Hivalex: 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.
Hivalex
Largest movements
- Current investments +€7,291
up €7,291 (+25.3%), from €28,864 to €36,155
- Tangible fixed assets -€7,219
down €7,219 (-21.1%), from €34,277 to €27,058
of which Other tangible fixed assets: -€4,587
- Receivables within one year +€4,898
up €4,898 (+32.4%), from €15,125 to €20,023
of which Trade receivables: +€3,025
- Cash +€2,506
up €2,506 (+4.6%), from €54,123 to €56,628
mainly Net result for the year (+€89,393) and Depreciation (+€7,219)
- Reserves +€2,931
up €2,931 (+3.2%), from €91,043 to €93,975
of which Distributable reserves: +€2,931
- Other debts +€2,518
up €2,518 (+67.5%), from €3,730 to €6,249
- Current portion of long-term debt +€2,500
up €2,500 (+42.9%), from €5,833 to €8,333
- Gross operating margin +€10,788
up €10,788 (+10.1%), from €106,882 to €117,670
- Financial charges -€8,342
down €8,342 (-66.6%), from €12,530 to €4,187
- Financial income -€3,358
down €3,358 (-32.7%), from €10,279 to €6,921
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 | €133,742 | €141,257 | +€7,515 | +5.6% |
| Fixed assets | 21/28 | €34,277 | €27,058 | -€7,219 | -21.1% |
| Tangible fixed assets | 22/27 | €34,277 | €27,058 | -€7,219 | -21.1% |
| Furniture and vehicles | 24 | €4,911 | €2,279 | -€2,632 | -53.6% |
| Other tangible fixed assets | 26 | €29,366 | €24,779 | -€4,587 | -15.6% |
| Current assets | 29/58 | €99,465 | €114,199 | +€14,735 | +14.8% |
| Amounts receivable within one year | 40/41 | €15,125 | €20,023 | +€4,898 | +32.4% |
| Trade receivables | 40 | €15,125 | €18,150 | +€3,025 | +20.0% |
| Other amounts receivable | 41 | - | €1,873 | +€1,873 | |
| Current investments | 50/53 | €28,864 | €36,155 | +€7,291 | +25.3% |
| Cash at bank and in hand | 54/58 | €54,123 | €56,628 | +€2,506 | +4.6% |
| Deferred charges and accrued income | 490/1 | €1,353 | €1,393 | +€40 | +2.9% |
| Total equity and liabilities | 10/49 | €133,742 | €141,257 | +€7,515 | +5.6% |
| Equity | 10/15 | €109,643 | €112,575 | +€2,931 | +2.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €91,043 | €93,975 | +€2,931 | +3.2% |
| Tax-exempt reserves | 132 | €155 | €155 | = | 0.0% |
| Distributable reserves | 133 | €90,888 | €93,819 | +€2,931 | +3.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €24,099 | €28,683 | +€4,584 | +19.0% |
| Amounts payable within one year | 42/48 | €23,831 | €28,330 | +€4,499 | +18.9% |
| Current portion of amounts payable after more than one year | 42 | €5,833 | €8,333 | +€2,500 | +42.9% |
| Trade debts | 44 | €1,870 | €2,099 | +€230 | +12.3% |
| Suppliers | 440/4 | €1,870 | €2,099 | +€230 | +12.3% |
| Taxes, remuneration and social security | 45 | €12,398 | €11,648 | -€749 | -6.0% |
| Taxes | 450/3 | €12,398 | €11,648 | -€749 | -6.0% |
| Other amounts payable | 47/48 | €3,730 | €6,249 | +€2,518 | +67.5% |
| Accrued charges and deferred income | 492/3 | €268 | €353 | +€85 | +31.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,259 | €7,219 | +€960 | +15.3% |
| Other operating charges | 640/8 | €640 | €528 | -€112 | -17.5% |
| Gross operating margin | 9900 | €106,882 | €117,670 | +€10,788 | +10.1% |
| Operating profit (loss) | 9901 | €99,984 | €109,923 | +€9,939 | +9.9% |
| Financial income | 75/76B | €10,279 | €6,921 | -€3,358 | -32.7% |
| Recurring financial income | 75 | €10,279 | €6,921 | -€3,358 | -32.7% |
| Financial charges | 65/66B | €12,530 | €4,187 | -€8,342 | -66.6% |
| Recurring financial charges | 65 | €12,530 | €4,187 | -€8,342 | -66.6% |
| Profit (loss) for the period before taxes | 9903 | €97,733 | €112,657 | +€14,924 | +15.3% |
| Income taxes | 67/77 | €23,468 | €23,264 | -€205 | -0.9% |
| Profit (loss) for the period | 9904 | €74,265 | €89,393 | +€15,128 | +20.4% |
| Profit (loss) for the period to be appropriated | 9905 | €74,265 | €89,393 | +€15,128 | +20.4% |
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 15 October 2026 via checked.be.