HJ Management: 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.
HJ Management
Largest movements
- Receivables within one year -€265,153
down €265,153 (-94.5%), from €280,728 to €15,575
of which Trade receivables: -€171,202
- Deferred charges and accrued income -€98,883
down €98,883 (-99.8%), from €99,050 to €167
- Tangible fixed assets -€96,340
down €96,340 (-26.4%), from €365,366 to €269,026
of which Furniture and vehicles: -€57,910
- Stocks and contracts -€80,701
no longer reported in 2025 (was €80,701)
- Cash +€40,322
up €40,322 (+339%), from €11,890 to €52,212
mainly Receivables within one year (+€265,153) and Deferred charges and accrued income (+€98,883)
- Reserves -€261,480
down €261,480 (-68.3%), from €382,597 to €121,117
of which Distributable reserves: -€261,480
- Profit (loss) carried forward -€146,929
down €146,929, from €2,377 to -€144,553
- Other debts -€41,345
down €41,345 (-43.3%), from €95,591 to €54,246
- Current portion of long-term debt -€24,505
no longer reported in 2025 (was €24,505)
- Tax, wage and social debts -€21,438
down €21,438 (-96.2%), from €22,275 to €837
- Other operating charges +€150,572
up €150,572 (+1,194%), from €12,612 to €163,185
- Gross operating margin -€55,282
down €55,282 (-70.9%), from €77,966 to €22,684
- Depreciation -€17,551
down €17,551 (-31.2%), from €56,318 to €38,767
- Taxes -€14,422
down €14,422 (-95.2%), from €15,154 to €732
- Financial income -€8,399
down €8,399 (-17.7%), from €47,365 to €38,966
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 | €838,285 | €336,980 | -€501,306 | -59.8% |
| Fixed assets | 21/28 | €365,916 | €269,026 | -€96,890 | -26.5% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €365,366 | €269,026 | -€96,340 | -26.4% |
| Land and buildings | 22 | €304,149 | €266,768 | -€37,382 | -12.3% |
| Plant, machinery and equipment | 23 | €2,969 | €1,921 | -€1,048 | -35.3% |
| Furniture and vehicles | 24 | €58,248 | €338 | -€57,910 | -99.4% |
| Financial fixed assets | 28 | €550 | - | -€550 | |
| Current assets | 29/58 | €472,369 | €67,954 | -€404,416 | -85.6% |
| Stocks and contracts in progress | 3 | €80,701 | - | -€80,701 | |
| Stocks | 30/36 | €80,701 | - | -€80,701 | |
| Amounts receivable within one year | 40/41 | €280,728 | €15,575 | -€265,153 | -94.5% |
| Trade receivables | 40 | €178,848 | €7,646 | -€171,202 | -95.7% |
| Other amounts receivable | 41 | €101,880 | €7,929 | -€93,951 | -92.2% |
| Cash at bank and in hand | 54/58 | €11,890 | €52,212 | +€40,322 | +339% |
| Deferred charges and accrued income | 490/1 | €99,050 | €167 | -€98,883 | -99.8% |
| Total equity and liabilities | 10/49 | €838,285 | €336,980 | -€501,306 | -59.8% |
| Equity | 10/15 | €689,497 | €281,088 | -€408,409 | -59.2% |
| Contributions | 10/11 | €304,523 | €304,523 | = | 0.0% |
| Reserves | 13 | €382,597 | €121,117 | -€261,480 | -68.3% |
| Non-distributable reserves | 130/1 | €30,452 | €30,452 | = | 0.0% |
| Reserves not available under the articles | 1311 | €30,452 | €30,452 | = | 0.0% |
| Distributable reserves | 133 | €352,144 | €90,664 | -€261,480 | -74.3% |
| Profit (loss) carried forward | 14 | €2,377 | -€144,553 | -€146,929 | |
| Amounts payable | 17/49 | €148,789 | €55,892 | -€92,896 | -62.4% |
| Amounts payable within one year | 42/48 | €148,789 | €55,084 | -€93,705 | -63.0% |
| Current portion of amounts payable after more than one year | 42 | €24,505 | - | -€24,505 | |
| Trade debts | 44 | €6,417 | €1 | -€6,417 | -100.0% |
| Suppliers | 440/4 | €6,417 | €1 | -€6,417 | -100.0% |
| Taxes, remuneration and social security | 45 | €22,275 | €837 | -€21,438 | -96.2% |
| Taxes | 450/3 | €22,275 | €837 | -€21,438 | -96.2% |
| Other amounts payable | 47/48 | €95,591 | €54,246 | -€41,345 | -43.3% |
| Accrued charges and deferred income | 492/3 | - | €808 | +€808 | |
| Non-recurring operating income | 76A | €2,455 | €9,907 | +€7,453 | +304% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,318 | €38,767 | -€17,551 | -31.2% |
| Other operating charges | 640/8 | €12,612 | €163,185 | +€150,572 | +1,194% |
| Non-recurring operating charges | 66A | €5,405 | €1,130 | -€4,274 | -79.1% |
| Gross operating margin | 9900 | €77,966 | €22,684 | -€55,282 | -70.9% |
| Operating profit (loss) | 9901 | €3,631 | -€180,398 | -€184,029 | |
| Financial income | 75/76B | €47,365 | €38,966 | -€8,399 | -17.7% |
| Recurring financial income | 75 | €47,365 | €38,966 | -€8,399 | -17.7% |
| Financial charges | 65/66B | €4,883 | €4,765 | -€117 | -2.4% |
| Recurring financial charges | 65 | €4,883 | €4,765 | -€117 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €46,114 | -€146,197 | -€192,311 | |
| Income taxes | 67/77 | €15,154 | €732 | -€14,422 | -95.2% |
| Profit (loss) for the period | 9904 | €30,959 | -€146,929 | -€177,888 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,959 | -€146,929 | -€177,888 |
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 27 October 2026 via checked.be.