HAGI Finances: 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.
HAGI Finances
Largest movements
- Intangible fixed assets -€28,000
down €28,000 (-22.5%), from €124,546 to €96,546
- Cash -€20,030
down €20,030 (-27.8%), from €71,970 to €51,940
mainly Debts after one year (-€80,148) and Investment in fixed assets (net) (-€33,853)
- Current investments +€12,571
up €12,571 (+16.4%), from €76,451 to €89,022
- Debts after one year -€80,148
down €80,148 (-21.3%), from €375,785 to €295,636
- Profit (loss) carried forward +€24,478
up €24,478 (+77.6%), from €31,536 to €56,014
- Tax, wage and social debts +€22,849
up €22,849 (+133%), from €17,238 to €40,087
of which Taxes: +€13,055
- Other debts +€9,509
up €9,509 (+85.1%), from €11,176 to €20,685
- Short-term financial debts -€6,536
down €6,536 (-87.4%), from €7,479 to €943
- Gross operating margin +€113,745
up €113,745 (+64.9%), from €175,313 to €289,057
- Staff costs +€49,692
up €49,692 (+52.1%), from €95,288 to €144,980
- Depreciation -€28,811
down €28,811 (-33.8%), from €85,348 to €56,538
- Taxes +€15,727
up €15,727 (+6,264%), from €251 to €15,978
- Other operating charges +€7,447
up €7,447 (+198%), from €3,768 to €11,214
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 | €565,797 | €535,774 | -€30,023 | -5.3% |
| Fixed assets | 21/28 | €379,185 | €356,501 | -€22,684 | -6.0% |
| Intangible fixed assets | 21 | €124,546 | €96,546 | -€28,000 | -22.5% |
| Tangible fixed assets | 22/27 | €253,841 | €259,157 | +€5,316 | +2.1% |
| Land and buildings | 22 | €193,271 | €216,675 | +€23,404 | +12.1% |
| Plant, machinery and equipment | 23 | €1,870 | €545 | -€1,324 | -70.8% |
| Furniture and vehicles | 24 | €58,700 | €41,936 | -€16,763 | -28.6% |
| Financial fixed assets | 28 | €798 | €798 | = | 0.0% |
| Current assets | 29/58 | €186,612 | €179,273 | -€7,339 | -3.9% |
| Amounts receivable within one year | 40/41 | €36,199 | €36,048 | -€151 | -0.4% |
| Trade receivables | 40 | €36,199 | €36,048 | -€151 | -0.4% |
| Current investments | 50/53 | €76,451 | €89,022 | +€12,571 | +16.4% |
| Cash at bank and in hand | 54/58 | €71,970 | €51,940 | -€20,030 | -27.8% |
| Deferred charges and accrued income | 490/1 | €1,991 | €2,262 | +€270 | +13.6% |
| Total equity and liabilities | 10/49 | €565,797 | €535,774 | -€30,023 | -5.3% |
| Equity | 10/15 | €62,287 | €86,766 | +€24,478 | +39.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €12,151 | €12,151 | = | 0.0% |
| Distributable reserves | 133 | €12,151 | €12,151 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,536 | €56,014 | +€24,478 | +77.6% |
| Amounts payable | 17/49 | €503,510 | €449,008 | -€54,501 | -10.8% |
| Amounts payable after more than one year | 17 | €375,785 | €295,636 | -€80,148 | -21.3% |
| Financial debts | 170/4 | €375,785 | €295,636 | -€80,148 | -21.3% |
| Amounts payable within one year | 42/48 | €121,725 | €147,372 | +€25,647 | +21.1% |
| Current portion of amounts payable after more than one year | 42 | €78,188 | €80,148 | +€1,961 | +2.5% |
| Financial debts | 43 | €7,479 | €943 | -€6,536 | -87.4% |
| Credit institutions | 430/8 | €7,479 | €943 | -€6,536 | -87.4% |
| Trade debts | 44 | €7,645 | €5,510 | -€2,135 | -27.9% |
| Suppliers | 440/4 | €7,645 | €5,510 | -€2,135 | -27.9% |
| Taxes, remuneration and social security | 45 | €17,238 | €40,087 | +€22,849 | +133% |
| Taxes | 450/3 | €4,757 | €17,813 | +€13,055 | +274% |
| Remuneration and social security | 454/9 | €12,481 | €22,274 | +€9,793 | +78.5% |
| Other amounts payable | 47/48 | €11,176 | €20,685 | +€9,509 | +85.1% |
| Accrued charges and deferred income | 492/3 | €6,000 | €6,000 | = | 0.0% |
| Non-recurring operating income | 76A | €22 | - | -€22 | |
| Remuneration, social security and pensions | 62 | €95,288 | €144,980 | +€49,692 | +52.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,348 | €56,538 | -€28,811 | -33.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€7,000 | - | +€7,000 | |
| Other operating charges | 640/8 | €3,768 | €11,214 | +€7,447 | +198% |
| Gross operating margin | 9900 | €175,313 | €289,057 | +€113,745 | +64.9% |
| Operating profit (loss) | 9901 | -€2,091 | €76,325 | +€78,416 | |
| Financial income | 75/76B | €313 | €816 | +€503 | +160% |
| Recurring financial income | 75 | €313 | €816 | +€503 | +160% |
| Financial charges | 65/66B | €9,826 | €11,685 | +€1,858 | +18.9% |
| Recurring financial charges | 65 | €9,826 | €11,685 | +€1,858 | +18.9% |
| Profit (loss) for the period before taxes | 9903 | -€11,604 | €65,456 | +€77,061 | |
| Income taxes | 67/77 | €251 | €15,978 | +€15,727 | +6,264% |
| Profit (loss) for the period | 9904 | -€11,855 | €49,478 | +€61,333 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,855 | €49,478 | +€61,333 |
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 14 October 2026 via checked.be.