HIMVAS: what changed
Two fiscal 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.
What changed
HIMVAS
NACE 68.121, Development of residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€742,778
2024 · -€9.5m+€10.3m
Equity
€17.8m
2024 · €17.3m+€503,512
Cash
€63,947
2024 · €19,021+€44,926
Balance sheet total
€23.1m
2024 · €24.1m-€974,181
Largest movements
Assets
- Receivables within one year +€2.1m
up €2.1m (+69.2%), from €3.0m to €5.0m
of which Other amounts receivable: +€1.7m
- Stocks and contracts -€1.6m
down €1.6m (-40.2%), from €4.0m to €2.4m
- Financial fixed assets -€968,494
down €968,494 (-11.5%), from €8.4m to €7.4m
- Tangible fixed assets -€496,918
down €496,918 (-5.7%), from €8.7m to €8.2m
of which Land and buildings: -€475,073
Equity and liabilities
- Debts after one year -€1.9m
down €1.9m (-39.5%), from €4.8m to €2.9m
- Profit (loss) carried forward +€742,778
up €742,778 (+8.2%), from -€9.1m to -€8.3m
- Other debts +€431,177
up €431,177 (+49.2%), from €876,103 to €1.3m
Income statement
- Financial charges -€10.4m
down €10.4m (-97.6%), from €10.7m to €257,212
of which Non-recurring financial charges: -€10.5m
- Purchases and services -€763,899
down €763,899 (-100.0%), from €763,899 to €0
- Write-downs +€369,090
new in 2025: €369,090
- Financial income +€338,745
up €338,745 (+73.3%), from €461,894 to €800,638
of which Non-recurring financial income: +€453,000
- Gross operating margin -€194,265
down €194,265 (-18.9%), from €1.0m to €835,395
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.
Result 2024
-€9.5m
Gross operating margin
-€194,265
Staff costs
+€64,554
Depreciation
+€6,919
Write-downs
-€369,090
Other operating charges
-€6,096
Other operating items
-€50
Financial income
+€338,745
Financial charges
+€10.4m
Taxes
+€164
Result 2025
€742,778
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.
From operations
+€837,714
Investment
+€1.3m
Financing
-€2.1m
Cash 2024
€19,021
From operations (derived)
+€837,714
Net result for the year
+€742,778
Depreciation
+€139,335
Stocks and contracts
+€1.6m
Receivables within one year
-€2.1m
Deferred charges and accrued income
+€9,947
Trade debts
-€8,695
Tax, wage and social debts
-€11,843
Other debts
+€431,177
Accrued charges and deferred income
-€8,734
Investment (derived)
+€1.3m
Investment in fixed assets (net)
+€1.3m
Financing
-€2.1m
Debts after one year
-€1.9m
Current portion of long-term debt
+€9,496
Contributions, distributions and other
-€239,266
Cash 2025
€63,947
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,101,641 | €23,127,460 | -€974,181 | -4.0% |
| Fixed assets | 21/28 | €17,103,657 | €15,638,245 | -€1.5m | -8.6% |
| Tangible fixed assets | 22/27 | €8,711,432 | €8,214,514 | -€496,918 | -5.7% |
| Land and buildings | 22 | €8,616,374 | €8,141,301 | -€475,073 | -5.5% |
| Plant, machinery and equipment | 23 | €9,541 | €4,438 | -€5,103 | -53.5% |
| Furniture and vehicles | 24 | €85,518 | €68,776 | -€16,743 | -19.6% |
| Financial fixed assets | 28 | €8,392,225 | €7,423,731 | -€968,494 | -11.5% |
| Current assets | 29/58 | €6,997,984 | €7,489,215 | +€491,231 | +7.0% |
| Stocks and contracts in progress | 3 | €3,991,837 | €2,388,387 | -€1.6m | -40.2% |
| Stocks | 30/36 | €3,991,837 | €2,388,387 | -€1.6m | -40.2% |
| Amounts receivable within one year | 40/41 | €2,974,374 | €5,034,076 | +€2.1m | +69.2% |
| Trade receivables | 40 | €278,158 | €680,667 | +€402,509 | +144.7% |
| Other amounts receivable | 41 | €2,696,216 | €4,353,409 | +€1.7m | +61.5% |
| Cash at bank and in hand | 54/58 | €19,021 | €63,947 | +€44,926 | +236.2% |
| Deferred charges and accrued income | 490/1 | €12,752 | €2,805 | -€9,947 | -78.0% |
| Total equity and liabilities | 10/49 | €24,101,641 | €23,127,460 | -€974,181 | -4.0% |
| Equity | 10/15 | €17,300,600 | €17,804,112 | +€503,512 | +2.9% |
| Contributions | 10/11 | €11,000,000 | €11,000,000 | = | 0.0% |
| Capital | 10 | €11,000,000 | €11,000,000 | = | 0.0% |
| Issued capital | 100 | €11,000,000 | €11,000,000 | = | 0.0% |
| Revaluation surpluses | 12 | €9,801,498 | €9,562,232 | -€239,266 | -2.4% |
| Reserves | 13 | €5,562,399 | €5,562,399 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,100,000 | €1,100,000 | = | 0.0% |
| Legal reserve | 130 | €1,100,000 | €1,100,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,340,000 | €2,340,000 | = | 0.0% |
| Distributable reserves | 133 | €2,122,399 | €2,122,399 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,063,297 | -€8,320,519 | +€742,778 | +8.2% |
| Provisions and deferred taxes | 16 | €780,000 | €780,000 | = | 0.0% |
| Deferred taxes | 168 | €780,000 | €780,000 | = | 0.0% |
| Amounts payable | 17/49 | €6,021,042 | €4,543,348 | -€1.5m | -24.5% |
| Amounts payable after more than one year | 17 | €4,781,673 | €2,892,577 | -€1.9m | -39.5% |
| Financial debts | 170/4 | €4,781,673 | €2,892,577 | -€1.9m | -39.5% |
| Amounts payable within one year | 42/48 | €1,207,566 | €1,627,702 | +€420,135 | +34.8% |
| Current portion of amounts payable after more than one year | 42 | €274,599 | €284,096 | +€9,496 | +3.5% |
| Trade debts | 44 | €32,383 | €23,688 | -€8,695 | -26.9% |
| Suppliers | 440/4 | €32,383 | €23,688 | -€8,695 | -26.9% |
| Taxes, remuneration and social security | 45 | €24,482 | €12,638 | -€11,843 | -48.4% |
| Taxes | 450/3 | €14,162 | €12,638 | -€1,524 | -10.8% |
| Remuneration and social security | 454/9 | €10,319 | - | -€10,319 | |
| Other amounts payable | 47/48 | €876,103 | €1,307,280 | +€431,177 | +49.2% |
| Accrued charges and deferred income | 492/3 | €31,803 | €23,069 | -€8,734 | -27.5% |
| Turnover | 70 | €0 | €0 | = | |
| Non-recurring operating income | 76A | €12,400 | €0 | -€12,400 | -100.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €763,899 | €0 | -€763,899 | -100.0% |
| Remuneration, social security and pensions | 62 | €64,701 | €147 | -€64,554 | -99.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,253 | €139,335 | -€6,919 | -4.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €369,090 | +€369,090 | |
| Other operating charges | 640/8 | €120,959 | €127,055 | +€6,096 | +5.0% |
| Non-recurring operating charges | 66A | - | €50 | +€50 | |
| Gross operating margin | 9900 | €1,029,660 | €835,395 | -€194,265 | -18.9% |
| Operating profit (loss) | 9901 | €697,746 | €199,719 | -€498,028 | -71.4% |
| Financial income | 75/76B | €461,894 | €800,638 | +€338,745 | +73.3% |
| Recurring financial income | 75 | €461,894 | €347,638 | -€114,255 | -24.7% |
| Non-recurring financial income | 76B | - | €453,000 | +€453,000 | |
| Financial charges | 65/66B | €10,691,986 | €257,212 | -€10.4m | -97.6% |
| Recurring financial charges | 65 | €235,270 | €257,212 | +€21,942 | +9.3% |
| Non-recurring financial charges | 66B | €10,456,716 | €0 | -€10.5m | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€9,532,346 | €743,146 | +€10.3m | |
| Income taxes | 67/77 | €531 | €367 | -€164 | -30.8% |
| Profit (loss) for the period | 9904 | -€9,532,877 | €742,778 | +€10.3m | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,532,877 | €742,778 | +€10.3m |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.