H.V. - MANAGEMENT: 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. - MANAGEMENT
Largest movements
- Receivables within one year +€33,631
up €33,631 (+54.2%), from €62,009 to €95,640
- Receivables after one year -€26,364
down €26,364 (-38.9%), from €67,852 to €41,487
- Tangible fixed assets -€18,837
down €18,837 (-7.6%), from €246,454 to €227,618
- Cash -€5,948
down €5,948 (-100.0%), from €5,948 to €0
mainly Receivables within one year (-€33,631) and Other debts (-€12,944)
- Reserves -€265,393
down €265,393 (-99.3%), from €267,253 to €1,860
of which Distributable reserves: -€265,393
- Profit (loss) carried forward +€260,428
up €260,428, from -€109,428 to €151,000
- Other debts -€12,944
down €12,944 (-99.0%), from €13,072 to €128
- Trade debts -€5,266
down €5,266 (-84.6%), from €6,227 to €961
- Gross operating margin +€13,057
up €13,057 (+125.3%), from €10,418 to €23,475
- Depreciation -€11,507
down €11,507 (-37.9%), from €30,344 to €18,837
- Taxes -€1,486
down €1,486 (-45.6%), from €3,261 to €1,775
- Other operating charges +€1,267
up €1,267 (+17.5%), from €7,229 to €8,496
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.
Cash bridge derived
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 | €385,131 | €366,295 | -€18,836 | -4.9% |
| Fixed assets | 21/28 | €248,004 | €229,168 | -€18,837 | -7.6% |
| Tangible fixed assets | 22/27 | €246,454 | €227,618 | -€18,837 | -7.6% |
| Land and buildings | 22 | €246,454 | €227,618 | -€18,837 | -7.6% |
| Financial fixed assets | 28 | €1,550 | €1,550 | = | 0.0% |
| Current assets | 29/58 | €137,126 | €137,127 | +€1 | 0.0% |
| Amounts receivable after more than one year | 29 | €67,852 | €41,487 | -€26,364 | -38.9% |
| Other amounts receivable | 291 | €67,852 | €41,487 | -€26,364 | -38.9% |
| Amounts receivable within one year | 40/41 | €62,009 | €95,640 | +€33,631 | +54.2% |
| Other amounts receivable | 41 | €62,009 | €95,640 | +€33,631 | +54.2% |
| Cash at bank and in hand | 54/58 | €5,948 | €0 | -€5,948 | -100.0% |
| Deferred charges and accrued income | 490/1 | €1,317 | €0 | -€1,317 | -100.0% |
| Total equity and liabilities | 10/49 | €385,131 | €366,295 | -€18,836 | -4.9% |
| Equity | 10/15 | €176,426 | €171,460 | -€4,966 | -2.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €267,253 | €1,860 | -€265,393 | -99.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €265,393 | €0 | -€265,393 | -100.0% |
| Profit (loss) carried forward | 14 | -€109,428 | €151,000 | +€260,428 | |
| Provisions and deferred taxes | 16 | €184,201 | €184,201 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €184,201 | €184,201 | = | 0.0% |
| Pensions and similar obligations | 160 | €184,201 | €184,201 | = | 0.0% |
| Amounts payable | 17/49 | €24,504 | €10,634 | -€13,870 | -56.6% |
| Amounts payable within one year | 42/48 | €24,504 | €10,634 | -€13,870 | -56.6% |
| Financial debts | 43 | €629 | €4,224 | +€3,595 | +571.5% |
| Credit institutions | 430/8 | €629 | €3,461 | +€2,832 | +450.2% |
| Other loans | 439 | - | €763 | +€763 | |
| Trade debts | 44 | €6,227 | €961 | -€5,266 | -84.6% |
| Suppliers | 440/4 | €6,227 | €961 | -€5,266 | -84.6% |
| Taxes, remuneration and social security | 45 | €4,576 | €5,321 | +€745 | +16.3% |
| Taxes | 450/3 | €4,576 | €5,321 | +€745 | +16.3% |
| Other amounts payable | 47/48 | €13,072 | €128 | -€12,944 | -99.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,344 | €18,837 | -€11,507 | -37.9% |
| Other operating charges | 640/8 | €7,229 | €8,496 | +€1,267 | +17.5% |
| Gross operating margin | 9900 | €10,418 | €23,475 | +€13,057 | +125.3% |
| Operating profit (loss) | 9901 | -€27,155 | -€3,858 | +€23,298 | +85.8% |
| Financial income | 75/76B | €967 | €963 | -€4 | -0.4% |
| Recurring financial income | 75 | €967 | €963 | -€4 | -0.4% |
| Financial charges | 65/66B | €249 | €297 | +€48 | +19.1% |
| Recurring financial charges | 65 | €249 | €297 | +€48 | +19.1% |
| Profit (loss) for the period before taxes | 9903 | -€26,437 | -€3,191 | +€23,246 | +87.9% |
| Income taxes | 67/77 | €3,261 | €1,775 | -€1,486 | -45.6% |
| Profit (loss) for the period | 9904 | -€29,698 | -€4,966 | +€24,732 | +83.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,698 | -€4,966 | +€24,732 | +83.3% |
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 10 October 2026 via checked.be.