H.V.F.: what changed
H.V.F.
Largest movements
- Tangible fixed assets -€17,447
down €17,447 (-24.3%), from €71,676 to €54,229
of which Furniture and vehicles: -€13,169
- Receivables within one year -€11,764
down €11,764 (-43.8%), from €26,875 to €15,111
of which Other amounts receivable: -€8,931
- Cash -€5,704
down €5,704 (-24.8%), from €23,002 to €17,298
mainly Net result for the year (-€21,352) and Contributions, distributions and other (-€18,000)
- Profit (loss) carried forward -€21,352
down €21,352 (-22.1%), from -€96,585 to -€117,937
- Reserves -€18,000
down €18,000 (-18.9%), from €95,400 to €77,400
of which Distributable reserves: -€18,000
- Financial income +€12,559
up €12,559 (+232%), from €5,408 to €17,967
- Gross operating margin -€7,797
down €7,797 (-204%), from -€3,822 to -€11,619
- Other operating charges +€5,869
up €5,869 (+683%), from €859 to €6,728
- Taxes +€2,435
up €2,435, from -€826 to €1,609
- Financial charges -€1,579
down €1,579 (-45.2%), from €3,495 to €1,916
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €480,838 | €442,022 | -€38,816 | -8.1% |
| Fixed assets | 21/28 | €81,496 | €64,049 | -€17,447 | -21.4% |
| Tangible fixed assets | 22/27 | €71,676 | €54,229 | -€17,447 | -24.3% |
| Land and buildings | 22 | €12,395 | €12,395 | = | 0.0% |
| Plant, machinery and equipment | 23 | €12,660 | €8,382 | -€4,277 | -33.8% |
| Furniture and vehicles | 24 | €46,622 | €33,452 | -€13,169 | -28.2% |
| Financial fixed assets | 28 | €9,820 | €9,820 | = | 0.0% |
| Current assets | 29/58 | €399,342 | €377,972 | -€21,369 | -5.4% |
| Amounts receivable within one year | 40/41 | €26,875 | €15,111 | -€11,764 | -43.8% |
| Trade receivables | 40 | €11,600 | €8,766 | -€2,833 | -24.4% |
| Other amounts receivable | 41 | €15,275 | €6,345 | -€8,931 | -58.5% |
| Current investments | 50/53 | €349,465 | €345,563 | -€3,902 | -1.1% |
| Cash at bank and in hand | 54/58 | €23,002 | €17,298 | -€5,704 | -24.8% |
| Total equity and liabilities | 10/49 | €480,838 | €442,022 | -€38,816 | -8.1% |
| Equity | 10/15 | €60,815 | €21,463 | -€39,352 | -64.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €95,400 | €77,400 | -€18,000 | -18.9% |
| Non-distributable reserves | 130/1 | €26,000 | €26,000 | = | 0.0% |
| Legal reserve | 130 | €26,000 | €26,000 | = | 0.0% |
| Distributable reserves | 133 | €69,400 | €51,400 | -€18,000 | -25.9% |
| Profit (loss) carried forward | 14 | -€96,585 | -€117,937 | -€21,352 | -22.1% |
| Amounts payable | 17/49 | €420,023 | €420,559 | +€536 | +0.1% |
| Amounts payable within one year | 42/48 | €420,023 | €420,559 | +€536 | +0.1% |
| Trade debts | 44 | €58 | €283 | +€224 | +385% |
| Suppliers | 440/4 | €58 | €283 | +€224 | +385% |
| Taxes, remuneration and social security | 45 | €1,050 | €1,015 | -€35 | -3.3% |
| Taxes | 450/3 | €1,050 | €1,015 | -€35 | -3.3% |
| Other amounts payable | 47/48 | €418,915 | €419,261 | +€346 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,194 | €17,447 | +€252 | +1.5% |
| Other operating charges | 640/8 | €859 | €6,728 | +€5,869 | +683% |
| Gross operating margin | 9900 | -€3,822 | -€11,619 | -€7,797 | -204% |
| Operating profit (loss) | 9901 | -€21,876 | -€35,794 | -€13,918 | -63.6% |
| Financial income | 75/76B | €5,408 | €17,967 | +€12,559 | +232% |
| Recurring financial income | 75 | €5,408 | €17,967 | +€12,559 | +232% |
| Financial charges | 65/66B | €3,495 | €1,916 | -€1,579 | -45.2% |
| Recurring financial charges | 65 | €3,495 | €1,916 | -€1,579 | -45.2% |
| Profit (loss) for the period before taxes | 9903 | -€19,963 | -€19,743 | +€220 | +1.1% |
| Income taxes | 67/77 | -€826 | €1,609 | +€2,435 | |
| Profit (loss) for the period | 9904 | -€19,137 | -€21,352 | -€2,215 | -11.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,137 | -€21,352 | -€2,215 | -11.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.