P. Hagers: 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.
P. Hagers
Largest movements
- Receivables after one year -€105,961
down €105,961 (-100%), from €105,961 to €0
- Receivables within one year +€78,147
up €78,147 (+37.6%), from €207,707 to €285,855
of which Trade receivables: +€53,511
- Cash +€15,589
up €15,589 (+29.7%), from €52,482 to €68,071
mainly Receivables after one year (+€105,961) and Deferred charges and accrued income (+€13,801)
- Deferred charges and accrued income -€13,801
down €13,801 (-62.4%), from €22,120 to €8,320
- Tangible fixed assets -€4,555
down €4,555 (-23.5%), from €19,358 to €14,803
of which Furniture and vehicles: -€2,638
- Reserves -€28,232
down €28,232 (-11.1%), from €253,435 to €225,203
of which Distributable reserves: -€28,232
- Trade debts -€12,222
down €12,222 (-21.4%), from €57,095 to €44,873
- Accrued charges and deferred income +€10,089
up €10,089 (+27.7%), from €36,369 to €46,457
- Gross operating margin -€40,635
down €40,635 (-98.7%), from €41,163 to €528
- Other operating charges +€10,465
up €10,465 (+169%), from €6,201 to €16,666
- Financial income +€4,182
up €4,182 (+51.6%), from €8,100 to €12,283
- Financial charges +€1,355
up €1,355 (+29.0%), from €4,669 to €6,025
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 | €409,114 | €378,533 | -€30,581 | -7.5% |
| Fixed assets | 21/28 | €20,843 | €16,288 | -€4,555 | -21.9% |
| Tangible fixed assets | 22/27 | €19,358 | €14,803 | -€4,555 | -23.5% |
| Plant, machinery and equipment | 23 | €1,971 | €1,237 | -€734 | -37.2% |
| Furniture and vehicles | 24 | €10,152 | €7,513 | -€2,638 | -26.0% |
| Other tangible fixed assets | 26 | €7,236 | €6,053 | -€1,183 | -16.4% |
| Financial fixed assets | 28 | €1,485 | €1,485 | = | 0.0% |
| Current assets | 29/58 | €388,271 | €362,245 | -€26,026 | -6.7% |
| Amounts receivable after more than one year | 29 | €105,961 | €0 | -€105,961 | -100% |
| Other amounts receivable | 291 | €105,961 | €0 | -€105,961 | -100% |
| Amounts receivable within one year | 40/41 | €207,707 | €285,855 | +€78,147 | +37.6% |
| Trade receivables | 40 | €6,341 | €59,851 | +€53,511 | +844% |
| Other amounts receivable | 41 | €201,366 | €226,003 | +€24,637 | +12.2% |
| Cash at bank and in hand | 54/58 | €52,482 | €68,071 | +€15,589 | +29.7% |
| Deferred charges and accrued income | 490/1 | €22,120 | €8,320 | -€13,801 | -62.4% |
| Total equity and liabilities | 10/49 | €409,114 | €378,533 | -€30,581 | -7.5% |
| Equity | 10/15 | €315,435 | €287,203 | -€28,232 | -9.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €253,435 | €225,203 | -€28,232 | -11.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €247,235 | €219,003 | -€28,232 | -11.4% |
| Amounts payable | 17/49 | €93,680 | €91,330 | -€2,349 | -2.5% |
| Amounts payable within one year | 42/48 | €57,311 | €44,873 | -€12,438 | -21.7% |
| Trade debts | 44 | €57,095 | €44,873 | -€12,222 | -21.4% |
| Suppliers | 440/4 | €57,095 | €44,873 | -€12,222 | -21.4% |
| Taxes, remuneration and social security | 45 | €216 | €0 | -€216 | -100% |
| Taxes | 450/3 | €216 | €0 | -€216 | -100% |
| Accrued charges and deferred income | 492/3 | €36,369 | €46,457 | +€10,089 | +27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,367 | €5,589 | +€222 | +4.1% |
| Other operating charges | 640/8 | €6,201 | €16,666 | +€10,465 | +169% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €41,163 | €528 | -€40,635 | -98.7% |
| Operating profit (loss) | 9901 | €29,595 | -€21,727 | -€51,322 | |
| Financial income | 75/76B | €8,100 | €12,283 | +€4,182 | +51.6% |
| Recurring financial income | 75 | €8,100 | €12,283 | +€4,182 | +51.6% |
| Financial charges | 65/66B | €4,669 | €6,025 | +€1,355 | +29.0% |
| Recurring financial charges | 65 | €4,669 | €6,025 | +€1,355 | +29.0% |
| Profit (loss) for the period before taxes | 9903 | €33,026 | -€15,469 | -€48,495 | |
| Income taxes | 67/77 | €13,172 | €12,763 | -€409 | -3.1% |
| Profit (loss) for the period | 9904 | €19,854 | -€28,232 | -€48,086 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,854 | -€28,232 | -€48,086 |
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 19 October 2026 via checked.be.