H.D.V.: what changed
Two fiscal 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.
H.D.V.
Largest movements
- Current investments +€280,000
up €280,000 (+93.3%), from €300,000 to €580,000
- Cash -€226,072
down €226,072 (-83.9%), from €269,456 to €43,384
mainly Current investments (-€280,000) and Debts after one year (-€97,846)
- Tangible fixed assets -€42,182
down €42,182 (-5.3%), from €801,899 to €759,717
- Debts after one year -€97,846
down €97,846 (-15.1%), from €646,654 to €548,808
- Reserves +€97,514
up €97,514 (+5.4%), from €1.8m to €1.9m
- Current portion of long-term debt +€37,602
up €37,602 (+162.4%), from €23,158 to €60,759
- Tax, wage and social debts -€37,494
down €37,494 (-75.3%), from €49,778 to €12,285
of which Taxes: -€37,002
- Financial income -€154,155
down €154,155 (-91.0%), from €169,320 to €15,165
- Gross operating margin -€21,809
down €21,809 (-9.9%), from €219,516 to €197,708
- Taxes -€18,503
down €18,503 (-28.8%), from €64,292 to €45,789
- Other operating charges -€13,097
down €13,097 (-46.5%), from €28,174 to €15,077
- Financial charges +€5,204
up €5,204 (+73.2%), from €7,108 to €12,311
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 | €2,661,092 | €2,647,788 | -€13,304 | -0.5% |
| Fixed assets | 21/28 | €1,854,499 | €1,812,317 | -€42,182 | -2.3% |
| Tangible fixed assets | 22/27 | €801,899 | €759,717 | -€42,182 | -5.3% |
| Land and buildings | 22 | €801,899 | €759,717 | -€42,182 | -5.3% |
| Financial fixed assets | 28 | €1,052,600 | €1,052,600 | = | 0.0% |
| Current assets | 29/58 | €806,593 | €835,471 | +€28,878 | +3.6% |
| Amounts receivable within one year | 40/41 | €226,374 | €202,490 | -€23,885 | -10.6% |
| Trade receivables | 40 | €1,254 | €83,809 | +€82,555 | +6581.0% |
| Other amounts receivable | 41 | €225,120 | €118,680 | -€106,439 | -47.3% |
| Current investments | 50/53 | €300,000 | €580,000 | +€280,000 | +93.3% |
| Cash at bank and in hand | 54/58 | €269,456 | €43,384 | -€226,072 | -83.9% |
| Deferred charges and accrued income | 490/1 | €10,763 | €9,597 | -€1,166 | -10.8% |
| Total equity and liabilities | 10/49 | €2,661,092 | €2,647,788 | -€13,304 | -0.5% |
| Equity | 10/15 | €1,900,496 | €1,998,010 | +€97,514 | +5.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,800,496 | €1,898,010 | +€97,514 | +5.4% |
| Distributable reserves | 133 | €1,800,496 | €1,898,010 | +€97,514 | +5.4% |
| Amounts payable | 17/49 | €760,596 | €649,779 | -€110,818 | -14.6% |
| Amounts payable after more than one year | 17 | €646,654 | €548,808 | -€97,846 | -15.1% |
| Financial debts | 170/4 | €646,654 | €548,808 | -€97,846 | -15.1% |
| Amounts payable within one year | 42/48 | €113,942 | €100,971 | -€12,971 | -11.4% |
| Current portion of amounts payable after more than one year | 42 | €23,158 | €60,759 | +€37,602 | +162.4% |
| Trade debts | 44 | €41,006 | €27,927 | -€13,080 | -31.9% |
| Suppliers | 440/4 | €41,006 | €27,927 | -€13,080 | -31.9% |
| Taxes, remuneration and social security | 45 | €49,778 | €12,285 | -€37,494 | -75.3% |
| Taxes | 450/3 | €49,287 | €12,285 | -€37,002 | -75.1% |
| Remuneration and social security | 454/9 | €492 | - | -€492 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,182 | €42,182 | = | 0.0% |
| Other operating charges | 640/8 | €28,174 | €15,077 | -€13,097 | -46.5% |
| Gross operating margin | 9900 | €219,516 | €197,708 | -€21,809 | -9.9% |
| Operating profit (loss) | 9901 | €149,160 | €140,449 | -€8,712 | -5.8% |
| Financial income | 75/76B | €169,320 | €15,165 | -€154,155 | -91.0% |
| Recurring financial income | 75 | €169,320 | €15,165 | -€154,155 | -91.0% |
| Financial charges | 65/66B | €7,108 | €12,311 | +€5,204 | +73.2% |
| Recurring financial charges | 65 | €7,108 | €12,311 | +€5,204 | +73.2% |
| Profit (loss) for the period before taxes | 9903 | €311,373 | €143,303 | -€168,070 | -54.0% |
| Income taxes | 67/77 | €64,292 | €45,789 | -€18,503 | -28.8% |
| Profit (loss) for the period | 9904 | €247,081 | €97,514 | -€149,567 | -60.5% |
| Profit (loss) for the period to be appropriated | 9905 | €247,081 | €97,514 | -€149,567 | -60.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.