HSVE@PH: 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.
HSVE@PH
Largest movements
- Cash +€69,213
up €69,213 (+387%), from €17,889 to €87,101
mainly Net result for the year (+€67,029) and Tax, wage and social debts (+€33,129)
- Receivables within one year +€41,388
up €41,388 (+242%), from €17,122 to €58,510
of which Trade receivables: +€43,058
- Tangible fixed assets -€9,776
down €9,776 (-65.1%), from €15,006 to €5,230
of which Furniture and vehicles: -€11,711
- Deferred charges and accrued income +€8,716
new in 2025: €8,716
- Reserves +€67,029
up €67,029 (+6,792%), from €987 to €68,016
- Tax, wage and social debts +€33,129
up €33,129 (+2,456%), from €1,349 to €34,478
- Other debts +€28,370
up €28,370 (+150%), from €18,959 to €47,329
- Trade debts -€16,767
down €16,767 (-71.3%), from €23,501 to €6,735
- Accrued charges and deferred income -€2,220
down €2,220 (-100%), from €2,220 to €0
- Gross operating margin +€90,993
up €90,993 (+1,046%), from €8,696 to €99,688
- Taxes +€24,665
up €24,665 (+1,829%), from €1,349 to €26,014
- Depreciation -€4,388
down €4,388 (-73.0%), from €6,009 to €1,621
- Other operating charges +€3,698
up €3,698 (+455%), from €813 to €4,512
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 | €50,016 | €159,557 | +€109,541 | +219% |
| Fixed assets | 21/28 | €15,006 | €5,230 | -€9,776 | -65.1% |
| Tangible fixed assets | 22/27 | €15,006 | €5,230 | -€9,776 | -65.1% |
| Land and buildings | 22 | €764 | €573 | -€191 | -25.0% |
| Plant, machinery and equipment | 23 | - | €2,126 | +€2,126 | |
| Furniture and vehicles | 24 | €14,242 | €2,531 | -€11,711 | -82.2% |
| Current assets | 29/58 | €35,010 | €154,327 | +€119,317 | +341% |
| Amounts receivable within one year | 40/41 | €17,122 | €58,510 | +€41,388 | +242% |
| Trade receivables | 40 | €15,452 | €58,510 | +€43,058 | +279% |
| Other amounts receivable | 41 | €1,670 | €0 | -€1,670 | -100% |
| Cash at bank and in hand | 54/58 | €17,889 | €87,101 | +€69,213 | +387% |
| Deferred charges and accrued income | 490/1 | - | €8,716 | +€8,716 | |
| Total equity and liabilities | 10/49 | €50,016 | €159,557 | +€109,541 | +219% |
| Equity | 10/15 | €3,987 | €71,016 | +€67,029 | +1,681% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €987 | €68,016 | +€67,029 | +6,792% |
| Distributable reserves | 133 | €987 | €68,016 | +€67,029 | +6,792% |
| Amounts payable | 17/49 | €46,029 | €88,541 | +€42,512 | +92.4% |
| Amounts payable within one year | 42/48 | €43,809 | €88,541 | +€44,732 | +102% |
| Trade debts | 44 | €23,501 | €6,735 | -€16,767 | -71.3% |
| Suppliers | 440/4 | €23,501 | €6,735 | -€16,767 | -71.3% |
| Taxes, remuneration and social security | 45 | €1,349 | €34,478 | +€33,129 | +2,456% |
| Taxes | 450/3 | €1,349 | €34,478 | +€33,129 | +2,456% |
| Other amounts payable | 47/48 | €18,959 | €47,329 | +€28,370 | +150% |
| Accrued charges and deferred income | 492/3 | €2,220 | €0 | -€2,220 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,009 | €1,621 | -€4,388 | -73.0% |
| Other operating charges | 640/8 | €813 | €4,512 | +€3,698 | +455% |
| Gross operating margin | 9900 | €8,696 | €99,688 | +€90,993 | +1,046% |
| Operating profit (loss) | 9901 | €1,873 | €93,556 | +€91,683 | +4,895% |
| Financial income | 75/76B | €557 | €31 | -€526 | -94.4% |
| Recurring financial income | 75 | €557 | €31 | -€526 | -94.4% |
| Financial charges | 65/66B | €95 | €545 | +€450 | +477% |
| Recurring financial charges | 65 | €95 | €545 | +€450 | +477% |
| Profit (loss) for the period before taxes | 9903 | €2,336 | €93,043 | +€90,707 | +3,883% |
| Income taxes | 67/77 | €1,349 | €26,014 | +€24,665 | +1,829% |
| Profit (loss) for the period | 9904 | €987 | €67,029 | +€66,042 | +6,692% |
| Profit (loss) for the period to be appropriated | 9905 | €987 | €67,029 | +€66,042 | +6,692% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.