HOVA-VEE: 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.
HOVA-VEE
Largest movements
- Cash +€117,777
up €117,777 (+39,186%), from €301 to €118,078
mainly Trade debts (+€158,449) and Net result for the year (+€60,762)
- Receivables within one year -€12,094
down €12,094 (-1.5%), from €799,151 to €787,058
of which Trade receivables: -€11,172
- Trade debts +€158,449
up €158,449 (+58.1%), from €272,901 to €431,350
- Other debts -€51,202
down €51,202 (-37.2%), from €137,494 to €86,292
- Financial charges -€4,735
down €4,735 (-37.6%), from €12,584 to €7,849
- Taxes +€3,905
up €3,905 (+13.3%), from €29,360 to €33,265
- Gross operating margin +€3,511
up €3,511 (+3.0%), from €118,408 to €121,919
- Depreciation -€1,314
down €1,314 (-9.4%), from €14,041 to €12,726
- Other operating charges +€1,286
up €1,286 (+20.6%), from €6,252 to €7,538
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 | €830,313 | €929,691 | +€99,378 | +12.0% |
| Fixed assets | 21/28 | €28,595 | €22,202 | -€6,394 | -22.4% |
| Tangible fixed assets | 22/27 | €28,545 | €22,152 | -€6,394 | -22.4% |
| Land and buildings | 22 | €10,055 | €11,613 | +€1,558 | +15.5% |
| Plant, machinery and equipment | 23 | €5,355 | €4,419 | -€935 | -17.5% |
| Furniture and vehicles | 24 | €13,136 | €6,119 | -€7,017 | -53.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €801,718 | €907,489 | +€105,772 | +13.2% |
| Stocks and contracts in progress | 3 | €100 | €100 | = | 0.0% |
| Stocks | 30/36 | €100 | €100 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €799,151 | €787,058 | -€12,094 | -1.5% |
| Trade receivables | 40 | €798,230 | €787,058 | -€11,172 | -1.4% |
| Other amounts receivable | 41 | €921 | - | -€921 | |
| Cash at bank and in hand | 54/58 | €301 | €118,078 | +€117,777 | +39,186% |
| Deferred charges and accrued income | 490/1 | €2,166 | €2,254 | +€88 | +4.1% |
| Total equity and liabilities | 10/49 | €830,313 | €929,691 | +€99,378 | +12.0% |
| Equity | 10/15 | €401,761 | €397,690 | -€4,071 | -1.0% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €380,853 | €377,499 | -€3,354 | -0.9% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €30,831 | €30,831 | = | 0.0% |
| Distributable reserves | 133 | €348,122 | €344,768 | -€3,354 | -1.0% |
| Profit (loss) carried forward | 14 | €1,907 | €1,191 | -€717 | -37.6% |
| Amounts payable | 17/49 | €428,552 | €532,001 | +€103,449 | +24.1% |
| Amounts payable within one year | 42/48 | €428,552 | €532,001 | +€103,449 | +24.1% |
| Current portion of amounts payable after more than one year | 42 | €6,209 | - | -€6,209 | |
| Trade debts | 44 | €272,901 | €431,350 | +€158,449 | +58.1% |
| Suppliers | 440/4 | €272,901 | €431,350 | +€158,449 | +58.1% |
| Taxes, remuneration and social security | 45 | €11,948 | €14,358 | +€2,410 | +20.2% |
| Taxes | 450/3 | €11,948 | €14,358 | +€2,410 | +20.2% |
| Other amounts payable | 47/48 | €137,494 | €86,292 | -€51,202 | -37.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,041 | €12,726 | -€1,314 | -9.4% |
| Other operating charges | 640/8 | €6,252 | €7,538 | +€1,286 | +20.6% |
| Gross operating margin | 9900 | €118,408 | €121,919 | +€3,511 | +3.0% |
| Operating profit (loss) | 9901 | €98,115 | €101,655 | +€3,540 | +3.6% |
| Financial income | 75/76B | €0 | €222 | +€222 | +123,244% |
| Recurring financial income | 75 | €0 | €222 | +€222 | +123,244% |
| Financial charges | 65/66B | €12,584 | €7,849 | -€4,735 | -37.6% |
| Recurring financial charges | 65 | €12,584 | €7,849 | -€4,735 | -37.6% |
| Profit (loss) for the period before taxes | 9903 | €85,531 | €94,027 | +€8,496 | +9.9% |
| Income taxes | 67/77 | €29,360 | €33,265 | +€3,905 | +13.3% |
| Profit (loss) for the period | 9904 | €56,171 | €60,762 | +€4,591 | +8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €56,171 | €60,762 | +€4,591 | +8.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.