HAPI Vdh: 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.
HAPI Vdh
Largest movements
- Cash +€43,723
up €43,723 (+90.9%), from €48,082 to €91,805
mainly Net result for the year (+€26,890) and Depreciation (+€14,740)
- Tangible fixed assets -€12,285
down €12,285 (-23.5%), from €52,216 to €39,931
of which Furniture and vehicles: -€13,300
- Receivables within one year -€11,501
no longer reported in 2025 (was €11,501)
of which Trade receivables: -€10,718
- Stocks and contracts +€1,782
up €1,782 (+62.7%), from €2,840 to €4,622
- Reserves +€26,890
up €26,890 (+80.6%), from €33,382 to €60,272
- Debts after one year -€5,881
down €5,881 (-26.9%), from €21,862 to €15,981
- Gross operating margin +€24,821
up €24,821 (+79.5%), from €31,210 to €56,031
- Taxes +€7,451
up €7,451 (+144.7%), from €5,150 to €12,601
- Depreciation +€3,204
up €3,204 (+27.8%), from €11,536 to €14,740
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 | €115,908 | €137,596 | +€21,688 | +18.7% |
| Fixed assets | 21/28 | €52,216 | €39,931 | -€12,285 | -23.5% |
| Tangible fixed assets | 22/27 | €52,216 | €39,931 | -€12,285 | -23.5% |
| Plant, machinery and equipment | 23 | €3,419 | €4,434 | +€1,015 | +29.7% |
| Furniture and vehicles | 24 | €48,797 | €35,497 | -€13,300 | -27.3% |
| Current assets | 29/58 | €63,692 | €97,665 | +€33,973 | +53.3% |
| Stocks and contracts in progress | 3 | €2,840 | €4,622 | +€1,782 | +62.7% |
| Stocks | 30/36 | €2,840 | €4,622 | +€1,782 | +62.7% |
| Amounts receivable within one year | 40/41 | €11,501 | - | -€11,501 | |
| Trade receivables | 40 | €10,718 | - | -€10,718 | |
| Other amounts receivable | 41 | €783 | - | -€783 | |
| Cash at bank and in hand | 54/58 | €48,082 | €91,805 | +€43,723 | +90.9% |
| Deferred charges and accrued income | 490/1 | €1,269 | €1,238 | -€31 | -2.4% |
| Total equity and liabilities | 10/49 | €115,908 | €137,596 | +€21,688 | +18.7% |
| Equity | 10/15 | €38,382 | €65,272 | +€26,890 | +70.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €33,382 | €60,272 | +€26,890 | +80.6% |
| Distributable reserves | 133 | €33,382 | €60,272 | +€26,890 | +80.6% |
| Amounts payable | 17/49 | €77,526 | €72,324 | -€5,202 | -6.7% |
| Amounts payable after more than one year | 17 | €21,862 | €15,981 | -€5,881 | -26.9% |
| Financial debts | 170/4 | €21,862 | €15,981 | -€5,881 | -26.9% |
| Amounts payable within one year | 42/48 | €55,664 | €56,193 | +€529 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €5,609 | €5,881 | +€272 | +4.8% |
| Trade debts | 44 | €2,491 | €1,377 | -€1,114 | -44.7% |
| Suppliers | 440/4 | €2,491 | €1,377 | -€1,114 | -44.7% |
| Taxes, remuneration and social security | 45 | €3,307 | €4,672 | +€1,365 | +41.3% |
| Taxes | 450/3 | €3,307 | €4,672 | +€1,365 | +41.3% |
| Other amounts payable | 47/48 | €44,257 | €44,263 | +€6 | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €150 | +€150 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,536 | €14,740 | +€3,204 | +27.8% |
| Other operating charges | 640/8 | €861 | €494 | -€367 | -42.6% |
| Gross operating margin | 9900 | €31,210 | €56,031 | +€24,821 | +79.5% |
| Operating profit (loss) | 9901 | €18,813 | €40,797 | +€21,984 | +116.9% |
| Financial income | 75/76B | €9 | €81 | +€72 | +800.0% |
| Recurring financial income | 75 | €9 | €81 | +€72 | +800.0% |
| Financial charges | 65/66B | €1,031 | €1,387 | +€356 | +34.5% |
| Recurring financial charges | 65 | €1,031 | €1,387 | +€356 | +34.5% |
| Profit (loss) for the period before taxes | 9903 | €17,791 | €39,491 | +€21,700 | +122.0% |
| Income taxes | 67/77 | €5,150 | €12,601 | +€7,451 | +144.7% |
| Profit (loss) for the period | 9904 | €12,641 | €26,890 | +€14,249 | +112.7% |
| Profit (loss) for the period to be appropriated | 9905 | €12,641 | €26,890 | +€14,249 | +112.7% |
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 9 October 2026 via checked.be.