HPVET: 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.
HPVET
Largest movements
- Cash +€80,251
up €80,251 (+54.0%), from €148,477 to €228,728
mainly Other debts (+€264,772) and Net result for the year (+€134,333)
- Stocks and contracts +€30,634
up €30,634 (+65.3%), from €46,928 to €77,561
- Tangible fixed assets -€15,902
down €15,902 (-25.1%), from €63,440 to €47,538
of which Furniture and vehicles: -€8,552
- Deferred charges and accrued income +€5,385
up €5,385 (+95.1%), from €5,661 to €11,047
- Other debts +€264,772
up €264,772 (+241%), from €109,982 to €374,754
- Profit (loss) carried forward -€151,068
down €151,068 (-100%), from €151,068 to €0
- Tax, wage and social debts -€18,731
down €18,731 (-34.9%), from €53,705 to €34,975
of which Taxes: -€20,892
- Trade debts +€10,303
up €10,303 (+45.5%), from €22,655 to €32,959
- Gross operating margin +€45,322
up €45,322 (+24.0%), from €188,797 to €234,119
- Taxes +€11,151
up €11,151 (+36.7%), from €30,424 to €41,575
- Staff costs +€7,786
up €7,786 (+26.1%), from €29,847 to €37,632
- Depreciation +€2,690
up €2,690 (+17.5%), from €15,410 to €18,100
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 | €351,213 | €449,122 | +€97,909 | +27.9% |
| Fixed assets | 21/28 | €63,440 | €47,538 | -€15,902 | -25.1% |
| Tangible fixed assets | 22/27 | €63,440 | €47,538 | -€15,902 | -25.1% |
| Land and buildings | 22 | €7,525 | €6,846 | -€679 | -9.0% |
| Plant, machinery and equipment | 23 | €21,535 | €17,335 | -€4,200 | -19.5% |
| Furniture and vehicles | 24 | €15,453 | €6,901 | -€8,552 | -55.3% |
| Other tangible fixed assets | 26 | €18,927 | €16,455 | -€2,471 | -13.1% |
| Current assets | 29/58 | €287,774 | €401,585 | +€113,811 | +39.5% |
| Stocks and contracts in progress | 3 | €46,928 | €77,561 | +€30,634 | +65.3% |
| Stocks | 30/36 | €46,928 | €77,561 | +€30,634 | +65.3% |
| Amounts receivable within one year | 40/41 | €86,707 | €84,249 | -€2,459 | -2.8% |
| Trade receivables | 40 | €86,663 | €84,006 | -€2,656 | -3.1% |
| Other amounts receivable | 41 | €45 | €242 | +€197 | +442% |
| Cash at bank and in hand | 54/58 | €148,477 | €228,728 | +€80,251 | +54.0% |
| Deferred charges and accrued income | 490/1 | €5,661 | €11,047 | +€5,385 | +95.1% |
| Total equity and liabilities | 10/49 | €351,213 | €449,122 | +€97,909 | +27.9% |
| Equity | 10/15 | €153,068 | €2,000 | -€151,068 | -98.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €151,068 | €0 | -€151,068 | -100% |
| Amounts payable | 17/49 | €198,146 | €447,122 | +€248,977 | +126% |
| Amounts payable after more than one year | 17 | €4,435 | €0 | -€4,435 | -100% |
| Financial debts | 170/4 | €4,435 | €0 | -€4,435 | -100% |
| Amounts payable within one year | 42/48 | €193,710 | €447,122 | +€253,412 | +131% |
| Current portion of amounts payable after more than one year | 42 | €7,367 | €4,435 | -€2,932 | -39.8% |
| Trade debts | 44 | €22,655 | €32,959 | +€10,303 | +45.5% |
| Suppliers | 440/4 | €22,655 | €32,959 | +€10,303 | +45.5% |
| Taxes, remuneration and social security | 45 | €53,705 | €34,975 | -€18,731 | -34.9% |
| Taxes | 450/3 | €47,181 | €26,288 | -€20,892 | -44.3% |
| Remuneration and social security | 454/9 | €6,524 | €8,686 | +€2,162 | +33.1% |
| Other amounts payable | 47/48 | €109,982 | €374,754 | +€264,772 | +241% |
| Remuneration, social security and pensions | 62 | €29,847 | €37,632 | +€7,786 | +26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,410 | €18,100 | +€2,690 | +17.5% |
| Other operating charges | 640/8 | €484 | €1,127 | +€642 | +133% |
| Gross operating margin | 9900 | €188,797 | €234,119 | +€45,322 | +24.0% |
| Operating profit (loss) | 9901 | €143,056 | €177,260 | +€34,204 | +23.9% |
| Financial income | 75/76B | €418 | €1,393 | +€975 | +233% |
| Recurring financial income | 75 | €418 | €1,393 | +€975 | +233% |
| Financial charges | 65/66B | €1,264 | €2,745 | +€1,481 | +117% |
| Recurring financial charges | 65 | €1,264 | €2,745 | +€1,481 | +117% |
| Profit (loss) for the period before taxes | 9903 | €142,210 | €175,908 | +€33,698 | +23.7% |
| Income taxes | 67/77 | €30,424 | €41,575 | +€11,151 | +36.7% |
| Profit (loss) for the period | 9904 | €111,786 | €134,333 | +€22,547 | +20.2% |
| Profit (loss) for the period to be appropriated | 9905 | €111,786 | €134,333 | +€22,547 | +20.2% |
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 14 October 2026 via checked.be.