HUVAPE: 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.
HUVAPE
Largest movements
- Intangible fixed assets -€550,000
down €550,000 (-50.0%), from €1.1m to €550,000
- Cash -€237,850
down €237,850 (-88.8%), from €267,824 to €29,974
mainly Contributions, distributions and other (-€500,000) and Debts after one year (-€452,381)
- Receivables within one year +€159,228
up €159,228 (+12.8%), from €1.2m to €1.4m
of which Trade receivables: +€175,052
- Debts after one year -€452,381
down €452,381 (-21.9%), from €2.1m to €1.6m
- Trade debts -€321,107
down €321,107 (-82.3%), from €390,121 to €69,014
- Other debts +€184,861
up €184,861 (+25.5%), from €725,139 to €910,000
- Tax, wage and social debts -€123,169
down €123,169 (-84.3%), from €146,126 to €22,958
of which Taxes: -€127,500
- Reserves +€94,118
up €94,118 (+24.3%), from €387,482 to €481,601
- Depreciation +€56,737
up €56,737 (+8.4%), from €675,672 to €732,409
- Write-downs -€56,396
no longer reported in 2025 (was €56,396)
- Gross operating margin -€52,690
down €52,690 (-3.1%), from €1.7m to €1.6m
- Staff costs +€27,227
up €27,227 (+14.1%), from €193,395 to €220,622
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 | €4,243,710 | €3,670,099 | -€573,610 | -13.5% |
| Fixed assets | 21/28 | €2,308,274 | €1,798,137 | -€510,137 | -22.1% |
| Intangible fixed assets | 21 | €1,100,000 | €550,000 | -€550,000 | -50.0% |
| Tangible fixed assets | 22/27 | €1,208,274 | €1,248,137 | +€39,863 | +3.3% |
| Land and buildings | 22 | €531,402 | €506,534 | -€24,868 | -4.7% |
| Plant, machinery and equipment | 23 | €9,364 | €5,717 | -€3,646 | -38.9% |
| Furniture and vehicles | 24 | €200,660 | €256,441 | +€55,782 | +27.8% |
| Other tangible fixed assets | 26 | €466,849 | €479,445 | +€12,596 | +2.7% |
| Current assets | 29/58 | €1,935,436 | €1,871,962 | -€63,474 | -3.3% |
| Stocks and contracts in progress | 3 | €422,249 | €431,741 | +€9,493 | +2.2% |
| Stocks | 30/36 | €422,249 | €431,741 | +€9,493 | +2.2% |
| Amounts receivable within one year | 40/41 | €1,240,567 | €1,399,795 | +€159,228 | +12.8% |
| Trade receivables | 40 | €1,091,478 | €1,266,530 | +€175,052 | +16.0% |
| Other amounts receivable | 41 | €149,089 | €133,266 | -€15,824 | -10.6% |
| Cash at bank and in hand | 54/58 | €267,824 | €29,974 | -€237,850 | -88.8% |
| Deferred charges and accrued income | 490/1 | €4,796 | €10,452 | +€5,656 | +117.9% |
| Total equity and liabilities | 10/49 | €4,243,710 | €3,670,099 | -€573,610 | -13.5% |
| Equity | 10/15 | €462,482 | €556,601 | +€94,118 | +20.4% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €387,482 | €481,601 | +€94,118 | +24.3% |
| Distributable reserves | 133 | €387,482 | €481,601 | +€94,118 | +24.3% |
| Amounts payable | 17/49 | €3,781,227 | €3,113,499 | -€667,729 | -17.7% |
| Amounts payable after more than one year | 17 | €2,067,460 | €1,615,079 | -€452,381 | -21.9% |
| Financial debts | 170/4 | €2,067,460 | €1,615,079 | -€452,381 | -21.9% |
| Amounts payable within one year | 42/48 | €1,713,767 | €1,498,419 | -€215,348 | -12.6% |
| Current portion of amounts payable after more than one year | 42 | €452,381 | €496,448 | +€44,067 | +9.7% |
| Trade debts | 44 | €390,121 | €69,014 | -€321,107 | -82.3% |
| Suppliers | 440/4 | €390,121 | €69,014 | -€321,107 | -82.3% |
| Taxes, remuneration and social security | 45 | €146,126 | €22,958 | -€123,169 | -84.3% |
| Taxes | 450/3 | €127,500 | - | -€127,500 | |
| Remuneration and social security | 454/9 | €18,626 | €22,958 | +€4,331 | +23.3% |
| Other amounts payable | 47/48 | €725,139 | €910,000 | +€184,861 | +25.5% |
| Remuneration, social security and pensions | 62 | €193,395 | €220,622 | +€27,227 | +14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €675,672 | €732,409 | +€56,737 | +8.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €56,396 | - | -€56,396 | |
| Other operating charges | 640/8 | €12,740 | €4,428 | -€8,312 | -65.2% |
| Gross operating margin | 9900 | €1,701,851 | €1,649,161 | -€52,690 | -3.1% |
| Operating profit (loss) | 9901 | €763,648 | €691,701 | -€71,947 | -9.4% |
| Financial income | 75/76B | €68,664 | €75,730 | +€7,066 | +10.3% |
| Recurring financial income | 75 | €68,664 | €75,730 | +€7,066 | +10.3% |
| Financial charges | 65/66B | €28,015 | €22,443 | -€5,572 | -19.9% |
| Recurring financial charges | 65 | €28,015 | €22,443 | -€5,572 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | €804,297 | €744,988 | -€59,309 | -7.4% |
| Income taxes | 67/77 | €161,537 | €150,870 | -€10,668 | -6.6% |
| Profit (loss) for the period | 9904 | €642,760 | €594,118 | -€48,641 | -7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €642,760 | €594,118 | -€48,641 | -7.6% |
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 11 October 2026 via checked.be.