HSV TEAM: 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.
HSV TEAM
Largest movements
- Cash -€58,449
down €58,449 (-63.9%), from €91,414 to €32,965
mainly Tax, wage and social debts (-€55,085) and Other debts (-€25,668)
- Receivables within one year -€26,576
down €26,576 (-66.1%), from €40,210 to €13,634
of which Trade receivables: -€23,726
- Stocks and contracts +€15,000
new in 2025: €15,000
- Tangible fixed assets -€6,163
down €6,163 (-6.3%), from €98,577 to €92,414
of which Furniture and vehicles: -€4,707
- Tax, wage and social debts -€55,085
down €55,085 (-95.2%), from €57,866 to €2,781
- Other debts -€25,668
down €25,668 (-49.4%), from €52,000 to €26,332
- Trade debts +€3,264
up €3,264 (+70.0%), from €4,661 to €7,925
- Advances received +€3,000
new in 2025: €3,000
- Debts after one year -€2,954
down €2,954 (-5.6%), from €52,609 to €49,655
- Gross operating margin -€54,909
down €54,909 (-57.5%), from €95,497 to €40,589
- Taxes -€33,966
down €33,966, from €15,215 to -€18,751
- Depreciation +€5,450
up €5,450 (+24.7%), from €22,037 to €27,487
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.
Cash bridge derived
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 | €232,001 | €157,207 | -€74,794 | -32.2% |
| Fixed assets | 21/28 | €98,577 | €92,414 | -€6,163 | -6.3% |
| Tangible fixed assets | 22/27 | €98,577 | €92,414 | -€6,163 | -6.3% |
| Land and buildings | 22 | €17,260 | €16,303 | -€956 | -5.5% |
| Plant, machinery and equipment | 23 | €997 | €497 | -€500 | -50.2% |
| Furniture and vehicles | 24 | €80,320 | €75,613 | -€4,707 | -5.9% |
| Current assets | 29/58 | €133,424 | €64,793 | -€68,631 | -51.4% |
| Stocks and contracts in progress | 3 | - | €15,000 | +€15,000 | |
| Stocks | 30/36 | - | €15,000 | +€15,000 | |
| Amounts receivable within one year | 40/41 | €40,210 | €13,634 | -€26,576 | -66.1% |
| Trade receivables | 40 | €34,736 | €11,010 | -€23,726 | -68.3% |
| Other amounts receivable | 41 | €5,474 | €2,625 | -€2,849 | -52.1% |
| Cash at bank and in hand | 54/58 | €91,414 | €32,965 | -€58,449 | -63.9% |
| Deferred charges and accrued income | 490/1 | €1,800 | €3,194 | +€1,394 | +77.5% |
| Total equity and liabilities | 10/49 | €232,001 | €157,207 | -€74,794 | -32.2% |
| Equity | 10/15 | €47,390 | €47,284 | -€106 | -0.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,390 | €45,284 | -€106 | -0.2% |
| Amounts payable | 17/49 | €184,611 | €109,923 | -€74,688 | -40.5% |
| Amounts payable after more than one year | 17 | €52,609 | €49,655 | -€2,954 | -5.6% |
| Financial debts | 170/4 | €52,609 | €49,655 | -€2,954 | -5.6% |
| Amounts payable within one year | 42/48 | €132,001 | €60,268 | -€71,734 | -54.3% |
| Current portion of amounts payable after more than one year | 42 | €17,474 | €20,230 | +€2,756 | +15.8% |
| Trade debts | 44 | €4,661 | €7,925 | +€3,264 | +70.0% |
| Suppliers | 440/4 | €4,661 | €7,925 | +€3,264 | +70.0% |
| Advances received on contracts in progress | 46 | - | €3,000 | +€3,000 | |
| Taxes, remuneration and social security | 45 | €57,866 | €2,781 | -€55,085 | -95.2% |
| Taxes | 450/3 | €57,866 | €2,781 | -€55,085 | -95.2% |
| Other amounts payable | 47/48 | €52,000 | €26,332 | -€25,668 | -49.4% |
| Non-recurring operating income | 76A | - | €6,107 | +€6,107 | |
| Remuneration, social security and pensions | 62 | €129 | - | -€129 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,037 | €27,487 | +€5,450 | +24.7% |
| Other operating charges | 640/8 | €1,342 | €1,478 | +€135 | +10.1% |
| Gross operating margin | 9900 | €95,497 | €40,589 | -€54,909 | -57.5% |
| Operating profit (loss) | 9901 | €71,989 | €11,624 | -€60,365 | -83.9% |
| Financial income | 75/76B | €492 | €309 | -€183 | -37.2% |
| Recurring financial income | 75 | €492 | €309 | -€183 | -37.2% |
| Financial charges | 65/66B | €5,157 | €5,790 | +€633 | +12.3% |
| Recurring financial charges | 65 | €5,157 | €5,790 | +€633 | +12.3% |
| Profit (loss) for the period before taxes | 9903 | €67,324 | €6,143 | -€61,181 | -90.9% |
| Income taxes | 67/77 | €15,215 | -€18,751 | -€33,966 | |
| Profit (loss) for the period | 9904 | €52,109 | €24,894 | -€27,215 | -52.2% |
| Profit (loss) for the period to be appropriated | 9905 | €52,109 | €24,894 | -€27,215 | -52.2% |
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 10 October 2026 via checked.be.