H.V.T.: 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.T.
Largest movements
- Financial fixed assets +€238,111
up €238,111 (+37.3%), from €639,062 to €877,173
- Current investments -€201,010
down €201,010 (-21.4%), from €941,010 to €740,000
- Cash -€51,299
down €51,299 (-59.1%), from €86,834 to €35,536
mainly Investment in fixed assets (net) (-€238,111) and Tax, wage and social debts (-€46,712)
- Tax, wage and social debts -€46,712
no longer reported in 2025 (was €46,712)
- Gross operating margin -€141,067
down €141,067, from €125,362 to -€15,705
- Financial income -€128,348
down €128,348 (-74.0%), from €173,514 to €45,166
- Taxes -€73,140
down €73,140 (-90.4%), from €80,939 to €7,799
- Write-downs -€3,504
down €3,504 (-67.2%), from €5,213 to €1,709
- Financial charges +€1,403
up €1,403 (+167%), from €838 to €2,241
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 | €1,718,057 | €1,690,468 | -€27,589 | -1.6% |
| Fixed assets | 21/28 | €639,062 | €877,173 | +€238,111 | +37.3% |
| Financial fixed assets | 28 | €639,062 | €877,173 | +€238,111 | +37.3% |
| Current assets | 29/58 | €1,078,995 | €813,296 | -€265,699 | -24.6% |
| Amounts receivable within one year | 40/41 | €19,244 | €12,083 | -€7,162 | -37.2% |
| Other amounts receivable | 41 | €19,244 | €12,083 | -€7,162 | -37.2% |
| Current investments | 50/53 | €941,010 | €740,000 | -€201,010 | -21.4% |
| Cash at bank and in hand | 54/58 | €86,834 | €35,536 | -€51,299 | -59.1% |
| Deferred charges and accrued income | 490/1 | €31,906 | €25,678 | -€6,229 | -19.5% |
| Total equity and liabilities | 10/49 | €1,718,057 | €1,690,468 | -€27,589 | -1.6% |
| Equity | 10/15 | €1,650,369 | €1,667,082 | +€16,713 | +1.0% |
| Contributions | 10/11 | €73,078 | €73,078 | = | 0.0% |
| Capital | 10 | €73,078 | €73,078 | = | 0.0% |
| Issued capital | 100 | €73,078 | €73,078 | = | 0.0% |
| Reserves | 13 | €638,282 | €654,995 | +€16,713 | +2.6% |
| Non-distributable reserves | 130/1 | €7,445 | €7,445 | = | 0.0% |
| Legal reserve | 130 | €7,445 | €7,445 | = | 0.0% |
| Distributable reserves | 133 | €630,838 | €647,551 | +€16,713 | +2.6% |
| Profit (loss) carried forward | 14 | €939,008 | €939,008 | = | 0.0% |
| Amounts payable | 17/49 | €67,688 | €23,386 | -€44,302 | -65.4% |
| Amounts payable within one year | 42/48 | €67,646 | €23,386 | -€44,260 | -65.4% |
| Trade debts | 44 | €20,934 | €17,630 | -€3,304 | -15.8% |
| Suppliers | 440/4 | €20,934 | €17,630 | -€3,304 | -15.8% |
| Taxes, remuneration and social security | 45 | €46,712 | - | -€46,712 | |
| Taxes | 450/3 | €46,712 | - | -€46,712 | |
| Other amounts payable | 47/48 | - | €5,756 | +€5,756 | |
| Accrued charges and deferred income | 492/3 | €42 | €0 | -€42 | -99.6% |
| Non-recurring operating income | 76A | €155,499 | €2,451 | -€153,048 | -98.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,213 | €1,709 | -€3,504 | -67.2% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Non-recurring operating charges | 66A | €131,186 | - | -€131,186 | |
| Gross operating margin | 9900 | €125,362 | -€15,705 | -€141,067 | |
| Operating profit (loss) | 9901 | -€12,004 | -€18,412 | -€6,408 | -53.4% |
| Financial income | 75/76B | €173,514 | €45,166 | -€128,348 | -74.0% |
| Recurring financial income | 75 | €173,514 | €45,166 | -€128,348 | -74.0% |
| Financial charges | 65/66B | €838 | €2,241 | +€1,403 | +167% |
| Recurring financial charges | 65 | €838 | €2,241 | +€1,403 | +167% |
| Profit (loss) for the period before taxes | 9903 | €160,672 | €24,512 | -€136,159 | -84.7% |
| Income taxes | 67/77 | €80,939 | €7,799 | -€73,140 | -90.4% |
| Profit (loss) for the period | 9904 | €79,733 | €16,713 | -€63,020 | -79.0% |
| Profit (loss) for the period to be appropriated | 9905 | €79,733 | €16,713 | -€63,020 | -79.0% |
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 26 October 2026 via checked.be.