H.V.S.: 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.S.
Largest movements
- Cash +€66,079
up €66,079 (+18.2%), from €363,849 to €429,928
mainly Net result for the year (+€100,622) and Tax, wage and social debts (+€75,052)
- Tangible fixed assets -€60,659
down €60,659 (-6.7%), from €901,213 to €840,555
- Provisions -€114,073
down €114,073 (-93.5%), from €122,048 to €7,974
- Tax, wage and social debts +€75,052
up €75,052 (+439%), from €17,084 to €92,136
of which Taxes: +€86,631
- Other debts +€73,326
up €73,326 (+101%), from €72,300 to €145,626
- Debts after one year -€50,209
down €50,209 (-24.4%), from €205,440 to €155,231
- Reserves +€33,122
up €33,122 (+4.3%), from €764,686 to €797,809
of which Distributable reserves: +€375,343
- Taxes +€210,441
up €210,441, from -€252 to €210,189
- Gross operating margin +€137,482
up €137,482 (+106%), from €129,157 to €266,639
- Other operating charges -€9,708
down €9,708 (-52.3%), from €18,566 to €8,858
- Financial income -€4,727
down €4,727 (-55.8%), from €8,464 to €3,737
of which Non-recurring financial income: -€4,126
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 | €1,826,626 | €1,815,212 | -€11,414 | -0.6% |
| Fixed assets | 21/28 | €903,302 | €842,643 | -€60,659 | -6.7% |
| Tangible fixed assets | 22/27 | €901,213 | €840,555 | -€60,659 | -6.7% |
| Land and buildings | 22 | €446,866 | €437,755 | -€9,112 | -2.0% |
| Plant, machinery and equipment | 23 | €4,090 | €2,045 | -€2,045 | -50.0% |
| Furniture and vehicles | 24 | €38,582 | €17,691 | -€20,891 | -54.1% |
| Other tangible fixed assets | 26 | €411,674 | €383,064 | -€28,611 | -6.9% |
| Financial fixed assets | 28 | €2,088 | €2,088 | = | 0.0% |
| Current assets | 29/58 | €923,325 | €972,569 | +€49,244 | +5.3% |
| Amounts receivable within one year | 40/41 | €59,106 | €42,002 | -€17,104 | -28.9% |
| Trade receivables | 40 | €48,054 | €41,135 | -€6,920 | -14.4% |
| Other amounts receivable | 41 | €11,052 | €867 | -€10,185 | -92.2% |
| Current investments | 50/53 | €497,061 | €497,081 | +€20 | 0.0% |
| Cash at bank and in hand | 54/58 | €363,849 | €429,928 | +€66,079 | +18.2% |
| Deferred charges and accrued income | 490/1 | €3,309 | €3,558 | +€249 | +7.5% |
| Total equity and liabilities | 10/49 | €1,826,626 | €1,815,212 | -€11,414 | -0.6% |
| Equity | 10/15 | €1,327,318 | €1,360,440 | +€33,122 | +2.5% |
| Contributions | 10/11 | €562,631 | €562,631 | = | 0.0% |
| Reserves | 13 | €764,686 | €797,809 | +€33,122 | +4.3% |
| Tax-exempt reserves | 132 | €366,143 | €23,922 | -€342,220 | -93.5% |
| Distributable reserves | 133 | €398,544 | €773,886 | +€375,343 | +94.2% |
| Provisions and deferred taxes | 16 | €122,048 | €7,974 | -€114,073 | -93.5% |
| Deferred taxes | 168 | €122,048 | €7,974 | -€114,073 | -93.5% |
| Amounts payable | 17/49 | €377,261 | €446,798 | +€69,537 | +18.4% |
| Amounts payable after more than one year | 17 | €205,440 | €155,231 | -€50,209 | -24.4% |
| Financial debts | 170/4 | €205,440 | €155,231 | -€50,209 | -24.4% |
| Amounts payable within one year | 42/48 | €162,391 | €291,567 | +€129,176 | +79.5% |
| Current portion of amounts payable after more than one year | 42 | €50,895 | €51,623 | +€728 | +1.4% |
| Trade debts | 44 | €22,112 | €2,181 | -€19,931 | -90.1% |
| Suppliers | 440/4 | €22,112 | €2,181 | -€19,931 | -90.1% |
| Taxes, remuneration and social security | 45 | €17,084 | €92,136 | +€75,052 | +439% |
| Taxes | 450/3 | €5,505 | €92,136 | +€86,631 | +1,574% |
| Remuneration and social security | 454/9 | €11,579 | - | -€11,579 | |
| Other amounts payable | 47/48 | €72,300 | €145,626 | +€73,326 | +101% |
| Accrued charges and deferred income | 492/3 | €9,430 | - | -€9,430 | |
| Non-recurring operating income | 76A | - | €14,000 | +€14,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,059 | €57,459 | -€1,600 | -2.7% |
| Other operating charges | 640/8 | €18,566 | €8,858 | -€9,708 | -52.3% |
| Non-recurring operating charges | 66A | €27,288 | - | -€27,288 | |
| Gross operating margin | 9900 | €129,157 | €266,639 | +€137,482 | +106% |
| Operating profit (loss) | 9901 | €24,245 | €200,322 | +€176,077 | +726% |
| Financial income | 75/76B | €8,464 | €3,737 | -€4,727 | -55.8% |
| Recurring financial income | 75 | €4,338 | €3,737 | -€601 | -13.8% |
| Non-recurring financial income | 76B | €4,126 | - | -€4,126 | |
| Financial charges | 65/66B | €7,135 | €7,322 | +€186 | +2.6% |
| Recurring financial charges | 65 | €7,135 | €7,322 | +€186 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €25,573 | €196,737 | +€171,164 | +669% |
| Transfer from deferred taxes | 780 | €3,530 | €114,073 | +€110,544 | +3,132% |
| Income taxes | 67/77 | -€252 | €210,189 | +€210,441 | |
| Profit (loss) for the period | 9904 | €29,355 | €100,622 | +€71,267 | +243% |
| Transfer from tax-exempt reserves | 789 | €10,589 | €342,220 | +€331,632 | +3,132% |
| Profit (loss) for the period to be appropriated | 9905 | €39,943 | €442,843 | +€402,899 | +1,009% |
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 24 October 2026 via checked.be.