H.G.K.: 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.K.
Largest movements
- Receivables within one year -€63,327
down €63,327 (-99.8%), from €63,453 to €126
of which Trade receivables: -€63,204
- Cash +€5,458
up €5,458 (+190%), from €2,874 to €8,332
mainly Receivables within one year (+€63,327) and Depreciation (+€3,100)
- Tangible fixed assets -€3,100
down €3,100 (-24.2%), from €12,820 to €9,720
- Trade debts -€59,471
down €59,471 (-100%), from €59,471 to €0
- Tax, wage and social debts -€2,449
down €2,449 (-91.1%), from €2,687 to €238
- Reserves +€952
up €952 (+7.9%), from €11,988 to €12,940
- Gross operating margin -€13,817
down €13,817 (-73.4%), from €18,835 to €5,018
- Taxes -€2,449
down €2,449 (-91.1%), from €2,687 to €238
- Other operating charges -€724
down €724 (-51.5%), from €1,407 to €682
- Depreciation +€420
up €420 (+15.7%), from €2,680 to €3,100
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 | €79,147 | €18,178 | -€60,969 | -77.0% |
| Fixed assets | 21/28 | €12,820 | €9,720 | -€3,100 | -24.2% |
| Tangible fixed assets | 22/27 | €12,820 | €9,720 | -€3,100 | -24.2% |
| Plant, machinery and equipment | 23 | €12,820 | €9,720 | -€3,100 | -24.2% |
| Current assets | 29/58 | €66,327 | €8,458 | -€57,869 | -87.2% |
| Amounts receivable within one year | 40/41 | €63,453 | €126 | -€63,327 | -99.8% |
| Trade receivables | 40 | €63,204 | €0 | -€63,204 | -100% |
| Other amounts receivable | 41 | €249 | €126 | -€123 | -49.5% |
| Cash at bank and in hand | 54/58 | €2,874 | €8,332 | +€5,458 | +190% |
| Total equity and liabilities | 10/49 | €79,147 | €18,178 | -€60,969 | -77.0% |
| Equity | 10/15 | €16,988 | €17,940 | +€952 | +5.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €11,988 | €12,940 | +€952 | +7.9% |
| Distributable reserves | 133 | €11,988 | €12,940 | +€952 | +7.9% |
| Amounts payable | 17/49 | €62,158 | €238 | -€61,920 | -99.6% |
| Amounts payable within one year | 42/48 | €62,158 | €238 | -€61,920 | -99.6% |
| Trade debts | 44 | €59,471 | €0 | -€59,471 | -100% |
| Suppliers | 440/4 | €59,471 | €0 | -€59,471 | -100% |
| Taxes, remuneration and social security | 45 | €2,687 | €238 | -€2,449 | -91.1% |
| Taxes | 450/3 | €2,687 | €238 | -€2,449 | -91.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,680 | €3,100 | +€420 | +15.7% |
| Other operating charges | 640/8 | €1,407 | €682 | -€724 | -51.5% |
| Gross operating margin | 9900 | €18,835 | €5,018 | -€13,817 | -73.4% |
| Operating profit (loss) | 9901 | €14,748 | €1,236 | -€13,512 | -91.6% |
| Financial charges | 65/66B | €73 | €46 | -€27 | -36.5% |
| Recurring financial charges | 65 | €73 | €46 | -€27 | -36.5% |
| Profit (loss) for the period before taxes | 9903 | €14,676 | €1,190 | -€13,486 | -91.9% |
| Income taxes | 67/77 | €2,687 | €238 | -€2,449 | -91.1% |
| Profit (loss) for the period | 9904 | €11,988 | €952 | -€11,037 | -92.1% |
| Profit (loss) for the period to be appropriated | 9905 | €11,988 | €952 | -€11,037 | -92.1% |
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 30 October 2026 via checked.be.