HGS: 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.
HGS
Largest movements
- Tangible fixed assets +€229,505
up €229,505 (+860%), from €26,689 to €256,194
of which Land and buildings: +€233,139
- Receivables within one year +€12,725
new in 2025: €12,725
- Short-term financial debts +€259,709
new in 2025: €259,709
- Profit (loss) carried forward -€28,662
down €28,662 (-133%), from -€21,506 to -€50,168
- Trade debts +€9,183
up €9,183 (+2,663%), from €345 to €9,528
- Other debts +€3,250
up €3,250 (+16.4%), from €19,802 to €23,052
- Financial charges +€10,023
up €10,023 (+6,681,960%), from €0 to €10,023
- Gross operating margin -€5,963
down €5,963 (-86.4%), from -€6,898 to -€12,861
- Depreciation +€1,386
up €1,386 (+34.6%), from €4,001 to €5,387
- Other operating charges +€511
up €511 (+316%), from €162 to €673
- Financial income +€283
new in 2025: €283
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 | €27,259 | €270,437 | +€243,178 | +892% |
| Fixed assets | 21/28 | €27,259 | €256,764 | +€229,505 | +842% |
| Tangible fixed assets | 22/27 | €26,689 | €256,194 | +€229,505 | +860% |
| Land and buildings | 22 | - | €233,139 | +€233,139 | |
| Plant, machinery and equipment | 23 | €26,609 | €23,055 | -€3,554 | -13.4% |
| Furniture and vehicles | 24 | €80 | - | -€80 | |
| Financial fixed assets | 28 | €570 | €570 | = | 0.0% |
| Current assets | 29/58 | €1 | €13,673 | +€13,673 | +2,629,338% |
| Amounts receivable within one year | 40/41 | - | €12,725 | +€12,725 | |
| Other amounts receivable | 41 | - | €12,725 | +€12,725 | |
| Cash at bank and in hand | 54/58 | €1 | €259 | +€258 | +49,708% |
| Deferred charges and accrued income | 490/1 | - | €689 | +€689 | |
| Total equity and liabilities | 10/49 | €27,259 | €270,437 | +€243,178 | +892% |
| Equity | 10/15 | -€19,006 | -€47,668 | -€28,662 | -151% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,506 | -€50,168 | -€28,662 | -133% |
| Amounts payable | 17/49 | €46,265 | €318,105 | +€271,839 | +588% |
| Amounts payable after more than one year | 17 | €20,000 | €20,000 | = | 0.0% |
| Other amounts payable | 178/9 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €26,265 | €298,105 | +€271,839 | +1,035% |
| Financial debts | 43 | - | €259,709 | +€259,709 | |
| Credit institutions | 430/8 | - | €259,709 | +€259,709 | |
| Trade debts | 44 | €345 | €9,528 | +€9,183 | +2,663% |
| Suppliers | 440/4 | €345 | €9,528 | +€9,183 | +2,663% |
| Taxes, remuneration and social security | 45 | €6,119 | €5,816 | -€302 | -4.9% |
| Taxes | 450/3 | €6,119 | €5,816 | -€302 | -4.9% |
| Other amounts payable | 47/48 | €19,802 | €23,052 | +€3,250 | +16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,001 | €5,387 | +€1,386 | +34.6% |
| Other operating charges | 640/8 | €162 | €673 | +€511 | +316% |
| Gross operating margin | 9900 | -€6,898 | -€12,861 | -€5,963 | -86.4% |
| Operating profit (loss) | 9901 | -€11,061 | -€18,922 | -€7,861 | -71.1% |
| Financial income | 75/76B | - | €283 | +€283 | |
| Recurring financial income | 75 | - | €283 | +€283 | |
| Financial charges | 65/66B | €0 | €10,023 | +€10,023 | +6,681,960% |
| Recurring financial charges | 65 | €0 | €10,023 | +€10,023 | +6,681,960% |
| Profit (loss) for the period before taxes | 9903 | -€11,061 | -€28,662 | -€17,601 | -159% |
| Profit (loss) for the period | 9904 | -€11,061 | -€28,662 | -€17,601 | -159% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,061 | -€28,662 | -€17,601 | -159% |
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 16 October 2026 via checked.be.