HAP-invest: 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-invest
Largest movements
- Financial fixed assets +€1.3m
new in 2025: €1.3m
- Cash -€195,282
down €195,282 (-77.4%), from €252,382 to €57,100
mainly Investment in fixed assets (net) (-€1.3m) and Receivables within one year (-€51,403)
- Receivables within one year +€51,403
new in 2025: €51,403
- Deferred charges and accrued income +€20,723
new in 2025: €20,723
- Tangible fixed assets +€18,732
new in 2025: €18,732
- Debts after one year +€786,184
new in 2025: €786,184
- Contributions +€243,509
up €243,509 (+105%), from €232,183 to €475,692
- Current portion of long-term debt +€57,274
new in 2025: €57,274
- Reserves +€28,071
up €28,071 (+163%), from €17,249 to €45,320
- Other debts +€21,365
up €21,365 (+1,925%), from €1,110 to €22,475
- Gross operating margin +€89,469
up €89,469 (+1,733%), from €5,163 to €94,632
- Financial charges +€45,079
up €45,079 (+37,566%), from €120 to €45,199
- Taxes +€16,500
new in 2025: €16,500
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 | €252,382 | €1,397,958 | +€1.1m | +454% |
| Fixed assets | 21/28 | - | €1,268,732 | +€1.3m | |
| Tangible fixed assets | 22/27 | - | €18,732 | +€18,732 | |
| Furniture and vehicles | 24 | - | €18,732 | +€18,732 | |
| Financial fixed assets | 28 | - | €1,250,000 | +€1.3m | |
| Current assets | 29/58 | €252,382 | €129,226 | -€123,156 | -48.8% |
| Amounts receivable within one year | 40/41 | - | €51,403 | +€51,403 | |
| Trade receivables | 40 | - | €51,403 | +€51,403 | |
| Cash at bank and in hand | 54/58 | €252,382 | €57,100 | -€195,282 | -77.4% |
| Deferred charges and accrued income | 490/1 | - | €20,723 | +€20,723 | |
| Total equity and liabilities | 10/49 | €252,382 | €1,397,958 | +€1.1m | +454% |
| Equity | 10/15 | €248,922 | €521,013 | +€272,091 | +109% |
| Contributions | 10/11 | €232,183 | €475,692 | +€243,509 | +105% |
| Reserves | 13 | €17,249 | €45,320 | +€28,071 | +163% |
| Distributable reserves | 133 | €17,249 | €45,320 | +€28,071 | +163% |
| Profit (loss) carried forward | 14 | -€510 | - | +€510 | |
| Amounts payable | 17/49 | €3,460 | €876,946 | +€873,486 | +25,245% |
| Amounts payable after more than one year | 17 | - | €786,184 | +€786,184 | |
| Financial debts | 170/4 | - | €786,184 | +€786,184 | |
| Amounts payable within one year | 42/48 | €2,960 | €89,939 | +€86,979 | +2,938% |
| Current portion of amounts payable after more than one year | 42 | - | €57,274 | +€57,274 | |
| Trade debts | 44 | - | €3,690 | +€3,690 | |
| Suppliers | 440/4 | - | €3,690 | +€3,690 | |
| Taxes, remuneration and social security | 45 | €1,850 | €6,500 | +€4,650 | +251% |
| Taxes | 450/3 | €1,850 | €6,500 | +€4,650 | +251% |
| Other amounts payable | 47/48 | €1,110 | €22,475 | +€21,365 | +1,925% |
| Accrued charges and deferred income | 492/3 | €500 | €822 | +€322 | +64.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €714 | +€714 | |
| Other operating charges | 640/8 | €1,078 | €1,018 | -€61 | -5.6% |
| Gross operating margin | 9900 | €5,163 | €94,632 | +€89,469 | +1,733% |
| Operating profit (loss) | 9901 | €4,085 | €92,901 | +€88,816 | +2,174% |
| Financial income | 75/76B | - | €889 | +€889 | |
| Recurring financial income | 75 | - | €889 | +€889 | |
| Financial charges | 65/66B | €120 | €45,199 | +€45,079 | +37,566% |
| Recurring financial charges | 65 | €120 | €45,199 | +€45,079 | +37,566% |
| Profit (loss) for the period before taxes | 9903 | €3,965 | €48,591 | +€44,626 | +1,126% |
| Income taxes | 67/77 | - | €16,500 | +€16,500 | |
| Profit (loss) for the period | 9904 | €3,965 | €32,091 | +€28,126 | +709% |
| Profit (loss) for the period to be appropriated | 9905 | €3,965 | €32,091 | +€28,126 | +709% |
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 31 October 2026 via checked.be.