Hugh & Baert: 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.
Hugh & Baert
Largest movements
- Tangible fixed assets -€16,934
down €16,934 (-26.0%), from €65,244 to €48,310
of which Plant, machinery and equipment: -€11,204
- Stocks and contracts +€10,654
new in 2025: €10,654
- Intangible fixed assets -€5,740
down €5,740 (-93.5%), from €6,140 to €400
- Cash +€3,326
up €3,326 (+20.8%), from €15,980 to €19,306
mainly Depreciation (+€23,629) and Net result for the year (+€5,191)
- Deferred charges and accrued income +€2,432
new in 2025: €2,432
- Other debts -€8,734
down €8,734 (-27.5%), from €31,788 to €23,054
- Profit (loss) carried forward +€5,191
up €5,191 (+15.6%), from €33,170 to €38,361
- Debts after one year -€2,600
no longer reported in 2025 (was €2,600)
- Gross operating margin -€50,901
down €50,901 (-23.1%), from €220,493 to €169,592
- Staff costs -€29,092
down €29,092 (-17.6%), from €165,598 to €136,506
- Taxes -€6,063
down €6,063 (-67.7%), from €8,954 to €2,890
- Depreciation +€5,128
up €5,128 (+27.7%), from €18,501 to €23,629
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 | €96,311 | €89,807 | -€6,504 | -6.8% |
| Formation expenses | 20 | €547 | €306 | -€241 | -44.1% |
| Fixed assets | 21/28 | €79,784 | €57,110 | -€22,674 | -28.4% |
| Intangible fixed assets | 21 | €6,140 | €400 | -€5,740 | -93.5% |
| Tangible fixed assets | 22/27 | €65,244 | €48,310 | -€16,934 | -26.0% |
| Plant, machinery and equipment | 23 | €26,267 | €15,063 | -€11,204 | -42.7% |
| Furniture and vehicles | 24 | €37,928 | €32,332 | -€5,597 | -14.8% |
| Other tangible fixed assets | 26 | €1,049 | €915 | -€134 | -12.7% |
| Financial fixed assets | 28 | €8,400 | €8,400 | = | 0.0% |
| Current assets | 29/58 | €15,980 | €32,392 | +€16,412 | +103% |
| Stocks and contracts in progress | 3 | - | €10,654 | +€10,654 | |
| Stocks | 30/36 | - | €10,654 | +€10,654 | |
| Cash at bank and in hand | 54/58 | €15,980 | €19,306 | +€3,326 | +20.8% |
| Deferred charges and accrued income | 490/1 | - | €2,432 | +€2,432 | |
| Total equity and liabilities | 10/49 | €96,311 | €89,807 | -€6,504 | -6.8% |
| Equity | 10/15 | €40,170 | €45,361 | +€5,191 | +12.9% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,170 | €38,361 | +€5,191 | +15.6% |
| Amounts payable | 17/49 | €56,141 | €44,446 | -€11,694 | -20.8% |
| Amounts payable after more than one year | 17 | €2,600 | - | -€2,600 | |
| Financial debts | 170/4 | €2,600 | - | -€2,600 | |
| Amounts payable within one year | 42/48 | €53,541 | €44,446 | -€9,094 | -17.0% |
| Trade debts | 44 | €4,173 | €4,107 | -€66 | -1.6% |
| Suppliers | 440/4 | €4,173 | €3,281 | -€892 | -21.4% |
| Bills of exchange payable | 441 | - | €826 | +€826 | |
| Taxes, remuneration and social security | 45 | €17,579 | €17,285 | -€294 | -1.7% |
| Taxes | 450/3 | €7,671 | €9,137 | +€1,466 | +19.1% |
| Remuneration and social security | 454/9 | €9,908 | €8,148 | -€1,760 | -17.8% |
| Other amounts payable | 47/48 | €31,788 | €23,054 | -€8,734 | -27.5% |
| Remuneration, social security and pensions | 62 | €165,598 | €136,506 | -€29,092 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,501 | €23,629 | +€5,128 | +27.7% |
| Other operating charges | 640/8 | - | €118 | +€118 | |
| Gross operating margin | 9900 | €220,493 | €169,592 | -€50,901 | -23.1% |
| Operating profit (loss) | 9901 | €36,394 | €9,339 | -€27,056 | -74.3% |
| Financial income | 75/76B | - | €57 | +€57 | |
| Recurring financial income | 75 | - | €57 | +€57 | |
| Financial charges | 65/66B | €88 | €1,315 | +€1,226 | +1,388% |
| Recurring financial charges | 65 | €88 | €575 | +€486 | +551% |
| Non-recurring financial charges | 66B | - | €740 | +€740 | |
| Profit (loss) for the period before taxes | 9903 | €36,306 | €8,081 | -€28,225 | -77.7% |
| Income taxes | 67/77 | €8,954 | €2,890 | -€6,063 | -67.7% |
| Profit (loss) for the period | 9904 | €27,352 | €5,191 | -€22,162 | -81.0% |
| Profit (loss) for the period to be appropriated | 9905 | €27,352 | €5,191 | -€22,162 | -81.0% |
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 16 October 2026 via checked.be.