HPG BELGIUM: 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.
HPG BELGIUM
Largest movements
- Cash -€1.4m
down €1.4m (-81.6%), from €1.7m to €308,740
mainly Receivables within one year (-€538,513) and Receivables after one year (-€366,985)
- Receivables within one year +€538,513
up €538,513 (+112%), from €480,494 to €1.0m
of which Other amounts receivable: +€513,735
- Receivables after one year +€366,985
up €366,985 (+7.7%), from €4.8m to €5.2m
- Current investments +€253,652
up €253,652 (+2.6%), from €9.7m to €9.9m
- Other debts -€200,000
down €200,000 (-100%), from €200,000 to €0
- Financial income +€125,750
up €125,750 (+24.7%), from €510,043 to €635,793
- Financial charges +€99,553
up €99,553 (+993%), from €10,025 to €109,578
- Write-downs +€55,653
new in 2025: €55,653
- Other operating charges +€51,033
up €51,033 (+395%), from €12,916 to €63,949
- Depreciation -€19,129
down €19,129 (-43.8%), from €43,641 to €24,513
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 | €16,849,860 | €16,511,068 | -€338,792 | -2.0% |
| Fixed assets | 21/28 | €211,133 | €78,423 | -€132,709 | -62.9% |
| Tangible fixed assets | 22/27 | €155,480 | €78,423 | -€77,057 | -49.6% |
| Furniture and vehicles | 24 | €155,480 | €78,423 | -€77,057 | -49.6% |
| Financial fixed assets | 28 | €55,653 | €0 | -€55,653 | -100% |
| Current assets | 29/58 | €16,638,727 | €16,432,645 | -€206,082 | -1.2% |
| Amounts receivable after more than one year | 29 | €4,796,254 | €5,163,239 | +€366,985 | +7.7% |
| Other amounts receivable | 291 | €4,796,254 | €5,163,239 | +€366,985 | +7.7% |
| Amounts receivable within one year | 40/41 | €480,494 | €1,019,007 | +€538,513 | +112% |
| Trade receivables | 40 | €43,272 | €68,050 | +€24,778 | +57.3% |
| Other amounts receivable | 41 | €437,222 | €950,957 | +€513,735 | +117% |
| Current investments | 50/53 | €9,688,007 | €9,941,659 | +€253,652 | +2.6% |
| Cash at bank and in hand | 54/58 | €1,673,394 | €308,740 | -€1.4m | -81.6% |
| Deferred charges and accrued income | 490/1 | €578 | €0 | -€578 | -100% |
| Total equity and liabilities | 10/49 | €16,849,860 | €16,511,068 | -€338,792 | -2.0% |
| Equity | 10/15 | €16,588,799 | €16,470,323 | -€118,475 | -0.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €16,527,299 | €16,408,823 | -€118,475 | -0.7% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €16,521,149 | €16,402,673 | -€118,475 | -0.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €261,061 | €40,745 | -€220,316 | -84.4% |
| Amounts payable within one year | 42/48 | €261,061 | €40,745 | -€220,316 | -84.4% |
| Trade debts | 44 | €52,623 | €16,117 | -€36,507 | -69.4% |
| Suppliers | 440/4 | €52,623 | €16,117 | -€36,507 | -69.4% |
| Taxes, remuneration and social security | 45 | €8,438 | €24,628 | +€16,190 | +192% |
| Taxes | 450/3 | €4,023 | €20,056 | +€16,032 | +398% |
| Remuneration and social security | 454/9 | €4,415 | €4,573 | +€158 | +3.6% |
| Other amounts payable | 47/48 | €200,000 | €0 | -€200,000 | -100% |
| Non-recurring operating income | 76A | €28,543 | €0 | -€28,543 | -100% |
| Remuneration, social security and pensions | 62 | €29,088 | €30,452 | +€1,364 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,641 | €24,513 | -€19,129 | -43.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €55,653 | +€55,653 | |
| Other operating charges | 640/8 | €12,916 | €63,949 | +€51,033 | +395% |
| Non-recurring operating charges | 66A | - | €333,334 | +€333,334 | |
| Gross operating margin | 9900 | -€151,172 | -€136,224 | +€14,948 | +9.9% |
| Operating profit (loss) | 9901 | -€236,817 | -€644,124 | -€407,306 | -172% |
| Financial income | 75/76B | €510,043 | €635,793 | +€125,750 | +24.7% |
| Recurring financial income | 75 | €510,043 | €635,793 | +€125,750 | +24.7% |
| Financial charges | 65/66B | €10,025 | €109,578 | +€99,553 | +993% |
| Recurring financial charges | 65 | €10,025 | €109,578 | +€99,553 | +993% |
| Profit (loss) for the period before taxes | 9903 | €263,200 | -€117,909 | -€381,110 | |
| Income taxes | 67/77 | €5,989 | €566 | -€5,423 | -90.5% |
| Profit (loss) for the period | 9904 | €257,212 | -€118,475 | -€375,687 | |
| Profit (loss) for the period to be appropriated | 9905 | €257,212 | -€118,475 | -€375,687 |
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 22 October 2026 via checked.be.