HP REAL: 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.
What changed
HP REAL
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · -€326,140+€1.9m
Equity
€9.0m
2024 · €7.5m+€1.5m
Cash
€124,016
2024 · €19,727+€104,288
Balance sheet total
€27.1m
2024 · €30.4m-€3.3m
Largest movements
Assets
- Tangible fixed assets -€3.1m
down €3.1m (-11.2%), from €27.9m to €24.8m
of which Land and buildings: -€3.2m
Equity and liabilities
- Other debts -€5.7m
down €5.7m (-27.1%), from €21.0m to €15.3m
- Reserves +€2.2m
up €2.2m (+75.9%), from €2.9m to €5.1m
of which Tax-exempt reserves: +€2.2m
- Provisions +€730,045
up €730,045 (+90.7%), from €804,749 to €1.5m
- Profit (loss) carried forward -€650,670
down €650,670 (-65.8%), from -€988,565 to -€1.6m
Income statement
- Gross operating margin +€2.1m
up €2.1m (+79.3%), from €2.7m to €4.8m
- Financial charges -€425,583
down €425,583 (-24.8%), from €1.7m to €1.3m
- Other operating charges +€169,698
up €169,698 (+57.7%), from €294,217 to €463,915
- Depreciation -€73,107
down €73,107 (-8.0%), from €911,510 to €838,403
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.
Result 2024
-€326,140
Gross operating margin
+€2.1m
Depreciation
+€73,107
Write-downs
+€20,223
Other operating charges
-€169,698
Financial income
-€23,772
Financial charges
+€425,583
Deferred taxes and other
-€597,817
Result 2025
€1.5m
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.
From operations
-€2.1m
Investment
+€2.3m
Financing
€0
Cash 2024
€19,727
From operations (derived)
-€2.1m
Net result for the year
+€1.5m
Depreciation
+€838,403
Receivables within one year
+€164,012
Deferred charges and accrued income
+€129,994
Provisions
+€730,045
Trade debts
+€88,742
Tax, wage and social debts
-€3,076
Other debts
-€5.7m
Accrued charges and deferred income
+€36,977
Investment (derived)
+€2.3m
Investment in fixed assets (net)
+€2.3m
Current investments
+€16
Cash 2025
€124,016
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €30,388,126 | €27,106,533 | -€3.3m | -10.8% |
| Fixed assets | 21/28 | €27,917,487 | €24,825,627 | -€3.1m | -11.1% |
| Tangible fixed assets | 22/27 | €27,917,487 | €24,780,777 | -€3.1m | -11.2% |
| Land and buildings | 22 | €27,873,367 | €24,711,226 | -€3.2m | -11.3% |
| Plant, machinery and equipment | 23 | €44,119 | €69,551 | +€25,432 | +57.6% |
| Financial fixed assets | 28 | - | €44,850 | +€44,850 | |
| Current assets | 29/58 | €2,470,640 | €2,280,906 | -€189,734 | -7.7% |
| Amounts receivable within one year | 40/41 | €2,318,361 | €2,154,349 | -€164,012 | -7.1% |
| Trade receivables | 40 | €1,396,010 | €1,840,225 | +€444,215 | +31.8% |
| Other amounts receivable | 41 | €922,351 | €314,124 | -€608,227 | -65.9% |
| Current investments | 50/53 | €281 | €265 | -€16 | -5.6% |
| Cash at bank and in hand | 54/58 | €19,727 | €124,016 | +€104,288 | +528.6% |
| Deferred charges and accrued income | 490/1 | €132,271 | €2,276 | -€129,994 | -98.3% |
| Total equity and liabilities | 10/49 | €30,388,126 | €27,106,533 | -€3.3m | -10.8% |
| Equity | 10/15 | €7,460,322 | €8,999,787 | +€1.5m | +20.6% |
| Contributions | 10/11 | €5,564,000 | €5,564,000 | = | 0.0% |
| Capital | 10 | €5,564,000 | €5,564,000 | = | 0.0% |
| Issued capital | 100 | €5,564,000 | €5,564,000 | = | 0.0% |
| Reserves | 13 | €2,884,887 | €5,075,022 | +€2.2m | +75.9% |
| Non-distributable reserves | 130/1 | €255,630 | €255,630 | = | 0.0% |
| Legal reserve | 130 | €255,630 | €255,630 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,483,614 | €4,673,748 | +€2.2m | +88.2% |
| Distributable reserves | 133 | €145,644 | €145,644 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€988,565 | -€1,639,235 | -€650,670 | -65.8% |
| Provisions and deferred taxes | 16 | €804,749 | €1,534,794 | +€730,045 | +90.7% |
| Deferred taxes | 168 | €804,749 | €1,534,794 | +€730,045 | +90.7% |
| Amounts payable | 17/49 | €22,123,055 | €16,571,952 | -€5.6m | -25.1% |
| Amounts payable within one year | 42/48 | €21,672,161 | €16,084,081 | -€5.6m | -25.8% |
| Trade debts | 44 | €715,700 | €804,442 | +€88,742 | +12.4% |
| Suppliers | 440/4 | €715,700 | €804,442 | +€88,742 | +12.4% |
| Taxes, remuneration and social security | 45 | €3,076 | - | -€3,076 | |
| Taxes | 450/3 | €3,076 | - | -€3,076 | |
| Other amounts payable | 47/48 | €20,953,385 | €15,279,640 | -€5.7m | -27.1% |
| Accrued charges and deferred income | 492/3 | €450,893 | €487,871 | +€36,977 | +8.2% |
| Non-recurring operating income | 76A | €632,275 | €3,023,976 | +€2.4m | +378.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €911,510 | €838,403 | -€73,107 | -8.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €20,914 | €691 | -€20,223 | -96.7% |
| Other operating charges | 640/8 | €294,217 | €463,915 | +€169,698 | +57.7% |
| Gross operating margin | 9900 | €2,695,901 | €4,833,879 | +€2.1m | +79.3% |
| Operating profit (loss) | 9901 | €1,469,259 | €3,530,870 | +€2.1m | +140.3% |
| Financial income | 75/76B | €53,482 | €29,711 | -€23,772 | -44.4% |
| Recurring financial income | 75 | €53,482 | €29,711 | -€23,772 | -44.4% |
| Financial charges | 65/66B | €1,716,654 | €1,291,070 | -€425,583 | -24.8% |
| Recurring financial charges | 65 | €1,716,654 | €1,291,070 | -€425,583 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | -€193,912 | €2,269,510 | +€2.5m | |
| Transfer from deferred taxes | 780 | €25,841 | €25,698 | -€143 | -0.6% |
| Transfer to deferred taxes | 680 | €158,069 | €755,743 | +€597,674 | +378.1% |
| Profit (loss) for the period | 9904 | -€326,140 | €1,539,465 | +€1.9m | |
| Transfer from tax-exempt reserves | 789 | €77,523 | €77,094 | -€429 | -0.6% |
| Transfer to tax-exempt reserves | 689 | €474,206 | €2,267,229 | +€1.8m | +378.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€722,823 | -€650,670 | +€72,153 | +10.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.