HOVALVI: 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.
HOVALVI
Largest movements
- Tangible fixed assets -€113,779
down €113,779 (-4.9%), from €2.3m to €2.2m
of which Land and buildings: -€121,701
- Debts after one year -€153,946
down €153,946 (-11.4%), from €1.4m to €1.2m
- Reserves +€84,700
up €84,700 (+15.8%), from €535,000 to €619,700
- Taxes +€10,447
up €10,447 (+58.7%), from €17,801 to €28,248
- Depreciation -€7,673
down €7,673 (-5.8%), from €132,494 to €124,820
- Financial charges -€3,039
down €3,039 (-9.3%), from €32,524 to €29,486
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 | €2,413,373 | €2,335,177 | -€78,196 | -3.2% |
| Fixed assets | 21/28 | €2,320,084 | €2,206,305 | -€113,779 | -4.9% |
| Tangible fixed assets | 22/27 | €2,320,084 | €2,206,305 | -€113,779 | -4.9% |
| Land and buildings | 22 | €2,311,366 | €2,189,665 | -€121,701 | -5.3% |
| Plant, machinery and equipment | 23 | €8,718 | €16,640 | +€7,922 | +90.9% |
| Current assets | 29/58 | €93,289 | €128,872 | +€35,583 | +38.1% |
| Amounts receivable within one year | 40/41 | €8,000 | €21,313 | +€13,313 | +166% |
| Other amounts receivable | 41 | €8,000 | €21,313 | +€13,313 | +166% |
| Cash at bank and in hand | 54/58 | €84,715 | €107,559 | +€22,845 | +27.0% |
| Deferred charges and accrued income | 490/1 | €575 | - | -€575 | |
| Total equity and liabilities | 10/49 | €2,413,373 | €2,335,177 | -€78,196 | -3.2% |
| Equity | 10/15 | €885,067 | €969,810 | +€84,743 | +9.6% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Contributions outside capital | 11 | €350,000 | €350,000 | = | 0.0% |
| Other | 1109/19 | €350,000 | €350,000 | = | 0.0% |
| Reserves | 13 | €535,000 | €619,700 | +€84,700 | +15.8% |
| Distributable reserves | 133 | €535,000 | €619,700 | +€84,700 | +15.8% |
| Profit (loss) carried forward | 14 | €67 | €110 | +€43 | +63.2% |
| Amounts payable | 17/49 | €1,528,306 | €1,365,367 | -€162,938 | -10.7% |
| Amounts payable after more than one year | 17 | €1,354,216 | €1,200,271 | -€153,946 | -11.4% |
| Financial debts | 170/4 | €1,354,216 | €1,200,271 | -€153,946 | -11.4% |
| Amounts payable within one year | 42/48 | €174,089 | €165,097 | -€8,993 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €150,885 | €153,946 | +€3,061 | +2.0% |
| Financial debts | 43 | €3 | €3 | = | 0.0% |
| Credit institutions | 430/8 | €3 | €3 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €301 | €3,248 | +€2,947 | +980% |
| Taxes | 450/3 | €301 | €3,248 | +€2,947 | +980% |
| Other amounts payable | 47/48 | €22,900 | €7,900 | -€15,000 | -65.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132,494 | €124,820 | -€7,673 | -5.8% |
| Other operating charges | 640/8 | €22,766 | €23,481 | +€715 | +3.1% |
| Gross operating margin | 9900 | €288,879 | €289,474 | +€595 | +0.2% |
| Operating profit (loss) | 9901 | €133,619 | €141,172 | +€7,553 | +5.7% |
| Financial income | 75/76B | - | €1,304 | +€1,304 | |
| Recurring financial income | 75 | - | €1,304 | +€1,304 | |
| Financial charges | 65/66B | €32,524 | €29,486 | -€3,039 | -9.3% |
| Recurring financial charges | 65 | €32,524 | €29,486 | -€3,039 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €101,095 | €112,990 | +€11,895 | +11.8% |
| Income taxes | 67/77 | €17,801 | €28,248 | +€10,447 | +58.7% |
| Profit (loss) for the period | 9904 | €83,294 | €84,743 | +€1,449 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €83,294 | €84,743 | +€1,449 | +1.7% |
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 28 October 2026 via checked.be.