H & V: 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 & V
Largest movements
- Receivables within one year +€40,737
up €40,737 (+406%), from €10,040 to €50,777
of which Trade receivables: +€30,113
- Tangible fixed assets -€9,715
down €9,715 (-22.6%), from €43,047 to €33,332
of which Leasing and similar rights: -€11,253
- Stocks and contracts +€1,996
up €1,996 (+14.8%), from €13,464 to €15,460
- Debts after one year +€34,283
up €34,283 (+125%), from €27,505 to €61,788
- Current portion of long-term debt +€8,804
up €8,804 (+55.0%), from €16,010 to €24,814
- Trade debts -€5,673
down €5,673 (-74.7%), from €7,590 to €1,917
- Other debts -€2,387
no longer reported in 2025 (was €2,387)
- Tax, wage and social debts -€1,381
down €1,381 (-52.6%), from €2,625 to €1,244
- Gross operating margin +€27,700
up €27,700, from -€6,859 to €20,841
- Financial charges +€9,371
up €9,371 (+546%), from €1,716 to €11,087
- Depreciation +€1,443
up €1,443 (+18.1%), from €7,953 to €9,396
- Other operating charges -€656
down €656 (-53.1%), from €1,236 to €579
- Financial income +€472
up €472 (+471,610%), from €0 to €472
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 | €73,233 | €107,335 | +€34,102 | +46.6% |
| Fixed assets | 21/28 | €43,047 | €33,332 | -€9,715 | -22.6% |
| Tangible fixed assets | 22/27 | €43,047 | €33,332 | -€9,715 | -22.6% |
| Plant, machinery and equipment | 23 | €3,372 | €3,187 | -€185 | -5.5% |
| Furniture and vehicles | 24 | €1,640 | €3,364 | +€1,724 | +105% |
| Leasing and similar rights | 25 | €38,035 | €26,781 | -€11,253 | -29.6% |
| Current assets | 29/58 | €30,186 | €74,003 | +€43,817 | +145% |
| Stocks and contracts in progress | 3 | €13,464 | €15,460 | +€1,996 | +14.8% |
| Stocks | 30/36 | €13,464 | €15,460 | +€1,996 | +14.8% |
| Amounts receivable within one year | 40/41 | €10,040 | €50,777 | +€40,737 | +406% |
| Trade receivables | 40 | €9,419 | €39,532 | +€30,113 | +320% |
| Other amounts receivable | 41 | €621 | €11,244 | +€10,624 | +1,711% |
| Cash at bank and in hand | 54/58 | €6,682 | €6,732 | +€49 | +0.7% |
| Deferred charges and accrued income | 490/1 | - | €1,035 | +€1,035 | |
| Total equity and liabilities | 10/49 | €73,233 | €107,335 | +€34,102 | +46.6% |
| Equity | 10/15 | €11,967 | €12,169 | +€202 | +1.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €19,069 | €19,069 | = | 0.0% |
| Distributable reserves | 133 | €19,069 | €19,069 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,702 | -€25,500 | +€202 | +0.8% |
| Amounts payable | 17/49 | €61,265 | €95,166 | +€33,901 | +55.3% |
| Amounts payable after more than one year | 17 | €27,505 | €61,788 | +€34,283 | +125% |
| Financial debts | 170/4 | €27,505 | €61,788 | +€34,283 | +125% |
| Amounts payable within one year | 42/48 | €33,760 | €33,309 | -€452 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €16,010 | €24,814 | +€8,804 | +55.0% |
| Financial debts | 43 | €5,149 | €5,334 | +€185 | +3.6% |
| Credit institutions | 430/8 | €5,149 | €5,334 | +€185 | +3.6% |
| Trade debts | 44 | €7,590 | €1,917 | -€5,673 | -74.7% |
| Suppliers | 440/4 | €7,590 | €1,917 | -€5,673 | -74.7% |
| Taxes, remuneration and social security | 45 | €2,625 | €1,244 | -€1,381 | -52.6% |
| Taxes | 450/3 | €2,625 | €1,244 | -€1,381 | -52.6% |
| Other amounts payable | 47/48 | €2,387 | - | -€2,387 | |
| Accrued charges and deferred income | 492/3 | - | €69 | +€69 | |
| Remuneration, social security and pensions | 62 | €506 | €48 | -€458 | -90.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,953 | €9,396 | +€1,443 | +18.1% |
| Other operating charges | 640/8 | €1,236 | €579 | -€656 | -53.1% |
| Gross operating margin | 9900 | -€6,859 | €20,841 | +€27,700 | |
| Operating profit (loss) | 9901 | -€16,553 | €10,817 | +€27,371 | |
| Financial income | 75/76B | €0 | €472 | +€472 | +471,610% |
| Recurring financial income | 75 | €0 | €472 | +€472 | +471,610% |
| Financial charges | 65/66B | €1,716 | €11,087 | +€9,371 | +546% |
| Recurring financial charges | 65 | €1,716 | €11,087 | +€9,371 | +546% |
| Profit (loss) for the period before taxes | 9903 | -€18,269 | €202 | +€18,471 | |
| Income taxes | 67/77 | €23 | - | -€23 | |
| Profit (loss) for the period | 9904 | -€18,292 | €202 | +€18,494 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,292 | €202 | +€18,494 |
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 18 October 2026 via checked.be.