HILGER: what changed
Two fiscal 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.
HILGER
Largest movements
- Stocks and contracts +€857,620
up €857,620 (+37.9%), from €2.3m to €3.1m
- Cash -€119,364
down €119,364 (-60.9%), from €195,940 to €76,576
mainly Stocks and contracts (-€857,620) and Investment in fixed assets (net) (-€144,501)
- Receivables within one year -€104,441
down €104,441 (-19.7%), from €530,375 to €425,934
of which Other amounts receivable: -€119,535
- Debts after one year +€345,184
up €345,184 (+162.6%), from €212,239 to €557,423
of which Financial debts: +€322,294
- Trade debts +€163,263
up €163,263 (+203.1%), from €80,384 to €243,647
- Short-term financial debts +€130,000
up €130,000 (+9.5%), from €1.4m to €1.5m
of which Credit institutions: +€100,000
- Profit (loss) carried forward +€73,408
up €73,408 (+5.0%), from €1.5m to €1.5m
- Current portion of long-term debt -€72,244
down €72,244 (-24.9%), from €289,875 to €217,631
- Gross operating margin +€61,801
up €61,801 (+18.3%), from €337,603 to €399,404
- Financial income +€26,934
up €26,934 (+88.0%), from €30,592 to €57,526
- Staff costs +€19,274
up €19,274 (+11.2%), from €171,932 to €191,206
- Taxes +€16,145
up €16,145 (+119.0%), from €13,564 to €29,709
- Financial charges +€15,999
up €15,999 (+309.0%), from €5,178 to €21,177
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 | €3,867,100 | €4,536,126 | +€669,026 | +17.3% |
| Fixed assets | 21/28 | €834,839 | €857,304 | +€22,465 | +2.7% |
| Tangible fixed assets | 22/27 | €768,961 | €791,176 | +€22,215 | +2.9% |
| Land and buildings | 22 | €553,101 | €536,152 | -€16,949 | -3.1% |
| Plant, machinery and equipment | 23 | €161,949 | €163,196 | +€1,247 | +0.8% |
| Furniture and vehicles | 24 | €53,911 | €91,828 | +€37,917 | +70.3% |
| Financial fixed assets | 28 | €65,878 | €66,128 | +€250 | +0.4% |
| Current assets | 29/58 | €3,032,261 | €3,678,822 | +€646,561 | +21.3% |
| Stocks and contracts in progress | 3 | €2,264,674 | €3,122,294 | +€857,620 | +37.9% |
| Stocks | 30/36 | €2,264,674 | €3,122,294 | +€857,620 | +37.9% |
| Amounts receivable within one year | 40/41 | €530,375 | €425,934 | -€104,441 | -19.7% |
| Trade receivables | 40 | €198,918 | €214,012 | +€15,094 | +7.6% |
| Other amounts receivable | 41 | €331,456 | €211,922 | -€119,535 | -36.1% |
| Current investments | 50/53 | €30,579 | €30,707 | +€128 | +0.4% |
| Cash at bank and in hand | 54/58 | €195,940 | €76,576 | -€119,364 | -60.9% |
| Deferred charges and accrued income | 490/1 | €10,694 | €23,312 | +€12,618 | +118.0% |
| Total equity and liabilities | 10/49 | €3,867,100 | €4,536,126 | +€669,026 | +17.3% |
| Equity | 10/15 | €1,874,153 | €1,945,116 | +€70,963 | +3.8% |
| Contributions | 10/11 | €126,550 | €126,550 | = | 0.0% |
| Capital | 10 | €126,550 | €126,550 | = | 0.0% |
| Issued capital | 100 | €142,539 | €142,539 | = | 0.0% |
| Uncalled capital | 101 | €15,989 | €15,989 | = | 0.0% |
| Reserves | 13 | €280,939 | €280,939 | = | 0.0% |
| Non-distributable reserves | 130/1 | €29,471 | €29,471 | = | 0.0% |
| Legal reserve | 130 | €29,471 | €29,471 | = | 0.0% |
| Tax-exempt reserves | 132 | €122,630 | €122,630 | = | 0.0% |
| Distributable reserves | 133 | €128,838 | €128,838 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,464,220 | €1,537,628 | +€73,408 | +5.0% |
| Investment grants | 15 | €2,445 | - | -€2,445 | |
| Amounts payable | 17/49 | €1,992,947 | €2,591,010 | +€598,063 | +30.0% |
| Amounts payable after more than one year | 17 | €212,239 | €557,423 | +€345,184 | +162.6% |
| Financial debts | 170/4 | €212,239 | €534,533 | +€322,294 | +151.9% |
| Other amounts payable | 178/9 | - | €22,890 | +€22,890 | |
| Amounts payable within one year | 42/48 | €1,780,708 | €2,033,587 | +€252,879 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €289,875 | €217,631 | -€72,244 | -24.9% |
| Financial debts | 43 | €1,375,000 | €1,505,000 | +€130,000 | +9.5% |
| Credit institutions | 430/8 | - | €100,000 | +€100,000 | |
| Other loans | 439 | €1,375,000 | €1,405,000 | +€30,000 | +2.2% |
| Trade debts | 44 | €80,384 | €243,647 | +€163,263 | +203.1% |
| Suppliers | 440/4 | €80,384 | €243,647 | +€163,263 | +203.1% |
| Taxes, remuneration and social security | 45 | €18,373 | €57,528 | +€39,155 | +213.1% |
| Taxes | 450/3 | €2,537 | €45,423 | +€42,886 | +1690.1% |
| Remuneration and social security | 454/9 | €15,836 | €12,105 | -€3,731 | -23.6% |
| Other amounts payable | 47/48 | €17,076 | €9,782 | -€7,294 | -42.7% |
| Non-recurring operating income | 76A | €54,300 | €48,015 | -€6,285 | -11.6% |
| Remuneration, social security and pensions | 62 | €171,932 | €191,206 | +€19,274 | +11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,766 | €122,036 | -€1,730 | -1.4% |
| Other operating charges | 640/8 | €14,586 | €19,394 | +€4,807 | +33.0% |
| Gross operating margin | 9900 | €337,603 | €399,404 | +€61,801 | +18.3% |
| Operating profit (loss) | 9901 | €27,319 | €66,769 | +€39,450 | +144.4% |
| Financial income | 75/76B | €30,592 | €57,526 | +€26,934 | +88.0% |
| Recurring financial income | 75 | €30,592 | €57,526 | +€26,934 | +88.0% |
| Financial charges | 65/66B | €5,178 | €21,177 | +€15,999 | +309.0% |
| Recurring financial charges | 65 | €5,178 | €21,177 | +€15,999 | +309.0% |
| Profit (loss) for the period before taxes | 9903 | €52,733 | €103,117 | +€50,384 | +95.5% |
| Income taxes | 67/77 | €13,564 | €29,709 | +€16,145 | +119.0% |
| Profit (loss) for the period | 9904 | €39,169 | €73,408 | +€34,239 | +87.4% |
| Profit (loss) for the period to be appropriated | 9905 | €39,169 | €73,408 | +€34,239 | +87.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.