HV MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets -€40,957
down €40,957 (-6.2%), from €656,701 to €615,744
of which Other tangible fixed assets: -€23,022
- Receivables within one year +€29,447
up €29,447 (+196%), from €15,027 to €44,474
of which Trade receivables: +€15,789
- Debts after one year -€73,861
down €73,861 (-21.9%), from €337,000 to €263,139
- Current portion of long-term debt +€37,062
up €37,062 (+975%), from €3,803 to €40,865
- Trade debts +€14,568
up €14,568 (+5,741%), from €254 to €14,822
- Turnover -€150,345
no longer reported in 2025 (was €150,345)
- Purchases and services -€44,670
no longer reported in 2025 (was €44,670)
- Gross operating margin -€16,949
down €16,949 (-16.6%), from €101,820 to €84,871
- Taxes -€10,732
down €10,732 (-88.9%), from €12,073 to €1,342
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 | €678,912 | €663,274 | -€15,638 | -2.3% |
| Fixed assets | 21/28 | €656,701 | €615,744 | -€40,957 | -6.2% |
| Tangible fixed assets | 22/27 | €656,701 | €615,744 | -€40,957 | -6.2% |
| Land and buildings | 22 | €547,093 | €529,293 | -€17,800 | -3.3% |
| Plant, machinery and equipment | 23 | €309 | €174 | -€135 | -43.6% |
| Other tangible fixed assets | 26 | €109,299 | €86,276 | -€23,022 | -21.1% |
| Current assets | 29/58 | €22,211 | €47,530 | +€25,319 | +114% |
| Amounts receivable within one year | 40/41 | €15,027 | €44,474 | +€29,447 | +196% |
| Trade receivables | 40 | €12,100 | €27,889 | +€15,789 | +130% |
| Other amounts receivable | 41 | €2,927 | €16,585 | +€13,658 | +467% |
| Cash at bank and in hand | 54/58 | €7,098 | €2,949 | -€4,148 | -58.4% |
| Deferred charges and accrued income | 490/1 | €87 | €107 | +€20 | +23.3% |
| Total equity and liabilities | 10/49 | €678,912 | €663,274 | -€15,638 | -2.3% |
| Equity | 10/15 | €239,760 | €243,492 | +€3,732 | +1.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €221,160 | €224,892 | +€3,732 | +1.7% |
| Amounts payable | 17/49 | €439,152 | €419,781 | -€19,370 | -4.4% |
| Amounts payable after more than one year | 17 | €337,000 | €263,139 | -€73,861 | -21.9% |
| Financial debts | 170/4 | €337,000 | €263,139 | -€73,861 | -21.9% |
| Amounts payable within one year | 42/48 | €102,152 | €156,642 | +€54,491 | +53.3% |
| Current portion of amounts payable after more than one year | 42 | €3,803 | €40,865 | +€37,062 | +975% |
| Trade debts | 44 | €254 | €14,822 | +€14,568 | +5,741% |
| Suppliers | 440/4 | €254 | €14,822 | +€14,568 | +5,741% |
| Taxes, remuneration and social security | 45 | €1,535 | €4,395 | +€2,860 | +186% |
| Taxes | 450/3 | €1,535 | €4,395 | +€2,860 | +186% |
| Other amounts payable | 47/48 | €96,560 | €96,560 | = | 0.0% |
| Turnover | 70 | €150,345 | - | -€150,345 | |
| Goods, raw materials, services and sundry goods | 60/61 | €44,670 | - | -€44,670 | |
| Remuneration, social security and pensions | 62 | €1,421 | €2,160 | +€739 | +52.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,180 | €40,957 | -€223 | -0.5% |
| Other operating charges | 640/8 | €1,417 | €1,457 | +€40 | +2.8% |
| Non-recurring operating charges | 66A | €5,758 | €27,024 | +€21,267 | +369% |
| Gross operating margin | 9900 | €101,820 | €84,871 | -€16,949 | -16.6% |
| Operating profit (loss) | 9901 | €52,045 | €13,272 | -€38,773 | -74.5% |
| Financial income | 75/76B | €17 | €8 | -€9 | -53.8% |
| Recurring financial income | 75 | €17 | €8 | -€9 | -53.8% |
| Financial charges | 65/66B | €9,223 | €8,206 | -€1,017 | -11.0% |
| Recurring financial charges | 65 | €9,223 | €8,206 | -€1,017 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €42,839 | €5,074 | -€37,765 | -88.2% |
| Income taxes | 67/77 | €12,073 | €1,342 | -€10,732 | -88.9% |
| Profit (loss) for the period | 9904 | €30,766 | €3,732 | -€27,034 | -87.9% |
| Profit (loss) for the period to be appropriated | 9905 | €30,766 | €3,732 | -€27,034 | -87.9% |
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 23 October 2026 via checked.be.