HOVALO: 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.
HOVALO
Largest movements
- Stocks and contracts -€22,905
down €22,905 (-100%), from €22,905 to €0
- Tangible fixed assets -€9,791
down €9,791 (-21.1%), from €46,323 to €36,531
of which Land and buildings: -€12,524
- Deferred charges and accrued income -€8,417
down €8,417 (-76.8%), from €10,958 to €2,542
- Cash +€5,142
up €5,142 (+315%), from €1,634 to €6,776
mainly Stocks and contracts (+€22,905) and Depreciation (+€12,526)
- Receivables within one year +€1,281
up €1,281 (+81.9%), from €1,564 to €2,845
of which Trade receivables: +€2,404
- Profit (loss) carried forward -€16,731
down €16,731 (-5.3%), from -€318,021 to -€334,752
- Trade debts -€13,472
down €13,472 (-63.7%), from €21,151 to €7,678
- Other debts -€4,625
down €4,625 (-1.6%), from €295,034 to €290,410
- Gross operating margin -€4,497
down €4,497, from €3,161 to -€1,335
- Financial charges +€32
up €32 (+30.0%), from €107 to €139
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 | €83,384 | €48,694 | -€34,690 | -41.6% |
| Fixed assets | 21/28 | €46,323 | €36,531 | -€9,791 | -21.1% |
| Tangible fixed assets | 22/27 | €46,323 | €36,531 | -€9,791 | -21.1% |
| Land and buildings | 22 | €46,323 | €33,799 | -€12,524 | -27.0% |
| Plant, machinery and equipment | 23 | - | €2,732 | +€2,732 | |
| Current assets | 29/58 | €37,061 | €12,163 | -€24,899 | -67.2% |
| Stocks and contracts in progress | 3 | €22,905 | €0 | -€22,905 | -100% |
| Stocks | 30/36 | €22,905 | €0 | -€22,905 | -100% |
| Amounts receivable within one year | 40/41 | €1,564 | €2,845 | +€1,281 | +81.9% |
| Trade receivables | 40 | €0 | €2,404 | +€2,404 | |
| Other amounts receivable | 41 | €1,564 | €440 | -€1,123 | -71.8% |
| Cash at bank and in hand | 54/58 | €1,634 | €6,776 | +€5,142 | +315% |
| Deferred charges and accrued income | 490/1 | €10,958 | €2,542 | -€8,417 | -76.8% |
| Total equity and liabilities | 10/49 | €83,384 | €48,694 | -€34,690 | -41.6% |
| Equity | 10/15 | -€232,801 | -€249,532 | -€16,731 | -7.2% |
| Contributions | 10/11 | €49,579 | €49,579 | = | 0.0% |
| Reserves | 13 | €35,641 | €35,641 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,782 | €0 | -€1,782 | -100% |
| Reserves not available under the articles | 1311 | €1,782 | €0 | -€1,782 | -100% |
| Distributable reserves | 133 | €33,859 | €35,641 | +€1,782 | +5.3% |
| Profit (loss) carried forward | 14 | -€318,021 | -€334,752 | -€16,731 | -5.3% |
| Amounts payable | 17/49 | €316,185 | €298,226 | -€17,959 | -5.7% |
| Amounts payable within one year | 42/48 | €316,185 | €298,226 | -€17,959 | -5.7% |
| Trade debts | 44 | €21,151 | €7,678 | -€13,472 | -63.7% |
| Suppliers | 440/4 | €21,151 | €7,678 | -€13,472 | -63.7% |
| Taxes, remuneration and social security | 45 | €0 | €138 | +€138 | |
| Taxes | 450/3 | €0 | €138 | +€138 | |
| Other amounts payable | 47/48 | €295,034 | €290,410 | -€4,625 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,524 | €12,526 | +€2 | 0.0% |
| Other operating charges | 640/8 | €2,758 | €2,731 | -€27 | -1.0% |
| Gross operating margin | 9900 | €3,161 | -€1,335 | -€4,497 | |
| Operating profit (loss) | 9901 | -€12,120 | -€16,592 | -€4,472 | -36.9% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €107 | €139 | +€32 | +30.0% |
| Recurring financial charges | 65 | €107 | €139 | +€32 | +30.0% |
| Profit (loss) for the period before taxes | 9903 | -€12,227 | -€16,731 | -€4,504 | -36.8% |
| Profit (loss) for the period | 9904 | -€12,227 | -€16,731 | -€4,504 | -36.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,227 | -€16,731 | -€4,504 | -36.8% |
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 13 October 2026 via checked.be.