H.O.G.: 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.O.G.
Largest movements
- Cash +€24,588
up €24,588 (+104%), from €23,730 to €48,318
mainly Net result for the year (+€12,935) and Trade debts (+€12,814)
- Tangible fixed assets +€8,727
up €8,727 (+18.2%), from €47,982 to €56,710
of which Plant, machinery and equipment: +€11,354
- Receivables within one year -€5,287
down €5,287 (-35.3%), from €14,994 to €9,706
of which Other amounts receivable: -€8,076
- Stocks and contracts +€4,755
up €4,755 (+90.5%), from €5,255 to €10,010
- Trade debts +€12,814
up €12,814 (+271%), from €4,737 to €17,551
- Reserves +€12,102
up €12,102 (+33.4%), from €36,235 to €48,337
- Debts after one year +€7,582
up €7,582 (+40.5%), from €18,728 to €26,310
- Tax, wage and social debts -€2,132
down €2,132 (-18.4%), from €11,587 to €9,456
of which Taxes: -€1,332
- Current portion of long-term debt +€1,455
up €1,455 (+18.6%), from €7,834 to €9,289
- Staff costs -€12,354
no longer reported in 2025 (was €12,354)
- Gross operating margin -€5,800
down €5,800 (-9.9%), from €58,695 to €52,895
- Depreciation +€1,433
up €1,433 (+15.3%), from €9,338 to €10,771
- Other operating charges +€1,238
up €1,238 (+6.7%), from €18,528 to €19,766
- Taxes +€1,000
up €1,000 (+25.2%), from €3,969 to €4,968
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 | €96,216 | €128,519 | +€32,303 | +33.6% |
| Fixed assets | 21/28 | €51,189 | €59,416 | +€8,227 | +16.1% |
| Intangible fixed assets | 21 | €3,206 | €2,707 | -€500 | -15.6% |
| Tangible fixed assets | 22/27 | €47,982 | €56,710 | +€8,727 | +18.2% |
| Plant, machinery and equipment | 23 | €38,812 | €50,166 | +€11,354 | +29.3% |
| Furniture and vehicles | 24 | €5,244 | €3,918 | -€1,326 | -25.3% |
| Other tangible fixed assets | 26 | €3,927 | €2,626 | -€1,301 | -33.1% |
| Current assets | 29/58 | €45,027 | €69,102 | +€24,076 | +53.5% |
| Stocks and contracts in progress | 3 | €5,255 | €10,010 | +€4,755 | +90.5% |
| Stocks | 30/36 | €5,255 | €10,010 | +€4,755 | +90.5% |
| Amounts receivable within one year | 40/41 | €14,994 | €9,706 | -€5,287 | -35.3% |
| Trade receivables | 40 | €1,882 | €4,670 | +€2,788 | +148% |
| Other amounts receivable | 41 | €13,112 | €5,036 | -€8,076 | -61.6% |
| Cash at bank and in hand | 54/58 | €23,730 | €48,318 | +€24,588 | +104% |
| Deferred charges and accrued income | 490/1 | €1,047 | €1,068 | +€20 | +1.9% |
| Total equity and liabilities | 10/49 | €96,216 | €128,519 | +€32,303 | +33.6% |
| Equity | 10/15 | €41,235 | €53,337 | +€12,102 | +29.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €36,235 | €48,337 | +€12,102 | +33.4% |
| Distributable reserves | 133 | €36,235 | €48,337 | +€12,102 | +33.4% |
| Amounts payable | 17/49 | €54,980 | €75,182 | +€20,202 | +36.7% |
| Amounts payable after more than one year | 17 | €18,728 | €26,310 | +€7,582 | +40.5% |
| Financial debts | 170/4 | €18,728 | €26,310 | +€7,582 | +40.5% |
| Amounts payable within one year | 42/48 | €36,252 | €48,872 | +€12,620 | +34.8% |
| Current portion of amounts payable after more than one year | 42 | €7,834 | €9,289 | +€1,455 | +18.6% |
| Trade debts | 44 | €4,737 | €17,551 | +€12,814 | +271% |
| Suppliers | 440/4 | €4,737 | €17,551 | +€12,814 | +271% |
| Taxes, remuneration and social security | 45 | €11,587 | €9,456 | -€2,132 | -18.4% |
| Taxes | 450/3 | €10,788 | €9,456 | -€1,332 | -12.4% |
| Remuneration and social security | 454/9 | €799 | - | -€799 | |
| Other amounts payable | 47/48 | €12,094 | €12,576 | +€482 | +4.0% |
| Remuneration, social security and pensions | 62 | €12,354 | - | -€12,354 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,338 | €10,771 | +€1,433 | +15.3% |
| Other operating charges | 640/8 | €18,528 | €19,766 | +€1,238 | +6.7% |
| Gross operating margin | 9900 | €58,695 | €52,895 | -€5,800 | -9.9% |
| Operating profit (loss) | 9901 | €18,475 | €22,359 | +€3,884 | +21.0% |
| Financial income | 75/76B | €2 | €4 | +€2 | +80.9% |
| Recurring financial income | 75 | €2 | €4 | +€2 | +80.9% |
| Financial charges | 65/66B | €3,533 | €4,460 | +€926 | +26.2% |
| Recurring financial charges | 65 | €3,533 | €4,460 | +€926 | +26.2% |
| Profit (loss) for the period before taxes | 9903 | €14,944 | €17,903 | +€2,959 | +19.8% |
| Income taxes | 67/77 | €3,969 | €4,968 | +€1,000 | +25.2% |
| Profit (loss) for the period | 9904 | €10,975 | €12,935 | +€1,959 | +17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €10,975 | €12,935 | +€1,959 | +17.8% |
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 31 October 2026 via checked.be.