HALPAJO: 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.
HALPAJO
Largest movements
- Receivables within one year +€58,758
up €58,758 (+23.1%), from €254,342 to €313,100
of which Trade receivables: +€59,000
- Other debts +€432,168
up €432,168 (+328%), from €131,659 to €563,827
- Reserves -€407,894
down €407,894 (-31.8%), from €1.3m to €873,007
of which Distributable reserves: -€407,894
- Tax, wage and social debts +€22,924
up €22,924 (+22.5%), from €101,772 to €124,697
- Financial income -€611,095
down €611,095 (-100%), from €611,095 to €0
- Taxes -€56,177
down €56,177 (-74.2%), from €75,756 to €19,579
- Other operating charges +€1,830
up €1,830 (+174%), from €1,053 to €2,882
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 | €1,536,743 | €1,584,100 | +€47,357 | +3.1% |
| Fixed assets | 21/28 | €1,271,000 | €1,271,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,271,000 | €1,271,000 | = | 0.0% |
| Current assets | 29/58 | €265,743 | €313,100 | +€47,357 | +17.8% |
| Amounts receivable within one year | 40/41 | €254,342 | €313,100 | +€58,758 | +23.1% |
| Trade receivables | 40 | €254,100 | €313,100 | +€59,000 | +23.2% |
| Other amounts receivable | 41 | €242 | €0 | -€242 | -100% |
| Cash at bank and in hand | 54/58 | €11,401 | €0 | -€11,401 | -100% |
| Total equity and liabilities | 10/49 | €1,536,743 | €1,584,100 | +€47,357 | +3.1% |
| Equity | 10/15 | €1,299,502 | €891,607 | -€407,894 | -31.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,280,902 | €873,007 | -€407,894 | -31.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,279,042 | €871,147 | -€407,894 | -31.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €237,241 | €692,493 | +€455,251 | +192% |
| Amounts payable within one year | 42/48 | €237,241 | €692,493 | +€455,251 | +192% |
| Financial debts | 43 | - | €112 | +€112 | |
| Credit institutions | 430/8 | - | €112 | +€112 | |
| Trade debts | 44 | €3,810 | €3,857 | +€47 | +1.2% |
| Suppliers | 440/4 | €3,810 | €3,857 | +€47 | +1.2% |
| Taxes, remuneration and social security | 45 | €101,772 | €124,697 | +€22,924 | +22.5% |
| Taxes | 450/3 | €101,772 | €124,697 | +€22,924 | +22.5% |
| Other amounts payable | 47/48 | €131,659 | €563,827 | +€432,168 | +328% |
| Other operating charges | 640/8 | €1,053 | €2,882 | +€1,830 | +174% |
| Gross operating margin | 9900 | €71,605 | €71,565 | -€40 | -0.1% |
| Operating profit (loss) | 9901 | €70,552 | €68,683 | -€1,870 | -2.6% |
| Financial income | 75/76B | €611,095 | €0 | -€611,095 | -100% |
| Recurring financial income | 75 | €611,095 | €0 | -€611,095 | -100% |
| Financial charges | 65/66B | €672 | €998 | +€326 | +48.5% |
| Recurring financial charges | 65 | €672 | €998 | +€326 | +48.5% |
| Profit (loss) for the period before taxes | 9903 | €680,975 | €67,684 | -€613,291 | -90.1% |
| Income taxes | 67/77 | €75,756 | €19,579 | -€56,177 | -74.2% |
| Profit (loss) for the period | 9904 | €605,219 | €48,106 | -€557,114 | -92.1% |
| Profit (loss) for the period to be appropriated | 9905 | €605,219 | €48,106 | -€557,114 | -92.1% |
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 27 October 2026 via checked.be.