Hovection: 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.
Hovection
Largest movements
- Receivables within one year +€28,621
up €28,621 (+43.5%), from €65,802 to €94,423
of which Trade receivables: +€27,371
- Cash +€16,018
up €16,018 (+65.7%), from €24,387 to €40,404
mainly Trade debts (+€15,589) and Debts after one year (+€10,044)
- Intangible fixed assets -€1,835
down €1,835 (-37.4%), from €4,902 to €3,067
- Trade debts +€15,589
up €15,589 (+428%), from €3,640 to €19,230
- Debts after one year +€10,044
new in 2025: €10,044
- Current portion of long-term debt +€8,280
up €8,280, from €0 to €8,280
- Other debts +€2,726
up €2,726 (+17.2%), from €15,875 to €18,601
- Tax, wage and social debts +€1,969
up €1,969 (+21.8%), from €9,025 to €10,994
of which Remuneration and social security: +€3,200
- Gross operating margin -€11,137
down €11,137 (-38.7%), from €28,809 to €17,671
- Depreciation -€4,797
down €4,797 (-34.1%), from €14,059 to €9,262
- Taxes -€1,049
down €1,049 (-36.8%), from €2,848 to €1,799
- Financial charges +€865
up €865 (+31.3%), from €2,763 to €3,628
- Other operating charges -€737
down €737 (-33.8%), from €2,180 to €1,444
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 | €110,280 | €151,179 | +€40,899 | +37.1% |
| Fixed assets | 21/28 | €17,606 | €14,984 | -€2,621 | -14.9% |
| Intangible fixed assets | 21 | €4,902 | €3,067 | -€1,835 | -37.4% |
| Tangible fixed assets | 22/27 | €12,704 | €11,918 | -€786 | -6.2% |
| Plant, machinery and equipment | 23 | €8,160 | €3,969 | -€4,190 | -51.4% |
| Furniture and vehicles | 24 | €4,545 | €7,949 | +€3,404 | +74.9% |
| Current assets | 29/58 | €92,674 | €136,195 | +€43,521 | +47.0% |
| Stocks and contracts in progress | 3 | €1,580 | €1,155 | -€425 | -26.9% |
| Stocks | 30/36 | €1,580 | €1,155 | -€425 | -26.9% |
| Amounts receivable within one year | 40/41 | €65,802 | €94,423 | +€28,621 | +43.5% |
| Trade receivables | 40 | €65,652 | €93,023 | +€27,371 | +41.7% |
| Other amounts receivable | 41 | €150 | €1,400 | +€1,250 | +833% |
| Cash at bank and in hand | 54/58 | €24,387 | €40,404 | +€16,018 | +65.7% |
| Deferred charges and accrued income | 490/1 | €905 | €212 | -€693 | -76.6% |
| Total equity and liabilities | 10/49 | €110,280 | €151,179 | +€40,899 | +37.1% |
| Equity | 10/15 | €80,914 | €82,810 | +€1,896 | +2.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,314 | €64,210 | +€1,896 | +3.0% |
| Amounts payable | 17/49 | €29,366 | €68,369 | +€39,004 | +133% |
| Amounts payable after more than one year | 17 | - | €10,044 | +€10,044 | |
| Financial debts | 170/4 | - | €10,044 | +€10,044 | |
| Amounts payable within one year | 42/48 | €28,541 | €57,105 | +€28,564 | +100% |
| Current portion of amounts payable after more than one year | 42 | €0 | €8,280 | +€8,280 | |
| Trade debts | 44 | €3,640 | €19,230 | +€15,589 | +428% |
| Suppliers | 440/4 | €3,640 | €19,230 | +€15,589 | +428% |
| Taxes, remuneration and social security | 45 | €9,025 | €10,994 | +€1,969 | +21.8% |
| Taxes | 450/3 | €9,025 | €7,794 | -€1,231 | -13.6% |
| Remuneration and social security | 454/9 | - | €3,200 | +€3,200 | |
| Other amounts payable | 47/48 | €15,875 | €18,601 | +€2,726 | +17.2% |
| Accrued charges and deferred income | 492/3 | €825 | €1,220 | +€396 | +48.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,059 | €9,262 | -€4,797 | -34.1% |
| Other operating charges | 640/8 | €2,180 | €1,444 | -€737 | -33.8% |
| Gross operating margin | 9900 | €28,809 | €17,671 | -€11,137 | -38.7% |
| Operating profit (loss) | 9901 | €12,570 | €6,966 | -€5,604 | -44.6% |
| Financial income | 75/76B | €110 | €356 | +€246 | +224% |
| Recurring financial income | 75 | €110 | €356 | +€246 | +224% |
| Financial charges | 65/66B | €2,763 | €3,628 | +€865 | +31.3% |
| Recurring financial charges | 65 | €2,763 | €3,628 | +€865 | +31.3% |
| Profit (loss) for the period before taxes | 9903 | €9,917 | €3,695 | -€6,222 | -62.7% |
| Income taxes | 67/77 | €2,848 | €1,799 | -€1,049 | -36.8% |
| Profit (loss) for the period | 9904 | €7,068 | €1,896 | -€5,173 | -73.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,068 | €1,896 | -€5,173 | -73.2% |
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 23 October 2026 via checked.be.