HATCHEPSOUT: 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.
HATCHEPSOUT
Largest movements
- Receivables within one year +€47,659
up €47,659 (+220.9%), from €21,573 to €69,233
of which Trade receivables: +€37,124
- Cash +€27,285
up €27,285 (+2563.3%), from €1,064 to €28,349
mainly Net result for the year (+€68,066) and Tax, wage and social debts (+€11,727)
- Tangible fixed assets +€2,726
new in 2025: €2,726
- Reserves +€68,066
up €68,066 (+593.9%), from €11,462 to €79,528
- Tax, wage and social debts +€11,727
up €11,727 (+140.5%), from €8,347 to €20,075
- Gross operating margin +€73,425
up €73,425 (+451.1%), from €16,278 to €89,704
- Taxes +€13,496
up €13,496 (+288.7%), from €4,675 to €18,171
- Financial charges +€2,976
up €2,976 (+11445.3%), from €26 to €3,002
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 | €25,737 | €103,661 | +€77,923 | +302.8% |
| Formation expenses | 20 | €1,575 | €1,238 | -€337 | -21.4% |
| Fixed assets | 21/28 | - | €2,726 | +€2,726 | |
| Tangible fixed assets | 22/27 | - | €2,726 | +€2,726 | |
| Furniture and vehicles | 24 | - | €2,726 | +€2,726 | |
| Current assets | 29/58 | €24,162 | €99,697 | +€75,535 | +312.6% |
| Amounts receivable within one year | 40/41 | €21,573 | €69,233 | +€47,659 | +220.9% |
| Trade receivables | 40 | €19,248 | €56,372 | +€37,124 | +192.9% |
| Other amounts receivable | 41 | €2,325 | €12,861 | +€10,535 | +453.1% |
| Cash at bank and in hand | 54/58 | €1,064 | €28,349 | +€27,285 | +2563.3% |
| Deferred charges and accrued income | 490/1 | €1,525 | €2,115 | +€590 | +38.7% |
| Total equity and liabilities | 10/49 | €25,737 | €103,661 | +€77,923 | +302.8% |
| Equity | 10/15 | €13,462 | €81,528 | +€68,066 | +505.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €11,462 | €79,528 | +€68,066 | +593.9% |
| Distributable reserves | 133 | €11,462 | €79,528 | +€68,066 | +593.9% |
| Amounts payable | 17/49 | €12,276 | €22,133 | +€9,857 | +80.3% |
| Amounts payable within one year | 42/48 | €12,276 | €22,133 | +€9,857 | +80.3% |
| Trade debts | 44 | €2,984 | €2,058 | -€926 | -31.0% |
| Suppliers | 440/4 | €2,984 | €2,058 | -€926 | -31.0% |
| Taxes, remuneration and social security | 45 | €8,347 | €20,075 | +€11,727 | +140.5% |
| Taxes | 450/3 | €8,347 | €20,075 | +€11,727 | +140.5% |
| Other amounts payable | 47/48 | €944 | - | -€944 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110 | €626 | +€516 | +467.5% |
| Other operating charges | 640/8 | €5 | €138 | +€133 | +2444.5% |
| Gross operating margin | 9900 | €16,278 | €89,704 | +€73,425 | +451.1% |
| Operating profit (loss) | 9901 | €16,163 | €88,939 | +€72,777 | +450.3% |
| Financial income | 75/76B | €0 | €300 | +€300 | +375437.5% |
| Recurring financial income | 75 | €0 | €300 | +€300 | +375437.5% |
| Financial charges | 65/66B | €26 | €3,002 | +€2,976 | +11445.3% |
| Recurring financial charges | 65 | €26 | €3,002 | +€2,976 | +11445.3% |
| Profit (loss) for the period before taxes | 9903 | €16,137 | €86,238 | +€70,101 | +434.4% |
| Income taxes | 67/77 | €4,675 | €18,171 | +€13,496 | +288.7% |
| Profit (loss) for the period | 9904 | €11,462 | €68,066 | +€56,605 | +493.9% |
| Profit (loss) for the period to be appropriated | 9905 | €11,462 | €68,066 | +€56,605 | +493.9% |
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 28 September 2026 via checked.be.