H.V.V.: 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.V.
Largest movements
- Tangible fixed assets -€194,794
down €194,794 (-7.5%), from €2.6m to €2.4m
of which Land and buildings: -€187,802
- Receivables within one year +€58,243
up €58,243 (+30.9%), from €188,444 to €246,687
- Cash +€35,433
up €35,433 (+47.9%), from €73,973 to €109,406
mainly Depreciation (+€203,347) and Trade debts (+€1,237)
- Profit (loss) carried forward -€102,817
down €102,817 (-46.2%), from -€222,358 to -€325,175
- Financial income +€4,617
up €4,617 (+51.3%), from €9,007 to €13,624
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 | €2,856,468 | €2,755,053 | -€101,416 | -3.6% |
| Fixed assets | 21/28 | €2,588,920 | €2,394,126 | -€194,794 | -7.5% |
| Tangible fixed assets | 22/27 | €2,588,920 | €2,394,126 | -€194,794 | -7.5% |
| Land and buildings | 22 | €2,249,654 | €2,061,852 | -€187,802 | -8.3% |
| Plant, machinery and equipment | 23 | €18,820 | €11,828 | -€6,991 | -37.1% |
| Other tangible fixed assets | 26 | €320,446 | €320,446 | = | 0.0% |
| Current assets | 29/58 | €267,549 | €360,926 | +€93,378 | +34.9% |
| Amounts receivable within one year | 40/41 | €188,444 | €246,687 | +€58,243 | +30.9% |
| Other amounts receivable | 41 | €188,444 | €246,687 | +€58,243 | +30.9% |
| Cash at bank and in hand | 54/58 | €73,973 | €109,406 | +€35,433 | +47.9% |
| Deferred charges and accrued income | 490/1 | €5,131 | €4,833 | -€298 | -5.8% |
| Total equity and liabilities | 10/49 | €2,856,468 | €2,755,053 | -€101,416 | -3.6% |
| Equity | 10/15 | €2,853,445 | €2,750,628 | -€102,817 | -3.6% |
| Contributions | 10/11 | €2,667,371 | €2,667,371 | = | 0.0% |
| Capital | 10 | €2,667,371 | €2,667,371 | = | 0.0% |
| Issued capital | 100 | €2,667,371 | €2,667,371 | = | 0.0% |
| Reserves | 13 | €408,431 | €408,431 | = | 0.0% |
| Non-distributable reserves | 130/1 | €266,737 | €266,737 | = | 0.0% |
| Legal reserve | 130 | €266,737 | €266,737 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,930 | €22,930 | = | 0.0% |
| Distributable reserves | 133 | €118,764 | €118,764 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€222,358 | -€325,175 | -€102,817 | -46.2% |
| Amounts payable | 17/49 | €3,024 | €4,425 | +€1,402 | +46.4% |
| Amounts payable within one year | 42/48 | €1,574 | €2,890 | +€1,317 | +83.7% |
| Current portion of amounts payable after more than one year | 42 | €1,224 | €1,224 | = | 0.0% |
| Trade debts | 44 | €0 | €1,237 | +€1,237 | |
| Suppliers | 440/4 | €0 | €1,237 | +€1,237 | |
| Taxes, remuneration and social security | 45 | €350 | €430 | +€80 | +22.9% |
| Taxes | 450/3 | €350 | €430 | +€80 | +22.9% |
| Accrued charges and deferred income | 492/3 | €1,450 | €1,535 | +€85 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €202,894 | €203,347 | +€453 | +0.2% |
| Other operating charges | 640/8 | €55,104 | €55,686 | +€582 | +1.1% |
| Gross operating margin | 9900 | €144,803 | €143,449 | -€1,354 | -0.9% |
| Operating profit (loss) | 9901 | -€113,195 | -€115,585 | -€2,390 | -2.1% |
| Financial income | 75/76B | €9,007 | €13,624 | +€4,617 | +51.3% |
| Recurring financial income | 75 | €9,007 | €13,624 | +€4,617 | +51.3% |
| Financial charges | 65/66B | €365 | €443 | +€78 | +21.2% |
| Recurring financial charges | 65 | €365 | €443 | +€78 | +21.2% |
| Profit (loss) for the period before taxes | 9903 | -€104,553 | -€102,403 | +€2,150 | +2.1% |
| Income taxes | 67/77 | €1,810 | €415 | -€1,395 | -77.1% |
| Profit (loss) for the period | 9904 | -€106,363 | -€102,817 | +€3,546 | +3.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€106,363 | -€102,817 | +€3,546 | +3.3% |
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 12 October 2026 via checked.be.