HIVAG: 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.
HIVAG
Largest movements
- Financial fixed assets +€1.3m
up €1.3m (+206%), from €619,421 to €1.9m
- Current investments +€100,000
new in 2025: €100,000
- Cash -€67,709
down €67,709 (-59.2%), from €114,441 to €46,732
mainly Investment in fixed assets (net) (-€1.3m) and Current investments (-€100,000)
- Receivables within one year -€38,467
down €38,467 (-14.7%), from €261,520 to €223,054
of which Other amounts receivable: -€23,067
- Profit (loss) carried forward +€1.3m
up €1.3m (+128%), from €1.0m to €2.3m
- Financial income +€1.5m
up €1.5m (+201,202%), from €762 to €1.5m
- Financial charges +€188,137
up €188,137 (+4,294%), from €4,381 to €192,518
- Gross operating margin -€96,727
down €96,727 (-68.0%), from €142,164 to €45,438
- Staff costs -€50,562
down €50,562 (-66.1%), from €76,520 to €25,958
- Taxes -€14,734
down €14,734 (-96.1%), from €15,329 to €595
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 | €1,212,201 | €2,470,845 | +€1.3m | +104% |
| Fixed assets | 21/28 | €788,454 | €2,058,094 | +€1.3m | +161% |
| Tangible fixed assets | 22/27 | €169,033 | €164,755 | -€4,278 | -2.5% |
| Land and buildings | 22 | €118,626 | €111,904 | -€6,722 | -5.7% |
| Furniture and vehicles | 24 | €50,406 | €52,850 | +€2,444 | +4.8% |
| Financial fixed assets | 28 | €619,421 | €1,893,339 | +€1.3m | +206% |
| Current assets | 29/58 | €423,746 | €412,751 | -€10,995 | -2.6% |
| Amounts receivable after more than one year | 29 | €39,416 | €31,234 | -€8,182 | -20.8% |
| Other amounts receivable | 291 | €39,416 | €31,234 | -€8,182 | -20.8% |
| Amounts receivable within one year | 40/41 | €261,520 | €223,054 | -€38,467 | -14.7% |
| Trade receivables | 40 | €69,808 | €54,408 | -€15,400 | -22.1% |
| Other amounts receivable | 41 | €191,713 | €168,646 | -€23,067 | -12.0% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €114,441 | €46,732 | -€67,709 | -59.2% |
| Deferred charges and accrued income | 490/1 | €8,369 | €11,732 | +€3,363 | +40.2% |
| Total equity and liabilities | 10/49 | €1,212,201 | €2,470,845 | +€1.3m | +104% |
| Equity | 10/15 | €1,096,201 | €2,407,217 | +€1.3m | +120% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €8,088 | €8,088 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,888 | €1,888 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,026,113 | €2,337,129 | +€1.3m | +128% |
| Amounts payable | 17/49 | €115,999 | €63,628 | -€52,371 | -45.1% |
| Amounts payable after more than one year | 17 | €30,827 | €30,827 | = | 0.0% |
| Financial debts | 170/4 | €30,827 | €30,827 | = | 0.0% |
| Amounts payable within one year | 42/48 | €84,204 | €31,718 | -€52,486 | -62.3% |
| Current portion of amounts payable after more than one year | 42 | €15,566 | - | -€15,566 | |
| Trade debts | 44 | €8,775 | €3,595 | -€5,179 | -59.0% |
| Suppliers | 440/4 | €8,775 | €3,595 | -€5,179 | -59.0% |
| Taxes, remuneration and social security | 45 | €15,587 | €119 | -€15,468 | -99.2% |
| Taxes | 450/3 | €4,990 | - | -€4,990 | |
| Remuneration and social security | 454/9 | €10,597 | €119 | -€10,478 | -98.9% |
| Other amounts payable | 47/48 | €44,276 | €28,004 | -€16,272 | -36.8% |
| Accrued charges and deferred income | 492/3 | €968 | €1,083 | +€115 | +11.9% |
| Remuneration, social security and pensions | 62 | €76,520 | €25,958 | -€50,562 | -66.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,002 | €21,508 | +€4,506 | +26.5% |
| Other operating charges | 640/8 | €8,634 | €6,177 | -€2,457 | -28.5% |
| Gross operating margin | 9900 | €142,164 | €45,438 | -€96,727 | -68.0% |
| Operating profit (loss) | 9901 | €40,007 | -€8,206 | -€48,213 | |
| Financial income | 75/76B | €762 | €1,533,763 | +€1.5m | +201,202% |
| Recurring financial income | 75 | €762 | €1,533,763 | +€1.5m | +201,202% |
| Financial charges | 65/66B | €4,381 | €192,518 | +€188,137 | +4,294% |
| Recurring financial charges | 65 | €4,381 | €192,518 | +€188,137 | +4,294% |
| Profit (loss) for the period before taxes | 9903 | €36,388 | €1,333,039 | +€1.3m | +3,563% |
| Income taxes | 67/77 | €15,329 | €595 | -€14,734 | -96.1% |
| Profit (loss) for the period | 9904 | €21,059 | €1,332,444 | +€1.3m | +6,227% |
| Profit (loss) for the period to be appropriated | 9905 | €21,059 | €1,332,444 | +€1.3m | +6,227% |
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 20 October 2026 via checked.be.