HG HOLDING: 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.
HG HOLDING
Largest movements
- Cash +€56,503
up €56,503 (+47.5%), from €119,068 to €175,571
mainly Receivables within one year (+€29,129) and Net result for the year (+€21,743)
- Receivables within one year -€29,129
down €29,129 (-83.6%), from €34,846 to €5,717
of which Trade receivables: -€30,417
- Tangible fixed assets -€14,990
down €14,990 (-29.5%), from €50,857 to €35,867
of which Furniture and vehicles: -€14,795
- Profit (loss) carried forward +€21,743
up €21,743 (+10.6%), from €204,668 to €226,411
- Debts after one year -€8,965
down €8,965 (-13.6%), from €65,964 to €56,999
of which Financial debts: -€10,188
- Gross operating margin +€3,270
up €3,270 (+7.6%), from €42,848 to €46,118
- Taxes +€934
up €934 (+19.5%), from €4,778 to €5,712
- Depreciation -€720
down €720 (-4.6%), from €15,710 to €14,990
- Financial charges -€647
down €647 (-19.1%), from €3,396 to €2,749
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 | €446,267 | €458,329 | +€12,062 | +2.7% |
| Fixed assets | 21/28 | €291,328 | €276,338 | -€14,990 | -5.1% |
| Tangible fixed assets | 22/27 | €50,857 | €35,867 | -€14,990 | -29.5% |
| Plant, machinery and equipment | 23 | €1,637 | €1,442 | -€195 | -11.9% |
| Furniture and vehicles | 24 | €49,220 | €34,425 | -€14,795 | -30.1% |
| Financial fixed assets | 28 | €240,471 | €240,471 | = | 0.0% |
| Current assets | 29/58 | €154,939 | €181,991 | +€27,052 | +17.5% |
| Amounts receivable within one year | 40/41 | €34,846 | €5,717 | -€29,129 | -83.6% |
| Trade receivables | 40 | €32,670 | €2,253 | -€30,417 | -93.1% |
| Other amounts receivable | 41 | €2,176 | €3,464 | +€1,288 | +59.2% |
| Cash at bank and in hand | 54/58 | €119,068 | €175,571 | +€56,503 | +47.5% |
| Deferred charges and accrued income | 490/1 | €1,025 | €703 | -€322 | -31.4% |
| Total equity and liabilities | 10/49 | €446,267 | €458,329 | +€12,062 | +2.7% |
| Equity | 10/15 | €362,668 | €384,411 | +€21,743 | +6.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €108,000 | €108,000 | = | 0.0% |
| Distributable reserves | 133 | €108,000 | €108,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €204,668 | €226,411 | +€21,743 | +10.6% |
| Amounts payable | 17/49 | €83,599 | €73,918 | -€9,681 | -11.6% |
| Amounts payable after more than one year | 17 | €65,964 | €56,999 | -€8,965 | -13.6% |
| Financial debts | 170/4 | €24,245 | €14,057 | -€10,188 | -42.0% |
| Other amounts payable | 178/9 | €41,719 | €42,942 | +€1,223 | +2.9% |
| Amounts payable within one year | 42/48 | €17,593 | €16,346 | -€1,247 | -7.1% |
| Current portion of amounts payable after more than one year | 42 | €9,894 | €10,188 | +€294 | +3.0% |
| Trade debts | 44 | €1,972 | €900 | -€1,072 | -54.4% |
| Suppliers | 440/4 | €1,972 | €900 | -€1,072 | -54.4% |
| Taxes, remuneration and social security | 45 | €4,128 | €5,258 | +€1,130 | +27.4% |
| Taxes | 450/3 | €2,528 | €5,258 | +€2,730 | +108% |
| Remuneration and social security | 454/9 | €1,600 | - | -€1,600 | |
| Other amounts payable | 47/48 | €1,599 | - | -€1,599 | |
| Accrued charges and deferred income | 492/3 | €42 | €573 | +€531 | +1,264% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,710 | €14,990 | -€720 | -4.6% |
| Other operating charges | 640/8 | €1,047 | €924 | -€123 | -11.7% |
| Gross operating margin | 9900 | €42,848 | €46,118 | +€3,270 | +7.6% |
| Operating profit (loss) | 9901 | €26,091 | €30,204 | +€4,113 | +15.8% |
| Financial charges | 65/66B | €3,396 | €2,749 | -€647 | -19.1% |
| Recurring financial charges | 65 | €3,396 | €2,749 | -€647 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €22,695 | €27,455 | +€4,760 | +21.0% |
| Income taxes | 67/77 | €4,778 | €5,712 | +€934 | +19.5% |
| Profit (loss) for the period | 9904 | €17,917 | €21,743 | +€3,826 | +21.4% |
| Profit (loss) for the period to be appropriated | 9905 | €17,917 | €21,743 | +€3,826 | +21.4% |
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 29 October 2026 via checked.be.