HAPI S.A.: 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.
HAPI S.A.
Largest movements
- Receivables after one year +€21,492
new in 2025: €21,492
- Tangible fixed assets -€3,134
down €3,134 (-1.6%), from €201,686 to €198,552
of which Land and buildings: -€8,423
- Other debts +€246,466
up €246,466 (+202.2%), from €121,881 to €368,347
- Debts after one year -€208,128
no longer reported in 2025 (was €208,128)
- Profit (loss) carried forward -€21,152
down €21,152 (-6.5%), from -€327,686 to -€348,838
- Gross operating margin -€3,425
down €3,425 (-96.7%), from -€3,542 to -€6,968
- Other operating charges +€1,563
up €1,563 (+58.6%), from €2,667 to €4,230
- Financial charges +€183
up €183 (+133.2%), from €138 to €321
- Depreciation +€160
up €160 (+1.7%), from €9,473 to €9,633
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 | €203,637 | €222,045 | +€18,408 | +9.0% |
| Fixed assets | 21/28 | €201,686 | €198,552 | -€3,134 | -1.6% |
| Tangible fixed assets | 22/27 | €201,686 | €198,552 | -€3,134 | -1.6% |
| Land and buildings | 22 | €198,516 | €190,093 | -€8,423 | -4.2% |
| Furniture and vehicles | 24 | €3,170 | €8,459 | +€5,289 | +166.8% |
| Current assets | 29/58 | €1,951 | €23,493 | +€21,542 | +1104.2% |
| Amounts receivable after more than one year | 29 | - | €21,492 | +€21,492 | |
| Trade receivables | 290 | - | €21,492 | +€21,492 | |
| Cash at bank and in hand | 54/58 | €709 | €674 | -€35 | -4.9% |
| Deferred charges and accrued income | 490/1 | €1,242 | €1,326 | +€84 | +6.8% |
| Total equity and liabilities | 10/49 | €203,637 | €222,045 | +€18,408 | +9.0% |
| Equity | 10/15 | -€127,686 | -€148,838 | -€21,152 | -16.6% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€327,686 | -€348,838 | -€21,152 | -6.5% |
| Amounts payable | 17/49 | €331,323 | €370,883 | +€39,560 | +11.9% |
| Amounts payable after more than one year | 17 | €208,128 | - | -€208,128 | |
| Other amounts payable | 178/9 | €208,128 | - | -€208,128 | |
| Amounts payable within one year | 42/48 | €123,195 | €370,883 | +€247,688 | +201.1% |
| Trade debts | 44 | €1,314 | €2,536 | +€1,222 | +93.0% |
| Suppliers | 440/4 | €1,314 | €2,536 | +€1,222 | +93.0% |
| Other amounts payable | 47/48 | €121,881 | €368,347 | +€246,466 | +202.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,473 | €9,633 | +€160 | +1.7% |
| Other operating charges | 640/8 | €2,667 | €4,230 | +€1,563 | +58.6% |
| Gross operating margin | 9900 | -€3,542 | -€6,968 | -€3,425 | -96.7% |
| Operating profit (loss) | 9901 | -€15,682 | -€20,831 | -€5,149 | -32.8% |
| Financial charges | 65/66B | €138 | €321 | +€183 | +133.2% |
| Recurring financial charges | 65 | €138 | €321 | +€183 | +133.2% |
| Profit (loss) for the period before taxes | 9903 | -€15,820 | -€21,152 | -€5,332 | -33.7% |
| Profit (loss) for the period | 9904 | -€15,820 | -€21,152 | -€5,332 | -33.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,820 | -€21,152 | -€5,332 | -33.7% |
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 6 October 2026 via checked.be.