H.V.L. - CONSTRUCTIONS: 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.L. - CONSTRUCTIONS
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€115,326
2024 · €127,757-€243,082
Equity
€1.8m
2024 · €1.9m-€97,114
Cash
€85,777
2024 · €413,530-€327,753
Balance sheet total
€5.0m
2024 · €5.2m-€285,561
Largest movements
Assets
- Cash -€327,753
down €327,753 (-79.3%), from €413,530 to €85,777
mainly Investment in fixed assets (net) (-€323,670) and Debts after one year (-€209,527)
- Tangible fixed assets +€91,853
up €91,853 (+2.5%), from €3.7m to €3.8m
of which Land and buildings: +€59,155
Equity and liabilities
- Debts after one year -€209,527
down €209,527 (-9.8%), from €2.1m to €1.9m
- Reserves -€115,326
down €115,326 (-6.8%), from €1.7m to €1.6m
of which Distributable reserves: -€98,566
- Short-term financial debts +€79,299
up €79,299 (+11,311%), from €701 to €80,000
- Tax, wage and social debts -€56,131
down €56,131 (-81.1%), from €69,227 to €13,096
of which Taxes: -€56,131
Income statement
- Gross operating margin -€432,218
down €432,218 (-66.1%), from €653,989 to €221,770
- Depreciation -€87,019
down €87,019 (-27.5%), from €316,835 to €229,817
- Taxes -€48,565
down €48,565 (-67.5%), from €71,976 to €23,410
- Other operating charges -€29,786
down €29,786 (-49.3%), from €60,358 to €30,572
- Provisions -€25,316
down €25,316, from €0 to -€25,316
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
€127,757
Gross operating margin
-€432,218
Staff costs
+€2,723
Depreciation
+€87,019
Provisions
+€25,316
Other operating charges
+€29,786
Financial income
+€5,374
Financial charges
-€9,647
Taxes
+€48,565
Result 2025
-€115,326
raises the resultlowers the result
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
+€101,031
Investment
-€323,670
Financing
-€105,114
Cash 2024
€413,530
From operations (derived)
+€101,031
Net result for the year
-€115,326
Depreciation
+€229,817
Receivables within one year
+€49,626
Deferred charges and accrued income
+€2,036
Provisions
-€30,902
Trade debts
+€2,611
Tax, wage and social debts
-€56,131
Other debts
+€27,215
Accrued charges and deferred income
-€7,914
Investment (derived)
-€323,670
Investment in fixed assets (net)
-€323,670
Financing
-€105,114
Debts after one year
-€209,527
Current portion of long-term debt
+€6,903
Short-term financial debts
+€79,299
Contributions, distributions and other
+€18,211
Cash 2025
€85,777
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,248,754 | €4,963,193 | -€285,561 | -5.4% |
| Fixed assets | 21/28 | €4,256,518 | €4,350,371 | +€93,853 | +2.2% |
| Tangible fixed assets | 22/27 | €3,740,006 | €3,831,859 | +€91,853 | +2.5% |
| Land and buildings | 22 | €3,469,534 | €3,528,688 | +€59,155 | +1.7% |
| Plant, machinery and equipment | 23 | €98,902 | €133,249 | +€34,348 | +34.7% |
| Furniture and vehicles | 24 | €171,570 | €134,030 | -€37,540 | -21.9% |
| Other tangible fixed assets | 26 | €0 | €35,891 | +€35,891 | |
| Financial fixed assets | 28 | €516,512 | €518,512 | +€2,000 | +0.4% |
| Current assets | 29/58 | €992,236 | €612,822 | -€379,414 | -38.2% |
| Amounts receivable within one year | 40/41 | €534,752 | €485,126 | -€49,626 | -9.3% |
| Trade receivables | 40 | €296,930 | €20,394 | -€276,537 | -93.1% |
| Other amounts receivable | 41 | €237,822 | €464,733 | +€226,911 | +95.4% |
| Current investments | 50/53 | €1,600 | €1,600 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €413,530 | €85,777 | -€327,753 | -79.3% |
| Deferred charges and accrued income | 490/1 | €42,354 | €40,318 | -€2,036 | -4.8% |
| Total equity and liabilities | 10/49 | €5,248,754 | €4,963,193 | -€285,561 | -5.4% |
| Equity | 10/15 | €1,885,328 | €1,788,214 | -€97,114 | -5.2% |
| Contributions | 10/11 | €7,605 | €7,605 | = | 0.0% |
| Revaluation surpluses | 12 | €170,294 | €188,505 | +€18,211 | +10.7% |
| Reserves | 13 | €1,707,429 | €1,592,104 | -€115,326 | -6.8% |
| Tax-exempt reserves | 132 | €336,516 | €319,757 | -€16,759 | -5.0% |
| Distributable reserves | 133 | €1,370,913 | €1,272,347 | -€98,566 | -7.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €137,488 | €106,586 | -€30,902 | -22.5% |
| Provisions for liabilities and charges | 160/5 | €25,316 | €0 | -€25,316 | -100% |
| Pensions and similar obligations | 160 | €25,316 | €0 | -€25,316 | -100% |
| Deferred taxes | 168 | €112,172 | €106,586 | -€5,586 | -5.0% |
| Amounts payable | 17/49 | €3,225,938 | €3,068,393 | -€157,545 | -4.9% |
| Amounts payable after more than one year | 17 | €2,148,596 | €1,939,069 | -€209,527 | -9.8% |
| Financial debts | 170/4 | €2,148,596 | €1,939,069 | -€209,527 | -9.8% |
| Amounts payable within one year | 42/48 | €1,052,742 | €1,112,638 | +€59,896 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €202,624 | €209,527 | +€6,903 | +3.4% |
| Financial debts | 43 | €701 | €80,000 | +€79,299 | +11,311% |
| Credit institutions | 430/8 | €701 | €80,000 | +€79,299 | +11,311% |
| Trade debts | 44 | €40,950 | €43,561 | +€2,611 | +6.4% |
| Suppliers | 440/4 | €40,950 | €43,561 | +€2,611 | +6.4% |
| Taxes, remuneration and social security | 45 | €69,227 | €13,096 | -€56,131 | -81.1% |
| Taxes | 450/3 | €69,227 | €13,096 | -€56,131 | -81.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €739,240 | €766,454 | +€27,215 | +3.7% |
| Accrued charges and deferred income | 492/3 | €24,600 | €16,686 | -€7,914 | -32.2% |
| Non-recurring operating income | 76A | €15,741 | €0 | -€15,741 | -100% |
| Remuneration, social security and pensions | 62 | €2,723 | €0 | -€2,723 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €316,835 | €229,817 | -€87,019 | -27.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | -€25,316 | -€25,316 | |
| Other operating charges | 640/8 | €60,358 | €30,572 | -€29,786 | -49.3% |
| Gross operating margin | 9900 | €653,989 | €221,770 | -€432,218 | -66.1% |
| Operating profit (loss) | 9901 | €274,072 | -€13,302 | -€287,375 | |
| Financial income | 75/76B | €5,391 | €10,766 | +€5,374 | +99.7% |
| Recurring financial income | 75 | €5,391 | €10,766 | +€5,374 | +99.7% |
| Financial charges | 65/66B | €85,318 | €94,965 | +€9,647 | +11.3% |
| Recurring financial charges | 65 | €85,318 | €94,965 | +€9,647 | +11.3% |
| Profit (loss) for the period before taxes | 9903 | €194,146 | -€97,502 | -€291,648 | |
| Transfer from deferred taxes | 780 | €5,586 | €5,586 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €71,976 | €23,410 | -€48,565 | -67.5% |
| Profit (loss) for the period | 9904 | €127,757 | -€115,326 | -€243,082 | |
| Transfer from tax-exempt reserves | 789 | €16,759 | €16,759 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €144,516 | -€98,566 | -€243,082 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.