H-VEST: 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-VEST
Largest movements
- Financial fixed assets +€260,000
up €260,000 (+80.0%), from €325,000 to €585,000
- Receivables after one year -€100,000
down €100,000 (-22.5%), from €445,000 to €345,000
- Tangible fixed assets -€71,948
down €71,948 (-14.3%), from €503,637 to €431,689
of which Leasing and similar rights: -€61,215
- Deferred charges and accrued income +€38,273
up €38,273 (+343%), from €11,144 to €49,416
- Receivables within one year +€17,924
up €17,924 (+39.0%), from €45,919 to €63,843
of which Trade receivables: +€22,481
- Other debts +€176,311
up €176,311 (+72.2%), from €244,277 to €420,588
- Debts after one year -€121,769
down €121,769 (-66.0%), from €184,410 to €62,641
- Reserves +€45,994
up €45,994 (+25.5%), from €180,364 to €226,358
of which Distributable reserves: +€43,694
- Trade debts +€17,068
up €17,068 (+36,831%), from €46 to €17,114
- Financial income +€16,722
up €16,722 (+87.4%), from €19,142 to €35,864
- Gross operating margin -€13,895
down €13,895 (-9.9%), from €140,589 to €126,694
- Financial charges +€2,112
up €2,112 (+8.5%), from €24,907 to €27,019
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 | €1,335,599 | €1,475,007 | +€139,407 | +10.4% |
| Fixed assets | 21/28 | €828,637 | €1,016,689 | +€188,052 | +22.7% |
| Tangible fixed assets | 22/27 | €503,637 | €431,689 | -€71,948 | -14.3% |
| Leasing and similar rights | 25 | €428,503 | €367,288 | -€61,215 | -14.3% |
| Other tangible fixed assets | 26 | €75,135 | €64,401 | -€10,734 | -14.3% |
| Financial fixed assets | 28 | €325,000 | €585,000 | +€260,000 | +80.0% |
| Current assets | 29/58 | €506,962 | €458,318 | -€48,644 | -9.6% |
| Amounts receivable after more than one year | 29 | €445,000 | €345,000 | -€100,000 | -22.5% |
| Other amounts receivable | 291 | €445,000 | €345,000 | -€100,000 | -22.5% |
| Amounts receivable within one year | 40/41 | €45,919 | €63,843 | +€17,924 | +39.0% |
| Trade receivables | 40 | €41,362 | €63,843 | +€22,481 | +54.4% |
| Other amounts receivable | 41 | €4,557 | €0 | -€4,557 | -100% |
| Cash at bank and in hand | 54/58 | €4,899 | €58 | -€4,841 | -98.8% |
| Deferred charges and accrued income | 490/1 | €11,144 | €49,416 | +€38,273 | +343% |
| Total equity and liabilities | 10/49 | €1,335,599 | €1,475,007 | +€139,407 | +10.4% |
| Equity | 10/15 | €795,364 | €841,358 | +€45,994 | +5.8% |
| Contributions | 10/11 | €615,000 | €615,000 | = | 0.0% |
| Capital | 10 | €615,000 | €615,000 | = | 0.0% |
| Issued capital | 100 | €615,000 | €615,000 | = | 0.0% |
| Reserves | 13 | €180,364 | €226,358 | +€45,994 | +25.5% |
| Non-distributable reserves | 130/1 | €43,616 | €45,916 | +€2,300 | +5.3% |
| Legal reserve | 130 | €43,616 | €45,916 | +€2,300 | +5.3% |
| Distributable reserves | 133 | €136,748 | €180,442 | +€43,694 | +32.0% |
| Amounts payable | 17/49 | €540,235 | €633,649 | +€93,413 | +17.3% |
| Amounts payable after more than one year | 17 | €184,410 | €62,641 | -€121,769 | -66.0% |
| Financial debts | 170/4 | €184,410 | €62,641 | -€121,769 | -66.0% |
| Amounts payable within one year | 42/48 | €355,826 | €571,008 | +€215,182 | +60.5% |
| Current portion of amounts payable after more than one year | 42 | €108,231 | €121,769 | +€13,537 | +12.5% |
| Trade debts | 44 | €46 | €17,114 | +€17,068 | +36,831% |
| Suppliers | 440/4 | €46 | €17,114 | +€17,068 | +36,831% |
| Taxes, remuneration and social security | 45 | €3,271 | €11,537 | +€8,266 | +253% |
| Taxes | 450/3 | €3,271 | €11,537 | +€8,266 | +253% |
| Other amounts payable | 47/48 | €244,277 | €420,588 | +€176,311 | +72.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,948 | €71,948 | = | 0.0% |
| Other operating charges | 640/8 | €1,107 | €1,030 | -€78 | -7.0% |
| Gross operating margin | 9900 | €140,589 | €126,694 | -€13,895 | -9.9% |
| Operating profit (loss) | 9901 | €67,533 | €53,716 | -€13,817 | -20.5% |
| Financial income | 75/76B | €19,142 | €35,864 | +€16,722 | +87.4% |
| Recurring financial income | 75 | €19,142 | €35,864 | +€16,722 | +87.4% |
| Financial charges | 65/66B | €24,907 | €27,019 | +€2,112 | +8.5% |
| Recurring financial charges | 65 | €24,907 | €27,019 | +€2,112 | +8.5% |
| Profit (loss) for the period before taxes | 9903 | €61,769 | €62,561 | +€792 | +1.3% |
| Income taxes | 67/77 | €15,414 | €16,567 | +€1,153 | +7.5% |
| Profit (loss) for the period | 9904 | €46,355 | €45,994 | -€361 | -0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €46,355 | €45,994 | -€361 | -0.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.