HV-PROJECTS: 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.
What changed
HV-PROJECTS
NACE 43.990, Other specialised construction activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€14,828
2024 · -€97,498+€82,671
Equity
€1.4m
2024 · €1.4m-€14,828
Cash
€52,338
2024 · €56,152-€3,814
Balance sheet total
€1.6m
2024 · €1.8m-€238,577
Largest movements
Assets
- Current investments -€225,000
no longer reported in 2025 (was €225,000)
Equity and liabilities
- Short-term financial debts -€210,000
no longer reported in 2025 (was €210,000)
- Debts after one year -€19,608
down €19,608 (-11.7%), from €167,567 to €147,959
of which Financial debts: -€19,608
Income statement
- Gross operating margin +€75,538
up €75,538, from -€41,154 to €34,383
- Financial charges -€17,740
down €17,740 (-65.9%), from €26,919 to €9,179
- Financial income -€16,344
down €16,344 (-87.1%), from €18,770 to €2,426
- Taxes -€5,342
down €5,342 (-96.8%), from €5,520 to €178
- Depreciation -€4,799
down €4,799 (-13.1%), from €36,745 to €31,946
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.
Result 2024
-€97,498
Gross operating margin
+€75,538
Depreciation
+€4,799
Other operating charges
-€4,404
Financial income
-€16,344
Financial charges
+€17,740
Taxes
+€5,342
Result 2025
-€14,828
raises the resultlowers the result
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.
From operations
+€26,328
Investment
+€199,465
Financing
-€229,608
Cash 2024
€56,152
From operations (derived)
+€26,328
Net result for the year
-€14,828
Depreciation
+€31,946
Receivables within one year
-€5,068
Deferred charges and accrued income
+€8,419
Trade debts
-€347
Tax, wage and social debts
+€6,205
Investment (derived)
+€199,465
Investment in fixed assets (net)
-€25,535
Current investments
+€225,000
Financing
-€229,608
Debts after one year
-€19,608
Short-term financial debts
-€210,000
Cash 2025
€52,338
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,792,326 | €1,553,749 | -€238,577 | -13.3% |
| Fixed assets | 21/28 | €87,409 | €80,998 | -€6,411 | -7.3% |
| Tangible fixed assets | 22/27 | €87,409 | €80,998 | -€6,411 | -7.3% |
| Plant, machinery and equipment | 23 | €17,120 | €16,652 | -€468 | -2.7% |
| Furniture and vehicles | 24 | €70,290 | €64,346 | -€5,943 | -8.5% |
| Current assets | 29/58 | €1,704,917 | €1,472,751 | -€232,166 | -13.6% |
| Amounts receivable after more than one year | 29 | €1,500 | €1,500 | = | 0.0% |
| Other amounts receivable | 291 | €1,500 | €1,500 | = | 0.0% |
| Stocks and contracts in progress | 3 | €1,383,568 | €1,383,568 | = | 0.0% |
| Stocks | 30/36 | €1,383,568 | €1,383,568 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €21,459 | €26,527 | +€5,068 | +23.6% |
| Trade receivables | 40 | - | €21,560 | +€21,560 | |
| Other amounts receivable | 41 | €21,459 | €4,967 | -€16,492 | -76.9% |
| Current investments | 50/53 | €225,000 | - | -€225,000 | |
| Cash at bank and in hand | 54/58 | €56,152 | €52,338 | -€3,814 | -6.8% |
| Deferred charges and accrued income | 490/1 | €17,238 | €8,819 | -€8,419 | -48.8% |
| Total equity and liabilities | 10/49 | €1,792,326 | €1,553,749 | -€238,577 | -13.3% |
| Equity | 10/15 | €1,390,963 | €1,376,135 | -€14,828 | -1.1% |
| Contributions | 10/11 | €240,460 | €240,460 | = | 0.0% |
| Reserves | 13 | €1,242,712 | €1,242,712 | = | 0.0% |
| Distributable reserves | 133 | €1,242,712 | €1,242,712 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€92,209 | -€107,037 | -€14,828 | -16.1% |
| Amounts payable | 17/49 | €401,363 | €177,614 | -€223,750 | -55.7% |
| Amounts payable after more than one year | 17 | €167,567 | €147,959 | -€19,608 | -11.7% |
| Financial debts | 170/4 | €166,667 | €147,059 | -€19,608 | -11.8% |
| Other amounts payable | 178/9 | €900 | €900 | = | 0.0% |
| Amounts payable within one year | 42/48 | €233,797 | €29,655 | -€204,142 | -87.3% |
| Current portion of amounts payable after more than one year | 42 | €19,608 | €19,608 | = | 0.0% |
| Financial debts | 43 | €210,000 | - | -€210,000 | |
| Credit institutions | 430/8 | €210,000 | - | -€210,000 | |
| Trade debts | 44 | €1,820 | €1,473 | -€347 | -19.0% |
| Suppliers | 440/4 | €1,820 | €1,473 | -€347 | -19.0% |
| Taxes, remuneration and social security | 45 | €2,369 | €8,574 | +€6,205 | +262% |
| Taxes | 450/3 | €182 | €5,919 | +€5,737 | +3,144% |
| Remuneration and social security | 454/9 | €2,186 | €2,655 | +€468 | +21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,745 | €31,946 | -€4,799 | -13.1% |
| Other operating charges | 640/8 | €5,930 | €10,334 | +€4,404 | +74.3% |
| Gross operating margin | 9900 | -€41,154 | €34,383 | +€75,538 | |
| Operating profit (loss) | 9901 | -€83,829 | -€7,897 | +€75,932 | +90.6% |
| Financial income | 75/76B | €18,770 | €2,426 | -€16,344 | -87.1% |
| Recurring financial income | 75 | €18,770 | €2,426 | -€16,344 | -87.1% |
| Financial charges | 65/66B | €26,919 | €9,179 | -€17,740 | -65.9% |
| Recurring financial charges | 65 | €26,919 | €9,179 | -€17,740 | -65.9% |
| Profit (loss) for the period before taxes | 9903 | -€91,978 | -€14,650 | +€77,328 | +84.1% |
| Income taxes | 67/77 | €5,520 | €178 | -€5,342 | -96.8% |
| Profit (loss) for the period | 9904 | -€97,498 | -€14,828 | +€82,671 | +84.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€97,498 | -€14,828 | +€82,671 | +84.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.