HGB 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.
HGB MANAGEMENT
Largest movements
- Current investments -€113,449
down €113,449 (-22.6%), from €503,025 to €389,576
- Cash +€57,091
up €57,091 (+131%), from €43,570 to €100,661
mainly Current investments (+€113,449) and Depreciation (+€40,831)
- Tangible fixed assets -€40,831
down €40,831 (-15.5%), from €262,717 to €221,886
of which Furniture and vehicles: -€25,899
- Deferred charges and accrued income -€17,049
down €17,049 (-68.0%), from €25,068 to €8,019
- Reserves -€121,123
down €121,123 (-10.6%), from €1.1m to €1.0m
of which Distributable reserves: -€121,123
- Taxes -€15,484
down €15,484 (-85.0%), from €18,222 to €2,738
- Gross operating margin +€4,002
up €4,002 (+14.2%), from €28,252 to €32,254
- Financial income +€1,118
up €1,118 (+5.5%), from €20,228 to €21,346
of which Non-recurring financial income: +€1,737
- Financial charges +€618
up €618 (+26.0%), from €2,374 to €2,992
of which Non-recurring financial charges: +€890
- Other operating charges -€369
down €369 (-10.1%), from €3,645 to €3,276
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 | €1,177,609 | €1,058,672 | -€118,937 | -10.1% |
| Fixed assets | 21/28 | €352,717 | €311,886 | -€40,831 | -11.6% |
| Tangible fixed assets | 22/27 | €262,717 | €221,886 | -€40,831 | -15.5% |
| Land and buildings | 22 | €144,355 | €133,251 | -€11,104 | -7.7% |
| Furniture and vehicles | 24 | €88,561 | €62,662 | -€25,899 | -29.2% |
| Other tangible fixed assets | 26 | €29,801 | €25,972 | -€3,828 | -12.8% |
| Financial fixed assets | 28 | €90,000 | €90,000 | = | 0.0% |
| Current assets | 29/58 | €824,892 | €746,787 | -€78,106 | -9.5% |
| Amounts receivable after more than one year | 29 | €245,000 | €245,000 | = | 0.0% |
| Other amounts receivable | 291 | €245,000 | €245,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €8,229 | €3,530 | -€4,698 | -57.1% |
| Trade receivables | 40 | €1 | €0 | -€1 | -66.4% |
| Other amounts receivable | 41 | €8,228 | €3,530 | -€4,698 | -57.1% |
| Current investments | 50/53 | €503,025 | €389,576 | -€113,449 | -22.6% |
| Cash at bank and in hand | 54/58 | €43,570 | €100,661 | +€57,091 | +131% |
| Deferred charges and accrued income | 490/1 | €25,068 | €8,019 | -€17,049 | -68.0% |
| Total equity and liabilities | 10/49 | €1,177,609 | €1,058,672 | -€118,937 | -10.1% |
| Equity | 10/15 | €1,159,856 | €1,038,732 | -€121,123 | -10.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,141,306 | €1,020,182 | -€121,123 | -10.6% |
| Tax-exempt reserves | 132 | €105,438 | €105,438 | = | 0.0% |
| Distributable reserves | 133 | €1,035,868 | €914,744 | -€121,123 | -11.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €17,753 | €19,940 | +€2,187 | +12.3% |
| Amounts payable within one year | 42/48 | €16,182 | €18,373 | +€2,192 | +13.5% |
| Trade debts | 44 | €1,632 | €476 | -€1,156 | -70.8% |
| Suppliers | 440/4 | €1,632 | €476 | -€1,156 | -70.8% |
| Taxes, remuneration and social security | 45 | €348 | €345 | -€4 | -1.1% |
| Taxes | 450/3 | €348 | €345 | -€4 | -1.1% |
| Other amounts payable | 47/48 | €14,201 | €17,553 | +€3,351 | +23.6% |
| Accrued charges and deferred income | 492/3 | €1,572 | €1,567 | -€5 | -0.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,820 | €40,831 | +€11 | 0.0% |
| Other operating charges | 640/8 | €3,645 | €3,276 | -€369 | -10.1% |
| Gross operating margin | 9900 | €28,252 | €32,254 | +€4,002 | +14.2% |
| Operating profit (loss) | 9901 | -€16,213 | -€11,853 | +€4,360 | +26.9% |
| Financial income | 75/76B | €20,228 | €21,346 | +€1,118 | +5.5% |
| Recurring financial income | 75 | €17,066 | €16,446 | -€620 | -3.6% |
| Non-recurring financial income | 76B | €3,163 | €4,900 | +€1,737 | +54.9% |
| Financial charges | 65/66B | €2,374 | €2,992 | +€618 | +26.0% |
| Recurring financial charges | 65 | €2,374 | €2,102 | -€271 | -11.4% |
| Non-recurring financial charges | 66B | - | €890 | +€890 | |
| Profit (loss) for the period before taxes | 9903 | €1,642 | €6,501 | +€4,859 | +296% |
| Income taxes | 67/77 | €18,222 | €2,738 | -€15,484 | -85.0% |
| Profit (loss) for the period | 9904 | -€16,579 | €3,763 | +€20,343 | |
| Transfer from tax-exempt reserves | 789 | €189,450 | €0 | -€189,450 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €172,871 | €3,763 | -€169,107 | -97.8% |
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 16 October 2026 via checked.be.