H-VeN: 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-VeN
Largest movements
- Receivables within one year -€75,013
down €75,013 (-18.9%), from €396,897 to €321,884
of which Trade receivables: -€65,433
- Cash -€12,577
down €12,577 (-41.2%), from €30,507 to €17,930
mainly Accrued charges and deferred income (-€96,468) and Trade debts (-€54,486)
- Accrued charges and deferred income -€96,468
down €96,468 (-75.1%), from €128,468 to €32,000
- Trade debts -€54,486
down €54,486 (-40.2%), from €135,636 to €81,151
- Reserves +€30,000
up €30,000 (+83.9%), from €35,776 to €65,776
of which Distributable reserves: +€30,000
- Profit (loss) carried forward +€26,144
up €26,144 (+37.6%), from €69,603 to €95,747
- Tax, wage and social debts +€7,330
up €7,330 (+362%), from €2,023 to €9,353
- Gross operating margin +€45,878
up €45,878 (+119%), from €38,643 to €84,520
- Taxes +€11,257
up €11,257 (+104%), from €10,782 to €22,039
- Staff costs -€3,936
down €3,936 (-100%), from €3,936 to €0
- Financial charges +€1,745
up €1,745 (+167%), from €1,046 to €2,791
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 | €436,367 | €350,213 | -€86,155 | -19.7% |
| Fixed assets | 21/28 | €6,872 | €8,431 | +€1,559 | +22.7% |
| Tangible fixed assets | 22/27 | €6,872 | €8,431 | +€1,559 | +22.7% |
| Plant, machinery and equipment | 23 | €591 | €1,727 | +€1,135 | +192% |
| Furniture and vehicles | 24 | €6,281 | €6,704 | +€424 | +6.7% |
| Current assets | 29/58 | €429,495 | €341,782 | -€87,713 | -20.4% |
| Amounts receivable within one year | 40/41 | €396,897 | €321,884 | -€75,013 | -18.9% |
| Trade receivables | 40 | €387,316 | €321,884 | -€65,433 | -16.9% |
| Other amounts receivable | 41 | €9,581 | €0 | -€9,581 | -100% |
| Cash at bank and in hand | 54/58 | €30,507 | €17,930 | -€12,577 | -41.2% |
| Deferred charges and accrued income | 490/1 | €2,091 | €1,969 | -€122 | -5.8% |
| Total equity and liabilities | 10/49 | €436,367 | €350,213 | -€86,155 | -19.7% |
| Equity | 10/15 | €121,579 | €177,723 | +€56,144 | +46.2% |
| Contributions | 10/11 | €16,200 | €16,200 | = | 0.0% |
| Reserves | 13 | €35,776 | €65,776 | +€30,000 | +83.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €33,916 | €63,916 | +€30,000 | +88.5% |
| Profit (loss) carried forward | 14 | €69,603 | €95,747 | +€26,144 | +37.6% |
| Amounts payable | 17/49 | €314,788 | €172,489 | -€142,299 | -45.2% |
| Amounts payable within one year | 42/48 | €186,320 | €140,489 | -€45,831 | -24.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €135,636 | €81,151 | -€54,486 | -40.2% |
| Suppliers | 440/4 | €135,636 | €81,151 | -€54,486 | -40.2% |
| Advances received on contracts in progress | 46 | €25,094 | €24,280 | -€814 | -3.2% |
| Taxes, remuneration and social security | 45 | €2,023 | €9,353 | +€7,330 | +362% |
| Taxes | 450/3 | €2,023 | €9,353 | +€7,330 | +362% |
| Other amounts payable | 47/48 | €23,567 | €25,706 | +€2,139 | +9.1% |
| Accrued charges and deferred income | 492/3 | €128,468 | €32,000 | -€96,468 | -75.1% |
| Remuneration, social security and pensions | 62 | €3,936 | €0 | -€3,936 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,115 | €2,788 | +€673 | +31.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €553 | €0 | -€553 | -100% |
| Other operating charges | 640/8 | €307 | €874 | +€567 | +185% |
| Gross operating margin | 9900 | €38,643 | €84,520 | +€45,878 | +119% |
| Operating profit (loss) | 9901 | €31,732 | €80,859 | +€49,126 | +155% |
| Financial income | 75/76B | €327 | €115 | -€211 | -64.8% |
| Recurring financial income | 75 | €327 | €115 | -€211 | -64.8% |
| Financial charges | 65/66B | €1,046 | €2,791 | +€1,745 | +167% |
| Recurring financial charges | 65 | €1,046 | €2,791 | +€1,745 | +167% |
| Profit (loss) for the period before taxes | 9903 | €31,013 | €78,183 | +€47,169 | +152% |
| Income taxes | 67/77 | €10,782 | €22,039 | +€11,257 | +104% |
| Profit (loss) for the period | 9904 | €20,232 | €56,144 | +€35,912 | +178% |
| Profit (loss) for the period to be appropriated | 9905 | €20,232 | €56,144 | +€35,912 | +178% |
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 22 October 2026 via checked.be.