HAP ELEKTRO: 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.
HAP ELEKTRO
Largest movements
- Cash -€45,297
down €45,297 (-79.9%), from €56,684 to €11,387
mainly Short-term financial debts (-€50,000) and Trade debts (-€33,759)
- Tangible fixed assets -€23,438
down €23,438 (-5.2%), from €453,321 to €429,884
of which Plant, machinery and equipment: -€18,824
- Receivables within one year -€20,508
down €20,508 (-19.7%), from €104,084 to €83,576
of which Other amounts receivable: -€15,684
- Short-term financial debts -€50,000
down €50,000 (-52.6%), from €95,000 to €45,000
- Trade debts -€33,759
down €33,759 (-23.0%), from €146,688 to €112,929
- Debts after one year -€29,788
down €29,788 (-11.4%), from €261,685 to €231,897
- Reserves +€9,012
up €9,012 (+6.1%), from €146,693 to €155,705
of which Distributable reserves: +€12,000
- Other debts +€8,355
up €8,355 (+22.7%), from €36,874 to €45,228
- Gross operating margin +€49,959
up €49,959 (+17.8%), from €279,890 to €329,849
- Staff costs +€14,641
up €14,641 (+6.8%), from €216,376 to €231,017
- Taxes +€6,172
up €6,172 (+348%), from €1,774 to €7,946
- Financial charges +€3,934
up €3,934 (+14.1%), from €27,940 to €31,874
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 | €803,688 | €709,064 | -€94,623 | -11.8% |
| Fixed assets | 21/28 | €453,321 | €429,884 | -€23,438 | -5.2% |
| Tangible fixed assets | 22/27 | €453,321 | €429,884 | -€23,438 | -5.2% |
| Land and buildings | 22 | €332,074 | €326,491 | -€5,584 | -1.7% |
| Plant, machinery and equipment | 23 | €103,793 | €84,969 | -€18,824 | -18.1% |
| Furniture and vehicles | 24 | €17,454 | €18,424 | +€970 | +5.6% |
| Current assets | 29/58 | €350,366 | €279,181 | -€71,186 | -20.3% |
| Stocks and contracts in progress | 3 | €189,598 | €184,218 | -€5,380 | -2.8% |
| Stocks | 30/36 | €145,310 | €133,602 | -€11,708 | -8.1% |
| Contracts in progress | 37 | €44,288 | €50,616 | +€6,328 | +14.3% |
| Amounts receivable within one year | 40/41 | €104,084 | €83,576 | -€20,508 | -19.7% |
| Trade receivables | 40 | €74,732 | €69,908 | -€4,824 | -6.5% |
| Other amounts receivable | 41 | €29,352 | €13,668 | -€15,684 | -53.4% |
| Cash at bank and in hand | 54/58 | €56,684 | €11,387 | -€45,297 | -79.9% |
| Total equity and liabilities | 10/49 | €803,688 | €709,064 | -€94,623 | -11.8% |
| Equity | 10/15 | €188,160 | €200,923 | +€12,762 | +6.8% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €146,693 | €155,705 | +€9,012 | +6.1% |
| Non-distributable reserves | 130/1 | €2,335 | €2,335 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,335 | €2,335 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,358 | €8,370 | -€2,988 | -26.3% |
| Distributable reserves | 133 | €133,000 | €145,000 | +€12,000 | +9.0% |
| Profit (loss) carried forward | 14 | -€3,532 | €217 | +€3,750 | |
| Provisions and deferred taxes | 16 | €2,839 | €2,093 | -€747 | -26.3% |
| Deferred taxes | 168 | €2,839 | €2,093 | -€747 | -26.3% |
| Amounts payable | 17/49 | €612,688 | €506,049 | -€106,639 | -17.4% |
| Amounts payable after more than one year | 17 | €261,685 | €231,897 | -€29,788 | -11.4% |
| Financial debts | 170/4 | €261,685 | €231,897 | -€29,788 | -11.4% |
| Amounts payable within one year | 42/48 | €351,003 | €274,152 | -€76,851 | -21.9% |
| Current portion of amounts payable after more than one year | 42 | €40,016 | €40,573 | +€557 | +1.4% |
| Financial debts | 43 | €95,000 | €45,000 | -€50,000 | -52.6% |
| Credit institutions | 430/8 | €95,000 | €45,000 | -€50,000 | -52.6% |
| Trade debts | 44 | €146,688 | €112,929 | -€33,759 | -23.0% |
| Suppliers | 440/4 | €146,688 | €112,929 | -€33,759 | -23.0% |
| Taxes, remuneration and social security | 45 | €32,425 | €30,421 | -€2,004 | -6.2% |
| Taxes | 450/3 | €11,974 | €10,903 | -€1,072 | -8.9% |
| Remuneration and social security | 454/9 | €20,451 | €19,519 | -€932 | -4.6% |
| Other amounts payable | 47/48 | €36,874 | €45,228 | +€8,355 | +22.7% |
| Non-recurring operating income | 76A | €4,300 | - | -€4,300 | |
| Remuneration, social security and pensions | 62 | €216,376 | €231,017 | +€14,641 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,823 | €41,835 | -€1,988 | -4.5% |
| Other operating charges | 640/8 | €3,271 | €3,766 | +€496 | +15.2% |
| Non-recurring operating charges | 66A | - | €3,649 | +€3,649 | |
| Gross operating margin | 9900 | €279,890 | €329,849 | +€49,959 | +17.8% |
| Operating profit (loss) | 9901 | €16,420 | €49,581 | +€33,161 | +202% |
| Financial income | 75/76B | €2,315 | €2,254 | -€61 | -2.6% |
| Recurring financial income | 75 | €2,315 | €2,254 | -€61 | -2.6% |
| Financial charges | 65/66B | €27,940 | €31,874 | +€3,934 | +14.1% |
| Recurring financial charges | 65 | €27,940 | €31,874 | +€3,934 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | -€9,205 | €19,961 | +€29,166 | |
| Transfer from deferred taxes | 780 | €747 | €747 | = | 0.0% |
| Income taxes | 67/77 | €1,774 | €7,946 | +€6,172 | +348% |
| Profit (loss) for the period | 9904 | -€10,231 | €12,762 | +€22,994 | |
| Transfer from tax-exempt reserves | 789 | €2,988 | €2,988 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,244 | €15,750 | +€22,994 |
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 14 October 2026 via checked.be.