HOVERTONE: 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.
HOVERTONE
Largest movements
- Receivables within one year -€379,608
down €379,608 (-41.0%), from €925,240 to €545,632
of which Trade receivables: -€355,424
- Cash -€289,276
down €289,276 (-59.3%), from €487,412 to €198,136
mainly Net result for the year (-€248,591) and Trade debts (-€218,058)
- Intangible fixed assets +€28,467
up €28,467 (+15.7%), from €181,056 to €209,523
- Deferred charges and accrued income +€25,247
up €25,247 (+119%), from €21,291 to €46,538
- Reserves -€250,000
down €250,000 (-76.9%), from €325,000 to €75,000
- Trade debts -€218,058
down €218,058 (-41.3%), from €528,078 to €310,020
- Other debts -€176,546
down €176,546 (-51.9%), from €339,914 to €163,367
- Debts after one year +€163,340
up €163,340 (+117%), from €139,731 to €303,071
of which Financial debts: +€120,775
- Advances received -€137,580
down €137,580 (-100%), from €137,580 to €0
- Gross operating margin -€497,927
down €497,927 (-56.1%), from €888,267 to €390,340
- Staff costs -€63,613
down €63,613 (-10.1%), from €630,520 to €566,907
- Depreciation +€24,113
up €24,113 (+36.8%), from €65,549 to €89,661
- Taxes -€16,242
down €16,242 (-99.5%), from €16,324 to €82
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 | €1,646,056 | €1,042,351 | -€603,705 | -36.7% |
| Fixed assets | 21/28 | €212,113 | €252,044 | +€39,931 | +18.8% |
| Intangible fixed assets | 21 | €181,056 | €209,523 | +€28,467 | +15.7% |
| Tangible fixed assets | 22/27 | €27,782 | €39,246 | +€11,464 | +41.3% |
| Plant, machinery and equipment | 23 | €26,050 | €17,586 | -€8,464 | -32.5% |
| Furniture and vehicles | 24 | €1,732 | €722 | -€1,010 | -58.3% |
| Assets under construction and advance payments | 27 | - | €20,938 | +€20,938 | |
| Financial fixed assets | 28 | €3,275 | €3,275 | = | 0.0% |
| Current assets | 29/58 | €1,433,943 | €790,307 | -€643,636 | -44.9% |
| Amounts receivable within one year | 40/41 | €925,240 | €545,632 | -€379,608 | -41.0% |
| Trade receivables | 40 | €771,610 | €416,186 | -€355,424 | -46.1% |
| Other amounts receivable | 41 | €153,630 | €129,446 | -€24,184 | -15.7% |
| Cash at bank and in hand | 54/58 | €487,412 | €198,136 | -€289,276 | -59.3% |
| Deferred charges and accrued income | 490/1 | €21,291 | €46,538 | +€25,247 | +119% |
| Total equity and liabilities | 10/49 | €1,646,056 | €1,042,351 | -€603,705 | -36.7% |
| Equity | 10/15 | €409,861 | €175,884 | -€233,977 | -57.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €325,000 | €75,000 | -€250,000 | -76.9% |
| Distributable reserves | 133 | €325,000 | €75,000 | -€250,000 | -76.9% |
| Profit (loss) carried forward | 14 | €209 | €1,618 | +€1,409 | +675% |
| Investment grants | 15 | €66,053 | €80,666 | +€14,614 | +22.1% |
| Amounts payable | 17/49 | €1,236,194 | €866,466 | -€369,728 | -29.9% |
| Amounts payable after more than one year | 17 | €139,731 | €303,071 | +€163,340 | +117% |
| Financial debts | 170/4 | €47,758 | €168,532 | +€120,775 | +253% |
| Other amounts payable | 178/9 | €91,973 | €134,539 | +€42,565 | +46.3% |
| Amounts payable within one year | 42/48 | €1,096,463 | €553,422 | -€543,041 | -49.5% |
| Current portion of amounts payable after more than one year | 42 | €2,242 | €9,225 | +€6,983 | +311% |
| Financial debts | 43 | €6,754 | €5,058 | -€1,696 | -25.1% |
| Credit institutions | 430/8 | €6,754 | €5,058 | -€1,696 | -25.1% |
| Trade debts | 44 | €528,078 | €310,020 | -€218,058 | -41.3% |
| Suppliers | 440/4 | €528,078 | €310,020 | -€218,058 | -41.3% |
| Advances received on contracts in progress | 46 | €137,580 | €0 | -€137,580 | -100% |
| Taxes, remuneration and social security | 45 | €81,896 | €65,752 | -€16,144 | -19.7% |
| Taxes | 450/3 | €8,118 | €13,845 | +€5,726 | +70.5% |
| Remuneration and social security | 454/9 | €73,777 | €51,907 | -€21,870 | -29.6% |
| Other amounts payable | 47/48 | €339,914 | €163,367 | -€176,546 | -51.9% |
| Accrued charges and deferred income | 492/3 | - | €9,973 | +€9,973 | |
| Remuneration, social security and pensions | 62 | €630,520 | €566,907 | -€63,613 | -10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,549 | €89,661 | +€24,113 | +36.8% |
| Other operating charges | 640/8 | €1,574 | €1,812 | +€238 | +15.1% |
| Non-recurring operating charges | 66A | €4,375 | €0 | -€4,375 | -100% |
| Gross operating margin | 9900 | €888,267 | €390,340 | -€497,927 | -56.1% |
| Operating profit (loss) | 9901 | €186,249 | -€268,040 | -€454,289 | |
| Financial income | 75/76B | €21,739 | €27,456 | +€5,717 | +26.3% |
| Recurring financial income | 75 | €21,739 | €27,456 | +€5,717 | +26.3% |
| Financial charges | 65/66B | €5,845 | €7,925 | +€2,080 | +35.6% |
| Recurring financial charges | 65 | €5,845 | €7,925 | +€2,080 | +35.6% |
| Profit (loss) for the period before taxes | 9903 | €202,144 | -€248,509 | -€450,652 | |
| Income taxes | 67/77 | €16,324 | €82 | -€16,242 | -99.5% |
| Profit (loss) for the period | 9904 | €185,820 | -€248,591 | -€434,411 | |
| Profit (loss) for the period to be appropriated | 9905 | €185,820 | -€248,591 | -€434,411 |
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.