H.V.I.C.: 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.I.C.
Largest movements
- Cash +€53,873
up €53,873 (+43.7%), from €123,189 to €177,061
mainly Depreciation (+€40,952) and Other debts (+€12,223)
- Tangible fixed assets -€39,049
down €39,049 (-5.5%), from €706,040 to €666,990
of which Land and buildings: -€36,055
- Other debts +€12,223
up €12,223 (+3.1%), from €392,820 to €405,042
- Other operating charges -€8,128
down €8,128 (-63.1%), from €12,870 to €4,743
- Financial charges +€7,217
up €7,217 (+35.1%), from €20,557 to €27,774
- Gross operating margin +€2,871
up €2,871 (+4.0%), from €70,969 to €73,840
- Depreciation +€1,474
up €1,474 (+3.7%), from €39,478 to €40,952
- Taxes +€855
up €855 (+427%), from €200 to €1,055
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 | €919,331 | €933,372 | +€14,040 | +1.5% |
| Fixed assets | 21/28 | €706,040 | €666,990 | -€39,049 | -5.5% |
| Tangible fixed assets | 22/27 | €706,040 | €666,990 | -€39,049 | -5.5% |
| Land and buildings | 22 | €695,078 | €659,023 | -€36,055 | -5.2% |
| Plant, machinery and equipment | 23 | €10,878 | €7,968 | -€2,911 | -26.8% |
| Furniture and vehicles | 24 | €83 | - | -€83 | |
| Current assets | 29/58 | €213,292 | €266,381 | +€53,090 | +24.9% |
| Amounts receivable within one year | 40/41 | €7,353 | €6,570 | -€783 | -10.6% |
| Trade receivables | 40 | €1,585 | €1,621 | +€36 | +2.3% |
| Other amounts receivable | 41 | €5,768 | €4,949 | -€819 | -14.2% |
| Current investments | 50/53 | €82,750 | €82,750 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €123,189 | €177,061 | +€53,873 | +43.7% |
| Total equity and liabilities | 10/49 | €919,331 | €933,372 | +€14,040 | +1.5% |
| Equity | 10/15 | €516,825 | €519,337 | +€2,512 | +0.5% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €16,825 | €19,337 | +€2,512 | +14.9% |
| Distributable reserves | 133 | €16,825 | €19,337 | +€2,512 | +14.9% |
| Amounts payable | 17/49 | €402,506 | €414,035 | +€11,529 | +2.9% |
| Amounts payable within one year | 42/48 | €402,506 | €414,035 | +€11,529 | +2.9% |
| Trade debts | 44 | €4 | €264 | +€259 | +6,059% |
| Suppliers | 440/4 | €4 | €264 | +€259 | +6,059% |
| Taxes, remuneration and social security | 45 | €9,682 | €8,729 | -€953 | -9.8% |
| Taxes | 450/3 | €9,682 | €8,729 | -€953 | -9.8% |
| Other amounts payable | 47/48 | €392,820 | €405,042 | +€12,223 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,478 | €40,952 | +€1,474 | +3.7% |
| Other operating charges | 640/8 | €12,870 | €4,743 | -€8,128 | -63.1% |
| Gross operating margin | 9900 | €70,969 | €73,840 | +€2,871 | +4.0% |
| Operating profit (loss) | 9901 | €18,621 | €28,146 | +€9,525 | +51.2% |
| Financial income | 75/76B | €3,915 | €3,196 | -€719 | -18.4% |
| Recurring financial income | 75 | €3,915 | €3,196 | -€719 | -18.4% |
| Financial charges | 65/66B | €20,557 | €27,774 | +€7,217 | +35.1% |
| Recurring financial charges | 65 | €20,557 | €27,774 | +€7,217 | +35.1% |
| Profit (loss) for the period before taxes | 9903 | €1,978 | €3,567 | +€1,589 | +80.3% |
| Income taxes | 67/77 | €200 | €1,055 | +€855 | +427% |
| Profit (loss) for the period | 9904 | €1,778 | €2,512 | +€734 | +41.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,778 | €2,512 | +€734 | +41.3% |
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 27 October 2026 via checked.be.