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
- Cash +€136,739
up €136,739 (+25946.7%), from €527 to €137,266
mainly Contributions, distributions and other (+€700,000) and Depreciation (+€66,220)
- Tangible fixed assets -€61,392
down €61,392 (-3.9%), from €1.6m to €1.5m
of which Assets under construction and advance payments: -€1.4m
- Contributions +€700,000
up €700,000 (+189.2%), from €370,000 to €1.1m
- Other debts -€558,141
down €558,141 (-60.2%), from €926,526 to €368,385
- Debts after one year -€37,061
down €37,061 (-6.7%), from €554,244 to €517,183
- Profit (loss) carried forward -€23,859
down €23,859 (-7.9%), from -€302,658 to -€326,517
- Gross operating margin +€104,596
up €104,596, from -€49,550 to €55,046
- Depreciation +€55,371
up €55,371 (+510.4%), from €10,849 to €66,220
- Financial income -€1,460
down €1,460 (-96.6%), from €1,512 to €52
- Other operating charges +€1,200
up €1,200 (+75.2%), from €1,596 to €2,796
- Financial charges -€590
down €590 (-5.6%), from €10,531 to €9,941
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,593,432 | €1,668,998 | +€75,566 | +4.7% |
| Fixed assets | 21/28 | €1,589,749 | €1,528,357 | -€61,392 | -3.9% |
| Tangible fixed assets | 22/27 | €1,589,537 | €1,528,145 | -€61,392 | -3.9% |
| Land and buildings | 22 | €194,180 | €1,232,424 | +€1.0m | +534.7% |
| Plant, machinery and equipment | 23 | €5,037 | €291,110 | +€286,073 | +5679.4% |
| Furniture and vehicles | 24 | €6,418 | €4,611 | -€1,807 | -28.2% |
| Assets under construction and advance payments | 27 | €1,383,902 | - | -€1.4m | |
| Financial fixed assets | 28 | €212 | €212 | = | 0.0% |
| Current assets | 29/58 | €3,683 | €140,641 | +€136,958 | +3718.7% |
| Amounts receivable within one year | 40/41 | €3,156 | €3,375 | +€219 | +6.9% |
| Trade receivables | 40 | - | €826 | +€826 | |
| Other amounts receivable | 41 | €3,156 | €2,549 | -€607 | -19.2% |
| Cash at bank and in hand | 54/58 | €527 | €137,266 | +€136,739 | +25946.7% |
| Total equity and liabilities | 10/49 | €1,593,432 | €1,668,998 | +€75,566 | +4.7% |
| Equity | 10/15 | €69,342 | €745,483 | +€676,141 | +975.1% |
| Contributions | 10/11 | €370,000 | €1,070,000 | +€700,000 | +189.2% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€302,658 | -€326,517 | -€23,859 | -7.9% |
| Amounts payable | 17/49 | €1,524,090 | €923,515 | -€600,575 | -39.4% |
| Amounts payable after more than one year | 17 | €554,244 | €517,183 | -€37,061 | -6.7% |
| Financial debts | 170/4 | €554,244 | €517,183 | -€37,061 | -6.7% |
| Amounts payable within one year | 42/48 | €969,846 | €406,049 | -€563,797 | -58.1% |
| Current portion of amounts payable after more than one year | 42 | €36,410 | €37,060 | +€650 | +1.8% |
| Trade debts | 44 | €6,910 | - | -€6,910 | |
| Suppliers | 440/4 | €6,910 | - | -€6,910 | |
| Taxes, remuneration and social security | 45 | - | €604 | +€604 | |
| Taxes | 450/3 | - | €104 | +€104 | |
| Remuneration and social security | 454/9 | - | €500 | +€500 | |
| Other amounts payable | 47/48 | €926,526 | €368,385 | -€558,141 | -60.2% |
| Accrued charges and deferred income | 492/3 | - | €283 | +€283 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,849 | €66,220 | +€55,371 | +510.4% |
| Other operating charges | 640/8 | €1,596 | €2,796 | +€1,200 | +75.2% |
| Gross operating margin | 9900 | -€49,550 | €55,046 | +€104,596 | |
| Operating profit (loss) | 9901 | -€61,995 | -€13,970 | +€48,025 | +77.5% |
| Financial income | 75/76B | €1,512 | €52 | -€1,460 | -96.6% |
| Recurring financial income | 75 | €1,512 | €52 | -€1,460 | -96.6% |
| Financial charges | 65/66B | €10,531 | €9,941 | -€590 | -5.6% |
| Recurring financial charges | 65 | €10,531 | €9,941 | -€590 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | -€71,014 | -€23,859 | +€47,155 | +66.4% |
| Profit (loss) for the period | 9904 | -€71,014 | -€23,859 | +€47,155 | +66.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€71,014 | -€23,859 | +€47,155 | +66.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.