HOVAS: 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.
HOVAS
Largest movements
- Cash +€19,572
up €19,572 (+1,846%), from €1,060 to €20,633
mainly Tax, wage and social debts (+€19,292) and Trade debts (+€15,179)
- Tangible fixed assets +€19,347
up €19,347 (+1,811%), from €1,068 to €20,415
of which Furniture and vehicles: +€19,405
- Receivables within one year +€2,328
up €2,328 (+1,336%), from €174 to €2,502
of which Trade receivables: +€2,502
- Tax, wage and social debts +€19,292
new in 2025: €19,292
- Trade debts +€15,179
up €15,179 (+2,687%), from €565 to €15,744
- Profit (loss) carried forward +€5,709
up €5,709 (+24.3%), from -€23,474 to -€17,765
- Other debts +€1,422
up €1,422 (+8.3%), from €17,152 to €18,574
- Gross operating margin +€11,862
up €11,862, from -€403 to €11,459
- Depreciation +€4,460
up €4,460 (+644%), from €693 to €5,153
- Other operating charges +€166
up €166 (+42.8%), from €387 to €553
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 | €2,302 | €43,906 | +€41,603 | +1,807% |
| Fixed assets | 21/28 | €1,068 | €20,415 | +€19,347 | +1,811% |
| Tangible fixed assets | 22/27 | €1,068 | €20,415 | +€19,347 | +1,811% |
| Plant, machinery and equipment | 23 | €362 | €304 | -€59 | -16.2% |
| Furniture and vehicles | 24 | €706 | €20,111 | +€19,405 | +2,749% |
| Current assets | 29/58 | €1,234 | €23,491 | +€22,256 | +1,803% |
| Amounts receivable within one year | 40/41 | €174 | €2,502 | +€2,328 | +1,336% |
| Trade receivables | 40 | - | €2,502 | +€2,502 | |
| Other amounts receivable | 41 | €174 | - | -€174 | |
| Cash at bank and in hand | 54/58 | €1,060 | €20,633 | +€19,572 | +1,846% |
| Deferred charges and accrued income | 490/1 | - | €356 | +€356 | |
| Total equity and liabilities | 10/49 | €2,302 | €43,906 | +€41,603 | +1,807% |
| Equity | 10/15 | -€15,414 | -€9,705 | +€5,709 | +37.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,474 | -€17,765 | +€5,709 | +24.3% |
| Amounts payable | 17/49 | €17,717 | €53,611 | +€35,894 | +203% |
| Amounts payable within one year | 42/48 | €17,717 | €53,611 | +€35,894 | +203% |
| Trade debts | 44 | €565 | €15,744 | +€15,179 | +2,687% |
| Suppliers | 440/4 | €565 | €15,744 | +€15,179 | +2,687% |
| Taxes, remuneration and social security | 45 | - | €19,292 | +€19,292 | |
| Taxes | 450/3 | - | €19,292 | +€19,292 | |
| Other amounts payable | 47/48 | €17,152 | €18,574 | +€1,422 | +8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €693 | €5,153 | +€4,460 | +644% |
| Other operating charges | 640/8 | €387 | €553 | +€166 | +42.8% |
| Gross operating margin | 9900 | -€403 | €11,459 | +€11,862 | |
| Operating profit (loss) | 9901 | -€1,483 | €5,752 | +€7,235 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €42 | €43 | +€1 | +3.2% |
| Recurring financial charges | 65 | €42 | €43 | +€1 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,525 | €5,709 | +€7,234 | |
| Profit (loss) for the period | 9904 | -€1,525 | €5,709 | +€7,234 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,525 | €5,709 | +€7,234 |
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 15 October 2026 via checked.be.