HIPEKA: what changed
Two financial 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.
HIPEKA
Largest movements
- Receivables within one year -€149,402
down €149,402 (-53.5%), from €279,088 to €129,686
of which Trade receivables: -€122,434
- Tangible fixed assets -€37,306
down €37,306 (-35.7%), from €104,424 to €67,118
of which Plant, machinery and equipment: -€34,941
- Cash +€13,244
up €13,244 (+37.5%), from €35,359 to €48,602
mainly Receivables within one year (+€149,402) and Depreciation (+€46,972)
- Stocks and contracts +€11,405
up €11,405 (+7.1%), from €160,595 to €172,000
of which Contracts in progress: +€11,405
- Deferred charges and accrued income +€8,647
up €8,647 (+172.9%), from €5,000 to €13,647
- Trade debts -€64,141
down €64,141 (-37.0%), from €173,549 to €109,408
- Reserves -€48,621
down €48,621 (-17.3%), from €280,511 to €231,890
of which Distributable reserves: -€48,621
- Current portion of long-term debt -€13,073
down €13,073 (-65.6%), from €19,916 to €6,843
- Short-term financial debts -€11,801
down €11,801 (-36.9%), from €31,982 to €20,181
- Profit (loss) carried forward -€7,698
no longer reported in 2025 (was €7,698)
- Gross operating margin -€65,439
down €65,439 (-15.4%), from €425,151 to €359,713
- Staff costs +€18,162
up €18,162 (+5.2%), from €348,758 to €366,920
- Financial charges -€9,735
down €9,735 (-39.0%), from €24,953 to €15,219
- Taxes -€4,474
down €4,474 (-88.1%), from €5,080 to €605
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 | €584,465 | €431,054 | -€153,412 | -26.2% |
| Fixed assets | 21/28 | €104,424 | €67,118 | -€37,306 | -35.7% |
| Tangible fixed assets | 22/27 | €104,424 | €67,118 | -€37,306 | -35.7% |
| Plant, machinery and equipment | 23 | €101,334 | €66,393 | -€34,941 | -34.5% |
| Furniture and vehicles | 24 | €3,090 | €725 | -€2,365 | -76.5% |
| Current assets | 29/58 | €480,041 | €363,935 | -€116,106 | -24.2% |
| Stocks and contracts in progress | 3 | €160,595 | €172,000 | +€11,405 | +7.1% |
| Stocks | 30/36 | €32,000 | €32,000 | = | 0.0% |
| Contracts in progress | 37 | €128,595 | €140,000 | +€11,405 | +8.9% |
| Amounts receivable within one year | 40/41 | €279,088 | €129,686 | -€149,402 | -53.5% |
| Trade receivables | 40 | €191,265 | €68,832 | -€122,434 | -64.0% |
| Other amounts receivable | 41 | €87,822 | €60,854 | -€26,968 | -30.7% |
| Cash at bank and in hand | 54/58 | €35,359 | €48,602 | +€13,244 | +37.5% |
| Deferred charges and accrued income | 490/1 | €5,000 | €13,647 | +€8,647 | +172.9% |
| Total equity and liabilities | 10/49 | €584,465 | €431,054 | -€153,412 | -26.2% |
| Equity | 10/15 | €294,409 | €238,090 | -€56,318 | -19.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €280,511 | €231,890 | -€48,621 | -17.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,163 | €5,163 | = | 0.0% |
| Distributable reserves | 133 | €273,488 | €224,867 | -€48,621 | -17.8% |
| Profit (loss) carried forward | 14 | €7,698 | - | -€7,698 | |
| Amounts payable | 17/49 | €290,057 | €192,963 | -€97,093 | -33.5% |
| Amounts payable after more than one year | 17 | €6,843 | - | -€6,843 | |
| Financial debts | 170/4 | €6,843 | - | -€6,843 | |
| Amounts payable within one year | 42/48 | €283,151 | €192,963 | -€90,188 | -31.9% |
| Current portion of amounts payable after more than one year | 42 | €19,916 | €6,843 | -€13,073 | -65.6% |
| Financial debts | 43 | €31,982 | €20,181 | -€11,801 | -36.9% |
| Other loans | 439 | €31,982 | €20,181 | -€11,801 | -36.9% |
| Trade debts | 44 | €173,549 | €109,408 | -€64,141 | -37.0% |
| Suppliers | 440/4 | €173,549 | €109,408 | -€64,141 | -37.0% |
| Taxes, remuneration and social security | 45 | €32,574 | €38,894 | +€6,320 | +19.4% |
| Taxes | 450/3 | €1,345 | €4,477 | +€3,132 | +232.9% |
| Remuneration and social security | 454/9 | €31,230 | €34,417 | +€3,188 | +10.2% |
| Other amounts payable | 47/48 | €25,130 | €17,637 | -€7,492 | -29.8% |
| Accrued charges and deferred income | 492/3 | €62 | - | -€62 | |
| Remuneration, social security and pensions | 62 | €348,758 | €366,920 | +€18,162 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,942 | €46,972 | +€31 | +0.1% |
| Other operating charges | 640/8 | €4,798 | €2,619 | -€2,179 | -45.4% |
| Gross operating margin | 9900 | €425,151 | €359,713 | -€65,439 | -15.4% |
| Operating profit (loss) | 9901 | €24,654 | -€56,799 | -€81,453 | |
| Financial income | 75/76B | €12,865 | €16,304 | +€3,439 | +26.7% |
| Recurring financial income | 75 | €12,865 | €16,304 | +€3,439 | +26.7% |
| Financial charges | 65/66B | €24,953 | €15,219 | -€9,735 | -39.0% |
| Recurring financial charges | 65 | €24,953 | €15,219 | -€9,735 | -39.0% |
| Profit (loss) for the period before taxes | 9903 | €12,566 | -€55,713 | -€68,279 | |
| Income taxes | 67/77 | €5,080 | €605 | -€4,474 | -88.1% |
| Profit (loss) for the period | 9904 | €7,486 | -€56,318 | -€63,805 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,486 | -€56,318 | -€63,805 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.