HAGIM: 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.
HAGIM
Largest movements
- Current investments +€95,563
new in 2025: €95,563
- Receivables within one year +€25,034
up €25,034 (+66.9%), from €37,447 to €62,482
of which Trade receivables: +€25,455
- Cash -€11,540
down €11,540 (-13.9%), from €83,294 to €71,754
mainly Current investments (-€95,563) and Receivables within one year (-€25,034)
- Tangible fixed assets -€10,511
down €10,511 (-13.2%), from €79,674 to €69,162
of which Furniture and vehicles: -€15,849
- Deferred charges and accrued income +€8,975
up €8,975 (+12198.2%), from €74 to €9,049
- Reserves +€68,717
up €68,717 (+34.7%), from €197,771 to €266,488
- Trade debts +€21,529
up €21,529 (+104.5%), from €20,609 to €42,138
- Current portion of long-term debt +€10,093
new in 2025: €10,093
- Gross operating margin +€24,217
up €24,217 (+19.3%), from €125,535 to €149,752
- Staff costs -€23,101
down €23,101 (-59.7%), from €38,677 to €15,576
- Taxes +€12,420
up €12,420 (+89.9%), from €13,823 to €26,243
- Depreciation +€2,838
up €2,838 (+9.6%), from €29,539 to €32,377
- Other operating charges -€1,617
down €1,617 (-47.6%), from €3,397 to €1,780
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 | €320,463 | €424,487 | +€104,024 | +32.5% |
| Fixed assets | 21/28 | €80,891 | €72,520 | -€8,371 | -10.3% |
| Intangible fixed assets | 21 | €1,167 | €167 | -€1,000 | -85.7% |
| Tangible fixed assets | 22/27 | €79,674 | €69,162 | -€10,511 | -13.2% |
| Plant, machinery and equipment | 23 | €35,882 | €41,220 | +€5,338 | +14.9% |
| Furniture and vehicles | 24 | €43,791 | €27,942 | -€15,849 | -36.2% |
| Financial fixed assets | 28 | €50 | €3,190 | +€3,140 | +6280.0% |
| Current assets | 29/58 | €239,572 | €351,968 | +€112,395 | +46.9% |
| Stocks and contracts in progress | 3 | €118,758 | €113,120 | -€5,638 | -4.7% |
| Stocks | 30/36 | €118,758 | €113,120 | -€5,638 | -4.7% |
| Amounts receivable within one year | 40/41 | €37,447 | €62,482 | +€25,034 | +66.9% |
| Trade receivables | 40 | €33,245 | €58,700 | +€25,455 | +76.6% |
| Other amounts receivable | 41 | €4,202 | €3,782 | -€420 | -10.0% |
| Current investments | 50/53 | - | €95,563 | +€95,563 | |
| Cash at bank and in hand | 54/58 | €83,294 | €71,754 | -€11,540 | -13.9% |
| Deferred charges and accrued income | 490/1 | €74 | €9,049 | +€8,975 | +12198.2% |
| Total equity and liabilities | 10/49 | €320,463 | €424,487 | +€104,024 | +32.5% |
| Equity | 10/15 | €228,758 | €297,475 | +€68,717 | +30.0% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €197,771 | €266,488 | +€68,717 | +34.7% |
| Distributable reserves | 133 | €197,771 | €266,488 | +€68,717 | +34.7% |
| Amounts payable | 17/49 | €91,706 | €127,012 | +€35,307 | +38.5% |
| Amounts payable after more than one year | 17 | €44,000 | €44,000 | = | 0.0% |
| Other amounts payable | 178/9 | €44,000 | €44,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €39,414 | €77,775 | +€38,361 | +97.3% |
| Current portion of amounts payable after more than one year | 42 | - | €10,093 | +€10,093 | |
| Trade debts | 44 | €20,609 | €42,138 | +€21,529 | +104.5% |
| Suppliers | 440/4 | €20,609 | €42,138 | +€21,529 | +104.5% |
| Taxes, remuneration and social security | 45 | €12,254 | €15,922 | +€3,668 | +29.9% |
| Taxes | 450/3 | €6,674 | €11,405 | +€4,731 | +70.9% |
| Remuneration and social security | 454/9 | €5,580 | €4,516 | -€1,063 | -19.1% |
| Other amounts payable | 47/48 | €6,551 | €9,623 | +€3,072 | +46.9% |
| Accrued charges and deferred income | 492/3 | €8,292 | €5,237 | -€3,055 | -36.8% |
| Remuneration, social security and pensions | 62 | €38,677 | €15,576 | -€23,101 | -59.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,539 | €32,377 | +€2,838 | +9.6% |
| Other operating charges | 640/8 | €3,397 | €1,780 | -€1,617 | -47.6% |
| Gross operating margin | 9900 | €125,535 | €149,752 | +€24,217 | +19.3% |
| Operating profit (loss) | 9901 | €53,921 | €100,018 | +€46,097 | +85.5% |
| Financial income | 75/76B | €991 | €309 | -€682 | -68.8% |
| Recurring financial income | 75 | €991 | €309 | -€682 | -68.8% |
| Financial charges | 65/66B | €6,745 | €5,366 | -€1,378 | -20.4% |
| Recurring financial charges | 65 | €6,745 | €5,366 | -€1,378 | -20.4% |
| Profit (loss) for the period before taxes | 9903 | €48,168 | €94,960 | +€46,793 | +97.1% |
| Income taxes | 67/77 | €13,823 | €26,243 | +€12,420 | +89.9% |
| Profit (loss) for the period | 9904 | €34,345 | €68,717 | +€34,373 | +100.1% |
| Profit (loss) for the period to be appropriated | 9905 | €34,345 | €68,717 | +€34,373 | +100.1% |
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 8 October 2026 via checked.be.