HOVAN: 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.
What changed
HOVAN
NACE 49.410, Freight transport by road
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€458,085
2024 · €560,621-€102,537
Equity
€4.1m
2024 · €3.6m+€458,085
Cash
€220,930
2024 · €627,138-€406,208
Balance sheet total
€5.1m
2024 · €5.3m-€173,258
Largest movements
Assets
- Receivables within one year +€505,970
up €505,970 (+32.3%), from €1.6m to €2.1m
of which Trade receivables: +€518,581
- Cash -€406,208
down €406,208 (-64.8%), from €627,138 to €220,930
mainly Receivables within one year (-€505,970) and Trade debts (-€349,332)
- Tangible fixed assets -€334,844
down €334,844 (-13.0%), from €2.6m to €2.2m
of which Land and buildings: -€185,020
- Current investments +€61,027
up €61,027 (+136%), from €44,993 to €106,020
Equity and liabilities
- Reserves +€458,085
up €458,085 (+13.5%), from €3.4m to €3.9m
of which Distributable reserves: +€373,885
- Trade debts -€349,332
down €349,332 (-67.8%), from €515,162 to €165,830
- Debts after one year -€253,503
down €253,503 (-35.6%), from €712,283 to €458,780
Income statement
- Turnover -€31.9m
no longer reported in 2025 (was €31.9m)
- Goods and materials -€29.4m
no longer reported in 2025 (was €29.4m)
of which Purchases: -€29.6m
- Gross operating margin +€1.6m
new in 2025: €1.6m
- Services and other goods -€985,445
no longer reported in 2025 (was €985,445)
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.
Result 2024
€560,621
Turnover
-€31.9m
Other operating income
-€77,277
Goods and materials
+€29.4m
Services and other goods
+€985,445
Staff costs
-€82,903
Depreciation
+€31,125
Write-downs
-€5,689
Other operating charges
-€675
Other operating items
+€1.5m
Financial income
-€18,354
Financial charges
+€12,282
Taxes
+€5,027
Result 2025
€458,085
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€142,471
Investment
+€8,390
Financing
-€272,127
Cash 2024
€627,138
From operations (derived)
-€142,471
Net result for the year
+€458,085
Depreciation
+€256,457
Stocks and contracts
+€29,459
Receivables within one year
-€505,970
Deferred charges and accrued income
-€21,285
Trade debts
-€349,332
Tax, wage and social debts
+€26,621
Advances received
+€150
Accrued charges and deferred income
-€36,656
Investment (derived)
+€8,390
Investment in fixed assets (net)
+€69,417
Current investments
-€61,027
Financing
-€272,127
Debts after one year
-€253,503
Current portion of long-term debt
-€18,623
Cash 2025
€220,930
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,277,998 | €5,104,739 | -€173,258 | -3.3% |
| Fixed assets | 21/28 | €2,583,283 | €2,257,409 | -€325,874 | -12.6% |
| Tangible fixed assets | 22/27 | €2,581,432 | €2,246,588 | -€334,844 | -13.0% |
| Land and buildings | 22 | €2,084,570 | €1,899,550 | -€185,020 | -8.9% |
| Plant, machinery and equipment | 23 | €20 | €0 | -€20 | -100% |
| Furniture and vehicles | 24 | €496,841 | €347,038 | -€149,803 | -30.2% |
| Financial fixed assets | 28 | €1,851 | €10,821 | +€8,970 | +485% |
| Other financial fixed assets | 284/8 | €1,851 | - | -€1,851 | |
| Amounts receivable and cash guarantees | 285/8 | €1,851 | - | -€1,851 | |
| Current assets | 29/58 | €2,694,715 | €2,847,331 | +€152,615 | +5.7% |
| Stocks and contracts in progress | 3 | €455,468 | €426,009 | -€29,459 | -6.5% |
| Stocks | 30/36 | €455,468 | €426,009 | -€29,459 | -6.5% |
| Goods purchased for resale | 34 | €455,468 | - | -€455,468 | |
| Amounts receivable within one year | 40/41 | €1,567,116 | €2,073,086 | +€505,970 | +32.3% |
| Trade receivables | 40 | €1,526,659 | €2,045,240 | +€518,581 | +34.0% |
| Other amounts receivable | 41 | €40,457 | €27,846 | -€12,611 | -31.2% |
| Current investments | 50/53 | €44,993 | €106,020 | +€61,027 | +136% |
| Other investments | 51/53 | €44,993 | - | -€44,993 | |
| Cash at bank and in hand | 54/58 | €627,138 | €220,930 | -€406,208 | -64.8% |
| Deferred charges and accrued income | 490/1 | - | €21,285 | +€21,285 | |
| Total equity and liabilities | 10/49 | €5,277,998 | €5,104,739 | -€173,258 | -3.3% |
| Equity | 10/15 | €3,597,654 | €4,055,739 | +€458,085 | +12.7% |
| Contributions | 10/11 | €199,500 | €199,500 | = | 0.0% |
| Reserves | 13 | €3,398,154 | €3,856,239 | +€458,085 | +13.5% |
| Tax-exempt reserves | 132 | €1,037,625 | €1,121,825 | +€84,200 | +8.1% |
| Distributable reserves | 133 | €2,360,529 | €2,734,414 | +€373,885 | +15.8% |
| Amounts payable | 17/49 | €1,680,344 | €1,049,001 | -€631,343 | -37.6% |
| Amounts payable after more than one year | 17 | €712,283 | €458,780 | -€253,503 | -35.6% |
| Financial debts | 170/4 | €712,283 | €458,780 | -€253,503 | -35.6% |
| Credit institutions | 173 | €712,283 | - | -€712,283 | |
| Amounts payable within one year | 42/48 | €931,405 | €590,221 | -€341,184 | -36.6% |
| Current portion of amounts payable after more than one year | 42 | €274,562 | €255,939 | -€18,623 | -6.8% |
| Trade debts | 44 | €515,162 | €165,830 | -€349,332 | -67.8% |
| Suppliers | 440/4 | €515,162 | €165,830 | -€349,332 | -67.8% |
| Advances received on contracts in progress | 46 | €27,090 | €27,240 | +€150 | +0.6% |
| Taxes, remuneration and social security | 45 | €114,591 | €141,211 | +€26,621 | +23.2% |
| Taxes | 450/3 | €50,667 | €106,844 | +€56,177 | +111% |
| Remuneration and social security | 454/9 | €63,924 | €34,368 | -€29,556 | -46.2% |
| Accrued charges and deferred income | 492/3 | €36,656 | €0 | -€36,656 | -100% |
| Operating income | 70/76A | €31,977,305 | - | -€32.0m | |
| Turnover | 70 | €31,890,328 | - | -€31.9m | |
| Other operating income | 74 | €77,277 | - | -€77,277 | |
| Non-recurring operating income | 76A | €9,700 | €75,381 | +€65,681 | +677% |
| Operating charges | 60/66A | €31,193,128 | - | -€31.2m | |
| Goods for resale, raw materials and consumables | 60 | €29,405,988 | - | -€29.4m | |
| Purchases | 600/8 | €29,615,752 | - | -€29.6m | |
| Change in stocks: decrease (increase) | 609 | -€209,764 | - | +€209,764 | |
| Services and other goods | 61 | €985,445 | - | -€985,445 | |
| Remuneration, social security and pensions | 62 | €429,638 | €512,541 | +€82,903 | +19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €287,583 | €256,457 | -€31,125 | -10.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,835 | €7,525 | +€5,689 | +310% |
| Other operating charges | 640/8 | €82,638 | €83,313 | +€675 | +0.8% |
| Non-recurring operating charges | 66A | - | €103,769 | +€103,769 | |
| Gross operating margin | 9900 | - | €1,646,290 | +€1.6m | |
| Operating profit (loss) | 9901 | €784,177 | €682,685 | -€101,492 | -12.9% |
| Financial income | 75/76B | €27,144 | €8,791 | -€18,354 | -67.6% |
| Recurring financial income | 75 | €27,144 | €8,791 | -€18,354 | -67.6% |
| Income from current assets | 751 | €1,261 | - | -€1,261 | |
| Other financial income | 752/9 | €25,883 | - | -€25,883 | |
| Financial charges | 65/66B | €77,889 | €65,607 | -€12,282 | -15.8% |
| Recurring financial charges | 65 | €77,889 | €65,607 | -€12,282 | -15.8% |
| Debt charges | 650 | €18,687 | - | -€18,687 | |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€5,144 | - | +€5,144 | |
| Other financial charges | 652/9 | €64,346 | - | -€64,346 | |
| Profit (loss) for the period before taxes | 9903 | €733,432 | €625,869 | -€107,563 | -14.7% |
| Income taxes | 67/77 | €172,811 | €167,784 | -€5,027 | -2.9% |
| Taxes | 670/3 | €172,811 | - | -€172,811 | |
| Profit (loss) for the period | 9904 | €560,621 | €458,085 | -€102,537 | -18.3% |
| Transfer from tax-exempt reserves | 789 | - | €84,200 | +€84,200 | |
| Transfer to tax-exempt reserves | 689 | €252,600 | €168,400 | -€84,200 | -33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €308,021 | €373,885 | +€65,863 | +21.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.