FELICIEN HVM: 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.
FELICIEN HVM
Largest movements
- Cash +€2.1m
up €2.1m (+21,695%), from €9,732 to €2.1m
mainly Short-term financial debts (+€1.8m) and Current investments (+€319,398)
- Current investments -€319,398
down €319,398 (-30.1%), from €1.1m to €742,725
- Short-term financial debts +€1.8m
up €1.8m (+400%), from €453,000 to €2.3m
- Financial charges +€28,688
up €28,688 (+98.7%), from €29,060 to €57,748
- Financial income +€20,714
up €20,714 (+28.3%), from €73,206 to €93,920
- Taxes +€5,553
up €5,553 (+53.0%), from €10,479 to €16,032
- Other operating charges +€616
up €616 (+159%), from €387 to €1,003
- Gross operating margin -€416
down €416 (-8.4%), from -€4,924 to -€5,339
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 | €2,226,404 | €4,037,968 | +€1.8m | +81.4% |
| Current assets | 29/58 | €2,226,404 | €4,037,968 | +€1.8m | +81.4% |
| Amounts receivable within one year | 40/41 | €1,154,548 | €1,174,104 | +€19,556 | +1.7% |
| Other amounts receivable | 41 | €1,154,548 | €1,174,104 | +€19,556 | +1.7% |
| Current investments | 50/53 | €1,062,124 | €742,725 | -€319,398 | -30.1% |
| Cash at bank and in hand | 54/58 | €9,732 | €2,121,139 | +€2.1m | +21,695% |
| Total equity and liabilities | 10/49 | €2,226,404 | €4,037,968 | +€1.8m | +81.4% |
| Equity | 10/15 | €1,728,426 | €1,742,222 | +€13,797 | +0.8% |
| Contributions | 10/11 | €2,042,694 | €2,042,694 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€314,268 | -€300,471 | +€13,797 | +4.4% |
| Amounts payable | 17/49 | €497,978 | €2,295,746 | +€1.8m | +361% |
| Amounts payable within one year | 42/48 | €497,978 | €2,295,746 | +€1.8m | +361% |
| Financial debts | 43 | €453,000 | €2,265,000 | +€1.8m | +400% |
| Credit institutions | 430/8 | €453,000 | €2,265,000 | +€1.8m | +400% |
| Trade debts | 44 | €6,070 | €4,235 | -€1,835 | -30.2% |
| Suppliers | 440/4 | €6,070 | €4,235 | -€1,835 | -30.2% |
| Taxes, remuneration and social security | 45 | €38,908 | €26,511 | -€12,397 | -31.9% |
| Taxes | 450/3 | €38,908 | €26,511 | -€12,397 | -31.9% |
| Other operating charges | 640/8 | €387 | €1,003 | +€616 | +159% |
| Gross operating margin | 9900 | -€4,924 | -€5,339 | -€416 | -8.4% |
| Operating profit (loss) | 9901 | -€5,311 | -€6,343 | -€1,032 | -19.4% |
| Financial income | 75/76B | €73,206 | €93,920 | +€20,714 | +28.3% |
| Recurring financial income | 75 | €73,206 | €93,920 | +€20,714 | +28.3% |
| Financial charges | 65/66B | €29,060 | €57,748 | +€28,688 | +98.7% |
| Recurring financial charges | 65 | €29,060 | €57,748 | +€28,688 | +98.7% |
| Profit (loss) for the period before taxes | 9903 | €38,835 | €29,829 | -€9,006 | -23.2% |
| Income taxes | 67/77 | €10,479 | €16,032 | +€5,553 | +53.0% |
| Profit (loss) for the period | 9904 | €28,356 | €13,797 | -€14,560 | -51.3% |
| Profit (loss) for the period to be appropriated | 9905 | €28,356 | €13,797 | -€14,560 | -51.3% |
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 20 October 2026 via checked.be.