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
- Tangible fixed assets +€277,145
up €277,145 (+87.0%), from €318,644 to €595,790
of which Land and buildings: +€291,360
- Cash +€84,836
up €84,836 (+103%), from €82,192 to €167,028
mainly Debts after one year (+€196,602) and Trade debts (+€105,131)
- Debts after one year +€196,602
up €196,602 (+79.2%), from €248,287 to €444,888
- Trade debts +€105,131
up €105,131 (+7,639%), from €1,376 to €106,507
- Reserves +€98,750
up €98,750 (+99.1%), from €99,634 to €198,384
- Tax, wage and social debts -€21,540
down €21,540 (-61.9%), from €34,773 to €13,233
- Other debts -€21,485
down €21,485 (-80.2%), from €26,806 to €5,320
- Gross operating margin +€22,720
up €22,720 (+11.1%), from €203,938 to €226,658
- Depreciation +€16,137
up €16,137 (+30.4%), from €53,111 to €69,248
- Financial charges +€9,832
up €9,832 (+170%), from €5,774 to €15,606
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 | €437,993 | €800,729 | +€362,736 | +82.8% |
| Fixed assets | 21/28 | €318,644 | €595,790 | +€277,145 | +87.0% |
| Tangible fixed assets | 22/27 | €318,644 | €595,790 | +€277,145 | +87.0% |
| Land and buildings | 22 | €195,134 | €486,494 | +€291,360 | +149% |
| Furniture and vehicles | 24 | €123,510 | €109,296 | -€14,215 | -11.5% |
| Current assets | 29/58 | €119,349 | €204,939 | +€85,590 | +71.7% |
| Amounts receivable within one year | 40/41 | €31,175 | €31,268 | +€93 | +0.3% |
| Trade receivables | 40 | €31,175 | €31,255 | +€80 | +0.3% |
| Other amounts receivable | 41 | - | €13 | +€13 | |
| Cash at bank and in hand | 54/58 | €82,192 | €167,028 | +€84,836 | +103% |
| Deferred charges and accrued income | 490/1 | €5,982 | €6,643 | +€661 | +11.1% |
| Total equity and liabilities | 10/49 | €437,993 | €800,729 | +€362,736 | +82.8% |
| Equity | 10/15 | €99,754 | €198,504 | +€98,750 | +99.0% |
| Contributions | 10/11 | €120 | €120 | = | 0.0% |
| Reserves | 13 | €99,634 | €198,384 | +€98,750 | +99.1% |
| Distributable reserves | 133 | €99,634 | €198,384 | +€98,750 | +99.1% |
| Amounts payable | 17/49 | €338,239 | €602,225 | +€263,986 | +78.0% |
| Amounts payable after more than one year | 17 | €248,287 | €444,888 | +€196,602 | +79.2% |
| Financial debts | 170/4 | €248,287 | €444,888 | +€196,602 | +79.2% |
| Amounts payable within one year | 42/48 | €88,082 | €151,117 | +€63,035 | +71.6% |
| Current portion of amounts payable after more than one year | 42 | €25,127 | €26,057 | +€930 | +3.7% |
| Trade debts | 44 | €1,376 | €106,507 | +€105,131 | +7,639% |
| Suppliers | 440/4 | €1,376 | €106,507 | +€105,131 | +7,639% |
| Taxes, remuneration and social security | 45 | €34,773 | €13,233 | -€21,540 | -61.9% |
| Taxes | 450/3 | €34,773 | €13,233 | -€21,540 | -61.9% |
| Other amounts payable | 47/48 | €26,806 | €5,320 | -€21,485 | -80.2% |
| Accrued charges and deferred income | 492/3 | €1,870 | €6,219 | +€4,349 | +233% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,111 | €69,248 | +€16,137 | +30.4% |
| Other operating charges | 640/8 | €2,885 | €1,158 | -€1,727 | -59.9% |
| Gross operating margin | 9900 | €203,938 | €226,658 | +€22,720 | +11.1% |
| Operating profit (loss) | 9901 | €147,942 | €156,252 | +€8,310 | +5.6% |
| Financial income | 75/76B | €0 | €70 | +€70 | +140,440% |
| Recurring financial income | 75 | €0 | €70 | +€70 | +140,440% |
| Financial charges | 65/66B | €5,774 | €15,606 | +€9,832 | +170% |
| Recurring financial charges | 65 | €5,774 | €15,606 | +€9,832 | +170% |
| Profit (loss) for the period before taxes | 9903 | €142,168 | €140,716 | -€1,452 | -1.0% |
| Income taxes | 67/77 | €42,534 | €41,966 | -€568 | -1.3% |
| Profit (loss) for the period | 9904 | €99,634 | €98,750 | -€885 | -0.9% |
| Profit (loss) for the period to be appropriated | 9905 | €99,634 | €98,750 | -€885 | -0.9% |
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 19 October 2026 via checked.be.