HUGOS: 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.
HUGOS
Largest movements
- Stocks and contracts +€231,550
up €231,550 (+44.5%), from €519,914 to €751,464
- Cash -€91,914
down €91,914 (-97.7%), from €94,118 to €2,205
mainly Stocks and contracts (-€231,550) and Current portion of long-term debt (-€204,888)
- Tangible fixed assets +€27,190
up €27,190 (+7.9%), from €345,601 to €372,791
of which Land and buildings: +€28,453
- Receivables within one year +€20,654
up €20,654 (+12.7%), from €163,121 to €183,774
of which Trade receivables: +€24,369
- Short-term financial debts +€476,678
up €476,678 (+442.4%), from €107,750 to €584,428
of which Credit institutions: +€477,428
- Current portion of long-term debt -€204,888
down €204,888 (-92.5%), from €221,485 to €16,596
- Other debts -€144,564
down €144,564 (-80.2%), from €180,239 to €35,675
- Trade debts +€47,728
up €47,728 (+624.8%), from €7,638 to €55,367
- Reserves +€18,099
up €18,099 (+7.6%), from €239,654 to €257,753
- Gross operating margin -€85,024
down €85,024 (-47.9%), from €177,536 to €92,512
- Taxes -€25,186
down €25,186 (-64.6%), from €39,013 to €13,826
- Other operating charges +€12,099
up €12,099 (+388.4%), from €3,115 to €15,214
- Financial charges -€2,991
down €2,991 (-9.0%), from €33,259 to €30,269
- Depreciation +€2,668
up €2,668 (+19.7%), from €13,529 to €16,197
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.
Cash bridge derived
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 | €1,126,960 | €1,315,810 | +€188,850 | +16.8% |
| Fixed assets | 21/28 | €345,601 | €372,791 | +€27,190 | +7.9% |
| Tangible fixed assets | 22/27 | €345,601 | €372,791 | +€27,190 | +7.9% |
| Land and buildings | 22 | €331,807 | €360,260 | +€28,453 | +8.6% |
| Plant, machinery and equipment | 23 | €13,794 | €11,698 | -€2,096 | -15.2% |
| Furniture and vehicles | 24 | - | €833 | +€833 | |
| Current assets | 29/58 | €781,359 | €943,019 | +€161,660 | +20.7% |
| Stocks and contracts in progress | 3 | €519,914 | €751,464 | +€231,550 | +44.5% |
| Stocks | 30/36 | €519,914 | €751,464 | +€231,550 | +44.5% |
| Amounts receivable within one year | 40/41 | €163,121 | €183,774 | +€20,654 | +12.7% |
| Trade receivables | 40 | €14,553 | €38,922 | +€24,369 | +167.4% |
| Other amounts receivable | 41 | €148,568 | €144,853 | -€3,715 | -2.5% |
| Cash at bank and in hand | 54/58 | €94,118 | €2,205 | -€91,914 | -97.7% |
| Deferred charges and accrued income | 490/1 | €4,206 | €5,576 | +€1,370 | +32.6% |
| Total equity and liabilities | 10/49 | €1,126,960 | €1,315,810 | +€188,850 | +16.8% |
| Equity | 10/15 | €269,654 | €287,753 | +€18,099 | +6.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €239,654 | €257,753 | +€18,099 | +7.6% |
| Distributable reserves | 133 | €239,654 | €257,753 | +€18,099 | +7.6% |
| Amounts payable | 17/49 | €857,306 | €1,028,058 | +€170,752 | +19.9% |
| Amounts payable after more than one year | 17 | €297,710 | €281,114 | -€16,596 | -5.6% |
| Financial debts | 170/4 | €297,710 | €281,114 | -€16,596 | -5.6% |
| Amounts payable within one year | 42/48 | €557,054 | €746,944 | +€189,890 | +34.1% |
| Current portion of amounts payable after more than one year | 42 | €221,485 | €16,596 | -€204,888 | -92.5% |
| Financial debts | 43 | €107,750 | €584,428 | +€476,678 | +442.4% |
| Credit institutions | 430/8 | €106,500 | €583,928 | +€477,428 | +448.3% |
| Other loans | 439 | €1,250 | €500 | -€750 | -60.0% |
| Trade debts | 44 | €7,638 | €55,367 | +€47,728 | +624.8% |
| Suppliers | 440/4 | €7,638 | €55,367 | +€47,728 | +624.8% |
| Advances received on contracts in progress | 46 | - | €8,200 | +€8,200 | |
| Taxes, remuneration and social security | 45 | €39,942 | €46,678 | +€6,736 | +16.9% |
| Taxes | 450/3 | €39,942 | €46,678 | +€6,736 | +16.9% |
| Other amounts payable | 47/48 | €180,239 | €35,675 | -€144,564 | -80.2% |
| Accrued charges and deferred income | 492/3 | €2,542 | €0 | -€2,542 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,529 | €16,197 | +€2,668 | +19.7% |
| Other operating charges | 640/8 | €3,115 | €15,214 | +€12,099 | +388.4% |
| Non-recurring operating charges | 66A | €2,605 | €0 | -€2,605 | -100.0% |
| Gross operating margin | 9900 | €177,536 | €92,512 | -€85,024 | -47.9% |
| Operating profit (loss) | 9901 | €158,287 | €61,101 | -€97,186 | -61.4% |
| Financial income | 75/76B | €585 | €1,093 | +€508 | +86.8% |
| Recurring financial income | 75 | €585 | €1,093 | +€508 | +86.8% |
| Financial charges | 65/66B | €33,259 | €30,269 | -€2,991 | -9.0% |
| Recurring financial charges | 65 | €33,259 | €30,269 | -€2,991 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €125,612 | €31,925 | -€93,687 | -74.6% |
| Income taxes | 67/77 | €39,013 | €13,826 | -€25,186 | -64.6% |
| Profit (loss) for the period | 9904 | €86,599 | €18,099 | -€68,501 | -79.1% |
| Profit (loss) for the period to be appropriated | 9905 | €86,599 | €18,099 | -€68,501 | -79.1% |
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 11 October 2026 via checked.be.