DEN HANGAAR: 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.
DEN HANGAAR
Largest movements
- Current investments +€96,842
up €96,842 (+41.4%), from €234,000 to €330,842
- Tangible fixed assets +€19,246
up €19,246 (+36.6%), from €52,553 to €71,799
of which Land and buildings: +€14,183
- Receivables within one year -€18,094
down €18,094 (-27.3%), from €66,399 to €48,305
of which Trade receivables: -€17,219
- Reserves +€84,977
up €84,977 (+21.5%), from €394,386 to €479,363
of which Distributable reserves: +€84,977
- Trade debts +€13,021
up €13,021 (+53.1%), from €24,526 to €37,547
- Gross operating margin +€33,527
up €33,527 (+22.1%), from €151,567 to €185,094
- Taxes +€8,376
up €8,376 (+32.9%), from €25,442 to €33,818
- Depreciation +€3,341
up €3,341 (+50.0%), from €6,679 to €10,019
- Staff costs +€3,250
up €3,250 (+7.7%), from €42,079 to €45,329
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 | €474,656 | €564,780 | +€90,124 | +19.0% |
| Fixed assets | 21/28 | €52,633 | €71,879 | +€19,246 | +36.6% |
| Tangible fixed assets | 22/27 | €52,553 | €71,799 | +€19,246 | +36.6% |
| Land and buildings | 22 | €40,058 | €54,241 | +€14,183 | +35.4% |
| Plant, machinery and equipment | 23 | €11,961 | €12,169 | +€207 | +1.7% |
| Furniture and vehicles | 24 | €534 | €5,389 | +€4,856 | +910% |
| Financial fixed assets | 28 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €422,023 | €492,901 | +€70,878 | +16.8% |
| Stocks and contracts in progress | 3 | €39,819 | €38,312 | -€1,508 | -3.8% |
| Stocks | 30/36 | €36,233 | €36,619 | +€386 | +1.1% |
| Contracts in progress | 37 | €3,586 | €1,693 | -€1,893 | -52.8% |
| Amounts receivable within one year | 40/41 | €66,399 | €48,305 | -€18,094 | -27.3% |
| Trade receivables | 40 | €65,524 | €48,305 | -€17,219 | -26.3% |
| Other amounts receivable | 41 | €875 | €0 | -€875 | -100% |
| Current investments | 50/53 | €234,000 | €330,842 | +€96,842 | +41.4% |
| Cash at bank and in hand | 54/58 | €78,664 | €74,924 | -€3,741 | -4.8% |
| Deferred charges and accrued income | 490/1 | €3,141 | €519 | -€2,623 | -83.5% |
| Total equity and liabilities | 10/49 | €474,656 | €564,780 | +€90,124 | +19.0% |
| Equity | 10/15 | €401,587 | €486,565 | +€84,977 | +21.2% |
| Contributions | 10/11 | €7,202 | €7,202 | = | 0.0% |
| Reserves | 13 | €394,386 | €479,363 | +€84,977 | +21.5% |
| Non-distributable reserves | 130/1 | €2,549 | €2,549 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,549 | €2,549 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,950 | €10,950 | = | 0.0% |
| Distributable reserves | 133 | €380,887 | €465,864 | +€84,977 | +22.3% |
| Amounts payable | 17/49 | €73,069 | €78,215 | +€5,146 | +7.0% |
| Amounts payable after more than one year | 17 | €7,876 | €3,402 | -€4,475 | -56.8% |
| Financial debts | 170/4 | €7,876 | €3,402 | -€4,475 | -56.8% |
| Amounts payable within one year | 42/48 | €65,192 | €74,813 | +€9,621 | +14.8% |
| Current portion of amounts payable after more than one year | 42 | €4,406 | €4,475 | +€69 | +1.6% |
| Trade debts | 44 | €24,526 | €37,547 | +€13,021 | +53.1% |
| Suppliers | 440/4 | €24,526 | €37,547 | +€13,021 | +53.1% |
| Taxes, remuneration and social security | 45 | €25,457 | €20,269 | -€5,188 | -20.4% |
| Taxes | 450/3 | €15,445 | €14,235 | -€1,210 | -7.8% |
| Remuneration and social security | 454/9 | €10,012 | €6,035 | -€3,978 | -39.7% |
| Other amounts payable | 47/48 | €10,804 | €12,522 | +€1,719 | +15.9% |
| Non-recurring operating income | 76A | €0 | €623 | +€623 | |
| Remuneration, social security and pensions | 62 | €42,079 | €45,329 | +€3,250 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,679 | €10,019 | +€3,341 | +50.0% |
| Other operating charges | 640/8 | €11,692 | €11,907 | +€215 | +1.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €151,567 | €185,094 | +€33,527 | +22.1% |
| Operating profit (loss) | 9901 | €91,118 | €117,839 | +€26,721 | +29.3% |
| Financial income | 75/76B | €1,767 | €2,416 | +€649 | +36.7% |
| Recurring financial income | 75 | €1,767 | €2,416 | +€649 | +36.7% |
| Financial charges | 65/66B | €1,430 | €1,460 | +€30 | +2.1% |
| Recurring financial charges | 65 | €1,430 | €1,460 | +€30 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €91,455 | €118,795 | +€27,340 | +29.9% |
| Income taxes | 67/77 | €25,442 | €33,818 | +€8,376 | +32.9% |
| Profit (loss) for the period | 9904 | €66,013 | €84,977 | +€18,964 | +28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €66,013 | €84,977 | +€18,964 | +28.7% |
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 28 October 2026 via checked.be.