H.V.F: what changed
What changed
H.V.F
filed annual accounts (NBB)
Net result for the year
€1.8m
2024 · €1.8m+€20,003
Equity
€134.4m
2024 · €132.6m+€1.8m
Cash
€380,521
2024 · €26,627+€353,894
Balance sheet total
€134.4m
2024 · €132.6m+€1.8m
Largest movements
Assets
- Receivables within one year +€1.9m
up €1.9m (+1,769%), from €110,000 to €2.1m
Equity and liabilities
- Profit (loss) carried forward +€1.8m
up €1.8m (+10.4%), from €17.7m to €19.5m
Income statement
- Financial income +€83,515
up €83,515 (+4.1%), from €2.0m to €2.1m
- Taxes +€67,298
up €67,298 (+117%), from €57,472 to €124,770
- Gross operating margin +€28,219
up €28,219 (+41.9%), from -€67,376 to -€39,156
- Other operating charges +€12,468
up €12,468 (+20.5%), from €60,695 to €73,163
- Financial charges +€11,966
up €11,966 (+49.3%), from €24,253 to €36,219
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.
Result 2024
€1.8m
Gross operating margin
+€28,219
Other operating charges
-€12,468
Financial income
+€83,515
Financial charges
-€11,966
Taxes
-€67,298
Result 2025
€1.8m
raises the resultlowers the result
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.
From operations
-€115,277
Investment
+€469,171
Financing
€0
Cash 2024
€26,627
From operations (derived)
-€115,277
Net result for the year
+€1.8m
Receivables within one year
-€1.9m
Investment (derived)
+€469,171
Investment in fixed assets (net)
-€87,808
Current investments
+€556,979
Cash 2025
€380,521
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €132,607,046 | €134,437,769 | +€1.8m | +1.4% |
| Fixed assets | 21/28 | €120,491,758 | €120,579,566 | +€87,808 | +0.1% |
| Tangible fixed assets | 22/27 | €320,000 | €320,000 | = | 0.0% |
| Furniture and vehicles | 24 | €320,000 | €320,000 | = | 0.0% |
| Financial fixed assets | 28 | €120,171,758 | €120,259,566 | +€87,808 | +0.1% |
| Current assets | 29/58 | €12,115,288 | €13,858,203 | +€1.7m | +14.4% |
| Amounts receivable within one year | 40/41 | €110,000 | €2,056,000 | +€1.9m | +1,769% |
| Other amounts receivable | 41 | €110,000 | €2,056,000 | +€1.9m | +1,769% |
| Current investments | 50/53 | €11,978,661 | €11,421,683 | -€556,979 | -4.6% |
| Cash at bank and in hand | 54/58 | €26,627 | €380,521 | +€353,894 | +1,329% |
| Total equity and liabilities | 10/49 | €132,607,046 | €134,437,769 | +€1.8m | +1.4% |
| Equity | 10/15 | €132,607,046 | €134,437,769 | +€1.8m | +1.4% |
| Contributions | 10/11 | €33,940,000 | €33,940,000 | = | 0.0% |
| Contributions outside capital | 11 | €33,940,000 | - | -€33.9m | |
| Share premium | 1100/10 | €33,940,000 | - | -€33.9m | |
| Revaluation surpluses | 12 | €78,247,778 | €78,247,778 | = | 0.0% |
| Reserves | 13 | €2,755,083 | €2,755,083 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,755,083 | €2,755,083 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,755,083 | €2,755,083 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,664,185 | €19,494,908 | +€1.8m | +10.4% |
| Other operating charges | 640/8 | €60,695 | €73,163 | +€12,468 | +20.5% |
| Gross operating margin | 9900 | -€67,376 | -€39,156 | +€28,219 | +41.9% |
| Operating profit (loss) | 9901 | -€128,071 | -€112,320 | +€15,751 | +12.3% |
| Financial income | 75/76B | €2,020,517 | €2,104,032 | +€83,515 | +4.1% |
| Recurring financial income | 75 | €2,020,517 | €2,104,032 | +€83,515 | +4.1% |
| Financial charges | 65/66B | €24,253 | €36,219 | +€11,966 | +49.3% |
| Recurring financial charges | 65 | €24,253 | €36,219 | +€11,966 | +49.3% |
| Profit (loss) for the period before taxes | 9903 | €1,868,193 | €1,955,493 | +€87,300 | +4.7% |
| Income taxes | 67/77 | €57,472 | €124,770 | +€67,298 | +117% |
| Profit (loss) for the period | 9904 | €1,810,721 | €1,830,723 | +€20,003 | +1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,810,721 | €1,830,723 | +€20,003 | +1.1% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
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 5 November 2026 via checked.be.