HUVAR: 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.
HUVAR
Largest movements
- Stocks and contracts -€407,029
down €407,029 (-44.8%), from €907,904 to €500,875
- Cash +€34,702
up €34,702 (+831%), from €4,178 to €38,879
- Receivables within one year +€30,028
up €30,028 (+80.0%), from €37,532 to €67,560
of which Trade receivables: +€41,833
- Other debts +€566,930
up €566,930 (+195%), from €290,062 to €856,992
- Contributions -€440,000
no longer reported in 2025 (was €440,000)
- Debts after one year -€371,277
down €371,277 (-31.9%), from €1.2m to €793,617
- Trade debts -€106,321
down €106,321 (-47.9%), from €221,883 to €115,563
- Depreciation -€39,435
down €39,435 (-23.4%), from €168,653 to €129,218
- Other operating charges +€14,373
up €14,373 (+118%), from €12,143 to €26,516
- Financial charges -€12,782
down €12,782 (-17.5%), from €72,991 to €60,209
- Gross operating margin -€9,201
down €9,201 (-3.8%), from €243,563 to €234,362
- Financial income -€5,430
no longer reported in 2025 (was €5,430)
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,355,878 | €2,019,253 | -€336,625 | -14.3% |
| Fixed assets | 21/28 | €1,401,001 | €1,406,276 | +€5,275 | +0.4% |
| Tangible fixed assets | 22/27 | €1,401,001 | €1,406,276 | +€5,275 | +0.4% |
| Land and buildings | 22 | €1,392,281 | €1,208,127 | -€184,154 | -13.2% |
| Plant, machinery and equipment | 23 | €8,720 | €198,149 | +€189,429 | +2,172% |
| Current assets | 29/58 | €954,877 | €612,977 | -€341,900 | -35.8% |
| Stocks and contracts in progress | 3 | €907,904 | €500,875 | -€407,029 | -44.8% |
| Stocks | 30/36 | €907,904 | €500,875 | -€407,029 | -44.8% |
| Amounts receivable within one year | 40/41 | €37,532 | €67,560 | +€30,028 | +80.0% |
| Trade receivables | 40 | €11,638 | €53,471 | +€41,833 | +359% |
| Other amounts receivable | 41 | €25,894 | €14,089 | -€11,805 | -45.6% |
| Cash at bank and in hand | 54/58 | €4,178 | €38,879 | +€34,702 | +831% |
| Deferred charges and accrued income | 490/1 | €5,263 | €5,663 | +€399 | +7.6% |
| Total equity and liabilities | 10/49 | €2,355,878 | €2,019,253 | -€336,625 | -14.3% |
| Equity | 10/15 | €442,915 | €21,855 | -€421,060 | -95.1% |
| Contributions | 10/11 | €440,000 | - | -€440,000 | |
| Reserves | 13 | €2,710 | €21,650 | +€18,940 | +699% |
| Non-distributable reserves | 130/1 | €2,614 | - | -€2,614 | |
| Reserves not available under the articles | 1311 | €2,614 | - | -€2,614 | |
| Distributable reserves | 133 | €96 | €21,650 | +€21,553 | +22,347% |
| Profit (loss) carried forward | 14 | €205 | €205 | = | 0.0% |
| Amounts payable | 17/49 | €1,912,964 | €1,997,399 | +€84,435 | +4.4% |
| Amounts payable after more than one year | 17 | €1,164,894 | €793,617 | -€371,277 | -31.9% |
| Financial debts | 170/4 | €1,164,894 | €793,617 | -€371,277 | -31.9% |
| Amounts payable within one year | 42/48 | €697,584 | €1,158,193 | +€460,609 | +66.0% |
| Current portion of amounts payable after more than one year | 42 | €185,638 | €185,638 | = | 0.0% |
| Trade debts | 44 | €221,883 | €115,563 | -€106,321 | -47.9% |
| Suppliers | 440/4 | €221,883 | €115,563 | -€106,321 | -47.9% |
| Other amounts payable | 47/48 | €290,062 | €856,992 | +€566,930 | +195% |
| Accrued charges and deferred income | 492/3 | €50,486 | €45,588 | -€4,897 | -9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €168,653 | €129,218 | -€39,435 | -23.4% |
| Other operating charges | 640/8 | €12,143 | €26,516 | +€14,373 | +118% |
| Gross operating margin | 9900 | €243,563 | €234,362 | -€9,201 | -3.8% |
| Operating profit (loss) | 9901 | €62,767 | €78,627 | +€15,860 | +25.3% |
| Financial income | 75/76B | €5,430 | - | -€5,430 | |
| Recurring financial income | 75 | €5,430 | - | -€5,430 | |
| Financial charges | 65/66B | €72,991 | €60,209 | -€12,782 | -17.5% |
| Recurring financial charges | 65 | €72,991 | €60,209 | -€12,782 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | -€4,793 | €18,418 | +€23,212 | |
| Profit (loss) for the period | 9904 | -€4,793 | €18,418 | +€23,212 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,793 | €18,418 | +€23,212 |
Source: filed annual accounts (NBB), financial years ended 30 September 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.