HOVA: what changed
HOVA
Largest movements
- Cash +€26,868
up €26,868 (+71.5%), from €37,591 to €64,459
mainly Net result for the year (+€26,191) and Depreciation (+€22,007)
- Tangible fixed assets -€21,312
down €21,312 (-7.1%), from €299,651 to €278,339
of which Land and buildings: -€33,909
- Reserves +€26,191
up €26,191 (+34.0%), from €77,107 to €103,298
of which Distributable reserves: +€26,191
- Other debts -€6,944
down €6,944 (-4.1%), from €170,766 to €163,822
- Tax, wage and social debts -€5,892
down €5,892 (-35.4%), from €16,636 to €10,744
- Current portion of long-term debt -€4,710
down €4,710 (-52.2%), from €9,014 to €4,305
- Debts after one year -€3,592
down €3,592 (-100%), from €3,592 to €0
- Financial charges -€4,621
down €4,621 (-87.3%), from €5,291 to €670
- Depreciation -€3,905
down €3,905 (-15.1%), from €25,912 to €22,007
- Taxes +€2,905
up €2,905 (+28.8%), from €10,095 to €12,999
- Gross operating margin +€1,267
up €1,267 (+2.0%), from €64,122 to €65,389
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €343,066 | €351,566 | +€8,501 | +2.5% |
| Fixed assets | 21/28 | €299,651 | €278,339 | -€21,312 | -7.1% |
| Tangible fixed assets | 22/27 | €299,651 | €278,339 | -€21,312 | -7.1% |
| Land and buildings | 22 | €265,499 | €231,590 | -€33,909 | -12.8% |
| Plant, machinery and equipment | 23 | €9,709 | €9,062 | -€647 | -6.7% |
| Furniture and vehicles | 24 | €542 | €886 | +€344 | +63.4% |
| Leasing and similar rights | 25 | €23,901 | €14,164 | -€9,736 | -40.7% |
| Other tangible fixed assets | 26 | - | €22,636 | +€22,636 | |
| Current assets | 29/58 | €43,415 | €73,228 | +€29,813 | +68.7% |
| Stocks and contracts in progress | 3 | €2,933 | €2,900 | -€33 | -1.1% |
| Stocks | 30/36 | €2,933 | €2,900 | -€33 | -1.1% |
| Amounts receivable within one year | 40/41 | €0 | €3,032 | +€3,032 | |
| Trade receivables | 40 | €0 | €3,032 | +€3,032 | |
| Cash at bank and in hand | 54/58 | €37,591 | €64,459 | +€26,868 | +71.5% |
| Deferred charges and accrued income | 490/1 | €2,891 | €2,837 | -€54 | -1.9% |
| Total equity and liabilities | 10/49 | €343,066 | €351,566 | +€8,501 | +2.5% |
| Equity | 10/15 | €139,107 | €165,298 | +€26,191 | +18.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €77,107 | €103,298 | +€26,191 | +34.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €70,907 | €97,098 | +€26,191 | +36.9% |
| Amounts payable | 17/49 | €203,959 | €186,268 | -€17,691 | -8.7% |
| Amounts payable after more than one year | 17 | €3,592 | €0 | -€3,592 | -100% |
| Financial debts | 170/4 | €3,592 | €0 | -€3,592 | -100% |
| Amounts payable within one year | 42/48 | €200,366 | €186,268 | -€14,098 | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €9,014 | €4,305 | -€4,710 | -52.2% |
| Trade debts | 44 | €3,950 | €7,398 | +€3,447 | +87.3% |
| Suppliers | 440/4 | €3,950 | €7,398 | +€3,447 | +87.3% |
| Taxes, remuneration and social security | 45 | €16,636 | €10,744 | -€5,892 | -35.4% |
| Taxes | 450/3 | €16,636 | €10,744 | -€5,892 | -35.4% |
| Other amounts payable | 47/48 | €170,766 | €163,822 | -€6,944 | -4.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,912 | €22,007 | -€3,905 | -15.1% |
| Other operating charges | 640/8 | €3,046 | €3,033 | -€13 | -0.4% |
| Non-recurring operating charges | 66A | - | €503 | +€503 | |
| Gross operating margin | 9900 | €64,122 | €65,389 | +€1,267 | +2.0% |
| Operating profit (loss) | 9901 | €35,164 | €39,845 | +€4,682 | +13.3% |
| Financial income | 75/76B | €0 | €15 | +€15 | |
| Recurring financial income | 75 | €0 | €15 | +€15 | |
| Financial charges | 65/66B | €5,291 | €670 | -€4,621 | -87.3% |
| Recurring financial charges | 65 | €5,291 | €670 | -€4,621 | -87.3% |
| Profit (loss) for the period before taxes | 9903 | €29,873 | €39,191 | +€9,318 | +31.2% |
| Income taxes | 67/77 | €10,095 | €12,999 | +€2,905 | +28.8% |
| Profit (loss) for the period | 9904 | €19,778 | €26,191 | +€6,413 | +32.4% |
| Profit (loss) for the period to be appropriated | 9905 | €19,778 | €26,191 | +€6,413 | +32.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.