HGP: 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.
HGP
Largest movements
- Stocks and contracts +€127,500
up €127,500 (+39.8%), from €320,000 to €447,500
- Cash -€121,404
down €121,404 (-46.8%), from €259,242 to €137,838
mainly Stocks and contracts (-€127,500) and Tax, wage and social debts (-€9,958)
- Other debts +€20,304
up €20,304 (+6.1%), from €330,598 to €350,902
- Tax, wage and social debts -€9,958
down €9,958 (-97.6%), from €10,208 to €250
- Gross operating margin -€61,519
down €61,519 (-98.0%), from €62,767 to €1,249
- Taxes -€5,560
down €5,560 (-100%), from €5,560 to €0
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 | €585,338 | €595,323 | +€9,986 | +1.7% |
| Current assets | 29/58 | €585,338 | €595,323 | +€9,986 | +1.7% |
| Stocks and contracts in progress | 3 | €320,000 | €447,500 | +€127,500 | +39.8% |
| Stocks | 30/36 | €320,000 | €447,500 | +€127,500 | +39.8% |
| Amounts receivable within one year | 40/41 | €5,780 | €9,656 | +€3,876 | +67.1% |
| Trade receivables | 40 | €5,780 | €2,263 | -€3,517 | -60.9% |
| Other amounts receivable | 41 | - | €7,394 | +€7,394 | |
| Cash at bank and in hand | 54/58 | €259,242 | €137,838 | -€121,404 | -46.8% |
| Deferred charges and accrued income | 490/1 | €316 | €329 | +€13 | +4.2% |
| Total equity and liabilities | 10/49 | €585,338 | €595,323 | +€9,986 | +1.7% |
| Equity | 10/15 | €244,171 | €243,810 | -€360 | -0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €167,960 | €167,960 | = | 0.0% |
| Distributable reserves | 133 | €167,960 | €167,960 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,611 | €57,251 | -€360 | -0.6% |
| Amounts payable | 17/49 | €341,167 | €351,513 | +€10,346 | +3.0% |
| Amounts payable within one year | 42/48 | €341,167 | €351,513 | +€10,346 | +3.0% |
| Trade debts | 44 | €361 | €361 | = | 0.0% |
| Suppliers | 440/4 | €361 | €361 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €10,208 | €250 | -€9,958 | -97.6% |
| Taxes | 450/3 | €10,208 | €250 | -€9,958 | -97.6% |
| Other amounts payable | 47/48 | €330,598 | €350,902 | +€20,304 | +6.1% |
| Other operating charges | 640/8 | €528 | €544 | +€16 | +3.0% |
| Gross operating margin | 9900 | €62,767 | €1,249 | -€61,519 | -98.0% |
| Operating profit (loss) | 9901 | €62,239 | €705 | -€61,535 | -98.9% |
| Financial charges | 65/66B | €246 | €232 | -€14 | -5.8% |
| Recurring financial charges | 65 | €246 | €232 | -€14 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €61,993 | €473 | -€61,520 | -99.2% |
| Income taxes | 67/77 | €5,560 | €0 | -€5,560 | -100% |
| Profit (loss) for the period | 9904 | €56,433 | €473 | -€55,960 | -99.2% |
| Profit (loss) for the period to be appropriated | 9905 | €56,433 | €473 | -€55,960 | -99.2% |
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 14 October 2026 via checked.be.