HG&A: 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.
HG&A
Largest movements
- Receivables within one year -€10,401
down €10,401 (-24.5%), from €42,478 to €32,077
of which Trade receivables: -€10,011
- Tangible fixed assets -€1,030
down €1,030 (-100.0%), from €1,030 to €0
- Profit (loss) carried forward -€8,070
down €8,070 (-4.6%), from -€173,702 to -€181,773
- Other debts -€3,961
down €3,961 (-2.0%), from €197,290 to €193,329
- Trade debts +€777
new in 2025: €777
- Depreciation +€1,030
up €1,030, from €0 to €1,030
- Gross operating margin -€752
down €752 (-12.4%), from -€6,068 to -€6,820
- Other operating charges +€102
up €102 (+86.4%), from €118 to €220
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 | €43,977 | €32,724 | -€11,253 | -25.6% |
| Fixed assets | 21/28 | €1,165 | €135 | -€1,030 | -88.4% |
| Tangible fixed assets | 22/27 | €1,030 | €0 | -€1,030 | -100.0% |
| Plant, machinery and equipment | 23 | €1,030 | €0 | -€1,030 | -100.0% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €42,812 | €32,589 | -€10,223 | -23.9% |
| Amounts receivable within one year | 40/41 | €42,478 | €32,077 | -€10,401 | -24.5% |
| Trade receivables | 40 | €41,548 | €31,537 | -€10,011 | -24.1% |
| Other amounts receivable | 41 | €930 | €540 | -€390 | -41.9% |
| Cash at bank and in hand | 54/58 | €334 | €512 | +€178 | +53.3% |
| Total equity and liabilities | 10/49 | €43,977 | €32,724 | -€11,253 | -25.6% |
| Equity | 10/15 | -€153,313 | -€161,383 | -€8,070 | -5.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,789 | €1,789 | = | 0.0% |
| Non-distributable reserves | 130/1 | - | €1,789 | +€1,789 | |
| Reserves not available under the articles | 1311 | - | €1,789 | +€1,789 | |
| Distributable reserves | 133 | €1,789 | - | -€1,789 | |
| Profit (loss) carried forward | 14 | -€173,702 | -€181,773 | -€8,070 | -4.6% |
| Amounts payable | 17/49 | €197,290 | €194,107 | -€3,183 | -1.6% |
| Amounts payable within one year | 42/48 | €197,290 | €194,107 | -€3,183 | -1.6% |
| Trade debts | 44 | - | €777 | +€777 | |
| Suppliers | 440/4 | - | €777 | +€777 | |
| Other amounts payable | 47/48 | €197,290 | €193,329 | -€3,961 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €1,030 | +€1,030 | |
| Other operating charges | 640/8 | €118 | €220 | +€102 | +86.4% |
| Gross operating margin | 9900 | -€6,068 | -€6,820 | -€752 | -12.4% |
| Operating profit (loss) | 9901 | -€6,186 | -€8,070 | -€1,884 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | -€6,186 | -€8,070 | -€1,884 | -30.5% |
| Profit (loss) for the period | 9904 | -€6,186 | -€8,070 | -€1,884 | -30.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,186 | -€8,070 | -€1,884 | -30.5% |
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 4 October 2026 via checked.be.