HGC: 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.
HGC
Largest movements
- Tangible fixed assets +€45,884
up €45,884 (+374.8%), from €12,242 to €58,126
of which Furniture and vehicles: +€51,417
- Receivables within one year +€5,486
up €5,486 (+57.2%), from €9,585 to €15,071
of which Trade receivables: +€5,475
- Intangible fixed assets -€4,900
down €4,900 (-16.3%), from €30,100 to €25,200
- Cash -€2,503
down €2,503 (-3.1%), from €79,910 to €77,406
mainly Investment in fixed assets (net) (-€62,092) and Other debts (-€54,311)
- Other debts -€54,311
no longer reported in 2025 (was €54,311)
- Debts after one year +€45,427
new in 2025: €45,427
- Profit (loss) carried forward +€23,558
up €23,558 (+51.0%), from €46,223 to €69,781
- Current portion of long-term debt +€19,399
new in 2025: €19,399
- Trade debts +€6,066
up €6,066 (+72.3%), from €8,394 to €14,460
- Gross operating margin -€15,497
down €15,497 (-22.9%), from €67,756 to €52,259
- Depreciation +€11,131
up €11,131 (+111.6%), from €9,978 to €21,108
- Taxes -€5,595
down €5,595 (-48.5%), from €11,544 to €5,949
- Financial charges +€2,616
up €2,616 (+2712.1%), from €96 to €2,713
- Financial income +€1,628
up €1,628 (+1890.9%), from €86 to €1,714
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.
Cash bridge derived
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 | €132,932 | €176,259 | +€43,327 | +32.6% |
| Fixed assets | 21/28 | €42,342 | €83,326 | +€40,984 | +96.8% |
| Intangible fixed assets | 21 | €30,100 | €25,200 | -€4,900 | -16.3% |
| Tangible fixed assets | 22/27 | €12,242 | €58,126 | +€45,884 | +374.8% |
| Land and buildings | 22 | €1,320 | €1,039 | -€281 | -21.3% |
| Plant, machinery and equipment | 23 | €10,922 | €5,670 | -€5,252 | -48.1% |
| Furniture and vehicles | 24 | - | €51,417 | +€51,417 | |
| Current assets | 29/58 | €90,589 | €92,933 | +€2,344 | +2.6% |
| Amounts receivable within one year | 40/41 | €9,585 | €15,071 | +€5,486 | +57.2% |
| Trade receivables | 40 | €6,332 | €11,807 | +€5,475 | +86.5% |
| Other amounts receivable | 41 | €3,253 | €3,264 | +€11 | +0.3% |
| Cash at bank and in hand | 54/58 | €79,910 | €77,406 | -€2,503 | -3.1% |
| Deferred charges and accrued income | 490/1 | €1,095 | €456 | -€639 | -58.4% |
| Total equity and liabilities | 10/49 | €132,932 | €176,259 | +€43,327 | +32.6% |
| Equity | 10/15 | €51,223 | €74,781 | +€23,558 | +46.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,223 | €69,781 | +€23,558 | +51.0% |
| Amounts payable | 17/49 | €81,708 | €101,477 | +€19,769 | +24.2% |
| Amounts payable after more than one year | 17 | - | €45,427 | +€45,427 | |
| Financial debts | 170/4 | - | €45,427 | +€45,427 | |
| Amounts payable within one year | 42/48 | €78,948 | €56,051 | -€22,898 | -29.0% |
| Current portion of amounts payable after more than one year | 42 | - | €19,399 | +€19,399 | |
| Trade debts | 44 | €8,394 | €14,460 | +€6,066 | +72.3% |
| Suppliers | 440/4 | €8,394 | €14,460 | +€6,066 | +72.3% |
| Taxes, remuneration and social security | 45 | €16,244 | €22,193 | +€5,949 | +36.6% |
| Taxes | 450/3 | €13,494 | €19,443 | +€5,949 | +44.1% |
| Remuneration and social security | 454/9 | €2,750 | €2,750 | = | 0.0% |
| Other amounts payable | 47/48 | €54,311 | - | -€54,311 | |
| Accrued charges and deferred income | 492/3 | €2,760 | - | -€2,760 | |
| Remuneration, social security and pensions | 62 | - | €45 | +€45 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,978 | €21,108 | +€11,131 | +111.6% |
| Other operating charges | 640/8 | - | €600 | +€600 | |
| Gross operating margin | 9900 | €67,756 | €52,259 | -€15,497 | -22.9% |
| Operating profit (loss) | 9901 | €57,778 | €30,505 | -€27,273 | -47.2% |
| Financial income | 75/76B | €86 | €1,714 | +€1,628 | +1890.9% |
| Recurring financial income | 75 | €86 | €1,714 | +€1,628 | +1890.9% |
| Financial charges | 65/66B | €96 | €2,713 | +€2,616 | +2712.1% |
| Recurring financial charges | 65 | €96 | €2,713 | +€2,616 | +2712.1% |
| Profit (loss) for the period before taxes | 9903 | €57,767 | €29,507 | -€28,261 | -48.9% |
| Income taxes | 67/77 | €11,544 | €5,949 | -€5,595 | -48.5% |
| Profit (loss) for the period | 9904 | €46,223 | €23,558 | -€22,665 | -49.0% |
| Profit (loss) for the period to be appropriated | 9905 | €46,223 | €23,558 | -€22,665 | -49.0% |
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 9 October 2026 via checked.be.