H.V.D.: 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.V.D.
Largest movements
- Receivables within one year +€1.1m
up €1.1m (+140.3%), from €765,490 to €1.8m
of which Other amounts receivable: +€644,329
- Stocks and contracts +€208,958
up €208,958 (+736.1%), from €28,388 to €237,346
- Cash +€130,180
up €130,180, from €0 to €130,180
mainly Short-term financial debts (+€1.4m) and Debts after one year (+€105,276)
- Short-term financial debts +€1.4m
up €1.4m (+128683.0%), from €1,087 to €1.4m
- Other debts -€200,966
down €200,966 (-25.6%), from €784,415 to €583,448
- Debts after one year +€105,276
up €105,276 (+9.6%), from €1.1m to €1.2m
- Profit (loss) carried forward +€73,863
up €73,863 (+5.6%), from -€1.3m to -€1.2m
- Tax, wage and social debts +€31,442
new in 2025: €31,442
- Financial charges +€62,723
up €62,723 (+266.2%), from €23,563 to €86,286
- Gross operating margin +€50,861
up €50,861 (+49.4%), from €103,058 to €153,918
- Financial income +€27,414
up €27,414 (+765.8%), from €3,580 to €30,993
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 | €996,632 | €2,423,092 | +€1.4m | +143.1% |
| Fixed assets | 21/28 | €202,754 | €210,286 | +€7,533 | +3.7% |
| Tangible fixed assets | 22/27 | €201,917 | €209,449 | +€7,533 | +3.7% |
| Land and buildings | 22 | €201,917 | €194,292 | -€7,625 | -3.8% |
| Furniture and vehicles | 24 | - | €5,158 | +€5,158 | |
| Assets under construction and advance payments | 27 | - | €10,000 | +€10,000 | |
| Financial fixed assets | 28 | €837 | €837 | = | 0.0% |
| Current assets | 29/58 | €793,878 | €2,212,806 | +€1.4m | +178.7% |
| Stocks and contracts in progress | 3 | €28,388 | €237,346 | +€208,958 | +736.1% |
| Stocks | 30/36 | €28,388 | €237,346 | +€208,958 | +736.1% |
| Amounts receivable within one year | 40/41 | €765,490 | €1,839,099 | +€1.1m | +140.3% |
| Trade receivables | 40 | €538,699 | €967,977 | +€429,279 | +79.7% |
| Other amounts receivable | 41 | €226,792 | €871,121 | +€644,329 | +284.1% |
| Cash at bank and in hand | 54/58 | €0 | €130,180 | +€130,180 | |
| Deferred charges and accrued income | 490/1 | €0 | €6,181 | +€6,181 | |
| Total equity and liabilities | 10/49 | €996,632 | €2,423,092 | +€1.4m | +143.1% |
| Equity | 10/15 | -€883,820 | -€809,957 | +€73,863 | +8.4% |
| Contributions | 10/11 | €420,000 | €420,000 | = | 0.0% |
| Capital | 10 | €420,000 | €420,000 | = | 0.0% |
| Issued capital | 100 | €420,000 | €420,000 | = | 0.0% |
| Reserves | 13 | €6,171 | €6,171 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,171 | €6,171 | = | 0.0% |
| Legal reserve | 130 | €6,171 | €6,171 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,309,990 | -€1,236,128 | +€73,863 | +5.6% |
| Amounts payable | 17/49 | €1,880,452 | €3,233,049 | +€1.4m | +71.9% |
| Amounts payable after more than one year | 17 | €1,092,035 | €1,197,311 | +€105,276 | +9.6% |
| Other amounts payable | 178/9 | €1,092,035 | €1,197,311 | +€105,276 | +9.6% |
| Amounts payable within one year | 42/48 | €788,417 | €2,035,738 | +€1.2m | +158.2% |
| Financial debts | 43 | €1,087 | €1,400,000 | +€1.4m | +128683.0% |
| Credit institutions | 430/8 | €1,087 | €1,400,000 | +€1.4m | +128683.0% |
| Trade debts | 44 | €2,915 | €20,847 | +€17,932 | +615.2% |
| Suppliers | 440/4 | €2,915 | €20,847 | +€17,932 | +615.2% |
| Taxes, remuneration and social security | 45 | - | €31,442 | +€31,442 | |
| Taxes | 450/3 | - | €31,442 | +€31,442 | |
| Other amounts payable | 47/48 | €784,415 | €583,448 | -€200,966 | -25.6% |
| Non-recurring operating income | 76A | - | €72,872 | +€72,872 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,144 | €17,399 | +€1,255 | +7.8% |
| Other operating charges | 640/8 | €6,765 | €7,365 | +€600 | +8.9% |
| Gross operating margin | 9900 | €103,058 | €153,918 | +€50,861 | +49.4% |
| Operating profit (loss) | 9901 | €80,149 | €129,155 | +€49,006 | +61.1% |
| Financial income | 75/76B | €3,580 | €30,993 | +€27,414 | +765.8% |
| Recurring financial income | 75 | €3,580 | €30,993 | +€27,414 | +765.8% |
| Financial charges | 65/66B | €23,563 | €86,286 | +€62,723 | +266.2% |
| Recurring financial charges | 65 | €23,563 | €86,286 | +€62,723 | +266.2% |
| Profit (loss) for the period before taxes | 9903 | €60,166 | €73,863 | +€13,697 | +22.8% |
| Profit (loss) for the period | 9904 | €60,166 | €73,863 | +€13,697 | +22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €60,166 | €73,863 | +€13,697 | +22.8% |
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.