HLV C&E: 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 C&E
Largest movements
- Cash +€116,438
up €116,438 (+102.2%), from €113,921 to €230,360
mainly Net result for the year (+€109,853) and Other debts (+€25,000)
- Receivables within one year -€4,777
down €4,777 (-10.9%), from €43,811 to €39,034
of which Trade receivables: -€3,068
- Profit (loss) carried forward +€84,853
up €84,853 (+58.6%), from €144,893 to €229,746
- Other debts +€25,000
new in 2025: €25,000
- Gross operating margin +€28,671
up €28,671 (+25.5%), from €112,604 to €141,275
- Taxes +€6,886
up €6,886 (+29.0%), from €23,770 to €30,657
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 | €163,509 | €274,802 | +€111,294 | +68.1% |
| Fixed assets | 21/28 | €5,397 | €5,030 | -€368 | -6.8% |
| Tangible fixed assets | 22/27 | €5,397 | €5,030 | -€368 | -6.8% |
| Furniture and vehicles | 24 | €940 | €572 | -€368 | -39.1% |
| Other tangible fixed assets | 26 | €4,458 | €4,458 | = | 0.0% |
| Current assets | 29/58 | €158,111 | €269,773 | +€111,662 | +70.6% |
| Amounts receivable within one year | 40/41 | €43,811 | €39,034 | -€4,777 | -10.9% |
| Trade receivables | 40 | €41,373 | €38,305 | -€3,068 | -7.4% |
| Other amounts receivable | 41 | €2,438 | €729 | -€1,709 | -70.1% |
| Cash at bank and in hand | 54/58 | €113,921 | €230,360 | +€116,438 | +102.2% |
| Deferred charges and accrued income | 490/1 | €379 | €379 | = | 0.0% |
| Total equity and liabilities | 10/49 | €163,509 | €274,802 | +€111,294 | +68.1% |
| Equity | 10/15 | €147,893 | €232,746 | +€84,853 | +57.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €144,893 | €229,746 | +€84,853 | +58.6% |
| Amounts payable | 17/49 | €15,616 | €42,057 | +€26,441 | +169.3% |
| Amounts payable within one year | 42/48 | €12,146 | €37,684 | +€25,538 | +210.3% |
| Trade debts | 44 | €251 | €1,629 | +€1,378 | +549.5% |
| Suppliers | 440/4 | €251 | €1,629 | +€1,378 | +549.5% |
| Taxes, remuneration and social security | 45 | €11,895 | €11,055 | -€840 | -7.1% |
| Taxes | 450/3 | €10,695 | €9,585 | -€1,110 | -10.4% |
| Remuneration and social security | 454/9 | €1,200 | €1,470 | +€270 | +22.5% |
| Other amounts payable | 47/48 | - | €25,000 | +€25,000 | |
| Accrued charges and deferred income | 492/3 | €3,470 | €4,373 | +€903 | +26.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €164 | €368 | +€204 | +124.5% |
| Gross operating margin | 9900 | €112,604 | €141,275 | +€28,671 | +25.5% |
| Operating profit (loss) | 9901 | €112,440 | €140,907 | +€28,467 | +25.3% |
| Financial charges | 65/66B | €65 | €397 | +€332 | +513.0% |
| Recurring financial charges | 65 | €65 | €397 | +€332 | +513.0% |
| Profit (loss) for the period before taxes | 9903 | €112,375 | €140,510 | +€28,135 | +25.0% |
| Income taxes | 67/77 | €23,770 | €30,657 | +€6,886 | +29.0% |
| Profit (loss) for the period | 9904 | €88,604 | €109,853 | +€21,248 | +24.0% |
| Profit (loss) for the period to be appropriated | 9905 | €88,604 | €109,853 | +€21,248 | +24.0% |
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 28 September 2026 via checked.be.