HLV: 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.
HLV
Largest movements
- Cash +€23,688
up €23,688 (+31.0%), from €76,427 to €100,114
mainly Net result for the year (+€20,820) and Depreciation (+€12,787)
- Tangible fixed assets -€12,787
down €12,787 (-7.5%), from €169,563 to €156,776
of which Other tangible fixed assets: -€11,908
- Receivables within one year +€4,638
new in 2025: €4,638
- Reserves +€98,067
up €98,067 (+1032.3%), from €9,500 to €107,567
- Profit (loss) carried forward -€77,247
no longer reported in 2025 (was €77,247)
- Current portion of long-term debt -€8,834
no longer reported in 2025 (was €8,834)
- Tax, wage and social debts +€4,122
new in 2025: €4,122
- Depreciation -€17,735
down €17,735 (-58.1%), from €30,523 to €12,787
- Other operating charges -€4,473
down €4,473 (-73.4%), from €6,093 to €1,620
- Taxes +€4,122
new in 2025: €4,122
- Gross operating margin -€2,131
down €2,131 (-5.1%), from €41,712 to €39,580
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €245,990 | €261,679 | +€15,690 | +6.4% |
| Fixed assets | 21/28 | €169,563 | €156,776 | -€12,787 | -7.5% |
| Tangible fixed assets | 22/27 | €169,563 | €156,776 | -€12,787 | -7.5% |
| Furniture and vehicles | 24 | €1,885 | €1,005 | -€880 | -46.7% |
| Other tangible fixed assets | 26 | €167,678 | €155,771 | -€11,908 | -7.1% |
| Current assets | 29/58 | €76,427 | €104,904 | +€28,477 | +37.3% |
| Amounts receivable within one year | 40/41 | - | €4,638 | +€4,638 | |
| Trade receivables | 40 | - | €4,638 | +€4,638 | |
| Cash at bank and in hand | 54/58 | €76,427 | €100,114 | +€23,688 | +31.0% |
| Deferred charges and accrued income | 490/1 | - | €151 | +€151 | |
| Total equity and liabilities | 10/49 | €245,990 | €261,679 | +€15,690 | +6.4% |
| Equity | 10/15 | €181,747 | €202,567 | +€20,820 | +11.5% |
| Contributions | 10/11 | €95,000 | €95,000 | = | 0.0% |
| Reserves | 13 | €9,500 | €107,567 | +€98,067 | +1032.3% |
| Distributable reserves | 133 | €9,500 | €107,567 | +€98,067 | +1032.3% |
| Profit (loss) carried forward | 14 | €77,247 | - | -€77,247 | |
| Amounts payable | 17/49 | €64,243 | €59,112 | -€5,131 | -8.0% |
| Amounts payable within one year | 42/48 | €64,243 | €59,112 | -€5,131 | -8.0% |
| Current portion of amounts payable after more than one year | 42 | €8,834 | - | -€8,834 | |
| Trade debts | 44 | €7,641 | €7,918 | +€277 | +3.6% |
| Suppliers | 440/4 | €7,641 | €7,918 | +€277 | +3.6% |
| Taxes, remuneration and social security | 45 | - | €4,122 | +€4,122 | |
| Taxes | 450/3 | - | €4,122 | +€4,122 | |
| Other amounts payable | 47/48 | €47,768 | €47,072 | -€696 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,523 | €12,787 | -€17,735 | -58.1% |
| Other operating charges | 640/8 | €6,093 | €1,620 | -€4,473 | -73.4% |
| Gross operating margin | 9900 | €41,712 | €39,580 | -€2,131 | -5.1% |
| Operating profit (loss) | 9901 | €5,096 | €25,173 | +€20,077 | +394.0% |
| Financial income | 75/76B | €57 | - | -€57 | |
| Recurring financial income | 75 | €57 | - | -€57 | |
| Financial charges | 65/66B | €423 | €230 | -€193 | -45.6% |
| Recurring financial charges | 65 | €423 | €230 | -€193 | -45.6% |
| Profit (loss) for the period before taxes | 9903 | €4,730 | €24,943 | +€20,213 | +427.4% |
| Income taxes | 67/77 | - | €4,122 | +€4,122 | |
| Profit (loss) for the period | 9904 | €4,730 | €20,820 | +€16,091 | +340.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,730 | €20,820 | +€16,091 | +340.2% |
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 1 October 2026 via checked.be.