HAMGAR: 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.
HAMGAR
Largest movements
- Tangible fixed assets +€168,741
up €168,741 (+5.3%), from €3.2m to €3.4m
of which Land and buildings: +€198,388
- Intangible fixed assets -€55,600
down €55,600 (-23.5%), from €236,224 to €180,624
- Debts after one year +€377,546
up €377,546 (+16.8%), from €2.2m to €2.6m
of which Other amounts payable: +€380,000
- Other debts -€350,711
down €350,711 (-91.0%), from €385,238 to €34,527
- Reserves +€60,000
up €60,000 (+17.1%), from €350,336 to €410,336
- Depreciation +€37,097
up €37,097 (+18.7%), from €198,333 to €235,430
- Gross operating margin +€32,988
up €32,988 (+8.4%), from €392,421 to €425,409
- Taxes -€16,821
down €16,821 (-42.6%), from €39,478 to €22,657
- Financial charges +€16,778
up €16,778 (+24.6%), from €68,313 to €85,092
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 | €3,488,036 | €3,617,176 | +€129,140 | +3.7% |
| Fixed assets | 21/28 | €3,436,763 | €3,550,742 | +€113,979 | +3.3% |
| Intangible fixed assets | 21 | €236,224 | €180,624 | -€55,600 | -23.5% |
| Tangible fixed assets | 22/27 | €3,200,539 | €3,369,280 | +€168,741 | +5.3% |
| Land and buildings | 22 | €2,911,877 | €3,110,265 | +€198,388 | +6.8% |
| Plant, machinery and equipment | 23 | €288,662 | €259,015 | -€29,647 | -10.3% |
| Financial fixed assets | 28 | - | €838 | +€838 | |
| Current assets | 29/58 | €51,273 | €66,434 | +€15,161 | +29.6% |
| Amounts receivable within one year | 40/41 | €32,450 | €21,945 | -€10,504 | -32.4% |
| Trade receivables | 40 | €32,450 | €21,945 | -€10,504 | -32.4% |
| Cash at bank and in hand | 54/58 | €11,744 | €43,698 | +€31,954 | +272.1% |
| Deferred charges and accrued income | 490/1 | €7,079 | €790 | -€6,289 | -88.8% |
| Total equity and liabilities | 10/49 | €3,488,036 | €3,617,176 | +€129,140 | +3.7% |
| Equity | 10/15 | €475,506 | €533,495 | +€57,989 | +12.2% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €350,336 | €410,336 | +€60,000 | +17.1% |
| Distributable reserves | 133 | €350,336 | €410,336 | +€60,000 | +17.1% |
| Profit (loss) carried forward | 14 | €5,170 | €3,158 | -€2,011 | -38.9% |
| Amounts payable | 17/49 | €3,012,530 | €3,083,681 | +€71,151 | +2.4% |
| Amounts payable after more than one year | 17 | €2,243,483 | €2,621,029 | +€377,546 | +16.8% |
| Financial debts | 170/4 | €2,243,483 | €2,241,029 | -€2,454 | -0.1% |
| Other amounts payable | 178/9 | - | €380,000 | +€380,000 | |
| Amounts payable within one year | 42/48 | €729,452 | €406,307 | -€323,145 | -44.3% |
| Current portion of amounts payable after more than one year | 42 | €244,751 | €273,617 | +€28,867 | +11.8% |
| Financial debts | 43 | €16,430 | €16,990 | +€560 | +3.4% |
| Other loans | 439 | €16,430 | €16,990 | +€560 | +3.4% |
| Trade debts | 44 | €7,445 | €18,462 | +€11,016 | +148.0% |
| Suppliers | 440/4 | €7,445 | €18,462 | +€11,016 | +148.0% |
| Taxes, remuneration and social security | 45 | €75,588 | €62,711 | -€12,878 | -17.0% |
| Taxes | 450/3 | €75,588 | €62,711 | -€12,878 | -17.0% |
| Other amounts payable | 47/48 | €385,238 | €34,527 | -€350,711 | -91.0% |
| Accrued charges and deferred income | 492/3 | €39,594 | €56,345 | +€16,751 | +42.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €198,333 | €235,430 | +€37,097 | +18.7% |
| Other operating charges | 640/8 | €22,402 | €24,242 | +€1,840 | +8.2% |
| Non-recurring operating charges | 66A | €296 | - | -€296 | |
| Gross operating margin | 9900 | €392,421 | €425,409 | +€32,988 | +8.4% |
| Operating profit (loss) | 9901 | €171,390 | €165,737 | -€5,653 | -3.3% |
| Financial income | 75/76B | €341 | - | -€341 | |
| Recurring financial income | 75 | €341 | - | -€341 | |
| Non-recurring financial income | 76B | €341 | - | -€341 | |
| Financial charges | 65/66B | €68,313 | €85,092 | +€16,778 | +24.6% |
| Recurring financial charges | 65 | €68,313 | €85,092 | +€16,778 | +24.6% |
| Profit (loss) for the period before taxes | 9903 | €103,418 | €80,646 | -€22,772 | -22.0% |
| Income taxes | 67/77 | €39,478 | €22,657 | -€16,821 | -42.6% |
| Profit (loss) for the period | 9904 | €63,939 | €57,989 | -€5,951 | -9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €63,939 | €57,989 | -€5,951 | -9.3% |
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 2 October 2026 via checked.be.