HAPATRIM: 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
HAPATRIM
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€219,291
2024 · €92,730+€126,562
Equity
€1.3m
2024 · €1.1m+€219,291
Cash
€84,997
2024 · €68,203+€16,794
Balance sheet total
€5.1m
2024 · €4.5m+€613,502
Largest movements
Assets
- Tangible fixed assets +€576,710
up €576,710 (+19.9%), from €2.9m to €3.5m
of which Land and buildings: +€479,973
Equity and liabilities
- Debts after one year +€272,414
up €272,414 (+15.8%), from €1.7m to €2.0m
- Profit (loss) carried forward +€219,291
up €219,291 (+54.3%), from €404,090 to €623,382
- Current portion of long-term debt +€77,562
up €77,562 (+24.1%), from €322,462 to €400,025
Income statement
- Gross operating margin +€146,916
up €146,916 (+36.1%), from €406,566 to €553,483
- Financial income +€36,999
up €36,999 (+3,854,067%), from €1 to €37,000
- Depreciation +€21,498
up €21,498 (+17.9%), from €120,131 to €141,629
- Staff costs +€20,858
up €20,858 (+41.2%), from €50,578 to €71,437
- Taxes +€9,133
up €9,133 (+69.2%), from €13,193 to €22,326
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
€92,730
Gross operating margin
+€146,916
Staff costs
-€20,858
Depreciation
-€21,498
Other operating charges
-€734
Financial income
+€36,999
Financial charges
-€5,130
Taxes
-€9,133
Result 2025
€219,291
raises the resultlowers the result
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
+€385,157
Investment
-€718,339
Financing
+€349,976
Cash 2024
€68,203
From operations (derived)
+€385,157
Net result for the year
+€219,291
Depreciation
+€141,629
Receivables within one year
-€20,146
Deferred charges and accrued income
+€148
Trade debts
+€5,329
Tax, wage and social debts
-€5,969
Other debts
-€5,000
Accrued charges and deferred income
+€49,875
Investment (derived)
-€718,339
Investment in fixed assets (net)
-€718,339
Financing
+€349,976
Debts after one year
+€272,414
Current portion of long-term debt
+€77,562
Cash 2025
€84,997
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,507,329 | €5,120,830 | +€613,502 | +13.6% |
| Fixed assets | 21/28 | €4,406,687 | €4,983,397 | +€576,710 | +13.1% |
| Tangible fixed assets | 22/27 | €2,893,353 | €3,470,064 | +€576,710 | +19.9% |
| Land and buildings | 22 | €2,892,957 | €3,372,930 | +€479,973 | +16.6% |
| Plant, machinery and equipment | 23 | €396 | €97,134 | +€96,737 | +24,415% |
| Financial fixed assets | 28 | €1,513,333 | €1,513,333 | = | 0.0% |
| Current assets | 29/58 | €100,642 | €137,433 | +€36,792 | +36.6% |
| Amounts receivable within one year | 40/41 | €32,290 | €52,436 | +€20,146 | +62.4% |
| Trade receivables | 40 | €27,741 | €19,434 | -€8,307 | -29.9% |
| Other amounts receivable | 41 | €4,549 | €33,002 | +€28,453 | +625% |
| Cash at bank and in hand | 54/58 | €68,203 | €84,997 | +€16,794 | +24.6% |
| Deferred charges and accrued income | 490/1 | €148 | €0 | -€148 | -100% |
| Total equity and liabilities | 10/49 | €4,507,329 | €5,120,830 | +€613,502 | +13.6% |
| Equity | 10/15 | €1,064,090 | €1,283,382 | +€219,291 | +20.6% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Capital | 10 | €600,000 | €600,000 | = | 0.0% |
| Issued capital | 100 | €600,000 | €600,000 | = | 0.0% |
| Reserves | 13 | €60,000 | €60,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €60,000 | €60,000 | = | 0.0% |
| Legal reserve | 130 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €404,090 | €623,382 | +€219,291 | +54.3% |
| Amounts payable | 17/49 | €3,443,238 | €3,837,449 | +€394,210 | +11.4% |
| Amounts payable after more than one year | 17 | €1,725,288 | €1,997,702 | +€272,414 | +15.8% |
| Financial debts | 170/4 | €1,725,288 | €1,997,702 | +€272,414 | +15.8% |
| Amounts payable within one year | 42/48 | €1,621,571 | €1,693,493 | +€71,922 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €322,462 | €400,025 | +€77,562 | +24.1% |
| Trade debts | 44 | €43,148 | €48,476 | +€5,329 | +12.3% |
| Suppliers | 440/4 | €43,148 | €48,476 | +€5,329 | +12.3% |
| Taxes, remuneration and social security | 45 | €31,961 | €25,992 | -€5,969 | -18.7% |
| Taxes | 450/3 | €19,804 | €15,755 | -€4,048 | -20.4% |
| Remuneration and social security | 454/9 | €12,158 | €10,237 | -€1,920 | -15.8% |
| Other amounts payable | 47/48 | €1,224,000 | €1,219,000 | -€5,000 | -0.4% |
| Accrued charges and deferred income | 492/3 | €96,379 | €146,253 | +€49,875 | +51.7% |
| Remuneration, social security and pensions | 62 | €50,578 | €71,437 | +€20,858 | +41.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,131 | €141,629 | +€21,498 | +17.9% |
| Other operating charges | 640/8 | €17,165 | €17,899 | +€734 | +4.3% |
| Gross operating margin | 9900 | €406,566 | €553,483 | +€146,916 | +36.1% |
| Operating profit (loss) | 9901 | €218,692 | €322,517 | +€103,825 | +47.5% |
| Financial income | 75/76B | €1 | €37,000 | +€36,999 | +3,854,067% |
| Recurring financial income | 75 | €1 | €37,000 | +€36,999 | +3,854,067% |
| Financial charges | 65/66B | €112,770 | €117,900 | +€5,130 | +4.5% |
| Recurring financial charges | 65 | €112,770 | €117,900 | +€5,130 | +4.5% |
| Profit (loss) for the period before taxes | 9903 | €105,923 | €241,617 | +€135,695 | +128% |
| Income taxes | 67/77 | €13,193 | €22,326 | +€9,133 | +69.2% |
| Profit (loss) for the period | 9904 | €92,730 | €219,291 | +€126,562 | +136% |
| Profit (loss) for the period to be appropriated | 9905 | €92,730 | €219,291 | +€126,562 | +136% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.