H.G.F.: 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.
H.G.F.
Largest movements
- Tangible fixed assets +€20,462
up €20,462 (+417%), from €4,912 to €25,374
- Receivables within one year +€12,640
up €12,640 (+99.7%), from €12,673 to €25,313
of which Other amounts receivable: +€12,394
- Cash -€3,920
down €3,920 (-28.0%), from €13,990 to €10,070
mainly Investment in fixed assets (net) (-€24,887) and Receivables within one year (-€12,640)
- Debts after one year +€28,181
new in 2025: €28,181
- Tax, wage and social debts +€837
new in 2025: €837
- Financial charges -€1,286
down €1,286 (-74.6%), from €1,724 to €438
- Other operating charges +€901
up €901 (+271%), from €332 to €1,233
- Depreciation +€650
up €650 (+17.2%), from €3,774 to €4,424
- Financial income -€514
no longer reported in 2025 (was €514)
- Gross operating margin +€445
up €445 (+7.2%), from €6,183 to €6,628
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 | €51,915 | €81,096 | +€29,182 | +56.2% |
| Fixed assets | 21/28 | €25,252 | €45,714 | +€20,462 | +81.0% |
| Intangible fixed assets | 21 | €20,000 | €20,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €4,912 | €25,374 | +€20,462 | +417% |
| Furniture and vehicles | 24 | €4,912 | €25,374 | +€20,462 | +417% |
| Financial fixed assets | 28 | €340 | €340 | = | 0.0% |
| Current assets | 29/58 | €26,663 | €35,383 | +€8,719 | +32.7% |
| Amounts receivable within one year | 40/41 | €12,673 | €25,313 | +€12,640 | +99.7% |
| Trade receivables | 40 | €275 | €521 | +€246 | +89.5% |
| Other amounts receivable | 41 | €12,398 | €24,791 | +€12,394 | +100.0% |
| Cash at bank and in hand | 54/58 | €13,990 | €10,070 | -€3,920 | -28.0% |
| Total equity and liabilities | 10/49 | €51,915 | €81,096 | +€29,182 | +56.2% |
| Equity | 10/15 | €50,355 | €50,625 | +€271 | +0.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | - | -€1,859 | |
| Reserves not available under the articles | 1311 | €1,859 | - | -€1,859 | |
| Distributable reserves | 133 | - | €1,859 | +€1,859 | |
| Profit (loss) carried forward | 14 | €29,903 | €30,174 | +€271 | +0.9% |
| Amounts payable | 17/49 | €1,560 | €30,471 | +€28,911 | +1,853% |
| Amounts payable after more than one year | 17 | - | €28,181 | +€28,181 | |
| Financial debts | 170/4 | - | €28,181 | +€28,181 | |
| Amounts payable within one year | 42/48 | €1,560 | €2,290 | +€730 | +46.8% |
| Trade debts | 44 | €1,560 | €1,453 | -€107 | -6.9% |
| Suppliers | 440/4 | €1,560 | €1,453 | -€107 | -6.9% |
| Taxes, remuneration and social security | 45 | - | €837 | +€837 | |
| Taxes | 450/3 | - | €837 | +€837 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,774 | €4,424 | +€650 | +17.2% |
| Other operating charges | 640/8 | €332 | €1,233 | +€901 | +271% |
| Gross operating margin | 9900 | €6,183 | €6,628 | +€445 | +7.2% |
| Operating profit (loss) | 9901 | €2,076 | €970 | -€1,106 | -53.3% |
| Financial income | 75/76B | €514 | - | -€514 | |
| Recurring financial income | 75 | €514 | - | -€514 | |
| Financial charges | 65/66B | €1,724 | €438 | -€1,286 | -74.6% |
| Recurring financial charges | 65 | €1,724 | €438 | -€1,286 | -74.6% |
| Profit (loss) for the period before taxes | 9903 | €866 | €532 | -€334 | -38.6% |
| Income taxes | 67/77 | €258 | €261 | +€3 | +1.3% |
| Profit (loss) for the period | 9904 | €608 | €271 | -€337 | -55.5% |
| Profit (loss) for the period to be appropriated | 9905 | €608 | €271 | -€337 | -55.5% |
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.