HLVC: 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.
HLVC
Largest movements
- Financial fixed assets +€468,862
up €468,862 (+163.9%), from €286,138 to €755,000
- Receivables within one year -€136,999
down €136,999 (-40.3%), from €339,848 to €202,849
of which Trade receivables: -€139,313
- Cash +€26,730
up €26,730 (+30.9%), from €86,492 to €113,222
mainly Contributions, distributions and other (+€720,861) and Receivables within one year (+€136,999)
- Receivables after one year +€15,010
new in 2025: €15,010
- Revaluation surpluses +€720,860
new in 2025: €720,860
- Profit (loss) carried forward -€215,511
down €215,511 (-21.4%), from -€1.0m to -€1.2m
- Trade debts -€84,056
down €84,056 (-26.8%), from €313,403 to €229,348
- Debts after one year -€60,893
down €60,893 (-23.3%), from €260,893 to €200,000
- Reserves +€43,966
up €43,966 (+59.9%), from €73,355 to €117,321
- Financial charges -€722,496
down €722,496 (-72.4%), from €998,317 to €275,821
of which Financial charges: -€967,496
- Write-downs +€171,905
new in 2025: €171,905
- Gross operating margin +€169,391
up €169,391 (+490.7%), from €34,521 to €203,913
- Staff costs -€55,015
down €55,015 (-99.7%), from €55,184 to €169
- Financial income +€9,324
up €9,324 (+26.5%), from €35,182 to €44,506
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 | €756,696 | €1,119,839 | +€363,142 | +48.0% |
| Fixed assets | 21/28 | €327,684 | €786,427 | +€458,743 | +140.0% |
| Tangible fixed assets | 22/27 | €41,546 | €31,427 | -€10,119 | -24.4% |
| Plant, machinery and equipment | 23 | €34,577 | €27,737 | -€6,840 | -19.8% |
| Furniture and vehicles | 24 | €6,969 | €3,690 | -€3,279 | -47.1% |
| Financial fixed assets | 28 | €286,138 | €755,000 | +€468,862 | +163.9% |
| Current assets | 29/58 | €429,012 | €333,412 | -€95,600 | -22.3% |
| Amounts receivable after more than one year | 29 | - | €15,010 | +€15,010 | |
| Other amounts receivable | 291 | - | €15,010 | +€15,010 | |
| Amounts receivable within one year | 40/41 | €339,848 | €202,849 | -€136,999 | -40.3% |
| Trade receivables | 40 | €227,304 | €87,991 | -€139,313 | -61.3% |
| Other amounts receivable | 41 | €112,544 | €114,858 | +€2,314 | +2.1% |
| Cash at bank and in hand | 54/58 | €86,492 | €113,222 | +€26,730 | +30.9% |
| Deferred charges and accrued income | 490/1 | €2,672 | €2,332 | -€341 | -12.7% |
| Total equity and liabilities | 10/49 | €756,696 | €1,119,839 | +€363,142 | +48.0% |
| Equity | 10/15 | €15,104 | €520,454 | +€505,350 | +3345.8% |
| Contributions | 10/11 | €950,121 | €906,156 | -€43,965 | -4.6% |
| Revaluation surpluses | 12 | - | €720,860 | +€720,860 | |
| Reserves | 13 | €73,355 | €117,321 | +€43,966 | +59.9% |
| Distributable reserves | 133 | €73,355 | €117,321 | +€43,966 | +59.9% |
| Profit (loss) carried forward | 14 | -€1,008,372 | -€1,223,883 | -€215,511 | -21.4% |
| Amounts payable | 17/49 | €741,592 | €599,385 | -€142,208 | -19.2% |
| Amounts payable after more than one year | 17 | €260,893 | €200,000 | -€60,893 | -23.3% |
| Financial debts | 170/4 | €260,893 | €200,000 | -€60,893 | -23.3% |
| Amounts payable within one year | 42/48 | €479,133 | €399,346 | -€79,787 | -16.7% |
| Current portion of amounts payable after more than one year | 42 | €37,591 | €41,413 | +€3,822 | +10.2% |
| Trade debts | 44 | €313,403 | €229,348 | -€84,056 | -26.8% |
| Suppliers | 440/4 | €313,403 | €229,348 | -€84,056 | -26.8% |
| Taxes, remuneration and social security | 45 | €2,132 | €0 | -€2,132 | -100.0% |
| Taxes | 450/3 | €1,092 | €0 | -€1,092 | -100.0% |
| Remuneration and social security | 454/9 | €1,040 | €0 | -€1,040 | -100.0% |
| Other amounts payable | 47/48 | €126,006 | €128,585 | +€2,579 | +2.0% |
| Accrued charges and deferred income | 492/3 | €1,566 | €39 | -€1,527 | -97.5% |
| Non-recurring operating income | 76A | €423 | €0 | -€423 | -100.0% |
| Remuneration, social security and pensions | 62 | €55,184 | €169 | -€55,015 | -99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,694 | €10,119 | -€1,575 | -13.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €171,905 | +€171,905 | |
| Other operating charges | 640/8 | €1,381 | €5,915 | +€4,534 | +328.2% |
| Non-recurring operating charges | 66A | €4,257 | €0 | -€4,257 | -100.0% |
| Gross operating margin | 9900 | €34,521 | €203,913 | +€169,391 | +490.7% |
| Operating profit (loss) | 9901 | -€37,995 | €15,805 | +€53,800 | |
| Financial income | 75/76B | €35,182 | €44,506 | +€9,324 | +26.5% |
| Recurring financial income | 75 | €35,182 | €44,506 | +€9,324 | +26.5% |
| Financial charges | 65/66B | €998,317 | €275,821 | -€722,496 | -72.4% |
| Recurring financial charges | 65 | €998,317 | €30,821 | -€967,496 | -96.9% |
| Non-recurring financial charges | 66B | - | €245,000 | +€245,000 | |
| Profit (loss) for the period before taxes | 9903 | -€1,001,130 | -€215,511 | +€785,619 | +78.5% |
| Income taxes | 67/77 | €7,242 | €0 | -€7,242 | -100.0% |
| Profit (loss) for the period | 9904 | -€1,008,372 | -€215,511 | +€792,862 | +78.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,008,372 | -€215,511 | +€792,862 | +78.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.