HV Construct: 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 Construct
Largest movements
- Tangible fixed assets -€14,556
down €14,556 (-26.8%), from €54,360 to €39,804
of which Leasing and similar rights: -€8,238
- Cash +€5,682
up €5,682 (+25.5%), from €22,251 to €27,933
mainly Depreciation (+€15,687) and Net result for the year (+€5,328)
- Deferred charges and accrued income +€1,458
up €1,458 (+73.1%), from €1,995 to €3,453
- Receivables within one year -€1,405
down €1,405 (-4.3%), from €32,334 to €30,929
of which Other amounts receivable: -€7,042
- Other debts -€7,952
down €7,952 (-36.6%), from €21,713 to €13,761
- Debts after one year -€6,867
down €6,867 (-39.8%), from €17,252 to €10,385
- Reserves +€4,495
up €4,495 (+7.8%), from €57,517 to €62,011
- Accrued charges and deferred income +€1,263
up €1,263 (+104.1%), from €1,213 to €2,476
- Gross operating margin +€6,386
up €6,386 (+34.6%), from €18,440 to €24,826
- Taxes +€1,398
up €1,398 (+548.9%), from €255 to €1,653
- Depreciation -€1,359
down €1,359 (-8.0%), from €17,046 to €15,687
- Financial charges +€1,031
up €1,031 (+126.4%), from €815 to €1,846
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 | €113,489 | €104,669 | -€8,821 | -7.8% |
| Fixed assets | 21/28 | €56,910 | €42,354 | -€14,556 | -25.6% |
| Tangible fixed assets | 22/27 | €54,360 | €39,804 | -€14,556 | -26.8% |
| Plant, machinery and equipment | 23 | €1,447 | €1,528 | +€82 | +5.6% |
| Furniture and vehicles | 24 | €25,582 | €19,182 | -€6,400 | -25.0% |
| Leasing and similar rights | 25 | €27,331 | €19,093 | -€8,238 | -30.1% |
| Financial fixed assets | 28 | €2,550 | €2,550 | = | 0.0% |
| Current assets | 29/58 | €56,579 | €62,315 | +€5,735 | +10.1% |
| Amounts receivable within one year | 40/41 | €32,334 | €30,929 | -€1,405 | -4.3% |
| Trade receivables | 40 | €17,360 | €22,998 | +€5,638 | +32.5% |
| Other amounts receivable | 41 | €14,974 | €7,932 | -€7,042 | -47.0% |
| Cash at bank and in hand | 54/58 | €22,251 | €27,933 | +€5,682 | +25.5% |
| Deferred charges and accrued income | 490/1 | €1,995 | €3,453 | +€1,458 | +73.1% |
| Total equity and liabilities | 10/49 | €113,489 | €104,669 | -€8,821 | -7.8% |
| Equity | 10/15 | €63,517 | €68,011 | +€4,495 | +7.1% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €57,517 | €62,011 | +€4,495 | +7.8% |
| Distributable reserves | 133 | €57,517 | €62,011 | +€4,495 | +7.8% |
| Amounts payable | 17/49 | €49,973 | €36,657 | -€13,315 | -26.6% |
| Amounts payable after more than one year | 17 | €17,252 | €10,385 | -€6,867 | -39.8% |
| Financial debts | 170/4 | €17,252 | €10,385 | -€6,867 | -39.8% |
| Amounts payable within one year | 42/48 | €31,508 | €23,797 | -€7,711 | -24.5% |
| Current portion of amounts payable after more than one year | 42 | €6,760 | €6,867 | +€107 | +1.6% |
| Trade debts | 44 | €2,423 | €2,628 | +€205 | +8.5% |
| Suppliers | 440/4 | €2,423 | €2,628 | +€205 | +8.5% |
| Taxes, remuneration and social security | 45 | €612 | €541 | -€71 | -11.6% |
| Taxes | 450/3 | €612 | €541 | -€71 | -11.6% |
| Other amounts payable | 47/48 | €21,713 | €13,761 | -€7,952 | -36.6% |
| Accrued charges and deferred income | 492/3 | €1,213 | €2,476 | +€1,263 | +104.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,046 | €15,687 | -€1,359 | -8.0% |
| Other operating charges | 640/8 | €295 | €312 | +€17 | +5.6% |
| Gross operating margin | 9900 | €18,440 | €24,826 | +€6,386 | +34.6% |
| Operating profit (loss) | 9901 | €1,099 | €8,827 | +€7,728 | +703.1% |
| Financial charges | 65/66B | €815 | €1,846 | +€1,031 | +126.4% |
| Recurring financial charges | 65 | €815 | €1,846 | +€1,031 | +126.4% |
| Profit (loss) for the period before taxes | 9903 | €284 | €6,981 | +€6,697 | +2360.0% |
| Income taxes | 67/77 | €255 | €1,653 | +€1,398 | +548.9% |
| Profit (loss) for the period | 9904 | €29 | €5,328 | +€5,299 | +18271.3% |
| Profit (loss) for the period to be appropriated | 9905 | €29 | €5,328 | +€5,299 | +18271.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.