HG STABLE: 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 STABLE
Largest movements
- Cash +€267,396
up €267,396 (+272%), from €98,209 to €365,605
mainly Net result for the year (+€226,135) and Depreciation (+€63,637)
- Tangible fixed assets -€46,346
down €46,346 (-18.2%), from €253,999 to €207,653
of which Furniture and vehicles: -€55,000
- Receivables within one year +€14,859
up €14,859 (+34.8%), from €42,656 to €57,515
of which Trade receivables: +€8,502
- Profit (loss) carried forward +€226,135
up €226,135 (+9,212%), from €2,455 to €228,590
- Tax, wage and social debts +€15,746
up €15,746 (+158%), from €9,962 to €25,708
of which Taxes: +€9,063
- Trade debts +€12,983
up €12,983 (+142%), from €9,116 to €22,100
- Debts after one year -€12,857
down €12,857 (-5.1%), from €252,857 to €240,000
of which Financial debts: -€12,857
- Gross operating margin +€351,808
up €351,808 (+403%), from €87,256 to €439,064
- Taxes +€27,193
up €27,193 (+23,147%), from €117 to €27,310
- Other operating charges +€14,393
up €14,393 (+87.6%), from €16,430 to €30,823
- Staff costs -€8,159
down €8,159 (-8.3%), from €98,704 to €90,544
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 | €394,865 | €636,872 | +€242,007 | +61.3% |
| Fixed assets | 21/28 | €253,999 | €207,653 | -€46,346 | -18.2% |
| Tangible fixed assets | 22/27 | €253,999 | €207,653 | -€46,346 | -18.2% |
| Plant, machinery and equipment | 23 | €60,999 | €69,653 | +€8,654 | +14.2% |
| Furniture and vehicles | 24 | €193,000 | €138,000 | -€55,000 | -28.5% |
| Current assets | 29/58 | €140,866 | €429,219 | +€288,353 | +205% |
| Amounts receivable within one year | 40/41 | €42,656 | €57,515 | +€14,859 | +34.8% |
| Trade receivables | 40 | €28,770 | €37,272 | +€8,502 | +29.6% |
| Other amounts receivable | 41 | €13,886 | €20,243 | +€6,357 | +45.8% |
| Cash at bank and in hand | 54/58 | €98,209 | €365,605 | +€267,396 | +272% |
| Deferred charges and accrued income | 490/1 | - | €6,098 | +€6,098 | |
| Total equity and liabilities | 10/49 | €394,865 | €636,872 | +€242,007 | +61.3% |
| Equity | 10/15 | €46,455 | €272,590 | +€226,135 | +487% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €4,000 | €4,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,455 | €228,590 | +€226,135 | +9,212% |
| Amounts payable | 17/49 | €348,410 | €364,282 | +€15,872 | +4.6% |
| Amounts payable after more than one year | 17 | €252,857 | €240,000 | -€12,857 | -5.1% |
| Financial debts | 170/4 | €12,857 | - | -€12,857 | |
| Other amounts payable | 178/9 | €240,000 | €240,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €95,553 | €124,282 | +€28,729 | +30.1% |
| Current portion of amounts payable after more than one year | 42 | €12,857 | €12,857 | -€0 | 0.0% |
| Trade debts | 44 | €9,116 | €22,100 | +€12,983 | +142% |
| Suppliers | 440/4 | €9,116 | €22,100 | +€12,983 | +142% |
| Taxes, remuneration and social security | 45 | €9,962 | €25,708 | +€15,746 | +158% |
| Taxes | 450/3 | €3,390 | €12,453 | +€9,063 | +267% |
| Remuneration and social security | 454/9 | €6,572 | €13,255 | +€6,683 | +102% |
| Other amounts payable | 47/48 | €63,618 | €63,618 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €98,704 | €90,544 | -€8,159 | -8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,734 | €63,637 | +€903 | +1.4% |
| Other operating charges | 640/8 | €16,430 | €30,823 | +€14,393 | +87.6% |
| Non-recurring operating charges | 66A | - | €806 | +€806 | |
| Gross operating margin | 9900 | €87,256 | €439,064 | +€351,808 | +403% |
| Operating profit (loss) | 9901 | -€90,612 | €253,254 | +€343,866 | |
| Financial income | 75/76B | €622 | €906 | +€284 | +45.7% |
| Recurring financial income | 75 | €622 | €906 | +€284 | +45.7% |
| Financial charges | 65/66B | €552 | €715 | +€163 | +29.5% |
| Recurring financial charges | 65 | €552 | €715 | +€163 | +29.5% |
| Profit (loss) for the period before taxes | 9903 | -€90,542 | €253,446 | +€343,987 | |
| Transfer from deferred taxes | 780 | €10,357 | - | -€10,357 | |
| Income taxes | 67/77 | €117 | €27,310 | +€27,193 | +23,147% |
| Profit (loss) for the period | 9904 | -€80,302 | €226,135 | +€306,437 | |
| Transfer from tax-exempt reserves | 789 | €31,071 | - | -€31,071 | |
| Profit (loss) for the period to be appropriated | 9905 | -€49,230 | €226,135 | +€275,366 |
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 17 October 2026 via checked.be.