HUPAC INTERMODAL: 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.
HUPAC INTERMODAL
Largest movements
- Deferred charges and accrued income +€968,615
up €968,615 (+161.4%), from €600,065 to €1.6m
- Cash -€607,761
down €607,761 (-87.2%), from €697,060 to €89,299
mainly Deferred charges and accrued income (-€968,615) and Other debts (-€250,000)
- Tangible fixed assets -€562,751
down €562,751 (-6.6%), from €8.6m to €8.0m
of which Land and buildings: -€360,940
- Stocks and contracts +€125,814
up €125,814 (+32.7%), from €384,749 to €510,563
- Other debts -€250,000
down €250,000 (-4.5%), from €5.5m to €5.3m
- Profit (loss) carried forward +€194,008
up €194,008 (+1180.5%), from €16,435 to €210,443
- Tax, wage and social debts +€121,336
up €121,336 (+399.8%), from €30,348 to €151,684
of which Remuneration and social security: +€62,336
- Gross operating margin +€501,039
up €501,039 (+36.4%), from €1.4m to €1.9m
- Staff costs +€485,631
up €485,631 (+152.9%), from €317,663 to €803,293
- Taxes +€59,688
new in 2025: €59,688
- Financial charges -€26,092
down €26,092 (-17.7%), from €147,715 to €121,623
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 | €10,966,988 | €10,853,396 | -€113,591 | -1.0% |
| Fixed assets | 21/28 | €8,574,517 | €8,011,766 | -€562,751 | -6.6% |
| Tangible fixed assets | 22/27 | €8,574,517 | €8,011,766 | -€562,751 | -6.6% |
| Land and buildings | 22 | €5,735,617 | €5,374,677 | -€360,940 | -6.3% |
| Plant, machinery and equipment | 23 | €2,830,189 | €2,637,088 | -€193,100 | -6.8% |
| Assets under construction and advance payments | 27 | €8,711 | - | -€8,711 | |
| Current assets | 29/58 | €2,392,471 | €2,841,630 | +€449,159 | +18.8% |
| Stocks and contracts in progress | 3 | €384,749 | €510,563 | +€125,814 | +32.7% |
| Stocks | 30/36 | €384,749 | €510,563 | +€125,814 | +32.7% |
| Amounts receivable within one year | 40/41 | €710,598 | €673,088 | -€37,509 | -5.3% |
| Trade receivables | 40 | €559,371 | €561,730 | +€2,359 | +0.4% |
| Other amounts receivable | 41 | €151,227 | €111,359 | -€39,868 | -26.4% |
| Cash at bank and in hand | 54/58 | €697,060 | €89,299 | -€607,761 | -87.2% |
| Deferred charges and accrued income | 490/1 | €600,065 | €1,568,680 | +€968,615 | +161.4% |
| Total equity and liabilities | 10/49 | €10,966,988 | €10,853,396 | -€113,591 | -1.0% |
| Equity | 10/15 | €3,668,538 | €3,813,016 | +€144,478 | +3.9% |
| Contributions | 10/11 | €3,000,000 | €3,000,000 | = | 0.0% |
| Reserves | 13 | €8,214 | €8,214 | = | 0.0% |
| Distributable reserves | 133 | €8,214 | €8,214 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,435 | €210,443 | +€194,008 | +1180.5% |
| Investment grants | 15 | €643,889 | €594,359 | -€49,530 | -7.7% |
| Provisions and deferred taxes | 16 | €218,858 | €202,023 | -€16,835 | -7.7% |
| Deferred taxes | 168 | €218,858 | €202,023 | -€16,835 | -7.7% |
| Amounts payable | 17/49 | €7,079,592 | €6,838,358 | -€241,235 | -3.4% |
| Amounts payable after more than one year | 17 | €604,032 | €504,646 | -€99,386 | -16.5% |
| Financial debts | 170/4 | €604,032 | €504,646 | -€99,386 | -16.5% |
| Amounts payable within one year | 42/48 | €6,367,460 | €6,226,371 | -€141,089 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €105,430 | €106,708 | +€1,278 | +1.2% |
| Trade debts | 44 | €731,682 | €717,980 | -€13,703 | -1.9% |
| Suppliers | 440/4 | €731,682 | €717,980 | -€13,703 | -1.9% |
| Taxes, remuneration and social security | 45 | €30,348 | €151,684 | +€121,336 | +399.8% |
| Taxes | 450/3 | - | €59,000 | +€59,000 | |
| Remuneration and social security | 454/9 | €30,348 | €92,684 | +€62,336 | +205.4% |
| Other amounts payable | 47/48 | €5,500,000 | €5,250,000 | -€250,000 | -4.5% |
| Accrued charges and deferred income | 492/3 | €108,101 | €107,341 | -€760 | -0.7% |
| Remuneration, social security and pensions | 62 | €317,663 | €803,293 | +€485,631 | +152.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €656,099 | €658,332 | +€2,233 | +0.3% |
| Other operating charges | 640/8 | €101,587 | €106,966 | +€5,380 | +5.3% |
| Gross operating margin | 9900 | €1,376,507 | €1,877,545 | +€501,039 | +36.4% |
| Operating profit (loss) | 9901 | €301,159 | €308,954 | +€7,795 | +2.6% |
| Financial income | 75/76B | €66,409 | €66,365 | -€44 | -0.1% |
| Recurring financial income | 75 | €66,409 | €66,365 | -€44 | -0.1% |
| Financial charges | 65/66B | €147,715 | €121,623 | -€26,092 | -17.7% |
| Recurring financial charges | 65 | €147,715 | €121,623 | -€26,092 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | €219,852 | €253,696 | +€33,844 | +15.4% |
| Income taxes | 67/77 | - | €59,688 | +€59,688 | |
| Profit (loss) for the period | 9904 | €219,852 | €194,008 | -€25,844 | -11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €219,852 | €194,008 | -€25,844 | -11.8% |
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 5 October 2026 via checked.be.