H.V.O Projects & Support: 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.O Projects & Support
Largest movements
- Tangible fixed assets +€23,817
up €23,817 (+223%), from €10,691 to €34,508
- Stocks and contracts +€6,000
new in 2025: €6,000
- Cash -€4,380
down €4,380 (-30.5%), from €14,346 to €9,966
mainly Investment in fixed assets (net) (-€28,261) and Stocks and contracts (-€6,000)
- Receivables within one year -€1,314
down €1,314 (-8.8%), from €14,952 to €13,638
of which Trade receivables: -€1,510
- Debts after one year +€21,451
new in 2025: €21,451
- Trade debts +€7,283
up €7,283 (+147%), from €4,954 to €12,237
- Other debts -€4,413
down €4,413 (-86.1%), from €5,123 to €710
- Current portion of long-term debt +€922
up €922 (+21.3%), from €4,339 to €5,262
- Gross operating margin -€15,385
down €15,385 (-59.1%), from €26,018 to €10,634
- Depreciation -€3,217
down €3,217 (-42.0%), from €7,660 to €4,444
- Taxes -€2,685
down €2,685 (-73.2%), from €3,667 to €982
- Other operating charges -€878
down €878 (-50.1%), from €1,752 to €874
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 | €40,213 | €64,918 | +€24,706 | +61.4% |
| Fixed assets | 21/28 | €10,691 | €34,508 | +€23,817 | +223% |
| Tangible fixed assets | 22/27 | €10,691 | €34,508 | +€23,817 | +223% |
| Furniture and vehicles | 24 | €10,691 | €34,508 | +€23,817 | +223% |
| Current assets | 29/58 | €29,522 | €30,410 | +€888 | +3.0% |
| Stocks and contracts in progress | 3 | - | €6,000 | +€6,000 | |
| Stocks | 30/36 | - | €6,000 | +€6,000 | |
| Amounts receivable within one year | 40/41 | €14,952 | €13,638 | -€1,314 | -8.8% |
| Trade receivables | 40 | €14,943 | €13,433 | -€1,510 | -10.1% |
| Other amounts receivable | 41 | €9 | €204 | +€196 | +2,197% |
| Cash at bank and in hand | 54/58 | €14,346 | €9,966 | -€4,380 | -30.5% |
| Deferred charges and accrued income | 490/1 | €225 | €807 | +€582 | +259% |
| Total equity and liabilities | 10/49 | €40,213 | €64,918 | +€24,706 | +61.4% |
| Equity | 10/15 | €15,949 | €15,840 | -€109 | -0.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €10,949 | €10,840 | -€109 | -1.0% |
| Distributable reserves | 133 | €10,949 | €10,840 | -€109 | -1.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €24,264 | €49,079 | +€24,815 | +102% |
| Amounts payable after more than one year | 17 | - | €21,451 | +€21,451 | |
| Financial debts | 170/4 | - | €21,451 | +€21,451 | |
| Amounts payable within one year | 42/48 | €24,264 | €27,628 | +€3,364 | +13.9% |
| Current portion of amounts payable after more than one year | 42 | €4,339 | €5,262 | +€922 | +21.3% |
| Trade debts | 44 | €4,954 | €12,237 | +€7,283 | +147% |
| Suppliers | 440/4 | €4,954 | €12,237 | +€7,283 | +147% |
| Taxes, remuneration and social security | 45 | €9,847 | €9,419 | -€428 | -4.3% |
| Taxes | 450/3 | €7,847 | €9,419 | +€1,572 | +20.0% |
| Remuneration and social security | 454/9 | €2,000 | €0 | -€2,000 | -100% |
| Other amounts payable | 47/48 | €5,123 | €710 | -€4,413 | -86.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,660 | €4,444 | -€3,217 | -42.0% |
| Other operating charges | 640/8 | €1,752 | €874 | -€878 | -50.1% |
| Non-recurring operating charges | 66A | - | €3,449 | +€3,449 | |
| Gross operating margin | 9900 | €26,018 | €10,634 | -€15,385 | -59.1% |
| Operating profit (loss) | 9901 | €16,607 | €1,867 | -€14,739 | -88.8% |
| Financial income | 75/76B | €0 | €116 | +€116 | +1,156,000% |
| Recurring financial income | 75 | €0 | €116 | +€116 | +1,156,000% |
| Financial charges | 65/66B | €1,131 | €1,110 | -€21 | -1.9% |
| Recurring financial charges | 65 | €1,131 | €1,110 | -€21 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | €15,475 | €873 | -€14,602 | -94.4% |
| Income taxes | 67/77 | €3,667 | €982 | -€2,685 | -73.2% |
| Profit (loss) for the period | 9904 | €11,808 | -€109 | -€11,917 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,808 | -€109 | -€11,917 |
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 14 October 2026 via checked.be.