HAGO: 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.
HAGO
Largest movements
- Stocks and contracts +€27,243
up €27,243 (+20.4%), from €133,300 to €160,544
- Receivables within one year -€11,260
down €11,260 (-60.4%), from €18,639 to €7,379
- Trade debts +€24,121
up €24,121 (+231%), from €10,425 to €34,545
- Short-term financial debts -€11,871
no longer reported in 2025 (was €11,871)
- Current portion of long-term debt -€4,475
no longer reported in 2025 (was €4,475)
- Other debts +€3,622
up €3,622 (+4.0%), from €90,364 to €93,986
- Purchases and services -€46,962
down €46,962 (-24.1%), from €194,802 to €147,840
- Taxes -€1,971
down €1,971 (-61.4%), from €3,208 to €1,238
- Gross operating margin -€1,352
down €1,352 (-19.4%), from €6,985 to €5,633
- Financial charges -€478
down €478 (-30.0%), from €1,595 to €1,117
- Financial income +€97
up €97 (+199%), from €49 to €146
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 | €164,379 | €179,059 | +€14,680 | +8.9% |
| Fixed assets | 21/28 | €2,278 | €1,409 | -€868 | -38.1% |
| Tangible fixed assets | 22/27 | €2,278 | €1,409 | -€868 | -38.1% |
| Plant, machinery and equipment | 23 | €1,387 | €985 | -€402 | -29.0% |
| Furniture and vehicles | 24 | €890 | €424 | -€467 | -52.4% |
| Current assets | 29/58 | €162,102 | €177,650 | +€15,549 | +9.6% |
| Stocks and contracts in progress | 3 | €133,300 | €160,544 | +€27,243 | +20.4% |
| Stocks | 30/36 | €133,300 | €160,544 | +€27,243 | +20.4% |
| Amounts receivable within one year | 40/41 | €18,639 | €7,379 | -€11,260 | -60.4% |
| Trade receivables | 40 | €18,639 | €7,379 | -€11,260 | -60.4% |
| Cash at bank and in hand | 54/58 | €9,846 | €8,909 | -€937 | -9.5% |
| Deferred charges and accrued income | 490/1 | €316 | €819 | +€503 | +159% |
| Total equity and liabilities | 10/49 | €164,379 | €179,059 | +€14,680 | +8.9% |
| Equity | 10/15 | €45,393 | €46,925 | +€1,531 | +3.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €26,793 | €28,325 | +€1,531 | +5.7% |
| Distributable reserves | 133 | €26,793 | €28,325 | +€1,531 | +5.7% |
| Amounts payable | 17/49 | €118,986 | €132,135 | +€13,149 | +11.1% |
| Amounts payable within one year | 42/48 | €118,986 | €132,135 | +€13,149 | +11.1% |
| Current portion of amounts payable after more than one year | 42 | €4,475 | - | -€4,475 | |
| Financial debts | 43 | €11,871 | - | -€11,871 | |
| Credit institutions | 430/8 | €11,871 | - | -€11,871 | |
| Trade debts | 44 | €10,425 | €34,545 | +€24,121 | +231% |
| Suppliers | 440/4 | €10,425 | €34,545 | +€24,121 | +231% |
| Taxes, remuneration and social security | 45 | €1,851 | €3,604 | +€1,753 | +94.7% |
| Taxes | 450/3 | €1,851 | €3,604 | +€1,753 | +94.7% |
| Other amounts payable | 47/48 | €90,364 | €93,986 | +€3,622 | +4.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €194,802 | €147,840 | -€46,962 | -24.1% |
| Remuneration, social security and pensions | 62 | €176 | €94 | -€81 | -46.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,418 | €1,468 | +€50 | +3.5% |
| Other operating charges | 640/8 | €281 | €331 | +€50 | +17.8% |
| Gross operating margin | 9900 | €6,985 | €5,633 | -€1,352 | -19.4% |
| Operating profit (loss) | 9901 | €5,110 | €3,740 | -€1,371 | -26.8% |
| Financial income | 75/76B | €49 | €146 | +€97 | +199% |
| Recurring financial income | 75 | €49 | €146 | +€97 | +199% |
| Financial charges | 65/66B | €1,595 | €1,117 | -€478 | -30.0% |
| Recurring financial charges | 65 | €1,595 | €1,117 | -€478 | -30.0% |
| Profit (loss) for the period before taxes | 9903 | €3,565 | €2,769 | -€796 | -22.3% |
| Income taxes | 67/77 | €3,208 | €1,238 | -€1,971 | -61.4% |
| Profit (loss) for the period | 9904 | €356 | €1,531 | +€1,175 | +330% |
| Profit (loss) for the period to be appropriated | 9905 | €356 | €1,531 | +€1,175 | +330% |
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.