HV: what changed
Two fiscal 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.
HV
Largest movements
- Cash +€517,210
up €517,210 (+288.4%), from €179,325 to €696,536
mainly Other debts (+€510,992) and Net result for the year (+€153,397)
- Other debts +€510,992
up €510,992 (+205.0%), from €249,316 to €760,308
- Turnover +€30,562
up €30,562 (+10.7%), from €284,675 to €315,237
- Gross operating margin +€22,313
up €22,313 (+12.1%), from €184,629 to €206,942
- Purchases and services +€8,437
up €8,437 (+8.3%), from €102,108 to €110,546
- Taxes +€6,565
up €6,565 (+15.6%), from €42,170 to €48,735
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 | €282,396 | €791,803 | +€509,407 | +180.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €23,552 | €19,849 | -€3,704 | -15.7% |
| Tangible fixed assets | 22/27 | €23,527 | €19,824 | -€3,704 | -15.7% |
| Plant, machinery and equipment | 23 | €2,118 | €1,513 | -€605 | -28.6% |
| Furniture and vehicles | 24 | €21,410 | €18,311 | -€3,099 | -14.5% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €258,844 | €771,954 | +€513,110 | +198.2% |
| Amounts receivable within one year | 40/41 | €19,266 | €22,902 | +€3,636 | +18.9% |
| Trade receivables | 40 | €19,266 | €22,902 | +€3,636 | +18.9% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €179,325 | €696,536 | +€517,210 | +288.4% |
| Deferred charges and accrued income | 490/1 | €60,253 | €52,517 | -€7,736 | -12.8% |
| Total equity and liabilities | 10/49 | €282,396 | €791,803 | +€509,407 | +180.4% |
| Equity | 10/15 | €20,460 | €20,460 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Amounts payable | 17/49 | €261,936 | €771,343 | +€509,407 | +194.5% |
| Amounts payable within one year | 42/48 | €261,936 | €771,343 | +€509,407 | +194.5% |
| Trade debts | 44 | €169 | €2,622 | +€2,452 | +1449.5% |
| Suppliers | 440/4 | €169 | €2,622 | +€2,452 | +1449.5% |
| Taxes, remuneration and social security | 45 | €12,451 | €8,413 | -€4,038 | -32.4% |
| Taxes | 450/3 | €12,451 | €8,413 | -€4,038 | -32.4% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €249,316 | €760,308 | +€510,992 | +205.0% |
| Turnover | 70 | €284,675 | €315,237 | +€30,562 | +10.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €102,108 | €110,546 | +€8,437 | +8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,183 | €3,704 | +€521 | +16.4% |
| Other operating charges | 640/8 | €724 | €739 | +€14 | +2.0% |
| Gross operating margin | 9900 | €184,629 | €206,942 | +€22,313 | +12.1% |
| Operating profit (loss) | 9901 | €180,722 | €202,500 | +€21,778 | +12.1% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €444 | €368 | -€76 | -17.0% |
| Recurring financial charges | 65 | €444 | €368 | -€76 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €180,278 | €202,132 | +€21,854 | +12.1% |
| Income taxes | 67/77 | €42,170 | €48,735 | +€6,565 | +15.6% |
| Profit (loss) for the period | 9904 | €138,108 | €153,397 | +€15,289 | +11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €138,108 | €153,397 | +€15,289 | +11.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.