H.V.D.M.: 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.D.M.
Largest movements
- Cash -€93,358
down €93,358 (-46.1%), from €202,530 to €109,172
mainly Debts after one year (-€214,360) and Tax, wage and social debts (-€29,588)
- Tangible fixed assets -€25,302
down €25,302 (-29.1%), from €86,807 to €61,505
of which Land and buildings: -€22,919
- Debts after one year -€214,360
down €214,360 (-45.4%), from €471,860 to €257,500
- Reserves +€131,817
up €131,817 (+17.4%), from €755,502 to €887,319
of which Distributable reserves: +€131,817
- Tax, wage and social debts -€29,588
down €29,588 (-69.9%), from €42,318 to €12,730
of which Taxes: -€22,160
- Other debts +€22,731
up €22,731 (+867%), from €2,622 to €25,353
- Accrued charges and deferred income -€15,138
down €15,138 (-33.0%), from €45,816 to €30,678
- Gross operating margin -€81,059
down €81,059 (-22.5%), from €360,825 to €279,766
- Staff costs -€68,790
down €68,790 (-61.3%), from €112,264 to €43,474
- Financial charges -€16,213
down €16,213 (-33.6%), from €48,239 to €32,026
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 | €1,352,784 | €1,237,868 | -€114,916 | -8.5% |
| Fixed assets | 21/28 | €1,148,077 | €1,122,775 | -€25,302 | -2.2% |
| Tangible fixed assets | 22/27 | €86,807 | €61,505 | -€25,302 | -29.1% |
| Land and buildings | 22 | €80,862 | €57,943 | -€22,919 | -28.3% |
| Plant, machinery and equipment | 23 | €3,111 | €1,701 | -€1,410 | -45.3% |
| Furniture and vehicles | 24 | €2,834 | €1,861 | -€973 | -34.3% |
| Financial fixed assets | 28 | €1,061,270 | €1,061,270 | = | 0.0% |
| Current assets | 29/58 | €204,707 | €115,093 | -€89,615 | -43.8% |
| Amounts receivable within one year | 40/41 | €2,177 | €5,921 | +€3,744 | +172% |
| Trade receivables | 40 | €2,177 | €371 | -€1,806 | -83.0% |
| Other amounts receivable | 41 | - | €5,550 | +€5,550 | |
| Cash at bank and in hand | 54/58 | €202,530 | €109,172 | -€93,358 | -46.1% |
| Total equity and liabilities | 10/49 | €1,352,784 | €1,237,868 | -€114,916 | -8.5% |
| Equity | 10/15 | €761,702 | €893,519 | +€131,817 | +17.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €755,502 | €887,319 | +€131,817 | +17.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €753,642 | €885,459 | +€131,817 | +17.5% |
| Amounts payable | 17/49 | €591,082 | €344,349 | -€246,733 | -41.7% |
| Amounts payable after more than one year | 17 | €471,860 | €257,500 | -€214,360 | -45.4% |
| Financial debts | 170/4 | €471,860 | €257,500 | -€214,360 | -45.4% |
| Amounts payable within one year | 42/48 | €73,406 | €56,171 | -€17,235 | -23.5% |
| Current portion of amounts payable after more than one year | 42 | €20,680 | €14,360 | -€6,319 | -30.6% |
| Trade debts | 44 | €7,786 | €3,728 | -€4,058 | -52.1% |
| Suppliers | 440/4 | €7,786 | €3,728 | -€4,058 | -52.1% |
| Taxes, remuneration and social security | 45 | €42,318 | €12,730 | -€29,588 | -69.9% |
| Taxes | 450/3 | €29,243 | €7,083 | -€22,160 | -75.8% |
| Remuneration and social security | 454/9 | €13,075 | €5,646 | -€7,428 | -56.8% |
| Other amounts payable | 47/48 | €2,622 | €25,353 | +€22,731 | +867% |
| Accrued charges and deferred income | 492/3 | €45,816 | €30,678 | -€15,138 | -33.0% |
| Remuneration, social security and pensions | 62 | €112,264 | €43,474 | -€68,790 | -61.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,089 | €25,302 | +€1,212 | +5.0% |
| Other operating charges | 640/8 | €3,282 | €3,351 | +€69 | +2.1% |
| Gross operating margin | 9900 | €360,825 | €279,766 | -€81,059 | -22.5% |
| Operating profit (loss) | 9901 | €221,189 | €207,639 | -€13,550 | -6.1% |
| Financial income | 75/76B | €1,842 | €934 | -€907 | -49.3% |
| Recurring financial income | 75 | €1,842 | €934 | -€907 | -49.3% |
| Financial charges | 65/66B | €48,239 | €32,026 | -€16,213 | -33.6% |
| Recurring financial charges | 65 | €48,239 | €32,026 | -€16,213 | -33.6% |
| Profit (loss) for the period before taxes | 9903 | €174,792 | €176,547 | +€1,755 | +1.0% |
| Income taxes | 67/77 | €44,655 | €44,730 | +€75 | +0.2% |
| Profit (loss) for the period | 9904 | €130,137 | €131,817 | +€1,681 | +1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €130,137 | €131,817 | +€1,681 | +1.3% |
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 28 October 2026 via checked.be.