H.M.V.D.: 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.M.V.D.
Largest movements
- Tangible fixed assets -€16,534
down €16,534 (-10.6%), from €156,644 to €140,110
- Receivables within one year +€11,765
up €11,765 (+45.0%), from €26,123 to €37,889
of which Other amounts receivable: +€10,671
- Other debts +€28,658
up €28,658 (+1,958%), from €1,463 to €30,121
- Reserves -€25,041
down €25,041 (-31.2%), from €80,210 to €55,169
of which Distributable reserves: -€20,404
- Debts after one year -€7,396
down €7,396 (-25.1%), from €29,445 to €22,050
- Gross operating margin +€972
up €972 (+3.8%), from €25,758 to €26,730
- Financial income -€426
down €426 (-51.6%), from €826 to €400
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 | €270,064 | €263,501 | -€6,563 | -2.4% |
| Fixed assets | 21/28 | €156,644 | €140,110 | -€16,534 | -10.6% |
| Tangible fixed assets | 22/27 | €156,644 | €140,110 | -€16,534 | -10.6% |
| Land and buildings | 22 | €156,644 | €140,110 | -€16,534 | -10.6% |
| Current assets | 29/58 | €113,420 | €123,391 | +€9,971 | +8.8% |
| Amounts receivable within one year | 40/41 | €26,123 | €37,889 | +€11,765 | +45.0% |
| Trade receivables | 40 | €85 | €1,180 | +€1,095 | +1,288% |
| Other amounts receivable | 41 | €26,038 | €36,709 | +€10,671 | +41.0% |
| Cash at bank and in hand | 54/58 | €86,429 | €84,780 | -€1,649 | -1.9% |
| Deferred charges and accrued income | 490/1 | €868 | €722 | -€146 | -16.8% |
| Total equity and liabilities | 10/49 | €270,064 | €263,501 | -€6,563 | -2.4% |
| Equity | 10/15 | €216,312 | €191,271 | -€25,041 | -11.6% |
| Contributions | 10/11 | €130,000 | €130,000 | = | 0.0% |
| Capital | 10 | €130,000 | €130,000 | = | 0.0% |
| Issued capital | 100 | €130,000 | €130,000 | = | 0.0% |
| Reserves | 13 | €80,210 | €55,169 | -€25,041 | -31.2% |
| Non-distributable reserves | 130/1 | €13,000 | €13,000 | = | 0.0% |
| Legal reserve | 130 | €13,000 | €13,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €24,551 | €19,914 | -€4,637 | -18.9% |
| Distributable reserves | 133 | €42,660 | €22,255 | -€20,404 | -47.8% |
| Profit (loss) carried forward | 14 | €6,102 | €6,102 | = | 0.0% |
| Provisions and deferred taxes | 16 | €12,642 | €10,254 | -€2,388 | -18.9% |
| Deferred taxes | 168 | €12,642 | €10,254 | -€2,388 | -18.9% |
| Amounts payable | 17/49 | €41,110 | €61,975 | +€20,866 | +50.8% |
| Amounts payable after more than one year | 17 | €29,445 | €22,050 | -€7,396 | -25.1% |
| Financial debts | 170/4 | €29,445 | €22,050 | -€7,396 | -25.1% |
| Amounts payable within one year | 42/48 | €10,851 | €39,252 | +€28,401 | +262% |
| Current portion of amounts payable after more than one year | 42 | €7,202 | €7,396 | +€193 | +2.7% |
| Trade debts | 44 | €561 | €547 | -€14 | -2.5% |
| Suppliers | 440/4 | €561 | €547 | -€14 | -2.5% |
| Taxes, remuneration and social security | 45 | €1,624 | €1,188 | -€436 | -26.8% |
| Taxes | 450/3 | €1,624 | €1,188 | -€436 | -26.8% |
| Other amounts payable | 47/48 | €1,463 | €30,121 | +€28,658 | +1,958% |
| Accrued charges and deferred income | 492/3 | €814 | €674 | -€140 | -17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,490 | €16,534 | +€45 | +0.3% |
| Other operating charges | 640/8 | €4,164 | €4,374 | +€209 | +5.0% |
| Gross operating margin | 9900 | €25,758 | €26,730 | +€972 | +3.8% |
| Operating profit (loss) | 9901 | €5,104 | €5,822 | +€718 | +14.1% |
| Financial income | 75/76B | €826 | €400 | -€426 | -51.6% |
| Recurring financial income | 75 | €826 | €400 | -€426 | -51.6% |
| Financial charges | 65/66B | €1,342 | €1,134 | -€208 | -15.5% |
| Recurring financial charges | 65 | €1,342 | €1,134 | -€208 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €4,588 | €5,088 | +€500 | +10.9% |
| Transfer from deferred taxes | 780 | €2,388 | €2,388 | = | 0.0% |
| Income taxes | 67/77 | €3,695 | €3,859 | +€164 | +4.4% |
| Profit (loss) for the period | 9904 | €3,281 | €3,617 | +€336 | +10.2% |
| Transfer from tax-exempt reserves | 789 | €4,637 | €4,637 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,918 | €8,254 | +€336 | +4.2% |
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 21 October 2026 via checked.be.