H.G.M.: 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.
What changed
H.G.M.
NACE 82.100, Office administrative and support services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€67,972
2024 · €58,611+€9,361
Equity
€188,791
2024 · €261,742-€72,950
Cash
€57,382
2024 · €53,754+€3,628
Balance sheet total
€434,020
2024 · €393,162+€40,858
Largest movements
Assets
- Receivables within one year +€35,742
up €35,742 (+42.8%), from €83,436 to €119,178
of which Other amounts receivable: +€30,742
Equity and liabilities
- Other debts +€132,761
new in 2025: €132,761
- Reserves -€72,950
down €72,950 (-28.5%), from €255,542 to €182,591
- Debts after one year -€20,805
down €20,805 (-25.2%), from €82,491 to €61,686
of which Financial debts: -€13,041
Income statement
- Gross operating margin +€5,641
up €5,641 (+5.9%), from €95,673 to €101,314
- Taxes -€2,952
down €2,952 (-8.3%), from €35,466 to €32,513
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.
Result 2024
€58,611
Gross operating margin
+€5,641
Depreciation
-€545
Other operating charges
-€14
Financial income
+€984
Financial charges
+€343
Taxes
+€2,952
Result 2025
€67,972
raises the resultlowers the result
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.
From operations
+€166,556
Investment
-€2,108
Financing
-€160,821
Cash 2024
€53,754
From operations (derived)
+€166,556
Net result for the year
+€67,972
Depreciation
+€1,603
Receivables within one year
-€35,742
Deferred charges and accrued income
-€983
Trade debts
+€81
Tax, wage and social debts
+€865
Other debts
+€132,761
Investment (derived)
-€2,108
Investment in fixed assets (net)
-€2,108
Financing
-€160,821
Debts after one year
-€20,805
Current portion of long-term debt
+€150
Short-term financial debts
+€757
Contributions, distributions and other
-€140,922
Cash 2025
€57,382
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €393,162 | €434,020 | +€40,858 | +10.4% |
| Fixed assets | 21/28 | €253,773 | €254,278 | +€505 | +0.2% |
| Tangible fixed assets | 22/27 | €3,447 | €3,952 | +€505 | +14.7% |
| Plant, machinery and equipment | 23 | €2,034 | €3,557 | +€1,524 | +74.9% |
| Other tangible fixed assets | 26 | €1,414 | €395 | -€1,018 | -72.0% |
| Financial fixed assets | 28 | €250,326 | €250,326 | = | 0.0% |
| Current assets | 29/58 | €139,389 | €179,741 | +€40,352 | +28.9% |
| Amounts receivable within one year | 40/41 | €83,436 | €119,178 | +€35,742 | +42.8% |
| Trade receivables | 40 | €35,000 | €40,000 | +€5,000 | +14.3% |
| Other amounts receivable | 41 | €48,436 | €79,178 | +€30,742 | +63.5% |
| Cash at bank and in hand | 54/58 | €53,754 | €57,382 | +€3,628 | +6.7% |
| Deferred charges and accrued income | 490/1 | €2,199 | €3,181 | +€983 | +44.7% |
| Total equity and liabilities | 10/49 | €393,162 | €434,020 | +€40,858 | +10.4% |
| Equity | 10/15 | €261,742 | €188,791 | -€72,950 | -27.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €255,542 | €182,591 | -€72,950 | -28.5% |
| Distributable reserves | 133 | €255,542 | €182,591 | -€72,950 | -28.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €131,420 | €245,228 | +€113,808 | +86.6% |
| Amounts payable after more than one year | 17 | €82,491 | €61,686 | -€20,805 | -25.2% |
| Financial debts | 170/4 | €36,228 | €23,187 | -€13,041 | -36.0% |
| Other amounts payable | 178/9 | €46,263 | €38,499 | -€7,764 | -16.8% |
| Amounts payable within one year | 42/48 | €48,929 | €183,542 | +€134,613 | +275% |
| Current portion of amounts payable after more than one year | 42 | €12,891 | €13,041 | +€150 | +1.2% |
| Financial debts | 43 | €7,649 | €8,406 | +€757 | +9.9% |
| Other loans | 439 | €7,649 | €8,406 | +€757 | +9.9% |
| Trade debts | 44 | €1,271 | €1,351 | +€81 | +6.3% |
| Suppliers | 440/4 | €1,271 | €1,351 | +€81 | +6.3% |
| Taxes, remuneration and social security | 45 | €27,119 | €27,983 | +€865 | +3.2% |
| Taxes | 450/3 | €27,119 | €27,983 | +€865 | +3.2% |
| Other amounts payable | 47/48 | - | €132,761 | +€132,761 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,058 | €1,603 | +€545 | +51.5% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €95,673 | €101,314 | +€5,641 | +5.9% |
| Operating profit (loss) | 9901 | €94,109 | €99,191 | +€5,082 | +5.4% |
| Financial income | 75/76B | €2,199 | €3,182 | +€984 | +44.7% |
| Recurring financial income | 75 | €2,199 | €3,182 | +€984 | +44.7% |
| Financial charges | 65/66B | €2,232 | €1,889 | -€343 | -15.4% |
| Recurring financial charges | 65 | €2,232 | €1,889 | -€343 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €94,077 | €100,485 | +€6,409 | +6.8% |
| Income taxes | 67/77 | €35,466 | €32,513 | -€2,952 | -8.3% |
| Profit (loss) for the period | 9904 | €58,611 | €67,972 | +€9,361 | +16.0% |
| Profit (loss) for the period to be appropriated | 9905 | €58,611 | €67,972 | +€9,361 | +16.0% |
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 26 October 2026 via checked.be.