HP2M: 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.
HP2M
Largest movements
- Receivables within one year +€31,759
up €31,759 (+553.0%), from €5,743 to €37,502
of which Trade receivables: +€31,875
- Cash -€9,640
down €9,640 (-2.8%), from €341,133 to €331,493
mainly Contributions, distributions and other (-€620,935) and Receivables within one year (-€31,759)
- Other debts +€318,200
up €318,200 (+1059.0%), from €30,047 to €348,247
- Reserves -€302,223
no longer reported in 2025 (was €302,223)
- Trade debts -€5,207
down €5,207 (-89.5%), from €5,819 to €612
- Tax, wage and social debts +€4,752
new in 2025: €4,752
- Accrued charges and deferred income +€4,535
new in 2025: €4,535
- Gross operating margin +€55,841
up €55,841 (+14.2%), from €393,864 to €449,706
- Taxes +€12,456
up €12,456 (+12.9%), from €96,770 to €109,225
- Financial income -€7,786
down €7,786 (-97.5%), from €7,987 to €201
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 | €356,689 | €376,747 | +€20,059 | +5.6% |
| Fixed assets | 21/28 | €6,750 | €4,627 | -€2,123 | -31.5% |
| Tangible fixed assets | 22/27 | €6,750 | €4,627 | -€2,123 | -31.5% |
| Plant, machinery and equipment | 23 | €364 | €227 | -€137 | -37.7% |
| Furniture and vehicles | 24 | €6,386 | €4,400 | -€1,986 | -31.1% |
| Current assets | 29/58 | €349,939 | €372,120 | +€22,182 | +6.3% |
| Amounts receivable within one year | 40/41 | €5,743 | €37,502 | +€31,759 | +553.0% |
| Trade receivables | 40 | - | €31,875 | +€31,875 | |
| Other amounts receivable | 41 | €5,743 | €5,627 | -€117 | -2.0% |
| Cash at bank and in hand | 54/58 | €341,133 | €331,493 | -€9,640 | -2.8% |
| Deferred charges and accrued income | 490/1 | €3,062 | €3,126 | +€64 | +2.1% |
| Total equity and liabilities | 10/49 | €356,689 | €376,747 | +€20,059 | +5.6% |
| Equity | 10/15 | €320,823 | €18,600 | -€302,223 | -94.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €302,223 | - | -€302,223 | |
| Distributable reserves | 133 | €302,223 | - | -€302,223 | |
| Amounts payable | 17/49 | €35,866 | €358,147 | +€322,281 | +898.6% |
| Amounts payable within one year | 42/48 | €35,866 | €353,612 | +€317,746 | +885.9% |
| Trade debts | 44 | €5,819 | €612 | -€5,207 | -89.5% |
| Suppliers | 440/4 | €5,819 | €612 | -€5,207 | -89.5% |
| Taxes, remuneration and social security | 45 | - | €4,752 | +€4,752 | |
| Taxes | 450/3 | - | €4,752 | +€4,752 | |
| Other amounts payable | 47/48 | €30,047 | €348,247 | +€318,200 | +1059.0% |
| Accrued charges and deferred income | 492/3 | - | €4,535 | +€4,535 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,377 | €2,123 | -€3,254 | -60.5% |
| Other operating charges | 640/8 | €1,162 | €1,667 | +€506 | +43.5% |
| Non-recurring operating charges | 66A | - | €16,158 | +€16,158 | |
| Gross operating margin | 9900 | €393,864 | €449,706 | +€55,841 | +14.2% |
| Operating profit (loss) | 9901 | €387,326 | €429,757 | +€42,432 | +11.0% |
| Financial income | 75/76B | €7,987 | €201 | -€7,786 | -97.5% |
| Recurring financial income | 75 | €7,987 | €201 | -€7,786 | -97.5% |
| Financial charges | 65/66B | €420 | €2,021 | +€1,601 | +381.1% |
| Recurring financial charges | 65 | €420 | €2,021 | +€1,601 | +381.1% |
| Profit (loss) for the period before taxes | 9903 | €394,893 | €427,938 | +€33,045 | +8.4% |
| Income taxes | 67/77 | €96,770 | €109,225 | +€12,456 | +12.9% |
| Profit (loss) for the period | 9904 | €298,124 | €318,713 | +€20,589 | +6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €298,124 | €318,713 | +€20,589 | +6.9% |
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 7 October 2026 via checked.be.