HAGEKO: what changed
Two fiscal 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.
HAGEKO
Largest movements
- Tangible fixed assets -€217,019
down €217,019 (-61.5%), from €352,893 to €135,874
of which Land and buildings: -€214,872
- Cash -€5,620
down €5,620 (-42.6%), from €13,199 to €7,579
mainly Other debts (-€176,382) and Debts after one year (-€29,506)
- Other debts -€176,382
down €176,382 (-64.0%), from €275,800 to €99,418
- Debts after one year -€29,506
down €29,506 (-100.0%), from €29,506 to €0
- Current portion of long-term debt -€10,369
down €10,369 (-100.0%), from €10,369 to €0
- Accrued charges and deferred income -€10,000
down €10,000 (-100.0%), from €10,000 to €0
- Depreciation -€8,973
down €8,973 (-57.6%), from €15,582 to €6,609
- Other operating charges +€1,184
up €1,184 (+36.6%), from €3,233 to €4,416
- Gross operating margin +€896
up €896 (+5.4%), from €16,635 to €17,531
- Financial charges +€329
up €329 (+12.6%), from €2,617 to €2,946
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 | €366,980 | €144,064 | -€222,916 | -60.7% |
| Fixed assets | 21/28 | €352,893 | €135,874 | -€217,019 | -61.5% |
| Tangible fixed assets | 22/27 | €352,893 | €135,874 | -€217,019 | -61.5% |
| Land and buildings | 22 | €340,006 | €125,135 | -€214,872 | -63.2% |
| Furniture and vehicles | 24 | €12,886 | €10,739 | -€2,148 | -16.7% |
| Current assets | 29/58 | €14,087 | €8,191 | -€5,896 | -41.9% |
| Amounts receivable within one year | 40/41 | €745 | €612 | -€133 | -17.9% |
| Trade receivables | 40 | €745 | €612 | -€133 | -17.9% |
| Cash at bank and in hand | 54/58 | €13,199 | €7,579 | -€5,620 | -42.6% |
| Deferred charges and accrued income | 490/1 | €143 | €0 | -€143 | -100.0% |
| Total equity and liabilities | 10/49 | €366,980 | €144,064 | -€222,916 | -60.7% |
| Equity | 10/15 | €41,087 | €44,646 | +€3,560 | +8.7% |
| Contributions | 10/11 | €93,600 | €93,600 | = | 0.0% |
| Reserves | 13 | €103 | €103 | = | 0.0% |
| Non-distributable reserves | 130/1 | €103 | €103 | = | 0.0% |
| Reserves not available under the articles | 1311 | €103 | €103 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€52,616 | -€49,057 | +€3,560 | +6.8% |
| Amounts payable | 17/49 | €325,893 | €99,418 | -€226,475 | -69.5% |
| Amounts payable after more than one year | 17 | €29,506 | €0 | -€29,506 | -100.0% |
| Financial debts | 170/4 | €29,506 | €0 | -€29,506 | -100.0% |
| Amounts payable within one year | 42/48 | €286,387 | €99,418 | -€186,969 | -65.3% |
| Current portion of amounts payable after more than one year | 42 | €10,369 | €0 | -€10,369 | -100.0% |
| Trade debts | 44 | €219 | €0 | -€219 | -100.0% |
| Suppliers | 440/4 | €219 | €0 | -€219 | -100.0% |
| Other amounts payable | 47/48 | €275,800 | €99,418 | -€176,382 | -64.0% |
| Accrued charges and deferred income | 492/3 | €10,000 | €0 | -€10,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,582 | €6,609 | -€8,973 | -57.6% |
| Other operating charges | 640/8 | €3,233 | €4,416 | +€1,184 | +36.6% |
| Gross operating margin | 9900 | €16,635 | €17,531 | +€896 | +5.4% |
| Operating profit (loss) | 9901 | -€2,179 | €6,506 | +€8,685 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,617 | €2,946 | +€329 | +12.6% |
| Recurring financial charges | 65 | €2,617 | €2,946 | +€329 | +12.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,797 | €3,560 | +€8,356 | |
| Profit (loss) for the period | 9904 | -€4,797 | €3,560 | +€8,356 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,797 | €3,560 | +€8,356 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.