HAP AW: 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.
HAP AW
Largest movements
- Cash +€80,840
up €80,840 (+49.3%), from €164,049 to €244,889
mainly Net result for the year (+€131,733) and Depreciation (+€4,549)
- Current investments +€50,000
new in 2025: €50,000
- Reserves +€131,733
up €131,733 (+95.3%), from €138,291 to €270,024
- Other debts -€4,967
down €4,967 (-27.0%), from €18,405 to €13,438
- Gross operating margin -€9,124
down €9,124 (-3.8%), from €240,350 to €231,226
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 | €185,777 | €316,482 | +€130,705 | +70.4% |
| Fixed assets | 21/28 | €13,281 | €12,460 | -€821 | -6.2% |
| Tangible fixed assets | 22/27 | €13,281 | €12,460 | -€821 | -6.2% |
| Land and buildings | 22 | €12,137 | - | -€12,137 | |
| Plant, machinery and equipment | 23 | - | €3,689 | +€3,689 | |
| Furniture and vehicles | 24 | €1,145 | €680 | -€465 | -40.6% |
| Other tangible fixed assets | 26 | - | €8,091 | +€8,091 | |
| Current assets | 29/58 | €172,496 | €304,023 | +€131,527 | +76.2% |
| Current investments | 50/53 | - | €50,000 | +€50,000 | |
| Cash at bank and in hand | 54/58 | €164,049 | €244,889 | +€80,840 | +49.3% |
| Deferred charges and accrued income | 490/1 | €8,447 | €9,134 | +€687 | +8.1% |
| Total equity and liabilities | 10/49 | €185,777 | €316,482 | +€130,705 | +70.4% |
| Equity | 10/15 | €141,291 | €273,024 | +€131,733 | +93.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €138,291 | €270,024 | +€131,733 | +95.3% |
| Distributable reserves | 133 | €138,291 | €270,024 | +€131,733 | +95.3% |
| Amounts payable | 17/49 | €44,486 | €43,458 | -€1,028 | -2.3% |
| Amounts payable within one year | 42/48 | €41,831 | €38,353 | -€3,478 | -8.3% |
| Trade debts | 44 | €3,139 | €5,991 | +€2,851 | +90.8% |
| Suppliers | 440/4 | €3,139 | €5,991 | +€2,851 | +90.8% |
| Taxes, remuneration and social security | 45 | €20,287 | €18,924 | -€1,363 | -6.7% |
| Taxes | 450/3 | €20,287 | €8,135 | -€12,151 | -59.9% |
| Remuneration and social security | 454/9 | - | €10,789 | +€10,789 | |
| Other amounts payable | 47/48 | €18,405 | €13,438 | -€4,967 | -27.0% |
| Accrued charges and deferred income | 492/3 | €2,655 | €5,105 | +€2,450 | +92.3% |
| Remuneration, social security and pensions | 62 | €56,206 | €55,771 | -€435 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,295 | €4,549 | +€253 | +5.9% |
| Other operating charges | 640/8 | €944 | €959 | +€15 | +1.6% |
| Gross operating margin | 9900 | €240,350 | €231,226 | -€9,124 | -3.8% |
| Operating profit (loss) | 9901 | €178,904 | €169,947 | -€8,957 | -5.0% |
| Financial income | 75/76B | €42 | €1,142 | +€1,100 | +2595.5% |
| Recurring financial income | 75 | €42 | €1,142 | +€1,100 | +2595.5% |
| Financial charges | 65/66B | €465 | €1,205 | +€740 | +159.1% |
| Recurring financial charges | 65 | €465 | €1,205 | +€740 | +159.1% |
| Profit (loss) for the period before taxes | 9903 | €178,481 | €169,884 | -€8,598 | -4.8% |
| Income taxes | 67/77 | €40,190 | €38,151 | -€2,040 | -5.1% |
| Profit (loss) for the period | 9904 | €138,291 | €131,733 | -€6,558 | -4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €138,291 | €131,733 | -€6,558 | -4.7% |
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.