HAY GROUP: 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.
HAY GROUP
Largest movements
- Receivables within one year +€40,315
up €40,315 (+127%), from €31,833 to €72,148
of which Trade receivables: +€24,558
- Cash +€2,168
up €2,168 (+15.5%), from €13,944 to €16,112
mainly Debts after one year (+€18,475) and Depreciation (+€13,245)
- Debts after one year +€18,475
new in 2024: €18,475
- Current portion of long-term debt +€12,151
new in 2024: €12,151
- Profit (loss) carried forward +€11,247
up €11,247, from -€6,847 to €4,400
- Other debts +€10,324
up €10,324 (+29.9%), from €34,545 to €44,869
- Trade debts -€8,812
down €8,812 (-18.6%), from €47,261 to €38,449
- Gross operating margin +€35,618
up €35,618, from -€4,274 to €31,344
- Depreciation +€12,277
up €12,277 (+1,269%), from €968 to €13,245
- Taxes +€3,844
up €3,844 (+59,230%), from €6 to €3,850
- Financial charges +€1,805
up €1,805 (+2,362%), from €76 to €1,881
- Financial income +€379
up €379 (+6,118%), from €6 to €385
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €80,200 | €124,776 | +€44,576 | +55.6% |
| Formation expenses | 20 | €1,099 | €966 | -€133 | -12.1% |
| Fixed assets | 21/28 | €33,090 | €34,166 | +€1,076 | +3.3% |
| Tangible fixed assets | 22/27 | €33,090 | €34,166 | +€1,076 | +3.3% |
| Plant, machinery and equipment | 23 | - | €409 | +€409 | |
| Furniture and vehicles | 24 | €30,953 | €32,084 | +€1,131 | +3.7% |
| Other tangible fixed assets | 26 | €2,137 | €1,673 | -€464 | -21.7% |
| Current assets | 29/58 | €46,011 | €89,644 | +€43,634 | +94.8% |
| Amounts receivable within one year | 40/41 | €31,833 | €72,148 | +€40,315 | +127% |
| Trade receivables | 40 | €29,442 | €53,999 | +€24,558 | +83.4% |
| Other amounts receivable | 41 | €2,392 | €18,148 | +€15,757 | +659% |
| Cash at bank and in hand | 54/58 | €13,944 | €16,112 | +€2,168 | +15.5% |
| Deferred charges and accrued income | 490/1 | €233 | €1,385 | +€1,152 | +493% |
| Total equity and liabilities | 10/49 | €80,200 | €124,776 | +€44,576 | +55.6% |
| Equity | 10/15 | -€1,847 | €9,400 | +€11,247 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,847 | €4,400 | +€11,247 | |
| Amounts payable | 17/49 | €82,047 | €115,377 | +€33,330 | +40.6% |
| Amounts payable after more than one year | 17 | - | €18,475 | +€18,475 | |
| Financial debts | 170/4 | - | €18,475 | +€18,475 | |
| Amounts payable within one year | 42/48 | €82,047 | €96,902 | +€14,855 | +18.1% |
| Current portion of amounts payable after more than one year | 42 | - | €12,151 | +€12,151 | |
| Trade debts | 44 | €47,261 | €38,449 | -€8,812 | -18.6% |
| Suppliers | 440/4 | €47,261 | €38,449 | -€8,812 | -18.6% |
| Taxes, remuneration and social security | 45 | €242 | €1,433 | +€1,191 | +493% |
| Taxes | 450/3 | €242 | €1,433 | +€1,191 | +493% |
| Other amounts payable | 47/48 | €34,545 | €44,869 | +€10,324 | +29.9% |
| Non-recurring operating income | 76A | - | €301 | +€301 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €968 | €13,245 | +€12,277 | +1,269% |
| Other operating charges | 640/8 | €1,529 | €1,506 | -€23 | -1.5% |
| Gross operating margin | 9900 | -€4,274 | €31,344 | +€35,618 | |
| Operating profit (loss) | 9901 | -€6,770 | €16,594 | +€23,364 | |
| Financial income | 75/76B | €6 | €385 | +€379 | +6,118% |
| Recurring financial income | 75 | €6 | €385 | +€379 | +6,118% |
| Financial charges | 65/66B | €76 | €1,881 | +€1,805 | +2,362% |
| Recurring financial charges | 65 | €76 | €1,881 | +€1,805 | +2,362% |
| Profit (loss) for the period before taxes | 9903 | -€6,841 | €15,097 | +€21,938 | |
| Income taxes | 67/77 | €6 | €3,850 | +€3,844 | +59,230% |
| Profit (loss) for the period | 9904 | -€6,847 | €11,247 | +€18,094 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,847 | €11,247 | +€18,094 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.