HATOPI: what changed
What changed
HATOPI
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · €134,166+€1.0m
Equity
€3.0m
2024 · €1.9m+€1.2m
Cash
€13,917
2024 · €106,196-€92,280
Balance sheet total
€4.4m
2024 · €3.5m+€906,007
Largest movements
Assets
- Receivables within one year +€1.2m
up €1.2m (+366%), from €321,838 to €1.5m
of which Other amounts receivable: +€1.2m
- Financial fixed assets -€950,674
down €950,674 (-83.7%), from €1.1m to €184,993
- Receivables after one year +€800,000
new in 2025: €800,000
- Cash -€92,280
down €92,280 (-86.9%), from €106,196 to €13,917
mainly Receivables within one year (-€1.2m) and Receivables after one year (-€800,000)
Equity and liabilities
- Reserves +€1.2m
up €1.2m (+65.4%), from €1.8m to €3.0m
of which Distributable reserves: +€1.2m
- Other debts -€483,244
down €483,244 (-68.7%), from €703,244 to €220,000
- Short-term financial debts +€425,632
new in 2025: €425,632
- Debts after one year -€280,493
down €280,493 (-35.3%), from €794,604 to €514,111
of which Other amounts payable: -€240,369
- Tax, wage and social debts +€47,919
up €47,919 (+3,802%), from €1,260 to €49,179
Income statement
- Gross operating margin +€1.5m
up €1.5m (+368%), from €394,843 to €1.8m
- Taxes +€485,070
up €485,070 (+615%), from €78,872 to €563,942
- Financial income +€62,093
up €62,093 (+669%), from €9,288 to €71,381
- Financial charges -€21,830
down €21,830 (-56.1%), from €38,939 to €17,109
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€134,166
Gross operating margin
+€1.5m
Depreciation
-€2,941
Other operating charges
-€13,303
Financial income
+€62,093
Financial charges
+€21,830
Taxes
-€485,070
Deferred taxes and other
-€400
Result 2025
€1.2m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€1.1m
Investment
+€839,271
Financing
+€146,370
Cash 2024
€106,196
From operations (derived)
-€1.1m
Net result for the year
+€1.2m
Depreciation
+€141,458
Receivables after one year
-€800,000
Receivables within one year
-€1.2m
Provisions
-€9,397
Trade debts
+€34,663
Tax, wage and social debts
+€47,919
Advances received
-€1,279
Other debts
-€483,244
Investment (derived)
+€839,271
Investment in fixed assets (net)
+€839,271
Financing
+€146,370
Debts after one year
-€280,493
Current portion of long-term debt
+€1,231
Short-term financial debts
+€425,632
Cash 2025
€13,917
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,490,391 | €4,396,397 | +€906,007 | +26.0% |
| Fixed assets | 21/28 | €3,062,356 | €2,081,628 | -€980,729 | -32.0% |
| Tangible fixed assets | 22/27 | €1,926,689 | €1,896,635 | -€30,055 | -1.6% |
| Land and buildings | 22 | €1,895,944 | €1,820,518 | -€75,426 | -4.0% |
| Plant, machinery and equipment | 23 | - | €24,406 | +€24,406 | |
| Assets under construction and advance payments | 27 | €30,745 | €51,711 | +€20,965 | +68.2% |
| Financial fixed assets | 28 | €1,135,667 | €184,993 | -€950,674 | -83.7% |
| Current assets | 29/58 | €428,034 | €2,314,770 | +€1.9m | +441% |
| Amounts receivable after more than one year | 29 | - | €800,000 | +€800,000 | |
| Other amounts receivable | 291 | - | €800,000 | +€800,000 | |
| Amounts receivable within one year | 40/41 | €321,838 | €1,500,853 | +€1.2m | +366% |
| Trade receivables | 40 | €55,710 | €13,546 | -€42,164 | -75.7% |
| Other amounts receivable | 41 | €266,128 | €1,487,307 | +€1.2m | +459% |
| Cash at bank and in hand | 54/58 | €106,196 | €13,917 | -€92,280 | -86.9% |
| Total equity and liabilities | 10/49 | €3,490,391 | €4,396,397 | +€906,007 | +26.0% |
| Equity | 10/15 | €1,853,765 | €3,024,739 | +€1.2m | +63.2% |
| 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 | €1,791,765 | €2,962,739 | +€1.2m | +65.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €263,054 | €234,863 | -€28,191 | -10.7% |
| Distributable reserves | 133 | €1,522,511 | €2,721,676 | +€1.2m | +78.8% |
| Provisions and deferred taxes | 16 | €87,685 | €78,288 | -€9,397 | -10.7% |
| Deferred taxes | 168 | €87,685 | €78,288 | -€9,397 | -10.7% |
| Amounts payable | 17/49 | €1,548,941 | €1,293,370 | -€255,570 | -16.5% |
| Amounts payable after more than one year | 17 | €794,604 | €514,111 | -€280,493 | -35.3% |
| Financial debts | 170/4 | €210,659 | €170,535 | -€40,124 | -19.0% |
| Other amounts payable | 178/9 | €583,945 | €343,575 | -€240,369 | -41.2% |
| Amounts payable within one year | 42/48 | €754,337 | €779,260 | +€24,923 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €38,893 | €40,124 | +€1,231 | +3.2% |
| Financial debts | 43 | - | €425,632 | +€425,632 | |
| Credit institutions | 430/8 | - | €425,632 | +€425,632 | |
| Trade debts | 44 | €6,227 | €40,890 | +€34,663 | +557% |
| Suppliers | 440/4 | €6,227 | €40,890 | +€34,663 | +557% |
| Advances received on contracts in progress | 46 | €4,714 | €3,435 | -€1,279 | -27.1% |
| Taxes, remuneration and social security | 45 | €1,260 | €49,179 | +€47,919 | +3,802% |
| Taxes | 450/3 | €1,260 | €49,179 | +€47,919 | +3,802% |
| Other amounts payable | 47/48 | €703,244 | €220,000 | -€483,244 | -68.7% |
| Non-recurring operating income | 76A | €125,968 | €1,592,963 | +€1.5m | +1,165% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €138,517 | €141,458 | +€2,941 | +2.1% |
| Other operating charges | 640/8 | €23,434 | €36,737 | +€13,303 | +56.8% |
| Gross operating margin | 9900 | €394,843 | €1,849,443 | +€1.5m | +368% |
| Operating profit (loss) | 9901 | €232,892 | €1,671,248 | +€1.4m | +618% |
| Financial income | 75/76B | €9,288 | €71,381 | +€62,093 | +669% |
| Recurring financial income | 75 | €9,288 | €71,381 | +€62,093 | +669% |
| Financial charges | 65/66B | €38,939 | €17,109 | -€21,830 | -56.1% |
| Recurring financial charges | 65 | €38,939 | €17,109 | -€21,830 | -56.1% |
| Profit (loss) for the period before taxes | 9903 | €203,241 | €1,725,519 | +€1.5m | +749% |
| Transfer from deferred taxes | 780 | €9,797 | €9,397 | -€400 | -4.1% |
| Income taxes | 67/77 | €78,872 | €563,942 | +€485,070 | +615% |
| Profit (loss) for the period | 9904 | €134,166 | €1,170,974 | +€1.0m | +773% |
| Transfer from tax-exempt reserves | 789 | €29,391 | €28,191 | -€1,200 | -4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €163,557 | €1,199,166 | +€1.0m | +633% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.