HLG: 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.
HLG
Largest movements
- Deferred charges and accrued income +€398,995
up €398,995 (+8.0%), from €5.0m to €5.4m
- Cash +€67,982
up €67,982 (+53.1%), from €128,008 to €195,990
- Accrued charges and deferred income +€458,033
up €458,033 (+8.9%), from €5.2m to €5.6m
- Gross operating margin +€4,298
up €4,298 (+96.0%), from €4,477 to €8,775
- Depreciation +€4,260
up €4,260 (+155.5%), from €2,740 to €7,000
From the 2024 result to the 2025 result
The net result is not in both sets of accounts; without it the difference cannot be explained line by line.
Cash bridge derived
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 | €5,197,951 | €5,658,182 | +€460,231 | +8.9% |
| Fixed assets | 21/28 | €67,260 | €60,260 | -€7,000 | -10.4% |
| Tangible fixed assets | 22/27 | €67,260 | €60,260 | -€7,000 | -10.4% |
| Other tangible fixed assets | 26 | €67,260 | €60,260 | -€7,000 | -10.4% |
| Current assets | 29/58 | €5,130,691 | €5,597,922 | +€467,231 | +9.1% |
| Amounts receivable within one year | 40/41 | €4,746 | €5,000 | +€254 | +5.3% |
| Trade receivables | 40 | €4,746 | €0 | -€4,746 | -100.0% |
| Other amounts receivable | 41 | €0 | €5,000 | +€5,000 | |
| Cash at bank and in hand | 54/58 | €128,008 | €195,990 | +€67,982 | +53.1% |
| Deferred charges and accrued income | 490/1 | €4,997,937 | €5,396,932 | +€398,995 | +8.0% |
| Total equity and liabilities | 10/49 | €5,197,951 | €5,658,182 | +€460,231 | +8.9% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Amounts payable | 17/49 | €5,179,351 | €5,639,582 | +€460,231 | +8.9% |
| Amounts payable within one year | 42/48 | €7,122 | €9,319 | +€2,197 | +30.9% |
| Trade debts | 44 | €7,122 | €9,319 | +€2,197 | +30.9% |
| Suppliers | 440/4 | €7,122 | €9,319 | +€2,197 | +30.9% |
| Accrued charges and deferred income | 492/3 | €5,172,230 | €5,630,263 | +€458,033 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,740 | €7,000 | +€4,260 | +155.5% |
| Other operating charges | 640/8 | €1,663 | €1,637 | -€26 | -1.6% |
| Gross operating margin | 9900 | €4,477 | €8,775 | +€4,298 | +96.0% |
| Operating profit (loss) | 9901 | €74 | €138 | +€65 | +88.0% |
| Financial charges | 65/66B | €74 | €138 | +€65 | +88.0% |
| Recurring financial charges | 65 | €74 | €138 | +€65 | +88.0% |
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 8 October 2026 via checked.be.