HAGYAS: 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.
HAGYAS
Largest movements
- Cash -€99,514
down €99,514 (-38.7%), from €257,468 to €157,953
mainly Investment in fixed assets (net) (-€91,842) and Other debts (-€57,897)
- Receivables within one year +€57,456
up €57,456 (+8.3%), from €690,970 to €748,425
of which Trade receivables: +€56,490
- Tangible fixed assets -€18,376
down €18,376 (-12.1%), from €151,761 to €133,385
of which Other tangible fixed assets: -€32,852
- Trade debts +€80,827
up €80,827 (+131%), from €61,499 to €142,326
- Other debts -€57,897
down €57,897 (-38.5%), from €150,335 to €92,438
- Debts after one year -€55,532
down €55,532 (-8.8%), from €634,258 to €578,726
- Current portion of long-term debt -€14,784
down €14,784 (-21.0%), from €70,315 to €55,532
- Gross operating margin -€64,981
down €64,981 (-9.6%), from €676,757 to €611,776
- Staff costs -€59,422
down €59,422 (-11.3%), from €527,804 to €468,382
- Financial charges -€11,000
down €11,000 (-31.9%), from €34,440 to €23,440
- Depreciation +€8,312
up €8,312 (+7.6%), from €110,037 to €118,349
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 | €1,193,363 | €1,133,070 | -€60,293 | -5.1% |
| Fixed assets | 21/28 | €168,749 | €142,242 | -€26,508 | -15.7% |
| Intangible fixed assets | 21 | €14,840 | €6,709 | -€8,131 | -54.8% |
| Tangible fixed assets | 22/27 | €151,761 | €133,385 | -€18,376 | -12.1% |
| Plant, machinery and equipment | 23 | €92,116 | €125,830 | +€33,714 | +36.6% |
| Furniture and vehicles | 24 | €25,642 | €6,403 | -€19,239 | -75.0% |
| Other tangible fixed assets | 26 | €34,003 | €1,151 | -€32,852 | -96.6% |
| Financial fixed assets | 28 | €2,148 | €2,148 | = | 0.0% |
| Current assets | 29/58 | €1,024,614 | €990,828 | -€33,786 | -3.3% |
| Stocks and contracts in progress | 3 | €16,600 | €15,780 | -€820 | -4.9% |
| Stocks | 30/36 | €16,600 | €15,780 | -€820 | -4.9% |
| Amounts receivable within one year | 40/41 | €690,970 | €748,425 | +€57,456 | +8.3% |
| Trade receivables | 40 | €670,401 | €726,892 | +€56,490 | +8.4% |
| Other amounts receivable | 41 | €20,568 | €21,534 | +€966 | +4.7% |
| Current investments | 50/53 | €29,116 | €29,238 | +€122 | +0.4% |
| Cash at bank and in hand | 54/58 | €257,468 | €157,953 | -€99,514 | -38.7% |
| Deferred charges and accrued income | 490/1 | €30,460 | €39,431 | +€8,971 | +29.5% |
| Total equity and liabilities | 10/49 | €1,193,363 | €1,133,070 | -€60,293 | -5.1% |
| Equity | 10/15 | €178,193 | €179,180 | +€986 | +0.6% |
| Contributions | 10/11 | €101,586 | €101,586 | = | 0.0% |
| Reserves | 13 | €76,607 | €77,594 | +€986 | +1.3% |
| Distributable reserves | 133 | €76,607 | €77,594 | +€986 | +1.3% |
| Amounts payable | 17/49 | €1,015,170 | €953,890 | -€61,280 | -6.0% |
| Amounts payable after more than one year | 17 | €634,258 | €578,726 | -€55,532 | -8.8% |
| Financial debts | 170/4 | €634,258 | €578,726 | -€55,532 | -8.8% |
| Amounts payable within one year | 42/48 | €373,741 | €375,102 | +€1,362 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €70,315 | €55,532 | -€14,784 | -21.0% |
| Trade debts | 44 | €61,499 | €142,326 | +€80,827 | +131% |
| Suppliers | 440/4 | €61,499 | €142,326 | +€80,827 | +131% |
| Taxes, remuneration and social security | 45 | €91,591 | €84,806 | -€6,785 | -7.4% |
| Taxes | 450/3 | €14,388 | €11,246 | -€3,142 | -21.8% |
| Remuneration and social security | 454/9 | €77,203 | €73,560 | -€3,643 | -4.7% |
| Other amounts payable | 47/48 | €150,335 | €92,438 | -€57,897 | -38.5% |
| Accrued charges and deferred income | 492/3 | €7,171 | €62 | -€7,109 | -99.1% |
| Remuneration, social security and pensions | 62 | €527,804 | €468,382 | -€59,422 | -11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,037 | €118,349 | +€8,312 | +7.6% |
| Other operating charges | 640/8 | €1,317 | €1,357 | +€40 | +3.0% |
| Non-recurring operating charges | 66A | €3,100 | €194 | -€2,907 | -93.8% |
| Gross operating margin | 9900 | €676,757 | €611,776 | -€64,981 | -9.6% |
| Operating profit (loss) | 9901 | €34,499 | €23,494 | -€11,005 | -31.9% |
| Financial income | 75/76B | €4,359 | €1,676 | -€2,682 | -61.5% |
| Recurring financial income | 75 | €4,359 | €1,676 | -€2,682 | -61.5% |
| Financial charges | 65/66B | €34,440 | €23,440 | -€11,000 | -31.9% |
| Recurring financial charges | 65 | €34,440 | €23,440 | -€11,000 | -31.9% |
| Profit (loss) for the period before taxes | 9903 | €4,418 | €1,730 | -€2,687 | -60.8% |
| Income taxes | 67/77 | €3,875 | €744 | -€3,131 | -80.8% |
| Profit (loss) for the period | 9904 | €542 | €986 | +€444 | +81.8% |
| Profit (loss) for the period to be appropriated | 9905 | €542 | €986 | +€444 | +81.8% |
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 27 October 2026 via checked.be.