HAG Logistics: 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.
HAG Logistics
Largest movements
- Receivables within one year +€353,445
up €353,445 (+517%), from €68,318 to €421,763
of which Trade receivables: +€215,710
- Cash +€46,756
up €46,756 (+153%), from €30,630 to €77,386
mainly Trade debts (+€205,008) and Debts after one year (+€96,363)
- Tangible fixed assets -€26,756
down €26,756 (-20.1%), from €133,075 to €106,319
of which Furniture and vehicles: -€27,129
- Current investments +€11,780
new in 2025: €11,780
- Trade debts +€205,008
up €205,008 (+246%), from €83,234 to €288,242
- Debts after one year +€96,363
up €96,363 (+162%), from €59,652 to €156,015
- Profit (loss) carried forward +€35,198
up €35,198 (+114%), from €30,746 to €65,944
- Current portion of long-term debt +€33,037
up €33,037 (+125%), from €26,430 to €59,467
- Tax, wage and social debts +€9,957
up €9,957 (+16.6%), from €60,071 to €70,029
of which Remuneration and social security: +€7,441
- Gross operating margin +€206,583
up €206,583 (+43.7%), from €472,331 to €678,915
- Staff costs +€136,837
up €136,837 (+39.7%), from €344,955 to €481,793
- Taxes +€19,410
up €19,410 (+156%), from €12,446 to €31,856
- Financial charges +€8,700
up €8,700 (+52.5%), from €16,575 to €25,274
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 | €492,975 | €872,538 | +€379,563 | +77.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €133,075 | €106,319 | -€26,756 | -20.1% |
| Tangible fixed assets | 22/27 | €133,075 | €106,319 | -€26,756 | -20.1% |
| Plant, machinery and equipment | 23 | €10,666 | €11,040 | +€374 | +3.5% |
| Furniture and vehicles | 24 | €122,408 | €95,279 | -€27,129 | -22.2% |
| Current assets | 29/58 | €359,900 | €766,219 | +€406,319 | +113% |
| Amounts receivable after more than one year | 29 | €152,000 | €152,000 | = | 0.0% |
| Other amounts receivable | 291 | €152,000 | €152,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €68,318 | €421,763 | +€353,445 | +517% |
| Trade receivables | 40 | €53,674 | €269,384 | +€215,710 | +402% |
| Other amounts receivable | 41 | €14,644 | €152,378 | +€137,734 | +941% |
| Current investments | 50/53 | - | €11,780 | +€11,780 | |
| Cash at bank and in hand | 54/58 | €30,630 | €77,386 | +€46,756 | +153% |
| Deferred charges and accrued income | 490/1 | €108,952 | €103,291 | -€5,662 | -5.2% |
| Total equity and liabilities | 10/49 | €492,975 | €872,538 | +€379,563 | +77.0% |
| Equity | 10/15 | €263,587 | €298,785 | +€35,198 | +13.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €214,242 | €214,242 | = | 0.0% |
| Distributable reserves | 133 | €214,242 | €214,242 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,746 | €65,944 | +€35,198 | +114% |
| Amounts payable | 17/49 | €229,387 | €573,753 | +€344,365 | +150% |
| Amounts payable after more than one year | 17 | €59,652 | €156,015 | +€96,363 | +162% |
| Financial debts | 170/4 | €59,652 | €156,015 | +€96,363 | +162% |
| Amounts payable within one year | 42/48 | €169,735 | €417,738 | +€248,003 | +146% |
| Current portion of amounts payable after more than one year | 42 | €26,430 | €59,467 | +€33,037 | +125% |
| Trade debts | 44 | €83,234 | €288,242 | +€205,008 | +246% |
| Suppliers | 440/4 | €83,234 | €288,242 | +€205,008 | +246% |
| Taxes, remuneration and social security | 45 | €60,071 | €70,029 | +€9,957 | +16.6% |
| Taxes | 450/3 | €56,308 | €58,825 | +€2,517 | +4.5% |
| Remuneration and social security | 454/9 | €3,763 | €11,204 | +€7,441 | +198% |
| Accrued charges and deferred income | 492/3 | €0 | €0 | = | |
| Non-recurring operating income | 76A | - | €1,410 | +€1,410 | |
| Remuneration, social security and pensions | 62 | €344,955 | €481,793 | +€136,837 | +39.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,998 | €43,450 | -€1,548 | -3.4% |
| Other operating charges | 640/8 | €25,195 | €30,668 | +€5,473 | +21.7% |
| Non-recurring operating charges | 66A | €7,442 | - | -€7,442 | |
| Gross operating margin | 9900 | €472,331 | €678,915 | +€206,583 | +43.7% |
| Operating profit (loss) | 9901 | €49,741 | €123,004 | +€73,262 | +147% |
| Financial income | 75/76B | €56 | €70 | +€14 | +25.5% |
| Recurring financial income | 75 | €56 | €70 | +€14 | +25.5% |
| Financial charges | 65/66B | €16,575 | €25,274 | +€8,700 | +52.5% |
| Recurring financial charges | 65 | €16,575 | €25,274 | +€8,700 | +52.5% |
| Profit (loss) for the period before taxes | 9903 | €33,222 | €97,799 | +€64,577 | +194% |
| Income taxes | 67/77 | €12,446 | €31,856 | +€19,410 | +156% |
| Profit (loss) for the period | 9904 | €20,776 | €65,944 | +€45,167 | +217% |
| Profit (loss) for the period to be appropriated | 9905 | €20,776 | €65,944 | +€45,167 | +217% |
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 18 October 2026 via checked.be.