HV ENGINEERING: 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 ENGINEERING
Largest movements
- Receivables within one year -€218,639
down €218,639 (-21.5%), from €1.0m to €798,021
of which Other amounts receivable: -€146,074
- Cash +€207,174
up €207,174 (+108.7%), from €190,593 to €397,768
mainly Net result for the year (+€518,195) and Receivables within one year (+€218,639)
- Tangible fixed assets +€95,572
up €95,572 (+16.3%), from €587,062 to €682,634
of which Furniture and vehicles: +€118,996
- Current investments +€56,918
up €56,918 (+9.0%), from €632,152 to €689,069
- Reserves +€272,815
up €272,815 (+9.4%), from €2.9m to €3.2m
- Debts after one year -€80,012
down €80,012 (-29.2%), from €274,422 to €194,410
- Gross operating margin +€98,418
up €98,418 (+25.9%), from €380,117 to €478,535
- Staff costs +€47,243
up €47,243 (+1044.9%), from €4,522 to €51,765
- Depreciation +€28,606
up €28,606 (+53.1%), from €53,900 to €82,506
- Financial income +€21,633
up €21,633 (+7.0%), from €308,876 to €330,510
- Taxes +€6,084
up €6,084 (+4.6%), from €133,635 to €139,719
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 | €3,327,237 | €3,494,290 | +€167,053 | +5.0% |
| Fixed assets | 21/28 | €1,107,638 | €1,203,211 | +€95,572 | +8.6% |
| Tangible fixed assets | 22/27 | €587,062 | €682,634 | +€95,572 | +16.3% |
| Land and buildings | 22 | €484,840 | €462,107 | -€22,734 | -4.7% |
| Plant, machinery and equipment | 23 | €690 | €0 | -€690 | -100.0% |
| Furniture and vehicles | 24 | €101,531 | €220,528 | +€118,996 | +117.2% |
| Financial fixed assets | 28 | €520,576 | €520,576 | = | 0.0% |
| Current assets | 29/58 | €2,219,599 | €2,291,080 | +€71,481 | +3.2% |
| Stocks and contracts in progress | 3 | €69,616 | €69,616 | = | 0.0% |
| Stocks | 30/36 | €69,616 | €69,616 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,016,659 | €798,021 | -€218,639 | -21.5% |
| Trade receivables | 40 | €256,063 | €183,498 | -€72,564 | -28.3% |
| Other amounts receivable | 41 | €760,597 | €614,523 | -€146,074 | -19.2% |
| Current investments | 50/53 | €632,152 | €689,069 | +€56,918 | +9.0% |
| Cash at bank and in hand | 54/58 | €190,593 | €397,768 | +€207,174 | +108.7% |
| Deferred charges and accrued income | 490/1 | €310,578 | €336,606 | +€26,027 | +8.4% |
| Total equity and liabilities | 10/49 | €3,327,237 | €3,494,290 | +€167,053 | +5.0% |
| Equity | 10/15 | €2,909,769 | €3,182,584 | +€272,815 | +9.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,903,569 | €3,176,384 | +€272,815 | +9.4% |
| Distributable reserves | 133 | €2,903,569 | €3,176,384 | +€272,815 | +9.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €417,468 | €311,707 | -€105,761 | -25.3% |
| Amounts payable after more than one year | 17 | €274,422 | €194,410 | -€80,012 | -29.2% |
| Financial debts | 170/4 | €274,422 | €194,410 | -€80,012 | -29.2% |
| Amounts payable within one year | 42/48 | €143,045 | €117,297 | -€25,749 | -18.0% |
| Current portion of amounts payable after more than one year | 42 | €91,973 | €80,013 | -€11,960 | -13.0% |
| Trade debts | 44 | €4,137 | €2,465 | -€1,672 | -40.4% |
| Suppliers | 440/4 | €4,137 | €2,465 | -€1,672 | -40.4% |
| Taxes, remuneration and social security | 45 | €43,499 | €34,819 | -€8,679 | -20.0% |
| Taxes | 450/3 | €36,787 | €27,455 | -€9,332 | -25.4% |
| Remuneration and social security | 454/9 | €6,712 | €7,364 | +€653 | +9.7% |
| Other amounts payable | 47/48 | €3,438 | €0 | -€3,438 | -100.0% |
| Non-recurring operating income | 76A | - | €2,800 | +€2,800 | |
| Remuneration, social security and pensions | 62 | €4,522 | €51,765 | +€47,243 | +1044.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,900 | €82,506 | +€28,606 | +53.1% |
| Other operating charges | 640/8 | €15,644 | €12,127 | -€3,517 | -22.5% |
| Gross operating margin | 9900 | €380,117 | €478,535 | +€98,418 | +25.9% |
| Operating profit (loss) | 9901 | €306,051 | €332,137 | +€26,086 | +8.5% |
| Financial income | 75/76B | €308,876 | €330,510 | +€21,633 | +7.0% |
| Recurring financial income | 75 | €308,876 | €330,510 | +€21,633 | +7.0% |
| Financial charges | 65/66B | €6,022 | €4,733 | -€1,289 | -21.4% |
| Recurring financial charges | 65 | €6,022 | €4,733 | -€1,289 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €608,906 | €657,914 | +€49,008 | +8.0% |
| Income taxes | 67/77 | €133,635 | €139,719 | +€6,084 | +4.6% |
| Profit (loss) for the period | 9904 | €475,271 | €518,195 | +€42,924 | +9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €475,271 | €518,195 | +€42,924 | +9.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.