HP RAILPROJECTS: what changed
HP RAILPROJECTS
Largest movements
- Receivables within one year -€27,279
down €27,279 (-25.2%), from €108,090 to €80,811
of which Trade receivables: -€35,620
- Cash +€21,577
up €21,577 (+35.6%), from €60,545 to €82,122
mainly Depreciation (+€38,506) and Receivables within one year (+€27,279)
- Tangible fixed assets +€11,994
up €11,994 (+6.0%), from €198,618 to €210,612
of which Plant, machinery and equipment: +€37,705
- Current portion of long-term debt +€19,888
up €19,888 (+67.7%), from €29,374 to €49,262
- Debts after one year -€6,963
down €6,963 (-5.2%), from €132,933 to €125,970
- Profit (loss) carried forward -€5,322
new in 2025: -€5,322
- Depreciation +€28,984
up €28,984 (+304%), from €9,522 to €38,506
- Taxes -€5,589
down €5,589 (-100%), from €5,589 to €0
- Gross operating margin +€4,040
up €4,040 (+11.1%), from €36,517 to €40,556
- Financial charges -€886
down €886 (-11.8%), from €7,508 to €6,622
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €367,254 | €373,545 | +€6,292 | +1.7% |
| Fixed assets | 21/28 | €198,618 | €210,612 | +€11,994 | +6.0% |
| Tangible fixed assets | 22/27 | €198,618 | €210,612 | +€11,994 | +6.0% |
| Plant, machinery and equipment | 23 | €27,211 | €64,916 | +€37,705 | +139% |
| Leasing and similar rights | 25 | €171,407 | €145,696 | -€25,711 | -15.0% |
| Current assets | 29/58 | €168,636 | €162,933 | -€5,703 | -3.4% |
| Amounts receivable within one year | 40/41 | €108,090 | €80,811 | -€27,279 | -25.2% |
| Trade receivables | 40 | €73,664 | €38,044 | -€35,620 | -48.4% |
| Other amounts receivable | 41 | €34,426 | €42,767 | +€8,341 | +24.2% |
| Cash at bank and in hand | 54/58 | €60,545 | €82,122 | +€21,577 | +35.6% |
| Total equity and liabilities | 10/49 | €367,254 | €373,545 | +€6,292 | +1.7% |
| Equity | 10/15 | €140,074 | €134,752 | -€5,322 | -3.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €130,074 | €130,074 | = | 0.0% |
| Distributable reserves | 133 | €130,074 | €130,074 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€5,322 | -€5,322 | |
| Amounts payable | 17/49 | €227,180 | €238,793 | +€11,613 | +5.1% |
| Amounts payable after more than one year | 17 | €132,933 | €125,970 | -€6,963 | -5.2% |
| Financial debts | 170/4 | €132,933 | €125,970 | -€6,963 | -5.2% |
| Amounts payable within one year | 42/48 | €94,247 | €112,823 | +€18,576 | +19.7% |
| Current portion of amounts payable after more than one year | 42 | €29,374 | €49,262 | +€19,888 | +67.7% |
| Trade debts | 44 | €56,585 | €55,273 | -€1,312 | -2.3% |
| Suppliers | 440/4 | €56,585 | €55,273 | -€1,312 | -2.3% |
| Taxes, remuneration and social security | 45 | €5,589 | €5,589 | = | 0.0% |
| Taxes | 450/3 | €5,589 | €5,589 | = | 0.0% |
| Other amounts payable | 47/48 | €2,698 | €2,698 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,522 | €38,506 | +€28,984 | +304% |
| Other operating charges | 640/8 | €722 | €750 | +€28 | +3.9% |
| Non-recurring operating charges | 66A | €134 | €0 | -€134 | -100% |
| Gross operating margin | 9900 | €36,517 | €40,556 | +€4,040 | +11.1% |
| Operating profit (loss) | 9901 | €26,139 | €1,300 | -€24,839 | -95.0% |
| Financial charges | 65/66B | €7,508 | €6,622 | -€886 | -11.8% |
| Recurring financial charges | 65 | €7,508 | €6,622 | -€886 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €18,631 | -€5,322 | -€23,953 | |
| Income taxes | 67/77 | €5,589 | €0 | -€5,589 | -100% |
| Profit (loss) for the period | 9904 | €13,042 | -€5,322 | -€18,363 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,042 | -€5,322 | -€18,363 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.