HGG: 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.
HGG
Largest movements
- Tangible fixed assets -€6,057
down €6,057 (-25.3%), from €23,962 to €17,905
of which Furniture and vehicles: -€8,932
- Cash -€2,829
down €2,829 (-12.8%), from €22,177 to €19,348
mainly Other debts (-€15,764) and Contributions, distributions and other (-€10,000)
- Other debts -€15,764
no longer reported in 2025 (was €15,764)
- Reserves +€9,739
up €9,739 (+45.5%), from €21,384 to €31,124
of which Distributable reserves: +€9,739
- Trade debts -€2,151
down €2,151 (-7.8%), from €27,598 to €25,447
- Purchases and services -€26,165
down €26,165 (-6.3%), from €413,693 to €387,528
- Taxes -€6,866
down €6,866 (-66.0%), from €10,399 to €3,533
- Staff costs +€5,393
up €5,393 (+8.6%), from €62,790 to €68,183
- Gross operating margin -€3,696
down €3,696 (-3.6%), from €103,894 to €100,198
- Depreciation +€2,419
up €2,419 (+55.7%), from €4,340 to €6,760
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 | €136,269 | €127,027 | -€9,241 | -6.8% |
| Fixed assets | 21/28 | €24,097 | €18,040 | -€6,057 | -25.1% |
| Tangible fixed assets | 22/27 | €23,962 | €17,905 | -€6,057 | -25.3% |
| Plant, machinery and equipment | 23 | €4,350 | €7,225 | +€2,875 | +66.1% |
| Furniture and vehicles | 24 | €19,612 | €10,680 | -€8,932 | -45.5% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €112,172 | €108,987 | -€3,184 | -2.8% |
| Stocks and contracts in progress | 3 | €1,000 | €1,000 | = | 0.0% |
| Stocks | 30/36 | €1,000 | €1,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €85,977 | €86,435 | +€459 | +0.5% |
| Trade receivables | 40 | €34,662 | €28,412 | -€6,249 | -18.0% |
| Other amounts receivable | 41 | €51,315 | €58,023 | +€6,708 | +13.1% |
| Cash at bank and in hand | 54/58 | €22,177 | €19,348 | -€2,829 | -12.8% |
| Deferred charges and accrued income | 490/1 | €3,019 | €2,205 | -€814 | -27.0% |
| Total equity and liabilities | 10/49 | €136,269 | €127,027 | -€9,241 | -6.8% |
| Equity | 10/15 | €77,560 | €87,300 | +€9,739 | +12.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €21,384 | €31,124 | +€9,739 | +45.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €19,524 | €29,264 | +€9,739 | +49.9% |
| Profit (loss) carried forward | 14 | €37,576 | €37,576 | = | 0.0% |
| Amounts payable | 17/49 | €58,708 | €39,728 | -€18,981 | -32.3% |
| Amounts payable within one year | 42/48 | €58,708 | €39,728 | -€18,981 | -32.3% |
| Trade debts | 44 | €27,598 | €25,447 | -€2,151 | -7.8% |
| Suppliers | 440/4 | €27,598 | €25,447 | -€2,151 | -7.8% |
| Taxes, remuneration and social security | 45 | €15,346 | €14,280 | -€1,065 | -6.9% |
| Taxes | 450/3 | €11,478 | €10,437 | -€1,041 | -9.1% |
| Remuneration and social security | 454/9 | €3,868 | €3,843 | -€24 | -0.6% |
| Other amounts payable | 47/48 | €15,764 | - | -€15,764 | |
| Non-recurring operating income | 76A | - | €14,196 | +€14,196 | |
| Goods, raw materials, services and sundry goods | 60/61 | €413,693 | €387,528 | -€26,165 | -6.3% |
| Remuneration, social security and pensions | 62 | €62,790 | €68,183 | +€5,393 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,340 | €6,760 | +€2,419 | +55.7% |
| Other operating charges | 640/8 | €1,791 | €2,342 | +€551 | +30.8% |
| Gross operating margin | 9900 | €103,894 | €100,198 | -€3,696 | -3.6% |
| Operating profit (loss) | 9901 | €34,973 | €22,913 | -€12,060 | -34.5% |
| Financial income | 75/76B | €367 | €771 | +€404 | +110% |
| Recurring financial income | 75 | €367 | €771 | +€404 | +110% |
| Financial charges | 65/66B | €725 | €411 | -€314 | -43.3% |
| Recurring financial charges | 65 | €725 | €411 | -€314 | -43.3% |
| Profit (loss) for the period before taxes | 9903 | €34,614 | €23,272 | -€11,342 | -32.8% |
| Income taxes | 67/77 | €10,399 | €3,533 | -€6,866 | -66.0% |
| Profit (loss) for the period | 9904 | €24,215 | €19,739 | -€4,476 | -18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €24,215 | €19,739 | -€4,476 | -18.5% |
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 18 October 2026 via checked.be.