HGMN: 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.
HGMN
Largest movements
- Tangible fixed assets +€241,669
up €241,669 (+324.7%), from €74,431 to €316,100
of which Land and buildings: +€211,645
- Cash -€33,092
down €33,092 (-32.6%), from €101,445 to €68,354
mainly Investment in fixed assets (net) (-€271,414) and Tax, wage and social debts (-€16,089)
- Receivables within one year -€7,797
down €7,797 (-11.0%), from €70,622 to €62,825
of which Trade receivables: -€12,231
- Debts after one year +€184,332
up €184,332 (+325.1%), from €56,692 to €241,024
- Trade debts +€26,883
up €26,883 (+197.5%), from €13,613 to €40,497
- Tax, wage and social debts -€16,089
down €16,089 (-15.1%), from €106,440 to €90,351
of which Taxes: -€11,911
- Gross operating margin -€17,074
down €17,074 (-3.5%), from €488,325 to €471,251
- Staff costs +€7,410
up €7,410 (+1.8%), from €422,625 to €430,035
- Other operating charges -€5,771
down €5,771 (-73.0%), from €7,902 to €2,131
- Depreciation -€5,582
down €5,582 (-15.3%), from €36,408 to €30,826
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 | €261,550 | €464,457 | +€202,907 | +77.6% |
| Fixed assets | 21/28 | €79,543 | €320,130 | +€240,588 | +302.5% |
| Intangible fixed assets | 21 | €4,751 | €3,596 | -€1,156 | -24.3% |
| Tangible fixed assets | 22/27 | €74,431 | €316,100 | +€241,669 | +324.7% |
| Land and buildings | 22 | - | €211,645 | +€211,645 | |
| Plant, machinery and equipment | 23 | €1,660 | €7,338 | +€5,678 | +342.1% |
| Furniture and vehicles | 24 | €64,787 | €84,056 | +€19,269 | +29.7% |
| Leasing and similar rights | 25 | €7,984 | - | -€7,984 | |
| Other tangible fixed assets | 26 | - | €3,090 | +€3,090 | |
| Assets under construction and advance payments | 27 | - | €9,971 | +€9,971 | |
| Financial fixed assets | 28 | €360 | €435 | +€75 | +20.8% |
| Current assets | 29/58 | €182,007 | €144,327 | -€37,681 | -20.7% |
| Stocks and contracts in progress | 3 | €2,926 | €2,712 | -€213 | -7.3% |
| Stocks | 30/36 | €2,926 | €2,712 | -€213 | -7.3% |
| Amounts receivable within one year | 40/41 | €70,622 | €62,825 | -€7,797 | -11.0% |
| Trade receivables | 40 | €65,789 | €53,558 | -€12,231 | -18.6% |
| Other amounts receivable | 41 | €4,833 | €9,267 | +€4,433 | +91.7% |
| Cash at bank and in hand | 54/58 | €101,445 | €68,354 | -€33,092 | -32.6% |
| Deferred charges and accrued income | 490/1 | €7,015 | €10,436 | +€3,421 | +48.8% |
| Total equity and liabilities | 10/49 | €261,550 | €464,457 | +€202,907 | +77.6% |
| Equity | 10/15 | €38,189 | €37,505 | -€684 | -1.8% |
| Contributions | 10/11 | €11,000 | €11,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,189 | €26,505 | -€684 | -2.5% |
| Amounts payable | 17/49 | €223,362 | €426,952 | +€203,591 | +91.1% |
| Amounts payable after more than one year | 17 | €56,692 | €241,024 | +€184,332 | +325.1% |
| Financial debts | 170/4 | €56,692 | €241,024 | +€184,332 | +325.1% |
| Amounts payable within one year | 42/48 | €163,542 | €183,533 | +€19,991 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €43,489 | €47,756 | +€4,268 | +9.8% |
| Trade debts | 44 | €13,613 | €40,497 | +€26,883 | +197.5% |
| Suppliers | 440/4 | €13,613 | €40,497 | +€26,883 | +197.5% |
| Advances received on contracts in progress | 46 | - | €4,404 | +€4,404 | |
| Taxes, remuneration and social security | 45 | €106,440 | €90,351 | -€16,089 | -15.1% |
| Taxes | 450/3 | €36,926 | €25,015 | -€11,911 | -32.3% |
| Remuneration and social security | 454/9 | €69,514 | €65,335 | -€4,178 | -6.0% |
| Other amounts payable | 47/48 | €0 | €525 | +€525 | |
| Accrued charges and deferred income | 492/3 | €3,128 | €2,396 | -€733 | -23.4% |
| Remuneration, social security and pensions | 62 | €422,625 | €430,035 | +€7,410 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,408 | €30,826 | -€5,582 | -15.3% |
| Other operating charges | 640/8 | €7,902 | €2,131 | -€5,771 | -73.0% |
| Gross operating margin | 9900 | €488,325 | €471,251 | -€17,074 | -3.5% |
| Operating profit (loss) | 9901 | €21,390 | €8,258 | -€13,131 | -61.4% |
| Financial income | 75/76B | €273 | €94 | -€179 | -65.6% |
| Recurring financial income | 75 | €273 | €94 | -€179 | -65.6% |
| Financial charges | 65/66B | €6,240 | €8,753 | +€2,513 | +40.3% |
| Recurring financial charges | 65 | €6,240 | €8,753 | +€2,513 | +40.3% |
| Profit (loss) for the period before taxes | 9903 | €15,423 | -€401 | -€15,823 | |
| Income taxes | 67/77 | -€25 | €283 | +€308 | |
| Profit (loss) for the period | 9904 | €15,447 | -€684 | -€16,131 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,447 | -€684 | -€16,131 |
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.