HAGE: 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.
HAGE
Largest movements
- Tangible fixed assets +€1.4m
up €1.4m (+139.1%), from €988,079 to €2.4m
of which Land and buildings: +€1.4m
- Receivables within one year -€56,688
down €56,688 (-88.7%), from €63,878 to €7,190
of which Trade receivables: -€52,141
- Cash +€36,672
up €36,672 (+827.2%), from €4,434 to €41,106
mainly Debts after one year (+€817,671) and Other debts (+€384,384)
- Debts after one year +€817,671
up €817,671 (+204.2%), from €400,424 to €1.2m
of which Financial debts: +€907,671
- Other debts +€384,384
up €384,384 (+210.8%), from €182,308 to €566,692
- Trade debts +€229,737
up €229,737 (+1058.6%), from €21,702 to €251,438
- Profit (loss) carried forward -€173,823
new in 2025: -€173,823
- Current portion of long-term debt +€65,590
new in 2025: €65,590
- Gross operating margin -€92,047
down €92,047 (-76.3%), from €120,700 to €28,653
- Depreciation +€65,379
up €65,379 (+106.3%), from €61,527 to €126,906
- Other operating charges +€48,078
up €48,078 (+1794.7%), from €2,679 to €50,757
- Financial charges +€25,192
up €25,192 (+43949.8%), from €57 to €25,249
- Taxes -€5,526
down €5,526 (-100.0%), from €5,526 to €0
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.
Cash bridge derived
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 | €1,057,645 | €2,412,856 | +€1.4m | +128.1% |
| Fixed assets | 21/28 | €988,079 | €2,362,648 | +€1.4m | +139.1% |
| Tangible fixed assets | 22/27 | €988,079 | €2,362,648 | +€1.4m | +139.1% |
| Land and buildings | 22 | €970,002 | €2,347,549 | +€1.4m | +142.0% |
| Plant, machinery and equipment | 23 | €7,330 | €5,472 | -€1,858 | -25.4% |
| Furniture and vehicles | 24 | €10,747 | €9,627 | -€1,119 | -10.4% |
| Current assets | 29/58 | €69,566 | €50,207 | -€19,358 | -27.8% |
| Amounts receivable within one year | 40/41 | €63,878 | €7,190 | -€56,688 | -88.7% |
| Trade receivables | 40 | €59,325 | €7,184 | -€52,141 | -87.9% |
| Other amounts receivable | 41 | €4,553 | €6 | -€4,547 | -99.9% |
| Cash at bank and in hand | 54/58 | €4,434 | €41,106 | +€36,672 | +827.2% |
| Deferred charges and accrued income | 490/1 | €1,254 | €1,912 | +€657 | +52.4% |
| Total equity and liabilities | 10/49 | €1,057,645 | €2,412,856 | +€1.4m | +128.1% |
| Equity | 10/15 | €254,777 | €80,955 | -€173,823 | -68.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €242,377 | €242,377 | = | 0.0% |
| Distributable reserves | 133 | €242,377 | €242,377 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€173,823 | -€173,823 | |
| Amounts payable | 17/49 | €802,868 | €2,331,901 | +€1.5m | +190.4% |
| Amounts payable after more than one year | 17 | €400,424 | €1,218,095 | +€817,671 | +204.2% |
| Financial debts | 170/4 | €250,424 | €1,158,095 | +€907,671 | +362.5% |
| Other amounts payable | 178/9 | €150,000 | €60,000 | -€90,000 | -60.0% |
| Amounts payable within one year | 42/48 | €402,251 | €1,113,608 | +€711,357 | +176.8% |
| Current portion of amounts payable after more than one year | 42 | - | €65,590 | +€65,590 | |
| Financial debts | 43 | €160,000 | €205,000 | +€45,000 | +28.1% |
| Other loans | 439 | €160,000 | €205,000 | +€45,000 | +28.1% |
| Trade debts | 44 | €21,702 | €251,438 | +€229,737 | +1058.6% |
| Suppliers | 440/4 | €21,702 | €251,438 | +€229,737 | +1058.6% |
| Advances received on contracts in progress | 46 | €23,390 | €3,275 | -€20,116 | -86.0% |
| Taxes, remuneration and social security | 45 | €14,850 | €21,612 | +€6,762 | +45.5% |
| Taxes | 450/3 | €7,050 | €2,712 | -€4,338 | -61.5% |
| Remuneration and social security | 454/9 | €7,800 | €18,900 | +€11,100 | +142.3% |
| Other amounts payable | 47/48 | €182,308 | €566,692 | +€384,384 | +210.8% |
| Accrued charges and deferred income | 492/3 | €193 | €198 | +€6 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,527 | €126,906 | +€65,379 | +106.3% |
| Other operating charges | 640/8 | €2,679 | €50,757 | +€48,078 | +1794.7% |
| Gross operating margin | 9900 | €120,700 | €28,653 | -€92,047 | -76.3% |
| Operating profit (loss) | 9901 | €56,494 | -€149,010 | -€205,504 | |
| Financial income | 75/76B | €0 | €437 | +€437 | +4367700.0% |
| Recurring financial income | 75 | €0 | €437 | +€437 | +4367700.0% |
| Financial charges | 65/66B | €57 | €25,249 | +€25,192 | +43949.8% |
| Recurring financial charges | 65 | €57 | €25,249 | +€25,192 | +43949.8% |
| Profit (loss) for the period before taxes | 9903 | €56,437 | -€173,823 | -€230,259 | |
| Income taxes | 67/77 | €5,526 | €0 | -€5,526 | -100.0% |
| Profit (loss) for the period | 9904 | €50,911 | -€173,823 | -€224,734 | |
| Profit (loss) for the period to be appropriated | 9905 | €50,911 | -€173,823 | -€224,734 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.