HIRGE: 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.
HIRGE
Largest movements
- Receivables within one year -€934,400
down €934,400 (-67.7%), from €1.4m to €444,911
- Receivables after one year +€705,389
new in 2025: €705,389
- Tangible fixed assets +€31,817
up €31,817 (+15.6%), from €204,024 to €235,841
- Reserves -€147,171
down €147,171 (-25.3%), from €580,571 to €433,400
of which Distributable reserves: -€147,171
- Profit (loss) carried forward -€49,912
new in 2025: -€49,912
- Gross operating margin +€10,142
up €10,142 (+13.9%), from €72,996 to €83,138
- Financial income +€3,624
up €3,624 (+26.8%), from €13,507 to €17,131
- Depreciation +€1,200
new in 2025: €1,200
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,583,336 | €1,386,142 | -€197,194 | -12.5% |
| Fixed assets | 21/28 | €204,024 | €235,841 | +€31,817 | +15.6% |
| Tangible fixed assets | 22/27 | €204,024 | €235,841 | +€31,817 | +15.6% |
| Land and buildings | 22 | €204,024 | €235,841 | +€31,817 | +15.6% |
| Current assets | 29/58 | €1,379,312 | €1,150,300 | -€229,011 | -16.6% |
| Amounts receivable after more than one year | 29 | - | €705,389 | +€705,389 | |
| Other amounts receivable | 291 | - | €705,389 | +€705,389 | |
| Amounts receivable within one year | 40/41 | €1,379,312 | €444,911 | -€934,400 | -67.7% |
| Other amounts receivable | 41 | €1,379,312 | €444,911 | -€934,400 | -67.7% |
| Total equity and liabilities | 10/49 | €1,583,336 | €1,386,142 | -€197,194 | -12.5% |
| Equity | 10/15 | €1,580,571 | €1,383,488 | -€197,084 | -12.5% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €580,571 | €433,400 | -€147,171 | -25.3% |
| Non-distributable reserves | 130/1 | €56,200 | €56,200 | = | 0.0% |
| Legal reserve | 130 | €56,200 | €56,200 | = | 0.0% |
| Distributable reserves | 133 | €524,371 | €377,200 | -€147,171 | -28.1% |
| Profit (loss) carried forward | 14 | - | -€49,912 | -€49,912 | |
| Amounts payable | 17/49 | €2,765 | €2,654 | -€110 | -4.0% |
| Amounts payable within one year | 42/48 | €2,765 | €2,654 | -€110 | -4.0% |
| Trade debts | 44 | €2,765 | €2,654 | -€110 | -4.0% |
| Suppliers | 440/4 | €2,765 | €2,654 | -€110 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,200 | +€1,200 | |
| Other operating charges | 640/8 | €25,347 | €26,153 | +€806 | +3.2% |
| Non-recurring operating charges | 66A | €150,000 | €270,000 | +€120,000 | +80.0% |
| Gross operating margin | 9900 | €72,996 | €83,138 | +€10,142 | +13.9% |
| Operating profit (loss) | 9901 | -€102,351 | -€214,215 | -€111,865 | -109% |
| Financial income | 75/76B | €13,507 | €17,131 | +€3,624 | +26.8% |
| Recurring financial income | 75 | €13,507 | €17,131 | +€3,624 | +26.8% |
| Profit (loss) for the period before taxes | 9903 | -€88,844 | -€197,084 | -€108,240 | -122% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€88,844 | -€197,084 | -€108,240 | -122% |
| Profit (loss) for the period to be appropriated | 9905 | -€88,844 | -€197,084 | -€108,240 | -122% |
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 23 October 2026 via checked.be.