H.D.V.H.: 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.
H.D.V.H.
Largest movements
- Receivables within one year +€60,194
up €60,194 (+19.1%), from €315,891 to €376,085
of which Trade receivables: +€82,007
- Financial fixed assets +€20,530
new in 2025: €20,530
- Tangible fixed assets -€18,282
down €18,282 (-17.9%), from €102,406 to €84,124
of which Land and buildings: -€11,214
- Profit (loss) carried forward +€82,296
up €82,296 (+29.9%), from €275,202 to €357,498
- Debts after one year -€26,536
down €26,536 (-54.7%), from €48,554 to €22,018
- Gross operating margin +€16,206
up €16,206 (+10.1%), from €160,110 to €176,316
- Staff costs -€10,946
down €10,946 (-21.2%), from €51,745 to €40,799
- Taxes +€9,621
up €9,621 (+79.3%), from €12,129 to €21,750
- Depreciation -€2,723
down €2,723 (-10.5%), from €26,033 to €23,310
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 | €451,589 | €509,043 | +€57,454 | +12.7% |
| Fixed assets | 21/28 | €102,406 | €104,654 | +€2,248 | +2.2% |
| Tangible fixed assets | 22/27 | €102,406 | €84,124 | -€18,282 | -17.9% |
| Land and buildings | 22 | €64,663 | €53,449 | -€11,214 | -17.3% |
| Plant, machinery and equipment | 23 | €251 | - | -€251 | |
| Furniture and vehicles | 24 | €31,602 | €24,785 | -€6,817 | -21.6% |
| Leasing and similar rights | 25 | €5,890 | €5,890 | = | 0.0% |
| Financial fixed assets | 28 | - | €20,530 | +€20,530 | |
| Current assets | 29/58 | €349,183 | €404,389 | +€55,206 | +15.8% |
| Amounts receivable within one year | 40/41 | €315,891 | €376,085 | +€60,194 | +19.1% |
| Trade receivables | 40 | €102,075 | €184,082 | +€82,007 | +80.3% |
| Other amounts receivable | 41 | €213,816 | €192,003 | -€21,813 | -10.2% |
| Current investments | 50/53 | €4,503 | €1,702 | -€2,801 | -62.2% |
| Cash at bank and in hand | 54/58 | €28,789 | €26,602 | -€2,187 | -7.6% |
| Total equity and liabilities | 10/49 | €451,589 | €509,043 | +€57,454 | +12.7% |
| Equity | 10/15 | €361,390 | €443,686 | +€82,296 | +22.8% |
| Contributions | 10/11 | €81,600 | €81,600 | = | 0.0% |
| Capital | 10 | €81,600 | €81,600 | = | 0.0% |
| Issued capital | 100 | €81,600 | €81,600 | = | 0.0% |
| Reserves | 13 | €4,588 | €4,588 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,588 | €4,588 | = | 0.0% |
| Legal reserve | 130 | €4,588 | €4,588 | = | 0.0% |
| Profit (loss) carried forward | 14 | €275,202 | €357,498 | +€82,296 | +29.9% |
| Amounts payable | 17/49 | €90,199 | €65,357 | -€24,842 | -27.5% |
| Amounts payable after more than one year | 17 | €48,554 | €22,018 | -€26,536 | -54.7% |
| Financial debts | 170/4 | €48,554 | €22,018 | -€26,536 | -54.7% |
| Amounts payable within one year | 42/48 | €41,645 | €43,339 | +€1,694 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | €29,428 | €24,463 | -€4,965 | -16.9% |
| Trade debts | 44 | €6,034 | €10,452 | +€4,418 | +73.2% |
| Suppliers | 440/4 | €6,034 | €10,452 | +€4,418 | +73.2% |
| Taxes, remuneration and social security | 45 | €6,183 | €8,424 | +€2,241 | +36.2% |
| Taxes | 450/3 | €177 | €335 | +€158 | +89.3% |
| Remuneration and social security | 454/9 | €6,006 | €8,089 | +€2,083 | +34.7% |
| Remuneration, social security and pensions | 62 | €51,745 | €40,799 | -€10,946 | -21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,033 | €23,310 | -€2,723 | -10.5% |
| Other operating charges | 640/8 | €4,880 | €4,645 | -€235 | -4.8% |
| Gross operating margin | 9900 | €160,110 | €176,316 | +€16,206 | +10.1% |
| Operating profit (loss) | 9901 | €77,452 | €107,562 | +€30,110 | +38.9% |
| Financial charges | 65/66B | €4,960 | €3,516 | -€1,444 | -29.1% |
| Recurring financial charges | 65 | €4,960 | €3,516 | -€1,444 | -29.1% |
| Profit (loss) for the period before taxes | 9903 | €72,492 | €104,046 | +€31,554 | +43.5% |
| Income taxes | 67/77 | €12,129 | €21,750 | +€9,621 | +79.3% |
| Profit (loss) for the period | 9904 | €60,363 | €82,296 | +€21,933 | +36.3% |
| Profit (loss) for the period to be appropriated | 9905 | €60,363 | €82,296 | +€21,933 | +36.3% |
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 22 October 2026 via checked.be.