Hiverco: 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.
Hiverco
Largest movements
- Receivables after one year -€109,962
down €109,962 (-69.1%), from €159,021 to €49,059
- Cash -€59,227
down €59,227 (-61.7%), from €95,978 to €36,751
mainly Contributions, distributions and other (-€241,954) and Debts after one year (-€16,555)
- Receivables within one year -€33,208
down €33,208 (-5.0%), from €665,702 to €632,494
of which Other amounts receivable: -€214,958
- Tangible fixed assets -€16,320
down €16,320 (-5.4%), from €304,786 to €288,467
of which Land and buildings: -€16,451
- Reserves -€223,315
down €223,315 (-30.9%), from €723,002 to €499,687
of which Distributable reserves: -€202,265
- Other debts +€40,000
new in 2025: €40,000
- Debts after one year -€16,555
down €16,555 (-6.3%), from €263,634 to €247,078
- Trade debts -€14,357
down €14,357 (-8.6%), from €166,517 to €152,161
- Financial charges +€340,976
up €340,976 (+5,342%), from €6,383 to €347,358
- Gross operating margin +€121,240
up €121,240 (+44.4%), from €272,936 to €394,176
- Taxes -€67,105
down €67,105 (-76.3%), from €87,970 to €20,865
- Other operating charges +€4,573
up €4,573 (+255%), from €1,793 to €6,366
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 | €1,264,404 | €1,035,592 | -€228,812 | -18.1% |
| Fixed assets | 21/28 | €304,786 | €288,467 | -€16,320 | -5.4% |
| Tangible fixed assets | 22/27 | €304,786 | €288,467 | -€16,320 | -5.4% |
| Land and buildings | 22 | €272,913 | €256,462 | -€16,451 | -6.0% |
| Plant, machinery and equipment | 23 | €6,168 | €4,594 | -€1,574 | -25.5% |
| Furniture and vehicles | 24 | €11,908 | €15,653 | +€3,745 | +31.4% |
| Other tangible fixed assets | 26 | €13,798 | €11,757 | -€2,040 | -14.8% |
| Current assets | 29/58 | €959,617 | €747,125 | -€212,492 | -22.1% |
| Amounts receivable after more than one year | 29 | €159,021 | €49,059 | -€109,962 | -69.1% |
| Other amounts receivable | 291 | €159,021 | €49,059 | -€109,962 | -69.1% |
| Amounts receivable within one year | 40/41 | €665,702 | €632,494 | -€33,208 | -5.0% |
| Trade receivables | 40 | €26,035 | €207,784 | +€181,749 | +698% |
| Other amounts receivable | 41 | €639,668 | €424,710 | -€214,958 | -33.6% |
| Cash at bank and in hand | 54/58 | €95,978 | €36,751 | -€59,227 | -61.7% |
| Deferred charges and accrued income | 490/1 | €38,916 | €28,821 | -€10,095 | -25.9% |
| Total equity and liabilities | 10/49 | €1,264,404 | €1,035,592 | -€228,812 | -18.1% |
| Equity | 10/15 | €735,502 | €512,187 | -€223,315 | -30.4% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €723,002 | €499,687 | -€223,315 | -30.9% |
| Tax-exempt reserves | 132 | €71,439 | €50,389 | -€21,050 | -29.5% |
| Distributable reserves | 133 | €651,563 | €449,298 | -€202,265 | -31.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €528,902 | €523,405 | -€5,497 | -1.0% |
| Amounts payable after more than one year | 17 | €263,634 | €247,078 | -€16,555 | -6.3% |
| Financial debts | 170/4 | €263,634 | €247,078 | -€16,555 | -6.3% |
| Amounts payable within one year | 42/48 | €265,268 | €276,326 | +€11,058 | +4.2% |
| Current portion of amounts payable after more than one year | 42 | €22,088 | €16,555 | -€5,533 | -25.0% |
| Financial debts | 43 | €6,409 | €1,161 | -€5,248 | -81.9% |
| Credit institutions | 430/8 | €6,409 | €1,161 | -€5,248 | -81.9% |
| Trade debts | 44 | €166,517 | €152,161 | -€14,357 | -8.6% |
| Suppliers | 440/4 | €166,517 | €152,161 | -€14,357 | -8.6% |
| Taxes, remuneration and social security | 45 | €70,254 | €66,449 | -€3,805 | -5.4% |
| Taxes | 450/3 | €67,454 | €66,449 | -€1,005 | -1.5% |
| Remuneration and social security | 454/9 | €2,800 | €0 | -€2,800 | -100% |
| Other amounts payable | 47/48 | - | €40,000 | +€40,000 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,416 | €27,233 | +€1,817 | +7.1% |
| Other operating charges | 640/8 | €1,793 | €6,366 | +€4,573 | +255% |
| Gross operating margin | 9900 | €272,936 | €394,176 | +€121,240 | +44.4% |
| Operating profit (loss) | 9901 | €245,727 | €360,576 | +€114,849 | +46.7% |
| Financial income | 75/76B | €29,827 | €26,286 | -€3,540 | -11.9% |
| Recurring financial income | 75 | €29,827 | €26,286 | -€3,540 | -11.9% |
| Financial charges | 65/66B | €6,383 | €347,358 | +€340,976 | +5,342% |
| Recurring financial charges | 65 | €6,383 | €347,358 | +€340,976 | +5,342% |
| Profit (loss) for the period before taxes | 9903 | €269,171 | €39,504 | -€229,667 | -85.3% |
| Income taxes | 67/77 | €87,970 | €20,865 | -€67,105 | -76.3% |
| Profit (loss) for the period | 9904 | €181,201 | €18,639 | -€162,562 | -89.7% |
| Transfer from tax-exempt reserves | 789 | €42,100 | €21,050 | -€21,050 | -50.0% |
| Transfer to tax-exempt reserves | 689 | €21,050 | €0 | -€21,050 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €202,251 | €39,689 | -€162,562 | -80.4% |
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 14 October 2026 via checked.be.