H.V.H.: 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.
What changed
H.V.H.
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €3.7m-€2.2m
Equity
€25.1m
2024 · €25.1m-€94,090
Cash
€2.4m
2024 · €372,937+€2.0m
Balance sheet total
€29.1m
2024 · €29.6m-€514,340
Largest movements
Assets
- Receivables within one year -€2.4m
down €2.4m (-40.7%), from €5.8m to €3.5m
of which Other amounts receivable: -€2.5m
- Cash +€2.0m
up €2.0m (+541%), from €372,937 to €2.4m
mainly Receivables within one year (+€2.4m) and Net result for the year (+€1.5m)
Equity and liabilities
- Contributions -€624,945
down €624,945 (-6.4%), from €9.8m to €9.2m
- Profit (loss) carried forward +€530,855
up €530,855 (+3.5%), from €15.3m to €15.8m
- Debts after one year -€500,000
down €500,000 (-44.4%), from €1.1m to €625,000
Income statement
- Financial income -€2.2m
down €2.2m (-62.4%), from €3.6m to €1.3m
- Turnover +€1.1m
new in 2025: €1.1m
- Gross operating margin -€691,296
no longer reported in 2025 (was €691,296)
- Services and other goods +€360,154
new in 2025: €360,154
- Taxes +€47,701
up €47,701 (+59.1%), from €80,773 to €128,473
of which Taxes: +€128,930
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.
Result 2024
€3.7m
Turnover
+€1.1m
Other operating income
+€23,136
Services and other goods
-€360,154
Staff costs
-€18,526
Depreciation
-€16,645
Other operating charges
+€10,644
Other operating items
-€691,296
Financial income
-€2.2m
Financial charges
+€45,549
Taxes
-€47,701
Result 2025
€1.5m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€4.1m
Investment
-€19,187
Financing
-€2.1m
Cash 2024
€372,937
From operations (derived)
+€4.1m
Net result for the year
+€1.5m
Depreciation
+€110,683
Receivables after one year
+€76,000
Receivables within one year
+€2.4m
Deferred charges and accrued income
-€12,739
Smaller working-capital items
-€4,817
Other debts
+€57,663
Accrued charges and deferred income
+€30,213
Investment (derived)
-€19,187
Investment in fixed assets (net)
-€4,406
Current investments
-€14,781
Financing
-€2.1m
Debts after one year
-€500,000
Current portion of long-term debt
-€3,309
Contributions, distributions and other
-€1.6m
Cash 2025
€2.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €29,600,849 | €29,086,509 | -€514,340 | -1.7% |
| Fixed assets | 21/28 | €22,726,951 | €22,620,675 | -€106,277 | -0.5% |
| Tangible fixed assets | 22/27 | €359,850 | €249,168 | -€110,683 | -30.8% |
| Furniture and vehicles | 24 | €359,850 | €249,168 | -€110,683 | -30.8% |
| Financial fixed assets | 28 | €22,367,101 | €22,371,507 | +€4,406 | 0.0% |
| Affiliated companies | 280/1 | - | €22,367,100 | +€22.4m | |
| Participating interests | 280 | - | €22,367,100 | +€22.4m | |
| Companies linked by participating interests | 282/3 | - | €4,407 | +€4,407 | |
| Participating interests | 282 | - | €4,407 | +€4,407 | |
| Current assets | 29/58 | €6,873,898 | €6,465,834 | -€408,064 | -5.9% |
| Amounts receivable after more than one year | 29 | €397,000 | €321,000 | -€76,000 | -19.1% |
| Other amounts receivable | 291 | €397,000 | €321,000 | -€76,000 | -19.1% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €5,845,851 | €3,468,208 | -€2.4m | -40.7% |
| Trade receivables | 40 | €220,145 | €314,913 | +€94,768 | +43.0% |
| Other amounts receivable | 41 | €5,625,706 | €3,153,295 | -€2.5m | -43.9% |
| Current investments | 50/53 | €251,884 | €266,665 | +€14,781 | +5.9% |
| Other investments | 51/53 | - | €266,665 | +€266,665 | |
| Cash at bank and in hand | 54/58 | €372,937 | €2,390,997 | +€2.0m | +541% |
| Deferred charges and accrued income | 490/1 | €6,226 | €18,964 | +€12,739 | +205% |
| Total equity and liabilities | 10/49 | €29,600,849 | €29,086,509 | -€514,340 | -1.7% |
| Equity | 10/15 | €25,146,700 | €25,052,610 | -€94,090 | -0.4% |
| Contributions | 10/11 | €9,822,059 | €9,197,114 | -€624,945 | -6.4% |
| Reserves | 13 | €66,193 | €66,193 | = | 0.0% |
| Distributable reserves | 133 | €66,193 | €66,193 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,258,449 | €15,789,304 | +€530,855 | +3.5% |
| Amounts payable | 17/49 | €4,454,149 | €4,033,898 | -€420,250 | -9.4% |
| Amounts payable after more than one year | 17 | €1,125,000 | €625,000 | -€500,000 | -44.4% |
| Financial debts | 170/4 | €1,125,000 | €625,000 | -€500,000 | -44.4% |
| Credit institutions | 173 | - | €625,000 | +€625,000 | |
| Amounts payable within one year | 42/48 | €3,312,146 | €3,361,682 | +€49,537 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €503,309 | €500,000 | -€3,309 | -0.7% |
| Trade debts | 44 | €34,113 | €34,364 | +€252 | +0.7% |
| Suppliers | 440/4 | €34,113 | €34,364 | +€252 | +0.7% |
| Taxes, remuneration and social security | 45 | €211,381 | €206,312 | -€5,069 | -2.4% |
| Taxes | 450/3 | €174,291 | €163,213 | -€11,079 | -6.4% |
| Remuneration and social security | 454/9 | €37,089 | €43,099 | +€6,010 | +16.2% |
| Other amounts payable | 47/48 | €2,563,343 | €2,621,006 | +€57,663 | +2.2% |
| Accrued charges and deferred income | 492/3 | €17,003 | €47,216 | +€30,213 | +178% |
| Operating income | 70/76A | - | €1,093,710 | +€1.1m | |
| Turnover | 70 | - | €1,070,574 | +€1.1m | |
| Other operating income | 74 | - | €23,136 | +€23,136 | |
| Operating charges | 60/66A | - | €758,743 | +€758,743 | |
| Services and other goods | 61 | - | €360,154 | +€360,154 | |
| Remuneration, social security and pensions | 62 | €265,262 | €283,789 | +€18,526 | +7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,038 | €110,683 | +€16,645 | +17.7% |
| Other operating charges | 640/8 | €14,761 | €4,117 | -€10,644 | -72.1% |
| Gross operating margin | 9900 | €691,296 | - | -€691,296 | |
| Operating profit (loss) | 9901 | €317,236 | €334,967 | +€17,732 | +5.6% |
| Financial income | 75/76B | €3,591,784 | €1,349,751 | -€2.2m | -62.4% |
| Recurring financial income | 75 | €3,591,784 | €1,349,751 | -€2.2m | -62.4% |
| Income from financial fixed assets | 750 | - | €1,150,000 | +€1.2m | |
| Income from current assets | 751 | - | €194,201 | +€194,201 | |
| Other financial income | 752/9 | - | €5,550 | +€5,550 | |
| Financial charges | 65/66B | €95,884 | €50,334 | -€45,549 | -47.5% |
| Recurring financial charges | 65 | €95,884 | €50,334 | -€45,549 | -47.5% |
| Debt charges | 650 | - | €46,953 | +€46,953 | |
| Other financial charges | 652/9 | - | €3,381 | +€3,381 | |
| Profit (loss) for the period before taxes | 9903 | €3,813,135 | €1,634,384 | -€2.2m | -57.1% |
| Income taxes | 67/77 | €80,773 | €128,473 | +€47,701 | +59.1% |
| Taxes | 670/3 | - | €128,930 | +€128,930 | |
| Tax adjustments and reversals of tax provisions | 77 | - | €457 | +€457 | |
| Profit (loss) for the period | 9904 | €3,732,363 | €1,505,910 | -€2.2m | -59.7% |
| Profit (loss) for the period to be appropriated | 9905 | €3,732,363 | €1,505,910 | -€2.2m | -59.7% |
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 24 October 2026 via checked.be.