HV-Projects: 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-Projects
Largest movements
- Financial fixed assets +€216,866
new in 2025: €216,866
- Cash -€116,517
down €116,517 (-70.6%), from €165,065 to €48,549
mainly Investment in fixed assets (net) (-€225,647) and Receivables within one year (-€26,385)
- Receivables within one year +€26,385
up €26,385 (+16.0%), from €165,246 to €191,631
of which Trade receivables: +€16,632
- Stocks and contracts -€17,768
down €17,768 (-4.2%), from €422,590 to €404,822
- Tangible fixed assets -€10,185
down €10,185 (-28.7%), from €35,531 to €25,346
of which Furniture and vehicles: -€5,188
- Trade debts +€84,879
up €84,879 (+918.0%), from €9,246 to €94,125
- Reserves +€17,692
up €17,692 (+2.1%), from €854,370 to €872,062
- Staff costs +€51,836
up €51,836 (+10.3%), from €501,306 to €553,142
- Gross operating margin +€17,825
up €17,825 (+3.0%), from €587,967 to €605,792
- Other operating charges +€17,290
up €17,290 (+429.0%), from €4,030 to €21,320
- Financial charges +€8,385
up €8,385, from -€8,164 to €221
- Financial income +€7,318
new in 2025: €7,318
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 | €913,432 | €1,012,213 | +€98,781 | +10.8% |
| Fixed assets | 21/28 | €35,531 | €242,212 | +€206,681 | +581.7% |
| Tangible fixed assets | 22/27 | €35,531 | €25,346 | -€10,185 | -28.7% |
| Plant, machinery and equipment | 23 | €26,884 | €21,887 | -€4,997 | -18.6% |
| Furniture and vehicles | 24 | €8,647 | €3,459 | -€5,188 | -60.0% |
| Financial fixed assets | 28 | - | €216,866 | +€216,866 | |
| Current assets | 29/58 | €877,901 | €770,001 | -€107,900 | -12.3% |
| Amounts receivable after more than one year | 29 | €125,000 | €125,000 | = | 0.0% |
| Other amounts receivable | 291 | €125,000 | €125,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €422,590 | €404,822 | -€17,768 | -4.2% |
| Stocks | 30/36 | €422,590 | €404,822 | -€17,768 | -4.2% |
| Amounts receivable within one year | 40/41 | €165,246 | €191,631 | +€26,385 | +16.0% |
| Trade receivables | 40 | €151,954 | €168,585 | +€16,632 | +10.9% |
| Other amounts receivable | 41 | €13,292 | €23,046 | +€9,753 | +73.4% |
| Cash at bank and in hand | 54/58 | €165,065 | €48,549 | -€116,517 | -70.6% |
| Total equity and liabilities | 10/49 | €913,432 | €1,012,213 | +€98,781 | +10.8% |
| Equity | 10/15 | €879,160 | €896,851 | +€17,692 | +2.0% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €854,370 | €872,062 | +€17,692 | +2.1% |
| Distributable reserves | 133 | €854,370 | €872,062 | +€17,692 | +2.1% |
| Provisions and deferred taxes | 16 | €7,035 | €7,402 | +€367 | +5.2% |
| Provisions for liabilities and charges | 160/5 | €7,035 | €7,402 | +€367 | +5.2% |
| Environmental obligations | 163 | €7,035 | €7,402 | +€367 | +5.2% |
| Amounts payable | 17/49 | €27,237 | €107,960 | +€80,723 | +296.4% |
| Amounts payable within one year | 42/48 | €27,237 | €107,960 | +€80,723 | +296.4% |
| Trade debts | 44 | €9,246 | €94,125 | +€84,879 | +918.0% |
| Suppliers | 440/4 | €9,246 | €94,125 | +€84,879 | +918.0% |
| Taxes, remuneration and social security | 45 | €5,820 | €7,230 | +€1,410 | +24.2% |
| Taxes | 450/3 | €4,875 | €5,483 | +€608 | +12.5% |
| Remuneration and social security | 454/9 | €945 | €1,747 | +€802 | +84.9% |
| Other amounts payable | 47/48 | €12,171 | €6,605 | -€5,566 | -45.7% |
| Remuneration, social security and pensions | 62 | €501,306 | €553,142 | +€51,836 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,637 | €18,966 | -€671 | -3.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€75 | - | +€75 | |
| Other operating charges | 640/8 | €4,030 | €21,320 | +€17,290 | +429.0% |
| Gross operating margin | 9900 | €587,967 | €605,792 | +€17,825 | +3.0% |
| Operating profit (loss) | 9901 | €63,069 | €12,364 | -€50,705 | -80.4% |
| Financial income | 75/76B | - | €7,318 | +€7,318 | |
| Recurring financial income | 75 | - | €7,318 | +€7,318 | |
| Financial charges | 65/66B | -€8,164 | €221 | +€8,385 | |
| Recurring financial charges | 65 | -€8,164 | €221 | +€8,385 | |
| Profit (loss) for the period before taxes | 9903 | €71,232 | €19,461 | -€51,772 | -72.7% |
| Income taxes | 67/77 | €6,476 | €1,769 | -€4,707 | -72.7% |
| Profit (loss) for the period | 9904 | €64,757 | €17,692 | -€47,065 | -72.7% |
| Profit (loss) for the period to be appropriated | 9905 | €64,757 | €17,692 | -€47,065 | -72.7% |
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 7 October 2026 via checked.be.