HGM CONSTRUCT: 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.
HGM CONSTRUCT
Largest movements
- Receivables within one year +€14,465
up €14,465 (+31.3%), from €46,238 to €60,703
of which Other amounts receivable: +€12,399
- Cash -€6,663
down €6,663 (-100%), from €6,663 to €0
mainly Receivables within one year (-€14,465)
- Tangible fixed assets -€2,400
no longer reported in 2025 (was €2,400)
- Profit (loss) carried forward +€2,456
up €2,456 (+6.0%), from €40,831 to €43,287
- Tax, wage and social debts +€2,447
up €2,447 (+22.1%), from €11,070 to €13,517
- Short-term financial debts +€721
new in 2025: €721
- Gross operating margin -€52,489
down €52,489 (-93.8%), from €55,943 to €3,454
- Taxes -€8,529
down €8,529 (-77.7%), from €10,976 to €2,447
- Provisions -€4,191
no longer reported in 2025 (was €4,191)
- Depreciation -€2,000
no longer reported in 2025 (was €2,000)
- Financial income +€1,598
up €1,598 (+138%), from €1,154 to €2,751
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 | €56,360 | €62,143 | +€5,783 | +10.3% |
| Fixed assets | 21/28 | €2,400 | €500 | -€1,900 | -79.2% |
| Tangible fixed assets | 22/27 | €2,400 | - | -€2,400 | |
| Furniture and vehicles | 24 | €2,400 | - | -€2,400 | |
| Financial fixed assets | 28 | - | €500 | +€500 | |
| Current assets | 29/58 | €53,960 | €61,643 | +€7,683 | +14.2% |
| Amounts receivable within one year | 40/41 | €46,238 | €60,703 | +€14,465 | +31.3% |
| Trade receivables | 40 | - | €2,066 | +€2,066 | |
| Other amounts receivable | 41 | €46,238 | €58,637 | +€12,399 | +26.8% |
| Cash at bank and in hand | 54/58 | €6,663 | €0 | -€6,663 | -100% |
| Deferred charges and accrued income | 490/1 | €1,059 | €940 | -€119 | -11.2% |
| Total equity and liabilities | 10/49 | €56,360 | €62,143 | +€5,783 | +10.3% |
| Equity | 10/15 | €43,831 | €46,287 | +€2,456 | +5.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,831 | €43,287 | +€2,456 | +6.0% |
| Amounts payable | 17/49 | €12,529 | €15,856 | +€3,327 | +26.6% |
| Amounts payable within one year | 42/48 | €12,529 | €15,856 | +€3,327 | +26.6% |
| Financial debts | 43 | - | €721 | +€721 | |
| Other loans | 439 | - | €721 | +€721 | |
| Trade debts | 44 | €1,459 | €1,618 | +€159 | +10.9% |
| Suppliers | 440/4 | €1,459 | €1,618 | +€159 | +10.9% |
| Taxes, remuneration and social security | 45 | €11,070 | €13,517 | +€2,447 | +22.1% |
| Taxes | 450/3 | €11,070 | €13,517 | +€2,447 | +22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,000 | - | -€2,000 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €4,191 | - | -€4,191 | |
| Other operating charges | 640/8 | €569 | €832 | +€263 | +46.3% |
| Non-recurring operating charges | 66A | - | €334 | +€334 | |
| Gross operating margin | 9900 | €55,943 | €3,454 | -€52,489 | -93.8% |
| Operating profit (loss) | 9901 | €49,183 | €2,288 | -€46,895 | -95.3% |
| Financial income | 75/76B | €1,154 | €2,751 | +€1,598 | +138% |
| Recurring financial income | 75 | €1,154 | €2,751 | +€1,598 | +138% |
| Financial charges | 65/66B | €412 | €136 | -€275 | -66.9% |
| Recurring financial charges | 65 | €412 | €136 | -€275 | -66.9% |
| Profit (loss) for the period before taxes | 9903 | €49,925 | €4,903 | -€45,022 | -90.2% |
| Income taxes | 67/77 | €10,976 | €2,447 | -€8,529 | -77.7% |
| Profit (loss) for the period | 9904 | €38,949 | €2,456 | -€36,493 | -93.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,949 | €2,456 | -€36,493 | -93.7% |
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 26 October 2026 via checked.be.