HGH: what changed
Two fiscal 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.
HGH
Largest movements
- Cash +€97,660
up €97,660 (+20.9%), from €466,797 to €564,457
mainly Net result for the year (+€51,166) and Other debts (+€27,038)
- Reserves +€50,000
up €50,000 (+14.0%), from €357,500 to €407,500
of which Distributable reserves: +€50,000
- Other debts +€27,038
up €27,038 (+32.6%), from €83,021 to €110,058
- Trade debts +€25,160
new in 2025: €25,160
- Gross operating margin -€18,302
down €18,302 (-20.1%), from €91,192 to €72,891
- Taxes -€7,145
down €7,145 (-25.4%), from €28,131 to €20,986
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 | €467,007 | €565,449 | +€98,442 | +21.1% |
| Current assets | 29/58 | €467,007 | €565,449 | +€98,442 | +21.1% |
| Amounts receivable within one year | 40/41 | €210 | €992 | +€782 | +372.1% |
| Other amounts receivable | 41 | €210 | €992 | +€782 | +372.1% |
| Cash at bank and in hand | 54/58 | €466,797 | €564,457 | +€97,660 | +20.9% |
| Total equity and liabilities | 10/49 | €467,007 | €565,449 | +€98,442 | +21.1% |
| Equity | 10/15 | €359,886 | €411,052 | +€51,166 | +14.2% |
| Reserves | 13 | €357,500 | €407,500 | +€50,000 | +14.0% |
| Non-distributable reserves | 130/1 | €18,500 | €18,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €18,500 | €18,500 | = | 0.0% |
| Distributable reserves | 133 | €339,000 | €389,000 | +€50,000 | +14.7% |
| Profit (loss) carried forward | 14 | €2,386 | €3,552 | +€1,166 | +48.8% |
| Amounts payable | 17/49 | €107,121 | €154,397 | +€47,276 | +44.1% |
| Amounts payable within one year | 42/48 | €107,121 | €154,397 | +€47,276 | +44.1% |
| Trade debts | 44 | - | €25,160 | +€25,160 | |
| Suppliers | 440/4 | - | €25,160 | +€25,160 | |
| Taxes, remuneration and social security | 45 | €24,100 | €19,179 | -€4,921 | -20.4% |
| Taxes | 450/3 | €24,100 | €19,179 | -€4,921 | -20.4% |
| Other amounts payable | 47/48 | €83,021 | €110,058 | +€27,038 | +32.6% |
| Other operating charges | 640/8 | €797 | €465 | -€331 | -41.6% |
| Gross operating margin | 9900 | €91,192 | €72,891 | -€18,302 | -20.1% |
| Operating profit (loss) | 9901 | €90,396 | €72,425 | -€17,971 | -19.9% |
| Financial charges | 65/66B | €329 | €274 | -€55 | -16.7% |
| Recurring financial charges | 65 | €329 | €274 | -€55 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €90,067 | €72,151 | -€17,916 | -19.9% |
| Income taxes | 67/77 | €28,131 | €20,986 | -€7,145 | -25.4% |
| Profit (loss) for the period | 9904 | €61,936 | €51,166 | -€10,771 | -17.4% |
| Profit (loss) for the period to be appropriated | 9905 | €61,936 | €51,166 | -€10,771 | -17.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.