HG Management: 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 Management
Largest movements
- Tangible fixed assets -€30,436
down €30,436 (-17.1%), from €177,471 to €147,035
of which Furniture and vehicles: -€28,728
- Receivables within one year -€24,386
down €24,386 (-26.9%), from €90,682 to €66,296
of which Other amounts receivable: -€24,386
- Cash -€18,601
down €18,601 (-76.7%), from €24,244 to €5,643
mainly Debts after one year (-€96,147) and Contributions, distributions and other (-€90,000)
- Debts after one year -€96,147
down €96,147 (-47.6%), from €202,062 to €105,915
- Other debts +€44,000
up €44,000 (+61.1%), from €72,000 to €116,000
- Current portion of long-term debt -€18,193
down €18,193 (-15.9%), from €114,340 to €96,147
- Tax, wage and social debts -€6,896
down €6,896 (-28.6%), from €24,081 to €17,185
- Other operating charges -€25,876
down €25,876 (-85.8%), from €30,143 to €4,267
- Gross operating margin +€11,602
up €11,602 (+7.4%), from €157,573 to €169,175
- Depreciation +€8,710
up €8,710 (+40.1%), from €21,726 to €30,436
- Taxes +€6,446
up €6,446 (+32.7%), from €19,707 to €26,153
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 | €431,951 | €356,948 | -€75,003 | -17.4% |
| Fixed assets | 21/28 | €312,471 | €282,035 | -€30,436 | -9.7% |
| Tangible fixed assets | 22/27 | €177,471 | €147,035 | -€30,436 | -17.1% |
| Plant, machinery and equipment | 23 | €5,456 | €3,748 | -€1,708 | -31.3% |
| Furniture and vehicles | 24 | €172,016 | €143,288 | -€28,728 | -16.7% |
| Financial fixed assets | 28 | €135,000 | €135,000 | = | 0.0% |
| Current assets | 29/58 | €119,480 | €74,913 | -€44,567 | -37.3% |
| Amounts receivable within one year | 40/41 | €90,682 | €66,296 | -€24,386 | -26.9% |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €90,682 | €66,296 | -€24,386 | -26.9% |
| Cash at bank and in hand | 54/58 | €24,244 | €5,643 | -€18,601 | -76.7% |
| Deferred charges and accrued income | 490/1 | €4,553 | €2,974 | -€1,580 | -34.7% |
| Total equity and liabilities | 10/49 | €431,951 | €356,948 | -€75,003 | -17.4% |
| Equity | 10/15 | €7,002 | €10,958 | +€3,955 | +56.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,002 | €5,958 | +€3,955 | +198% |
| Amounts payable | 17/49 | €424,949 | €345,990 | -€78,958 | -18.6% |
| Amounts payable after more than one year | 17 | €202,062 | €105,915 | -€96,147 | -47.6% |
| Financial debts | 170/4 | €202,062 | €105,915 | -€96,147 | -47.6% |
| Amounts payable within one year | 42/48 | €222,886 | €240,076 | +€17,189 | +7.7% |
| Current portion of amounts payable after more than one year | 42 | €114,340 | €96,147 | -€18,193 | -15.9% |
| Financial debts | 43 | €11,667 | €10,000 | -€1,667 | -14.3% |
| Credit institutions | 430/8 | €11,667 | €10,000 | -€1,667 | -14.3% |
| Trade debts | 44 | €798 | €743 | -€55 | -6.9% |
| Suppliers | 440/4 | €798 | €743 | -€55 | -6.9% |
| Taxes, remuneration and social security | 45 | €24,081 | €17,185 | -€6,896 | -28.6% |
| Taxes | 450/3 | €24,081 | €17,185 | -€6,896 | -28.6% |
| Other amounts payable | 47/48 | €72,000 | €116,000 | +€44,000 | +61.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,726 | €30,436 | +€8,710 | +40.1% |
| Other operating charges | 640/8 | €30,143 | €4,267 | -€25,876 | -85.8% |
| Gross operating margin | 9900 | €157,573 | €169,175 | +€11,602 | +7.4% |
| Operating profit (loss) | 9901 | €105,705 | €134,472 | +€28,768 | +27.2% |
| Financial charges | 65/66B | €13,366 | €14,364 | +€998 | +7.5% |
| Recurring financial charges | 65 | €13,366 | €14,364 | +€998 | +7.5% |
| Profit (loss) for the period before taxes | 9903 | €92,339 | €120,109 | +€27,770 | +30.1% |
| Income taxes | 67/77 | €19,707 | €26,153 | +€6,446 | +32.7% |
| Profit (loss) for the period | 9904 | €72,632 | €93,955 | +€21,323 | +29.4% |
| Profit (loss) for the period to be appropriated | 9905 | €72,632 | €93,955 | +€21,323 | +29.4% |
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 19 October 2026 via checked.be.