HIPAL: 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.
HIPAL
Largest movements
- Cash +€411,841
up €411,841 (+176.1%), from €233,934 to €645,775
mainly Net result for the year (+€457,093) and Current investments (+€77,979)
- Current investments -€77,979
down €77,979 (-9.5%), from €824,060 to €746,081
- Reserves +€437,675
up €437,675 (+39.3%), from €1.1m to €1.6m
- Profit (loss) carried forward -€50,000
down €50,000 (-4.9%), from €1.0m to €980,816
- Other debts -€49,471
down €49,471 (-65.5%), from €75,583 to €26,112
- Financial income +€447,814
up €447,814 (+2777.1%), from €16,125 to €463,939
- Taxes +€43,991
up €43,991 (+291.6%), from €15,084 to €59,075
- Depreciation -€21,151
down €21,151 (-76.1%), from €27,794 to €6,643
- Financial charges -€5,464
down €5,464 (-60.9%), from €8,975 to €3,511
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 | €2,291,240 | €2,613,938 | +€322,698 | +14.1% |
| Fixed assets | 21/28 | €1,230,364 | €1,219,084 | -€11,280 | -0.9% |
| Tangible fixed assets | 22/27 | €16,121 | €4,841 | -€11,280 | -70.0% |
| Plant, machinery and equipment | 23 | €4,637 | - | -€4,637 | |
| Furniture and vehicles | 24 | €11,484 | €4,841 | -€6,643 | -57.8% |
| Financial fixed assets | 28 | €1,214,243 | €1,214,243 | = | 0.0% |
| Current assets | 29/58 | €1,060,876 | €1,394,854 | +€333,978 | +31.5% |
| Amounts receivable within one year | 40/41 | €1,227 | €1,377 | +€150 | +12.2% |
| Trade receivables | 40 | €80 | €230 | +€150 | +187.5% |
| Other amounts receivable | 41 | €1,147 | €1,147 | = | 0.0% |
| Current investments | 50/53 | €824,060 | €746,081 | -€77,979 | -9.5% |
| Cash at bank and in hand | 54/58 | €233,934 | €645,775 | +€411,841 | +176.1% |
| Deferred charges and accrued income | 490/1 | €1,655 | €1,621 | -€34 | -2.1% |
| Total equity and liabilities | 10/49 | €2,291,240 | €2,613,938 | +€322,698 | +14.1% |
| Equity | 10/15 | €2,150,489 | €2,538,164 | +€387,675 | +18.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,113,473 | €1,551,148 | +€437,675 | +39.3% |
| Distributable reserves | 133 | €1,113,473 | €1,551,148 | +€437,675 | +39.3% |
| Profit (loss) carried forward | 14 | €1,030,816 | €980,816 | -€50,000 | -4.9% |
| Amounts payable | 17/49 | €140,751 | €75,774 | -€64,977 | -46.2% |
| Amounts payable within one year | 42/48 | €140,741 | €75,774 | -€64,967 | -46.2% |
| Current portion of amounts payable after more than one year | 42 | €15,125 | - | -€15,125 | |
| Trade debts | 44 | €2,382 | €2,382 | = | 0.0% |
| Suppliers | 440/4 | €2,382 | €2,382 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €47,651 | €47,280 | -€371 | -0.8% |
| Taxes | 450/3 | €47,651 | €47,280 | -€371 | -0.8% |
| Other amounts payable | 47/48 | €75,583 | €26,112 | -€49,471 | -65.5% |
| Accrued charges and deferred income | 492/3 | €10 | - | -€10 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,794 | €6,643 | -€21,151 | -76.1% |
| Other operating charges | 640/8 | €3,230 | €3,410 | +€180 | +5.6% |
| Non-recurring operating charges | 66A | €3,895 | - | -€3,895 | |
| Gross operating margin | 9900 | €66,229 | €65,793 | -€436 | -0.7% |
| Operating profit (loss) | 9901 | €31,310 | €55,740 | +€24,430 | +78.0% |
| Financial income | 75/76B | €16,125 | €463,939 | +€447,814 | +2777.1% |
| Recurring financial income | 75 | €16,125 | €463,939 | +€447,814 | +2777.1% |
| Financial charges | 65/66B | €8,975 | €3,511 | -€5,464 | -60.9% |
| Recurring financial charges | 65 | €8,975 | €3,511 | -€5,464 | -60.9% |
| Profit (loss) for the period before taxes | 9903 | €38,460 | €516,168 | +€477,708 | +1242.1% |
| Income taxes | 67/77 | €15,084 | €59,075 | +€43,991 | +291.6% |
| Profit (loss) for the period | 9904 | €23,376 | €457,093 | +€433,717 | +1855.4% |
| Profit (loss) for the period to be appropriated | 9905 | €23,376 | €457,093 | +€433,717 | +1855.4% |
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 6 October 2026 via checked.be.