HATO: 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.
HATO
Largest movements
- Tangible fixed assets +€254,645
up €254,645 (+36.8%), from €691,653 to €946,298
of which Land and buildings: +€266,842
- Cash -€26,705
down €26,705 (-59.5%), from €44,849 to €18,144
mainly Investment in fixed assets (net) (-€303,251) and Net result for the year (-€30,987)
- Receivables within one year -€24,982
down €24,982 (-93.9%), from €26,604 to €1,622
of which Other amounts receivable: -€24,700
- Debts after one year +€225,273
new in 2025: €225,273
- Reserves -€18,092
down €18,092 (-3.6%), from €495,904 to €477,812
of which Tax-exempt reserves: -€18,092
- Current portion of long-term debt +€13,179
new in 2025: €13,179
- Profit (loss) carried forward -€12,895
down €12,895 (-76.0%), from -€16,962 to -€29,857
- Depreciation +€12,336
up €12,336 (+34.0%), from €36,270 to €48,606
- Financial charges +€2,318
up €2,318 (+36.8%), from €6,303 to €8,621
- Other operating charges -€991
down €991 (-20.5%), from €4,829 to €3,838
- Gross operating margin -€813
down €813 (-3.2%), from €25,329 to €24,516
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 | €763,106 | €966,063 | +€202,957 | +26.6% |
| Fixed assets | 21/28 | €691,653 | €946,298 | +€254,645 | +36.8% |
| Tangible fixed assets | 22/27 | €691,653 | €946,298 | +€254,645 | +36.8% |
| Land and buildings | 22 | €679,046 | €945,888 | +€266,842 | +39.3% |
| Furniture and vehicles | 24 | €12,607 | €410 | -€12,197 | -96.7% |
| Current assets | 29/58 | €71,453 | €19,765 | -€51,687 | -72.3% |
| Amounts receivable within one year | 40/41 | €26,604 | €1,622 | -€24,982 | -93.9% |
| Trade receivables | 40 | €282 | €0 | -€282 | -100.0% |
| Other amounts receivable | 41 | €26,322 | €1,622 | -€24,700 | -93.8% |
| Cash at bank and in hand | 54/58 | €44,849 | €18,144 | -€26,705 | -59.5% |
| Total equity and liabilities | 10/49 | €763,106 | €966,063 | +€202,957 | +26.6% |
| Equity | 10/15 | €540,943 | €509,955 | -€30,987 | -5.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €495,904 | €477,812 | -€18,092 | -3.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €443,494 | €425,402 | -€18,092 | -4.1% |
| Distributable reserves | 133 | €46,210 | €46,210 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,962 | -€29,857 | -€12,895 | -76.0% |
| Provisions and deferred taxes | 16 | €147,831 | €141,801 | -€6,031 | -4.1% |
| Deferred taxes | 168 | €147,831 | €141,801 | -€6,031 | -4.1% |
| Amounts payable | 17/49 | €74,332 | €314,308 | +€239,975 | +322.8% |
| Amounts payable after more than one year | 17 | - | €225,273 | +€225,273 | |
| Financial debts | 170/4 | - | €225,273 | +€225,273 | |
| Amounts payable within one year | 42/48 | €69,221 | €81,643 | +€12,422 | +17.9% |
| Current portion of amounts payable after more than one year | 42 | - | €13,179 | +€13,179 | |
| Trade debts | 44 | - | €395 | +€395 | |
| Suppliers | 440/4 | - | €395 | +€395 | |
| Taxes, remuneration and social security | 45 | - | €469 | +€469 | |
| Taxes | 450/3 | - | €469 | +€469 | |
| Other amounts payable | 47/48 | €69,221 | €67,600 | -€1,621 | -2.3% |
| Accrued charges and deferred income | 492/3 | €5,111 | €7,391 | +€2,280 | +44.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,270 | €48,606 | +€12,336 | +34.0% |
| Other operating charges | 640/8 | €4,829 | €3,838 | -€991 | -20.5% |
| Gross operating margin | 9900 | €25,329 | €24,516 | -€813 | -3.2% |
| Operating profit (loss) | 9901 | -€15,770 | -€27,928 | -€12,159 | -77.1% |
| Financial charges | 65/66B | €6,303 | €8,621 | +€2,318 | +36.8% |
| Recurring financial charges | 65 | €6,303 | €8,621 | +€2,318 | +36.8% |
| Profit (loss) for the period before taxes | 9903 | -€22,072 | -€36,549 | -€14,476 | -65.6% |
| Transfer from deferred taxes | 780 | €5,531 | €6,031 | +€500 | +9.0% |
| Income taxes | 67/77 | €469 | €469 | +€0 | +0.1% |
| Profit (loss) for the period | 9904 | -€17,010 | -€30,987 | -€13,977 | -82.2% |
| Transfer from tax-exempt reserves | 789 | €16,593 | €18,092 | +€1,499 | +9.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€417 | -€12,895 | -€12,478 | -2991.6% |
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.