440 | -4.2% |
| Profit (loss) for the period | 9904 | €84,679 | €82,164 | -€2,515 | -3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €84,679 | €82,164 | -€2,515 | -3.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.