And at 400€ would you recommend the Hugo 1 over the Mojo 2 ?
I think I would still recommend the Mojo2.
Go back 7 or 8 years ago, and I was intending to buy a Hugo, but then the Mojo was released - almost the same performance but at less than half the price, so the Mojo was a 'no brainer' to buy.
Later I bought a Hugo2, which did improve on the sound quality that I could get from my Mojo, but was far more costly.
Unfortunately you would need to pay over €2k to buy a Hugo2 now, which is outside your budget.
The original Mojo was jokingly called the 'gateway drug' to the Chord lineup, meaning that once an owner enjoyed the Mojo music reproduction, it was near certain that the owner would eventually progress to the more expensive dacs in the chord lineup.
You are basically in the position of trying to chose between Hugo1 and Mojo2 as your gateway drug.
By all means buy the Hugo1 at that price which is competitive, but I think it will be only a matter of time before you feel the urge to upgrade to a Mojo 2.
The question then becomes 'why not choose the Mojo2 in the first place, and benefit from the extra 8 years of design knowledge gained by Rob Watts, resulting in improved battery management plus the advanced equalizer?
This is only my opinion, and I am sure that some of the Hugo fans will advise buy the Hugo1 instead.