HLVT: 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.
HLVT
Largest movements
- Current investments +€80,734
new in 2025: €80,734
- Receivables within one year -€31,571
down €31,571 (-44.7%), from €70,631 to €39,060
of which Other amounts receivable: -€44,500
- Cash +€7,092
up €7,092 (+2.7%), from €259,302 to €266,394
mainly Net result for the year (+€88,884) and Receivables within one year (+€31,571)
- Reserves +€42,041
up €42,041 (+13.1%), from €320,323 to €362,364
- Tax, wage and social debts +€12,109
up €12,109 (+86.4%), from €14,012 to €26,121
- Gross operating margin +€25,814
up €25,814 (+25.3%), from €102,011 to €127,826
- Taxes +€8,794
up €8,794 (+30.9%), from €28,434 to €37,227
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 | €342,943 | €396,494 | +€53,552 | +15.6% |
| Fixed assets | 21/28 | €12,372 | €9,391 | -€2,981 | -24.1% |
| Tangible fixed assets | 22/27 | €12,372 | €9,391 | -€2,981 | -24.1% |
| Furniture and vehicles | 24 | €8,351 | €6,039 | -€2,312 | -27.7% |
| Other tangible fixed assets | 26 | €4,020 | €3,352 | -€668 | -16.6% |
| Current assets | 29/58 | €330,571 | €387,103 | +€56,532 | +17.1% |
| Amounts receivable within one year | 40/41 | €70,631 | €39,060 | -€31,571 | -44.7% |
| Trade receivables | 40 | €26,131 | €39,060 | +€12,929 | +49.5% |
| Other amounts receivable | 41 | €44,500 | €0 | -€44,500 | -100% |
| Current investments | 50/53 | - | €80,734 | +€80,734 | |
| Cash at bank and in hand | 54/58 | €259,302 | €266,394 | +€7,092 | +2.7% |
| Deferred charges and accrued income | 490/1 | €638 | €915 | +€278 | +43.5% |
| Total equity and liabilities | 10/49 | €342,943 | €396,494 | +€53,552 | +15.6% |
| Equity | 10/15 | €326,523 | €368,564 | +€42,041 | +12.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €320,323 | €362,364 | +€42,041 | +13.1% |
| Distributable reserves | 133 | €320,323 | €362,364 | +€42,041 | +13.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €16,420 | €27,930 | +€11,510 | +70.1% |
| Amounts payable within one year | 42/48 | €16,420 | €27,930 | +€11,510 | +70.1% |
| Trade debts | 44 | €2,408 | €1,809 | -€599 | -24.9% |
| Suppliers | 440/4 | €2,408 | €1,809 | -€599 | -24.9% |
| Taxes, remuneration and social security | 45 | €14,012 | €26,121 | +€12,109 | +86.4% |
| Taxes | 450/3 | €14,012 | €26,121 | +€12,109 | +86.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,998 | €2,981 | +€982 | +49.1% |
| Other operating charges | 640/8 | €991 | €1,198 | +€207 | +20.9% |
| Gross operating margin | 9900 | €102,011 | €127,826 | +€25,814 | +25.3% |
| Operating profit (loss) | 9901 | €99,022 | €123,647 | +€24,625 | +24.9% |
| Financial income | 75/76B | €1,792 | €2,920 | +€1,128 | +62.9% |
| Recurring financial income | 75 | €1,792 | €2,920 | +€1,128 | +62.9% |
| Financial charges | 65/66B | €670 | €456 | -€215 | -32.0% |
| Recurring financial charges | 65 | €670 | €456 | -€215 | -32.0% |
| Profit (loss) for the period before taxes | 9903 | €100,144 | €126,112 | +€25,968 | +25.9% |
| Income taxes | 67/77 | €28,434 | €37,227 | +€8,794 | +30.9% |
| Profit (loss) for the period | 9904 | €71,710 | €88,884 | +€17,174 | +23.9% |
| Profit (loss) for the period to be appropriated | 9905 | €71,710 | €88,884 | +€17,174 | +23.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.