Hagebo: 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.
Hagebo
Largest movements
- Cash -€988,026
down €988,026 (-78.4%), from €1.3m to €271,902
mainly Investment in fixed assets (net) (-€346,590) and Other debts (-€337,133)
- Tangible fixed assets +€317,288
up €317,288 (+124%), from €254,911 to €572,199
of which Land and buildings: +€318,896
- Receivables within one year +€52,736
up €52,736 (+507%), from €10,406 to €63,142
of which Trade receivables: +€50,099
- Other debts -€337,133
down €337,133 (-57.6%), from €584,970 to €247,837
- Profit (loss) carried forward -€289,233
down €289,233 (-100%), from €289,233 to €0
- Tax, wage and social debts -€218,644
down €218,644 (-44.1%), from €495,910 to €277,267
- Debts after one year +€170,138
up €170,138 (+136%), from €125,268 to €295,406
- Reserves +€43,121
new in 2025: €43,121
- Gross operating margin -€1.0m
down €1.0m (-91.1%), from €1.1m to €98,963
- Taxes -€277,855
down €277,855 (-95.8%), from €289,996 to €12,142
- Other operating charges +€11,889
up €11,889 (+1,272%), from €934 to €12,824
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 | €1,525,974 | €908,280 | -€617,694 | -40.5% |
| Fixed assets | 21/28 | €254,911 | €572,199 | +€317,288 | +124% |
| Tangible fixed assets | 22/27 | €254,911 | €572,199 | +€317,288 | +124% |
| Land and buildings | 22 | €245,444 | €564,340 | +€318,896 | +130% |
| Plant, machinery and equipment | 23 | €3,764 | €3,364 | -€400 | -10.6% |
| Furniture and vehicles | 24 | €2,920 | €1,994 | -€926 | -31.7% |
| Other tangible fixed assets | 26 | €2,784 | €2,502 | -€282 | -10.1% |
| Current assets | 29/58 | €1,271,063 | €336,081 | -€934,983 | -73.6% |
| Amounts receivable within one year | 40/41 | €10,406 | €63,142 | +€52,736 | +507% |
| Trade receivables | 40 | €10,406 | €60,505 | +€50,099 | +481% |
| Other amounts receivable | 41 | - | €2,637 | +€2,637 | |
| Cash at bank and in hand | 54/58 | €1,259,928 | €271,902 | -€988,026 | -78.4% |
| Deferred charges and accrued income | 490/1 | €729 | €1,037 | +€308 | +42.2% |
| Total equity and liabilities | 10/49 | €1,525,974 | €908,280 | -€617,694 | -40.5% |
| Equity | 10/15 | €307,833 | €61,721 | -€246,112 | -79.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €43,121 | +€43,121 | |
| Distributable reserves | 133 | - | €43,121 | +€43,121 | |
| Profit (loss) carried forward | 14 | €289,233 | €0 | -€289,233 | -100% |
| Amounts payable | 17/49 | €1,218,141 | €846,559 | -€371,582 | -30.5% |
| Amounts payable after more than one year | 17 | €125,268 | €295,406 | +€170,138 | +136% |
| Financial debts | 170/4 | €125,268 | €295,406 | +€170,138 | +136% |
| Amounts payable within one year | 42/48 | €1,092,873 | €551,153 | -€541,720 | -49.6% |
| Current portion of amounts payable after more than one year | 42 | €11,770 | €24,683 | +€12,913 | +110% |
| Financial debts | 43 | €222 | €120 | -€102 | -45.9% |
| Credit institutions | 430/8 | €222 | €120 | -€102 | -45.9% |
| Trade debts | 44 | €0 | €1,246 | +€1,246 | |
| Suppliers | 440/4 | €0 | €1,246 | +€1,246 | |
| Taxes, remuneration and social security | 45 | €495,910 | €277,267 | -€218,644 | -44.1% |
| Taxes | 450/3 | €495,910 | €277,267 | -€218,644 | -44.1% |
| Other amounts payable | 47/48 | €584,970 | €247,837 | -€337,133 | -57.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,289 | €29,302 | +€9,013 | +44.4% |
| Other operating charges | 640/8 | €934 | €12,824 | +€11,889 | +1,272% |
| Gross operating margin | 9900 | €1,111,814 | €98,963 | -€1.0m | -91.1% |
| Operating profit (loss) | 9901 | €1,090,591 | €56,837 | -€1.0m | -94.8% |
| Financial income | 75/76B | €7 | €7,596 | +€7,589 | +115,163% |
| Recurring financial income | 75 | €7 | €7,596 | +€7,589 | +115,163% |
| Financial charges | 65/66B | €6,692 | €9,170 | +€2,479 | +37.0% |
| Recurring financial charges | 65 | €6,692 | €9,170 | +€2,479 | +37.0% |
| Profit (loss) for the period before taxes | 9903 | €1,083,906 | €55,263 | -€1.0m | -94.9% |
| Income taxes | 67/77 | €289,996 | €12,142 | -€277,855 | -95.8% |
| Profit (loss) for the period | 9904 | €793,909 | €43,121 | -€750,788 | -94.6% |
| Profit (loss) for the period to be appropriated | 9905 | €793,909 | €43,121 | -€750,788 | -94.6% |
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 23 October 2026 via checked.be.