HWPO: 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.
HWPO
Largest movements
- Receivables within one year +€108,343
up €108,343 (+619%), from €17,494 to €125,837
of which Trade receivables: +€111,372
- Cash -€28,391
down €28,391 (-94.6%), from €29,997 to €1,606
mainly Receivables within one year (-€108,343) and Contributions, distributions and other (-€102,597)
- Tangible fixed assets +€11,948
up €11,948 (+8.4%), from €142,430 to €154,378
of which Furniture and vehicles: +€17,849
- Reserves +€76,863
up €76,863 (+337%), from €22,821 to €99,684
- Other debts -€25,949
down €25,949 (-25.6%), from €101,449 to €75,500
- Tax, wage and social debts +€17,512
up €17,512 (+70.4%), from €24,886 to €42,398
of which Taxes: +€15,512
- Debts after one year +€16,637
up €16,637 (+51.0%), from €32,611 to €49,248
- Current portion of long-term debt +€6,986
up €6,986 (+55.8%), from €12,513 to €19,499
- Gross operating margin +€142,939
up €142,939 (+120%), from €118,801 to €261,740
- Taxes +€39,931
up €39,931 (+266%), from €15,029 to €54,960
- Financial charges -€13,958
down €13,958 (-81.6%), from €17,107 to €3,149
of which Non-recurring financial charges: -€9,910
- Financial income -€12,238
down €12,238 (-63.2%), from €19,357 to €7,119
- Depreciation -€7,071
down €7,071 (-19.4%), from €36,432 to €29,360
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.
Derived cash bridge
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 | €194,741 | €289,108 | +€94,367 | +48.5% |
| Fixed assets | 21/28 | €143,280 | €154,878 | +€11,598 | +8.1% |
| Tangible fixed assets | 22/27 | €142,430 | €154,378 | +€11,948 | +8.4% |
| Land and buildings | 22 | €33,364 | €30,797 | -€2,566 | -7.7% |
| Furniture and vehicles | 24 | €71,405 | €89,254 | +€17,849 | +25.0% |
| Other tangible fixed assets | 26 | €37,661 | €34,326 | -€3,335 | -8.9% |
| Financial fixed assets | 28 | €850 | €500 | -€350 | -41.2% |
| Current assets | 29/58 | €51,461 | €134,230 | +€82,769 | +161% |
| Amounts receivable within one year | 40/41 | €17,494 | €125,837 | +€108,343 | +619% |
| Trade receivables | 40 | €14,325 | €125,697 | +€111,372 | +777% |
| Other amounts receivable | 41 | €3,169 | €140 | -€3,029 | -95.6% |
| Cash at bank and in hand | 54/58 | €29,997 | €1,606 | -€28,391 | -94.6% |
| Deferred charges and accrued income | 490/1 | €3,970 | €6,786 | +€2,816 | +70.9% |
| Total equity and liabilities | 10/49 | €194,741 | €289,108 | +€94,367 | +48.5% |
| Equity | 10/15 | €22,921 | €99,784 | +€76,863 | +335% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €22,821 | €99,684 | +€76,863 | +337% |
| Distributable reserves | 133 | €22,821 | €99,684 | +€76,863 | +337% |
| Amounts payable | 17/49 | €171,820 | €189,324 | +€17,504 | +10.2% |
| Amounts payable after more than one year | 17 | €32,611 | €49,248 | +€16,637 | +51.0% |
| Financial debts | 170/4 | €32,611 | €49,248 | +€16,637 | +51.0% |
| Amounts payable within one year | 42/48 | €138,907 | €139,872 | +€965 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €12,513 | €19,499 | +€6,986 | +55.8% |
| Trade debts | 44 | €60 | €2,474 | +€2,414 | +4,027% |
| Suppliers | 440/4 | €60 | €2,474 | +€2,414 | +4,027% |
| Taxes, remuneration and social security | 45 | €24,886 | €42,398 | +€17,512 | +70.4% |
| Taxes | 450/3 | €24,886 | €40,398 | +€15,512 | +62.3% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €101,449 | €75,500 | -€25,949 | -25.6% |
| Accrued charges and deferred income | 492/3 | €302 | €204 | -€97 | -32.3% |
| Non-recurring operating income | 76A | €1,799 | - | -€1,799 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,432 | €29,360 | -€7,071 | -19.4% |
| Other operating charges | 640/8 | €1,488 | €1,930 | +€442 | +29.7% |
| Non-recurring operating charges | 66A | €1,674 | - | -€1,674 | |
| Gross operating margin | 9900 | €118,801 | €261,740 | +€142,939 | +120% |
| Operating profit (loss) | 9901 | €79,208 | €230,449 | +€151,242 | +191% |
| Financial income | 75/76B | €19,357 | €7,119 | -€12,238 | -63.2% |
| Recurring financial income | 75 | €19,357 | €7,119 | -€12,238 | -63.2% |
| Financial charges | 65/66B | €17,107 | €3,149 | -€13,958 | -81.6% |
| Recurring financial charges | 65 | €7,197 | €3,149 | -€4,048 | -56.2% |
| Non-recurring financial charges | 66B | €9,910 | - | -€9,910 | |
| Profit (loss) for the period before taxes | 9903 | €81,458 | €234,419 | +€152,962 | +188% |
| Income taxes | 67/77 | €15,029 | €54,960 | +€39,931 | +266% |
| Profit (loss) for the period | 9904 | €66,429 | €179,460 | +€113,031 | +170% |
| Profit (loss) for the period to be appropriated | 9905 | €66,429 | €179,460 | +€113,031 | +170% |
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 20 October 2026 via checked.be.