HIPA: 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.
HIPA
Largest movements
- Tangible fixed assets -€161,564
down €161,564 (-24.0%), from €674,093 to €512,529
of which Leasing and similar rights: -€105,345
- Cash -€32,834
down €32,834 (-29.3%), from €111,987 to €79,153
mainly Debts after one year (-€134,671) and Net result for the year (-€63,542)
- Debts after one year -€134,671
down €134,671 (-28.4%), from €474,963 to €340,292
- Profit (loss) carried forward -€63,542
down €63,542, from €42,028 to -€21,514
- Trade debts +€30,519
up €30,519 (+50.1%), from €60,907 to €91,425
- Current portion of long-term debt -€13,552
down €13,552 (-9.1%), from €148,223 to €134,671
- Depreciation +€54,743
up €54,743 (+41.4%), from €132,336 to €187,079
- Gross operating margin -€15,074
down €15,074 (-3.0%), from €505,248 to €490,174
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 | €1,120,197 | €941,020 | -€179,177 | -16.0% |
| Fixed assets | 21/28 | €674,093 | €512,529 | -€161,564 | -24.0% |
| Tangible fixed assets | 22/27 | €674,093 | €512,529 | -€161,564 | -24.0% |
| Plant, machinery and equipment | 23 | €7,736 | €14,366 | +€6,630 | +85.7% |
| Furniture and vehicles | 24 | €304,962 | €242,113 | -€62,849 | -20.6% |
| Leasing and similar rights | 25 | €361,395 | €256,050 | -€105,345 | -29.1% |
| Current assets | 29/58 | €446,104 | €428,492 | -€17,612 | -3.9% |
| Stocks and contracts in progress | 3 | €13,288 | €17,451 | +€4,163 | +31.3% |
| Stocks | 30/36 | €13,288 | €17,451 | +€4,163 | +31.3% |
| Amounts receivable within one year | 40/41 | €269,161 | €278,594 | +€9,433 | +3.5% |
| Trade receivables | 40 | €172,458 | €170,685 | -€1,773 | -1.0% |
| Other amounts receivable | 41 | €96,703 | €107,909 | +€11,206 | +11.6% |
| Cash at bank and in hand | 54/58 | €111,987 | €79,153 | -€32,834 | -29.3% |
| Deferred charges and accrued income | 490/1 | €51,667 | €53,293 | +€1,626 | +3.1% |
| Total equity and liabilities | 10/49 | €1,120,197 | €941,020 | -€179,177 | -16.0% |
| Equity | 10/15 | €354,538 | €290,996 | -€63,542 | -17.9% |
| 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 | €250,510 | €250,510 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,339 | €5,339 | = | 0.0% |
| Legal reserve | 130 | €5,339 | €5,339 | = | 0.0% |
| Tax-exempt reserves | 132 | €245,171 | €245,171 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,028 | -€21,514 | -€63,542 | |
| Amounts payable | 17/49 | €765,659 | €650,025 | -€115,635 | -15.1% |
| Amounts payable after more than one year | 17 | €474,963 | €340,292 | -€134,671 | -28.4% |
| Financial debts | 170/4 | €474,963 | €340,292 | -€134,671 | -28.4% |
| Amounts payable within one year | 42/48 | €290,696 | €309,701 | +€19,005 | +6.5% |
| Current portion of amounts payable after more than one year | 42 | €148,223 | €134,671 | -€13,552 | -9.1% |
| Trade debts | 44 | €60,907 | €91,425 | +€30,519 | +50.1% |
| Suppliers | 440/4 | €60,907 | €91,425 | +€30,519 | +50.1% |
| Taxes, remuneration and social security | 45 | €31,566 | €33,630 | +€2,064 | +6.5% |
| Taxes | 450/3 | €1,912 | €1,806 | -€106 | -5.6% |
| Remuneration and social security | 454/9 | €29,654 | €31,824 | +€2,170 | +7.3% |
| Other amounts payable | 47/48 | €50,000 | €49,975 | -€25 | -0.1% |
| Accrued charges and deferred income | 492/3 | - | €31 | +€31 | |
| Remuneration, social security and pensions | 62 | €341,749 | €337,322 | -€4,427 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132,336 | €187,079 | +€54,743 | +41.4% |
| Other operating charges | 640/8 | €8,771 | €6,965 | -€1,807 | -20.6% |
| Gross operating margin | 9900 | €505,248 | €490,174 | -€15,074 | -3.0% |
| Operating profit (loss) | 9901 | €22,391 | -€41,191 | -€63,583 | |
| Financial income | 75/76B | €5 | €0 | -€5 | -100.0% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -100.0% |
| Financial charges | 65/66B | €21,435 | €22,351 | +€916 | +4.3% |
| Recurring financial charges | 65 | €21,435 | €22,351 | +€916 | +4.3% |
| Profit (loss) for the period before taxes | 9903 | €962 | -€63,542 | -€64,504 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €962 | -€63,542 | -€64,504 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €962 | -€63,542 | -€64,504 |
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 30 September 2026 via checked.be.