HAGERAAD: 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.
HAGERAAD
Largest movements
- Receivables within one year +€38,832
up €38,832 (+546%), from €7,107 to €45,939
of which Trade receivables: +€29,819
- Cash -€8,846
down €8,846 (-81.2%), from €10,890 to €2,044
mainly Receivables within one year (-€38,832) and Other debts (-€6,098)
- Tangible fixed assets -€6,270
down €6,270 (-12.2%), from €51,319 to €45,049
of which Plant, machinery and equipment: -€5,993
- Tax, wage and social debts +€22,103
new in 2025: €22,103
- Reserves +€6,640
new in 2025: €6,640
- Other debts -€6,098
down €6,098 (-10.9%), from €55,965 to €49,867
- Profit (loss) carried forward +€2,202
no longer reported in 2025 (was -€2,202)
- Trade debts -€977
down €977 (-6.8%), from €14,424 to €13,447
- Gross operating margin +€12,645
up €12,645 (+213%), from €5,948 to €18,592
- Taxes +€2,328
new in 2025: €2,328
- Depreciation -€804
down €804 (-11.2%), from €7,180 to €6,376
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 | €70,688 | €94,557 | +€23,869 | +33.8% |
| Formation expenses | 20 | €106 | - | -€106 | |
| Fixed assets | 21/28 | €51,319 | €45,349 | -€5,970 | -11.6% |
| Tangible fixed assets | 22/27 | €51,319 | €45,049 | -€6,270 | -12.2% |
| Plant, machinery and equipment | 23 | €50,764 | €44,771 | -€5,993 | -11.8% |
| Furniture and vehicles | 24 | €555 | €277 | -€277 | -50.0% |
| Financial fixed assets | 28 | - | €300 | +€300 | |
| Current assets | 29/58 | €19,263 | €49,208 | +€29,945 | +155% |
| Amounts receivable within one year | 40/41 | €7,107 | €45,939 | +€38,832 | +546% |
| Trade receivables | 40 | €79 | €29,898 | +€29,819 | +37,914% |
| Other amounts receivable | 41 | €7,028 | €16,041 | +€9,013 | +128% |
| Cash at bank and in hand | 54/58 | €10,890 | €2,044 | -€8,846 | -81.2% |
| Deferred charges and accrued income | 490/1 | €1,266 | €1,225 | -€42 | -3.3% |
| Total equity and liabilities | 10/49 | €70,688 | €94,557 | +€23,869 | +33.8% |
| Equity | 10/15 | €298 | €9,140 | +€8,842 | +2,963% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | - | €6,640 | +€6,640 | |
| Distributable reserves | 133 | - | €6,640 | +€6,640 | |
| Profit (loss) carried forward | 14 | -€2,202 | - | +€2,202 | |
| Amounts payable | 17/49 | €70,389 | €85,417 | +€15,027 | +21.3% |
| Amounts payable within one year | 42/48 | €70,389 | €85,417 | +€15,027 | +21.3% |
| Trade debts | 44 | €14,424 | €13,447 | -€977 | -6.8% |
| Suppliers | 440/4 | €14,424 | €13,447 | -€977 | -6.8% |
| Taxes, remuneration and social security | 45 | - | €22,103 | +€22,103 | |
| Taxes | 450/3 | - | €22,103 | +€22,103 | |
| Other amounts payable | 47/48 | €55,965 | €49,867 | -€6,098 | -10.9% |
| Non-recurring operating income | 76A | €3,340 | - | -€3,340 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,180 | €6,376 | -€804 | -11.2% |
| Other operating charges | 640/8 | €926 | €926 | -€0 | 0.0% |
| Gross operating margin | 9900 | €5,948 | €18,592 | +€12,645 | +213% |
| Operating profit (loss) | 9901 | -€2,158 | €11,291 | +€13,449 | |
| Financial income | 75/76B | €9 | - | -€9 | |
| Recurring financial income | 75 | €9 | - | -€9 | |
| Financial charges | 65/66B | €53 | €121 | +€68 | +128% |
| Recurring financial charges | 65 | €53 | €121 | +€68 | +128% |
| Profit (loss) for the period before taxes | 9903 | -€2,202 | €11,170 | +€13,371 | |
| Income taxes | 67/77 | - | €2,328 | +€2,328 | |
| Profit (loss) for the period | 9904 | -€2,202 | €8,842 | +€11,043 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,202 | €8,842 | +€11,043 |
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.