HV Building: 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.
HV Building
Largest movements
- Receivables after one year +€42,107
new in 2025: €42,107
- Receivables within one year -€33,341
down €33,341 (-27.9%), from €119,356 to €86,015
of which Other amounts receivable: -€58,909
- Tangible fixed assets -€8,136
down €8,136 (-23.2%), from €35,108 to €26,973
of which Plant, machinery and equipment: -€4,439
- Stocks and contracts -€5,500
no longer reported in 2025 (was €5,500)
- Deferred charges and accrued income +€2,727
up €2,727 (+283%), from €963 to €3,691
- Trade debts -€34,242
down €34,242 (-51.1%), from €67,069 to €32,827
- Short-term financial debts +€17,475
new in 2025: €17,475
- Debts after one year -€10,563
down €10,563 (-48.0%), from €22,007 to €11,444
- Accrued charges and deferred income +€9,715
up €9,715 (+1,647%), from €590 to €10,305
- Tax, wage and social debts +€8,451
up €8,451 (+117%), from €7,253 to €15,705
- Gross operating margin -€16,487
down €16,487 (-42.2%), from €39,067 to €22,580
- Taxes -€5,459
down €5,459 (-86.2%), from €6,332 to €873
- Financial income +€2,981
up €2,981 (+2,307%), from €129 to €3,110
- Financial charges +€1,060
up €1,060 (+32.3%), from €3,278 to €4,338
- Depreciation -€913
down €913 (-7.6%), from €11,954 to €11,042
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 | €163,875 | €160,580 | -€3,295 | -2.0% |
| Fixed assets | 21/28 | €36,893 | €28,758 | -€8,136 | -22.1% |
| Tangible fixed assets | 22/27 | €35,108 | €26,973 | -€8,136 | -23.2% |
| Plant, machinery and equipment | 23 | €23,921 | €19,482 | -€4,439 | -18.6% |
| Furniture and vehicles | 24 | €11,188 | €7,491 | -€3,696 | -33.0% |
| Financial fixed assets | 28 | €1,785 | €1,785 | = | 0.0% |
| Current assets | 29/58 | €126,982 | €131,822 | +€4,841 | +3.8% |
| Amounts receivable after more than one year | 29 | - | €42,107 | +€42,107 | |
| Other amounts receivable | 291 | - | €42,107 | +€42,107 | |
| Stocks and contracts in progress | 3 | €5,500 | - | -€5,500 | |
| Contracts in progress | 37 | €5,500 | - | -€5,500 | |
| Amounts receivable within one year | 40/41 | €119,356 | €86,015 | -€33,341 | -27.9% |
| Trade receivables | 40 | €58,600 | €84,168 | +€25,568 | +43.6% |
| Other amounts receivable | 41 | €60,756 | €1,846 | -€58,909 | -97.0% |
| Cash at bank and in hand | 54/58 | €1,163 | €10 | -€1,152 | -99.1% |
| Deferred charges and accrued income | 490/1 | €963 | €3,691 | +€2,727 | +283% |
| Total equity and liabilities | 10/49 | €163,875 | €160,580 | -€3,295 | -2.0% |
| Equity | 10/15 | €54,852 | €61,456 | +€6,604 | +12.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €51,852 | €58,456 | +€6,604 | +12.7% |
| Distributable reserves | 133 | €51,852 | €58,456 | +€6,604 | +12.7% |
| Amounts payable | 17/49 | €109,023 | €99,124 | -€9,899 | -9.1% |
| Amounts payable after more than one year | 17 | €22,007 | €11,444 | -€10,563 | -48.0% |
| Financial debts | 170/4 | €22,007 | €11,444 | -€10,563 | -48.0% |
| Amounts payable within one year | 42/48 | €86,425 | €77,375 | -€9,051 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €11,298 | €10,563 | -€735 | -6.5% |
| Financial debts | 43 | - | €17,475 | +€17,475 | |
| Credit institutions | 430/8 | - | €17,475 | +€17,475 | |
| Trade debts | 44 | €67,069 | €32,827 | -€34,242 | -51.1% |
| Suppliers | 440/4 | €67,069 | €32,827 | -€34,242 | -51.1% |
| Taxes, remuneration and social security | 45 | €7,253 | €15,705 | +€8,451 | +117% |
| Taxes | 450/3 | €7,253 | €15,705 | +€8,451 | +117% |
| Other amounts payable | 47/48 | €805 | €805 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €590 | €10,305 | +€9,715 | +1,647% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,954 | €11,042 | -€913 | -7.6% |
| Other operating charges | 640/8 | €2,658 | €2,834 | +€176 | +6.6% |
| Gross operating margin | 9900 | €39,067 | €22,580 | -€16,487 | -42.2% |
| Operating profit (loss) | 9901 | €24,454 | €8,704 | -€15,750 | -64.4% |
| Financial income | 75/76B | €129 | €3,110 | +€2,981 | +2,307% |
| Recurring financial income | 75 | €129 | €3,110 | +€2,981 | +2,307% |
| Financial charges | 65/66B | €3,278 | €4,338 | +€1,060 | +32.3% |
| Recurring financial charges | 65 | €3,278 | €4,338 | +€1,060 | +32.3% |
| Profit (loss) for the period before taxes | 9903 | €21,306 | €7,477 | -€13,829 | -64.9% |
| Income taxes | 67/77 | €6,332 | €873 | -€5,459 | -86.2% |
| Profit (loss) for the period | 9904 | €14,974 | €6,604 | -€8,370 | -55.9% |
| Profit (loss) for the period to be appropriated | 9905 | €14,974 | €6,604 | -€8,370 | -55.9% |
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 20 October 2026 via checked.be.