DE HAGEL: 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.
DE HAGEL
Largest movements
- Cash +€269,778
up €269,778 (+26.9%), from €1.0m to €1.3m
mainly Net result for the year (+€222,184) and Depreciation (+€163,354)
- Tangible fixed assets -€163,354
down €163,354 (-3.0%), from €5.4m to €5.3m
- Deferred charges and accrued income +€126,338
up €126,338 (+12.4%), from €1.0m to €1.1m
- Profit (loss) carried forward +€222,870
up €222,870 (+7.2%), from €3.1m to €3.3m
- Financial income -€45,046
down €45,046 (-24.4%), from €184,824 to €139,778
- Gross operating margin +€32,644
up €32,644 (+6.7%), from €488,418 to €521,062
- Financial charges -€22,695
down €22,695 (-14.5%), from €156,281 to €133,586
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 | €10,796,103 | €10,989,197 | +€193,094 | +1.8% |
| Fixed assets | 21/28 | €5,945,727 | €5,782,373 | -€163,354 | -2.7% |
| Tangible fixed assets | 22/27 | €5,445,727 | €5,282,373 | -€163,354 | -3.0% |
| Land and buildings | 22 | €5,445,727 | €5,282,373 | -€163,354 | -3.0% |
| Financial fixed assets | 28 | €500,000 | €500,000 | = | 0.0% |
| Current assets | 29/58 | €4,850,376 | €5,206,823 | +€356,448 | +7.3% |
| Stocks and contracts in progress | 3 | €12,283 | - | -€12,283 | |
| Stocks | 30/36 | €12,283 | - | -€12,283 | |
| Amounts receivable within one year | 40/41 | €2,815,857 | €2,788,471 | -€27,385 | -1.0% |
| Trade receivables | 40 | €12,729 | €5,280 | -€7,449 | -58.5% |
| Other amounts receivable | 41 | €2,803,128 | €2,783,191 | -€19,936 | -0.7% |
| Cash at bank and in hand | 54/58 | €1,003,336 | €1,273,114 | +€269,778 | +26.9% |
| Deferred charges and accrued income | 490/1 | €1,018,900 | €1,145,238 | +€126,338 | +12.4% |
| Total equity and liabilities | 10/49 | €10,796,103 | €10,989,197 | +€193,094 | +1.8% |
| Equity | 10/15 | €6,600,763 | €6,822,947 | +€222,184 | +3.4% |
| Contributions | 10/11 | €3,170,000 | €3,170,000 | = | 0.0% |
| Capital | 10 | €3,170,000 | €3,170,000 | = | 0.0% |
| Issued capital | 100 | €3,170,000 | €3,170,000 | = | 0.0% |
| Reserves | 13 | €334,939 | €334,253 | -€686 | -0.2% |
| Non-distributable reserves | 130/1 | €182,847 | €194,577 | +€11,730 | +6.4% |
| Legal reserve | 130 | €182,847 | €194,577 | +€11,730 | +6.4% |
| Tax-exempt reserves | 132 | €152,092 | €139,676 | -€12,416 | -8.2% |
| Profit (loss) carried forward | 14 | €3,095,824 | €3,318,694 | +€222,870 | +7.2% |
| Amounts payable | 17/49 | €4,195,340 | €4,166,250 | -€29,090 | -0.7% |
| Amounts payable after more than one year | 17 | €2,106,378 | €2,106,378 | = | 0.0% |
| Financial debts | 170/4 | €2,106,378 | €2,106,378 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,911,603 | €1,913,695 | +€2,092 | +0.1% |
| Trade debts | 44 | €27,740 | €29,832 | +€2,092 | +7.5% |
| Suppliers | 440/4 | €27,740 | €29,832 | +€2,092 | +7.5% |
| Other amounts payable | 47/48 | €1,883,863 | €1,883,863 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €177,359 | €146,177 | -€31,182 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163,354 | €163,354 | = | 0.0% |
| Other operating charges | 640/8 | €62,603 | €62,197 | -€406 | -0.6% |
| Gross operating margin | 9900 | €488,418 | €521,062 | +€32,644 | +6.7% |
| Operating profit (loss) | 9901 | €262,460 | €295,511 | +€33,050 | +12.6% |
| Financial income | 75/76B | €184,824 | €139,778 | -€45,046 | -24.4% |
| Recurring financial income | 75 | €184,824 | €139,778 | -€45,046 | -24.4% |
| Financial charges | 65/66B | €156,281 | €133,586 | -€22,695 | -14.5% |
| Recurring financial charges | 65 | €156,281 | €133,586 | -€22,695 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | €291,004 | €301,703 | +€10,699 | +3.7% |
| Income taxes | 67/77 | €76,539 | €79,519 | +€2,980 | +3.9% |
| Profit (loss) for the period | 9904 | €214,465 | €222,184 | +€7,719 | +3.6% |
| Transfer from tax-exempt reserves | 789 | €12,416 | €12,416 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €226,880 | €234,599 | +€7,719 | +3.4% |
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 25 October 2026 via checked.be.