HAPOFIN: 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.
HAPOFIN
Largest movements
- Receivables after one year +€113,468
up €113,468 (+133%), from €85,094 to €198,562
- Receivables within one year +€30,712
new in 2025: €30,712
- Cash -€26,834
down €26,834 (-41.0%), from €65,495 to €38,661
mainly Receivables after one year (-€113,468) and Receivables within one year (-€30,712)
- Tangible fixed assets -€10,762
down €10,762 (-72.6%), from €14,814 to €4,053
- Financial fixed assets -€5,500
down €5,500 (-3.8%), from €143,000 to €137,500
- Other debts +€62,031
up €62,031 (+390%), from €15,895 to €77,926
- Reserves +€37,062
up €37,062 (+13.6%), from €272,585 to €309,647
- Trade debts +€5,461
up €5,461 (+114%), from €4,784 to €10,246
- Gross operating margin -€51,400
down €51,400 (-46.7%), from €110,007 to €58,607
- Taxes -€14,643
down €14,643 (-43.3%), from €33,807 to €19,164
- Financial income +€8,674
up €8,674 (+521%), from €1,664 to €10,338
- Financial charges +€1,540
up €1,540 (+576%), from €267 to €1,807
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 | €309,327 | €412,432 | +€103,105 | +33.3% |
| Fixed assets | 21/28 | €157,814 | €141,553 | -€16,262 | -10.3% |
| Tangible fixed assets | 22/27 | €14,814 | €4,053 | -€10,762 | -72.6% |
| Furniture and vehicles | 24 | €14,814 | €4,053 | -€10,762 | -72.6% |
| Financial fixed assets | 28 | €143,000 | €137,500 | -€5,500 | -3.8% |
| Current assets | 29/58 | €151,512 | €270,880 | +€119,367 | +78.8% |
| Amounts receivable after more than one year | 29 | €85,094 | €198,562 | +€113,468 | +133% |
| Other amounts receivable | 291 | €85,094 | €198,562 | +€113,468 | +133% |
| Amounts receivable within one year | 40/41 | - | €30,712 | +€30,712 | |
| Trade receivables | 40 | - | €30,712 | +€30,712 | |
| Current investments | 50/53 | €29 | €17 | -€12 | -40.7% |
| Cash at bank and in hand | 54/58 | €65,495 | €38,661 | -€26,834 | -41.0% |
| Deferred charges and accrued income | 490/1 | €894 | €2,927 | +€2,033 | +227% |
| Total equity and liabilities | 10/49 | €309,327 | €412,432 | +€103,105 | +33.3% |
| Equity | 10/15 | €278,785 | €315,847 | +€37,062 | +13.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €272,585 | €309,647 | +€37,062 | +13.6% |
| Distributable reserves | 133 | €272,585 | €309,647 | +€37,062 | +13.6% |
| Amounts payable | 17/49 | €30,542 | €96,585 | +€66,043 | +216% |
| Amounts payable within one year | 42/48 | €30,542 | €96,585 | +€66,043 | +216% |
| Current portion of amounts payable after more than one year | 42 | €2,542 | - | -€2,542 | |
| Financial debts | 43 | €14 | - | -€14 | |
| Credit institutions | 430/8 | €14 | - | -€14 | |
| Trade debts | 44 | €4,784 | €10,246 | +€5,461 | +114% |
| Suppliers | 440/4 | €4,784 | €10,246 | +€5,461 | +114% |
| Taxes, remuneration and social security | 45 | €7,307 | €8,413 | +€1,107 | +15.1% |
| Taxes | 450/3 | €7,307 | €8,413 | +€1,107 | +15.1% |
| Other amounts payable | 47/48 | €15,895 | €77,926 | +€62,031 | +390% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,055 | €10,762 | -€293 | -2.7% |
| Other operating charges | 640/8 | €337 | €151 | -€187 | -55.3% |
| Gross operating margin | 9900 | €110,007 | €58,607 | -€51,400 | -46.7% |
| Operating profit (loss) | 9901 | €98,615 | €47,695 | -€50,921 | -51.6% |
| Financial income | 75/76B | €1,664 | €10,338 | +€8,674 | +521% |
| Recurring financial income | 75 | €1,664 | €10,338 | +€8,674 | +521% |
| Financial charges | 65/66B | €267 | €1,807 | +€1,540 | +576% |
| Recurring financial charges | 65 | €267 | €1,807 | +€1,540 | +576% |
| Profit (loss) for the period before taxes | 9903 | €100,012 | €56,226 | -€43,786 | -43.8% |
| Income taxes | 67/77 | €33,807 | €19,164 | -€14,643 | -43.3% |
| Profit (loss) for the period | 9904 | €66,205 | €37,062 | -€29,143 | -44.0% |
| Profit (loss) for the period to be appropriated | 9905 | €66,205 | €37,062 | -€29,143 | -44.0% |
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 28 October 2026 via checked.be.