hivolta: 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.
hivolta
Largest movements
- Receivables within one year +€57,515
up €57,515 (+52.9%), from €108,737 to €166,252
of which Other amounts receivable: +€52,108
- Cash +€18,026
up €18,026 (+42.5%), from €42,458 to €60,484
mainly Net result for the year (+€56,659) and Short-term financial debts (+€40,000)
- Stocks and contracts -€10,633
down €10,633 (-5.0%), from €214,676 to €204,043
of which Stocks: -€5,654
- Intangible fixed assets +€7,015
up €7,015 (+72.2%), from €9,721 to €16,736
- Tangible fixed assets -€6,136
down €6,136 (-7.4%), from €82,487 to €76,351
of which Plant, machinery and equipment: -€3,191
- Other debts -€75,847
no longer reported in 2025 (was €75,847)
- Profit (loss) carried forward +€57,814
up €57,814 (+132%), from €43,714 to €101,528
- Short-term financial debts +€40,000
new in 2025: €40,000
- Debts after one year +€33,173
up €33,173 (+133%), from €25,000 to €58,173
- Tax, wage and social debts +€12,203
up €12,203 (+413%), from €2,956 to €15,159
- Gross operating margin +€86,600
up €86,600 (+918%), from €9,430 to €96,030
- Taxes +€21,680
up €21,680 (+2,629%), from €825 to €22,505
- Financial charges +€4,390
up €4,390 (+127%), from €3,444 to €7,834
- Depreciation +€1,863
up €1,863 (+26.9%), from €6,933 to €8,796
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 | €460,711 | €529,534 | +€68,823 | +14.9% |
| Fixed assets | 21/28 | €93,758 | €94,637 | +€879 | +0.9% |
| Intangible fixed assets | 21 | €9,721 | €16,736 | +€7,015 | +72.2% |
| Tangible fixed assets | 22/27 | €82,487 | €76,351 | -€6,136 | -7.4% |
| Plant, machinery and equipment | 23 | €11,472 | €8,280 | -€3,191 | -27.8% |
| Furniture and vehicles | 24 | €7,045 | €4,453 | -€2,592 | -36.8% |
| Other tangible fixed assets | 26 | €8,948 | €8,596 | -€352 | -3.9% |
| Assets under construction and advance payments | 27 | €55,023 | €55,023 | = | 0.0% |
| Financial fixed assets | 28 | €1,550 | €1,550 | = | 0.0% |
| Current assets | 29/58 | €366,953 | €434,897 | +€67,944 | +18.5% |
| Stocks and contracts in progress | 3 | €214,676 | €204,043 | -€10,633 | -5.0% |
| Stocks | 30/36 | €151,375 | €145,721 | -€5,654 | -3.7% |
| Contracts in progress | 37 | €63,301 | €58,322 | -€4,979 | -7.9% |
| Amounts receivable within one year | 40/41 | €108,737 | €166,252 | +€57,515 | +52.9% |
| Trade receivables | 40 | €99,051 | €104,458 | +€5,407 | +5.5% |
| Other amounts receivable | 41 | €9,687 | €61,794 | +€52,108 | +538% |
| Cash at bank and in hand | 54/58 | €42,458 | €60,484 | +€18,026 | +42.5% |
| Deferred charges and accrued income | 490/1 | €1,081 | €4,117 | +€3,037 | +281% |
| Total equity and liabilities | 10/49 | €460,711 | €529,534 | +€68,823 | +14.9% |
| Equity | 10/15 | €246,699 | €303,358 | +€56,659 | +23.0% |
| Contributions | 10/11 | €175,000 | €175,000 | = | 0.0% |
| Reserves | 13 | €27,985 | €26,830 | -€1,155 | -4.1% |
| Tax-exempt reserves | 132 | €26,771 | €25,616 | -€1,155 | -4.3% |
| Distributable reserves | 133 | €1,214 | €1,214 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,714 | €101,528 | +€57,814 | +132% |
| Provisions and deferred taxes | 16 | €8,924 | €8,539 | -€385 | -4.3% |
| Deferred taxes | 168 | €8,924 | €8,539 | -€385 | -4.3% |
| Amounts payable | 17/49 | €205,088 | €217,637 | +€12,549 | +6.1% |
| Amounts payable after more than one year | 17 | €25,000 | €58,173 | +€33,173 | +133% |
| Financial debts | 170/4 | €25,000 | €58,173 | +€33,173 | +133% |
| Amounts payable within one year | 42/48 | €177,588 | €156,965 | -€20,624 | -11.6% |
| Financial debts | 43 | - | €40,000 | +€40,000 | |
| Credit institutions | 430/8 | - | €40,000 | +€40,000 | |
| Trade debts | 44 | €98,785 | €101,806 | +€3,021 | +3.1% |
| Suppliers | 440/4 | €98,785 | €101,806 | +€3,021 | +3.1% |
| Taxes, remuneration and social security | 45 | €2,956 | €15,159 | +€12,203 | +413% |
| Taxes | 450/3 | €2,956 | €15,159 | +€12,203 | +413% |
| Other amounts payable | 47/48 | €75,847 | - | -€75,847 | |
| Accrued charges and deferred income | 492/3 | €2,500 | €2,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,933 | €8,796 | +€1,863 | +26.9% |
| Other operating charges | 640/8 | €1,211 | €1,307 | +€96 | +7.9% |
| Gross operating margin | 9900 | €9,430 | €96,030 | +€86,600 | +918% |
| Operating profit (loss) | 9901 | €1,287 | €85,927 | +€84,641 | +6,579% |
| Financial income | 75/76B | €132 | €686 | +€553 | +418% |
| Recurring financial income | 75 | €132 | €686 | +€553 | +418% |
| Financial charges | 65/66B | €3,444 | €7,834 | +€4,390 | +127% |
| Recurring financial charges | 65 | €3,444 | €7,834 | +€4,390 | +127% |
| Profit (loss) for the period before taxes | 9903 | -€2,025 | €78,779 | +€80,804 | |
| Transfer from deferred taxes | 780 | €330 | €385 | +€55 | +16.8% |
| Income taxes | 67/77 | €825 | €22,505 | +€21,680 | +2,629% |
| Profit (loss) for the period | 9904 | -€2,520 | €56,659 | +€59,179 | |
| Transfer from tax-exempt reserves | 789 | €989 | €1,155 | +€166 | +16.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,532 | €57,814 | +€59,345 |
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.