In this paper, we discuss an approach that tries to blur the distinction between adaptive hypermedia and dynamic NLG-based hypermedia. The approach aims at finding an optimal trade-off between resource reuse and flexibility: existing atomic pieces of data are collected and properly annotated; at the interaction time, the system dynamically builds the nodes of the hypermedia composing different pieces together. The proposed annotation formalism is illustrated and a rule-based system to compose hypermedia nodes exploiting different knowledge sources is presented. Finally, the advantages of this approach with respect to adaptation and dynamic generation are discussed.