HVB: 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.
HVB
Largest movements
- Cash +€39,480
up €39,480 (+17.0%), from €231,802 to €271,283
mainly Net result for the year (+€40,241) and Tax, wage and social debts (+€4,370)
- Receivables within one year +€5,504
up €5,504 (+18.9%), from €29,126 to €34,630
of which Trade receivables: +€5,504
- Reserves +€40,241
up €40,241 (+16.4%), from €245,409 to €285,650
- Tax, wage and social debts +€4,370
up €4,370 (+38.0%), from €11,491 to €15,862
- Gross operating margin -€48,070
down €48,070 (-44.8%), from €107,235 to €59,165
- Taxes -€12,872
down €12,872 (-43.8%), from €29,372 to €16,500
- Depreciation -€1,231
down €1,231 (-38.8%), from €3,177 to €1,946
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.
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 | €265,033 | €308,612 | +€43,579 | +16.4% |
| Fixed assets | 21/28 | €2,258 | €312 | -€1,946 | -86.2% |
| Tangible fixed assets | 22/27 | €2,258 | €312 | -€1,946 | -86.2% |
| Furniture and vehicles | 24 | €1,736 | - | -€1,736 | |
| Other tangible fixed assets | 26 | €522 | €312 | -€210 | -40.2% |
| Current assets | 29/58 | €262,775 | €308,300 | +€45,525 | +17.3% |
| Amounts receivable within one year | 40/41 | €29,126 | €34,630 | +€5,504 | +18.9% |
| Trade receivables | 40 | €28,498 | €34,002 | +€5,504 | +19.3% |
| Other amounts receivable | 41 | €628 | €628 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €231,802 | €271,283 | +€39,480 | +17.0% |
| Deferred charges and accrued income | 490/1 | €1,847 | €2,387 | +€540 | +29.2% |
| Total equity and liabilities | 10/49 | €265,033 | €308,612 | +€43,579 | +16.4% |
| Equity | 10/15 | €248,409 | €288,650 | +€40,241 | +16.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €245,409 | €285,650 | +€40,241 | +16.4% |
| Distributable reserves | 133 | €245,409 | €285,650 | +€40,241 | +16.4% |
| Amounts payable | 17/49 | €16,625 | €19,962 | +€3,337 | +20.1% |
| Amounts payable within one year | 42/48 | €16,625 | €19,962 | +€3,337 | +20.1% |
| Trade debts | 44 | €4,384 | €4,080 | -€304 | -6.9% |
| Suppliers | 440/4 | €4,384 | €4,080 | -€304 | -6.9% |
| Taxes, remuneration and social security | 45 | €11,491 | €15,862 | +€4,370 | +38.0% |
| Taxes | 450/3 | €11,491 | €15,862 | +€4,370 | +38.0% |
| Other amounts payable | 47/48 | €749 | €20 | -€729 | -97.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,177 | €1,946 | -€1,231 | -38.8% |
| Other operating charges | 640/8 | €534 | €277 | -€257 | -48.1% |
| Gross operating margin | 9900 | €107,235 | €59,165 | -€48,070 | -44.8% |
| Operating profit (loss) | 9901 | €103,523 | €56,942 | -€46,581 | -45.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €153 | €200 | +€47 | +30.8% |
| Recurring financial charges | 65 | €153 | €200 | +€47 | +30.8% |
| Profit (loss) for the period before taxes | 9903 | €103,370 | €56,741 | -€46,628 | -45.1% |
| Income taxes | 67/77 | €29,372 | €16,500 | -€12,872 | -43.8% |
| Profit (loss) for the period | 9904 | €73,997 | €40,241 | -€33,756 | -45.6% |
| Profit (loss) for the period to be appropriated | 9905 | €73,997 | €40,241 | -€33,756 | -45.6% |
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 12 October 2026 via checked.be.