HAPEC: 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.
HAPEC
Largest movements
- Deferred charges and accrued income +€9,626
up €9,626 (+658.6%), from €1,462 to €11,087
- Receivables within one year +€3,680
up €3,680 (+141.5%), from €2,601 to €6,281
- Other debts +€55,651
up €55,651 (+113.4%), from €49,095 to €104,745
- Reserves -€24,924
down €24,924 (-13.4%), from €185,823 to €160,899
of which Distributable reserves: -€24,924
- Debts after one year -€16,116
down €16,116 (-37.1%), from €43,425 to €27,309
- Short-term financial debts -€3,674
no longer reported in 2025 (was €3,674)
- Gross operating margin -€17,622
down €17,622 (-44.8%), from €39,310 to €21,688
- Taxes -€6,695
down €6,695 (-64.3%), from €10,414 to €3,719
- Financial charges -€1,251
down €1,251 (-25.8%), from €4,858 to €3,606
- Depreciation -€962
down €962 (-29.8%), from €3,230 to €2,268
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 | €323,434 | €334,504 | +€11,070 | +3.4% |
| Fixed assets | 21/28 | €319,339 | €317,071 | -€2,268 | -0.7% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €2,268 | €0 | -€2,268 | -100.0% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €2,268 | €0 | -€2,268 | -100.0% |
| Financial fixed assets | 28 | €317,071 | €317,071 | = | 0.0% |
| Current assets | 29/58 | €4,095 | €17,433 | +€13,338 | +325.7% |
| Amounts receivable within one year | 40/41 | €2,601 | €6,281 | +€3,680 | +141.5% |
| Other amounts receivable | 41 | €2,601 | €6,281 | +€3,680 | +141.5% |
| Cash at bank and in hand | 54/58 | €33 | €65 | +€32 | +97.6% |
| Deferred charges and accrued income | 490/1 | €1,462 | €11,087 | +€9,626 | +658.6% |
| Total equity and liabilities | 10/49 | €323,434 | €334,504 | +€11,070 | +3.4% |
| Equity | 10/15 | €192,023 | €167,099 | -€24,924 | -13.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €185,823 | €160,899 | -€24,924 | -13.4% |
| 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 | €183,963 | €159,039 | -€24,924 | -13.5% |
| Amounts payable | 17/49 | €131,411 | €167,405 | +€35,994 | +27.4% |
| Amounts payable after more than one year | 17 | €43,425 | €27,309 | -€16,116 | -37.1% |
| Financial debts | 170/4 | €43,425 | €27,309 | -€16,116 | -37.1% |
| Amounts payable within one year | 42/48 | €86,131 | €139,851 | +€53,720 | +62.4% |
| Current portion of amounts payable after more than one year | 42 | €25,135 | €26,968 | +€1,833 | +7.3% |
| Financial debts | 43 | €3,674 | - | -€3,674 | |
| Credit institutions | 430/8 | €3,674 | - | -€3,674 | |
| Trade debts | 44 | €5,006 | €5,177 | +€170 | +3.4% |
| Suppliers | 440/4 | €5,006 | €5,177 | +€170 | +3.4% |
| Taxes, remuneration and social security | 45 | €3,221 | €2,961 | -€261 | -8.1% |
| Taxes | 450/3 | €3,221 | €2,961 | -€261 | -8.1% |
| Other amounts payable | 47/48 | €49,095 | €104,745 | +€55,651 | +113.4% |
| Accrued charges and deferred income | 492/3 | €1,855 | €245 | -€1,610 | -86.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,230 | €2,268 | -€962 | -29.8% |
| Other operating charges | 640/8 | €648 | €654 | +€6 | +1.0% |
| Gross operating margin | 9900 | €39,310 | €21,688 | -€17,622 | -44.8% |
| Operating profit (loss) | 9901 | €35,432 | €18,766 | -€16,667 | -47.0% |
| Financial charges | 65/66B | €4,858 | €3,606 | -€1,251 | -25.8% |
| Recurring financial charges | 65 | €4,858 | €3,606 | -€1,251 | -25.8% |
| Profit (loss) for the period before taxes | 9903 | €30,574 | €15,159 | -€15,415 | -50.4% |
| Income taxes | 67/77 | €10,414 | €3,719 | -€6,695 | -64.3% |
| Profit (loss) for the period | 9904 | €20,160 | €11,440 | -€8,720 | -43.3% |
| Profit (loss) for the period to be appropriated | 9905 | €20,160 | €11,440 | -€8,720 | -43.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.