HGR: 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.
HGR
Largest movements
- Cash +€31,401
up €31,401 (+165%), from €19,054 to €50,455
mainly Net result for the year (+€29,854) and Tax, wage and social debts (+€3,098)
- Tangible fixed assets +€3,204
new in 2025: €3,204
- Receivables within one year -€2,973
down €2,973 (-17.5%), from €16,997 to €14,024
of which Other amounts receivable: -€8,148
- Reserves +€29,854
up €29,854 (+198%), from €15,097 to €44,951
- Tax, wage and social debts +€3,098
up €3,098 (+37.8%), from €8,205 to €11,303
of which Taxes: +€5,107
- Other debts -€1,254
down €1,254 (-13.6%), from €9,245 to €7,991
- Turnover -€109,296
no longer reported in 2025 (was €109,296)
- Purchases and services -€87,538
no longer reported in 2025 (was €87,538)
- Gross operating margin +€21,357
up €21,357 (+98.2%), from €21,758 to €43,116
- Taxes +€5,446
up €5,446 (+87.9%), from €6,197 to €11,643
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 | €36,806 | €68,330 | +€31,524 | +85.7% |
| Fixed assets | 21/28 | - | €3,204 | +€3,204 | |
| Tangible fixed assets | 22/27 | - | €3,204 | +€3,204 | |
| Furniture and vehicles | 24 | - | €3,204 | +€3,204 | |
| Current assets | 29/58 | €36,806 | €65,126 | +€28,320 | +76.9% |
| Amounts receivable within one year | 40/41 | €16,997 | €14,024 | -€2,973 | -17.5% |
| Trade receivables | 40 | €8,712 | €13,887 | +€5,175 | +59.4% |
| Other amounts receivable | 41 | €8,285 | €137 | -€8,148 | -98.4% |
| Cash at bank and in hand | 54/58 | €19,054 | €50,455 | +€31,401 | +165% |
| Deferred charges and accrued income | 490/1 | €755 | €648 | -€107 | -14.2% |
| Total equity and liabilities | 10/49 | €36,806 | €68,330 | +€31,524 | +85.7% |
| Equity | 10/15 | €18,097 | €47,951 | +€29,854 | +165% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €15,097 | €44,951 | +€29,854 | +198% |
| Distributable reserves | 133 | €15,097 | €44,951 | +€29,854 | +198% |
| Amounts payable | 17/49 | €18,708 | €20,379 | +€1,670 | +8.9% |
| Amounts payable within one year | 42/48 | €18,708 | €20,379 | +€1,670 | +8.9% |
| Financial debts | 43 | - | €240 | +€240 | |
| Credit institutions | 430/8 | - | €240 | +€240 | |
| Trade debts | 44 | €1,258 | €845 | -€413 | -32.8% |
| Suppliers | 440/4 | €1,258 | €845 | -€413 | -32.8% |
| Taxes, remuneration and social security | 45 | €8,205 | €11,303 | +€3,098 | +37.8% |
| Taxes | 450/3 | €6,197 | €11,303 | +€5,107 | +82.4% |
| Remuneration and social security | 454/9 | €2,008 | €0 | -€2,008 | -100% |
| Other amounts payable | 47/48 | €9,245 | €7,991 | -€1,254 | -13.6% |
| Turnover | 70 | €109,296 | - | -€109,296 | |
| Goods, raw materials, services and sundry goods | 60/61 | €87,538 | - | -€87,538 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €694 | +€694 | |
| Other operating charges | 640/8 | €272 | €332 | +€60 | +21.9% |
| Gross operating margin | 9900 | €21,758 | €43,116 | +€21,357 | +98.2% |
| Operating profit (loss) | 9901 | €21,486 | €42,089 | +€20,603 | +95.9% |
| Financial income | 75/76B | €15 | €0 | -€15 | -100% |
| Recurring financial income | 75 | €15 | €0 | -€15 | -100% |
| Financial charges | 65/66B | €207 | €592 | +€385 | +186% |
| Recurring financial charges | 65 | €207 | €592 | +€385 | +186% |
| Profit (loss) for the period before taxes | 9903 | €21,294 | €41,497 | +€20,203 | +94.9% |
| Income taxes | 67/77 | €6,197 | €11,643 | +€5,446 | +87.9% |
| Profit (loss) for the period | 9904 | €15,097 | €29,854 | +€14,757 | +97.7% |
| Profit (loss) for the period to be appropriated | 9905 | €15,097 | €29,854 | +€14,757 | +97.7% |
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 18 October 2026 via checked.be.