HG BUSINESS: what changed
HG BUSINESS
Largest movements
- Receivables within one year -€93,277
down €93,277 (-75.4%), from €123,724 to €30,447
of which Other amounts receivable: -€88,299
- Tangible fixed assets +€89,858
up €89,858 (+1,854%), from €4,848 to €94,706
of which Land and buildings: +€90,000
- Cash -€28,172
down €28,172 (-71.3%), from €39,501 to €11,329
mainly Short-term financial debts (-€196,157) and Investment in fixed assets (net) (-€104,685)
- Stocks and contracts +€27,341
up €27,341 (+7.8%), from €349,032 to €376,373
- Short-term financial debts -€196,157
down €196,157 (-56.0%), from €350,000 to €153,844
- Other debts +€106,151
new in 2025: €106,151
- Debts after one year +€64,355
new in 2025: €64,355
- Profit (loss) carried forward +€17,490
up €17,490 (+17.6%), from €99,517 to €117,007
- Trade debts +€12,198
up €12,198 (+119%), from €10,225 to €22,423
- Gross operating margin -€20,866
down €20,866 (-13.8%), from €150,692 to €129,826
- Taxes -€17,392
down €17,392 (-76.0%), from €22,883 to €5,491
- Depreciation +€13,154
up €13,154 (+786%), from €1,673 to €14,827
- Staff costs +€7,334
up €7,334 (+13.5%), from €54,351 to €61,685
- Other operating charges -€2,373
down €2,373 (-27.8%), from €8,547 to €6,174
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €523,609 | €519,869 | -€3,740 | -0.7% |
| Fixed assets | 21/28 | €5,158 | €95,016 | +€89,858 | +1,742% |
| Tangible fixed assets | 22/27 | €4,848 | €94,706 | +€89,858 | +1,854% |
| Land and buildings | 22 | - | €90,000 | +€90,000 | |
| Plant, machinery and equipment | 23 | €811 | €646 | -€165 | -20.3% |
| Furniture and vehicles | 24 | €4,037 | €4,060 | +€23 | +0.6% |
| Financial fixed assets | 28 | €310 | €310 | = | 0.0% |
| Current assets | 29/58 | €518,451 | €424,853 | -€93,598 | -18.1% |
| Stocks and contracts in progress | 3 | €349,032 | €376,373 | +€27,341 | +7.8% |
| Stocks | 30/36 | €349,032 | €376,373 | +€27,341 | +7.8% |
| Amounts receivable within one year | 40/41 | €123,724 | €30,447 | -€93,277 | -75.4% |
| Trade receivables | 40 | €33,562 | €28,584 | -€4,978 | -14.8% |
| Other amounts receivable | 41 | €90,162 | €1,863 | -€88,299 | -97.9% |
| Cash at bank and in hand | 54/58 | €39,501 | €11,329 | -€28,172 | -71.3% |
| Deferred charges and accrued income | 490/1 | €6,194 | €6,704 | +€510 | +8.2% |
| Total equity and liabilities | 10/49 | €523,609 | €519,869 | -€3,740 | -0.7% |
| Equity | 10/15 | €104,517 | €122,007 | +€17,490 | +16.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €99,517 | €117,007 | +€17,490 | +17.6% |
| Amounts payable | 17/49 | €419,092 | €397,862 | -€21,230 | -5.1% |
| Amounts payable after more than one year | 17 | - | €64,355 | +€64,355 | |
| Financial debts | 170/4 | - | €64,355 | +€64,355 | |
| Amounts payable within one year | 42/48 | €419,092 | €333,507 | -€85,585 | -20.4% |
| Financial debts | 43 | €350,000 | €153,844 | -€196,157 | -56.0% |
| Credit institutions | 430/8 | €350,000 | €153,844 | -€196,157 | -56.0% |
| Trade debts | 44 | €10,225 | €22,423 | +€12,198 | +119% |
| Suppliers | 440/4 | €10,225 | €22,423 | +€12,198 | +119% |
| Advances received on contracts in progress | 46 | €4,450 | €4,400 | -€50 | -1.1% |
| Taxes, remuneration and social security | 45 | €54,417 | €46,690 | -€7,727 | -14.2% |
| Taxes | 450/3 | €38,584 | €28,800 | -€9,784 | -25.4% |
| Remuneration and social security | 454/9 | €15,833 | €17,890 | +€2,057 | +13.0% |
| Other amounts payable | 47/48 | - | €106,151 | +€106,151 | |
| Remuneration, social security and pensions | 62 | €54,351 | €61,685 | +€7,334 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,673 | €14,827 | +€13,154 | +786% |
| Other operating charges | 640/8 | €8,547 | €6,174 | -€2,373 | -27.8% |
| Non-recurring operating charges | 66A | €6,000 | €628 | -€5,372 | -89.5% |
| Gross operating margin | 9900 | €150,692 | €129,826 | -€20,866 | -13.8% |
| Operating profit (loss) | 9901 | €80,121 | €46,511 | -€33,610 | -41.9% |
| Financial income | 75/76B | - | €18 | +€18 | |
| Recurring financial income | 75 | - | €18 | +€18 | |
| Financial charges | 65/66B | €25,113 | €23,549 | -€1,564 | -6.2% |
| Recurring financial charges | 65 | €25,113 | €23,549 | -€1,564 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €55,008 | €22,981 | -€32,027 | -58.2% |
| Income taxes | 67/77 | €22,883 | €5,491 | -€17,392 | -76.0% |
| Profit (loss) for the period | 9904 | €32,125 | €17,490 | -€14,635 | -45.6% |
| Profit (loss) for the period to be appropriated | 9905 | €32,125 | €17,490 | -€14,635 | -45.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.