HVB - IMTC: 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 - IMTC
Largest movements
- Receivables within one year +€157,381
up €157,381 (+22.1%), from €713,014 to €870,396
of which Trade receivables: +€142,547
- Stocks and contracts +€121,657
up €121,657 (+17.8%), from €683,202 to €804,859
- Tangible fixed assets -€64,356
down €64,356 (-37.5%), from €171,560 to €107,204
of which Plant, machinery and equipment: -€46,831
- Short-term financial debts +€200,000
up €200,000 (+66.7%), from €300,000 to €500,000
- Trade debts +€116,611
up €116,611 (+14.2%), from €818,723 to €935,335
- Other debts -€46,211
down €46,211 (-55.9%), from €82,711 to €36,500
- Debts after one year -€35,708
down €35,708 (-47.7%), from €74,933 to €39,226
- Gross operating margin -€79,457
down €79,457 (-15.5%), from €512,990 to €433,533
- Staff costs +€70,695
up €70,695 (+29.5%), from €239,706 to €310,400
- Taxes -€40,341
down €40,341 (-93.7%), from €43,057 to €2,716
- Financial charges -€15,958
down €15,958 (-44.8%), from €35,657 to €19,699
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 | €1,608,735 | €1,828,847 | +€220,112 | +13.7% |
| Fixed assets | 21/28 | €183,573 | €118,604 | -€64,969 | -35.4% |
| Intangible fixed assets | 21 | €613 | - | -€613 | |
| Tangible fixed assets | 22/27 | €171,560 | €107,204 | -€64,356 | -37.5% |
| Plant, machinery and equipment | 23 | €89,630 | €42,799 | -€46,831 | -52.2% |
| Furniture and vehicles | 24 | €77,521 | €53,659 | -€23,862 | -30.8% |
| Other tangible fixed assets | 26 | €4,410 | €10,746 | +€6,337 | +144% |
| Financial fixed assets | 28 | €11,400 | €11,400 | = | 0.0% |
| Current assets | 29/58 | €1,425,161 | €1,710,243 | +€285,081 | +20.0% |
| Stocks and contracts in progress | 3 | €683,202 | €804,859 | +€121,657 | +17.8% |
| Stocks | 30/36 | €683,202 | €804,859 | +€121,657 | +17.8% |
| Amounts receivable within one year | 40/41 | €713,014 | €870,396 | +€157,381 | +22.1% |
| Trade receivables | 40 | €713,014 | €855,562 | +€142,547 | +20.0% |
| Other amounts receivable | 41 | - | €14,834 | +€14,834 | |
| Cash at bank and in hand | 54/58 | €27,437 | €34,988 | +€7,550 | +27.5% |
| Deferred charges and accrued income | 490/1 | €1,508 | - | -€1,508 | |
| Total equity and liabilities | 10/49 | €1,608,735 | €1,828,847 | +€220,112 | +13.7% |
| Equity | 10/15 | €219,349 | €211,460 | -€7,889 | -3.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €200,000 | €192,000 | -€8,000 | -4.0% |
| Distributable reserves | 133 | €200,000 | €192,000 | -€8,000 | -4.0% |
| Profit (loss) carried forward | 14 | €749 | €860 | +€111 | +14.8% |
| Amounts payable | 17/49 | €1,389,385 | €1,617,386 | +€228,001 | +16.4% |
| Amounts payable after more than one year | 17 | €74,933 | €39,226 | -€35,708 | -47.7% |
| Financial debts | 170/4 | €74,933 | €39,226 | -€35,708 | -47.7% |
| Amounts payable within one year | 42/48 | €1,311,466 | €1,578,161 | +€266,695 | +20.3% |
| Current portion of amounts payable after more than one year | 42 | €40,669 | €35,839 | -€4,830 | -11.9% |
| Financial debts | 43 | €300,000 | €500,000 | +€200,000 | +66.7% |
| Credit institutions | 430/8 | €300,000 | €500,000 | +€200,000 | +66.7% |
| Trade debts | 44 | €818,723 | €935,335 | +€116,611 | +14.2% |
| Suppliers | 440/4 | €818,723 | €935,335 | +€116,611 | +14.2% |
| Taxes, remuneration and social security | 45 | €69,362 | €70,487 | +€1,125 | +1.6% |
| Taxes | 450/3 | €26,884 | €23,057 | -€3,827 | -14.2% |
| Remuneration and social security | 454/9 | €42,478 | €47,430 | +€4,951 | +11.7% |
| Other amounts payable | 47/48 | €82,711 | €36,500 | -€46,211 | -55.9% |
| Accrued charges and deferred income | 492/3 | €2,986 | - | -€2,986 | |
| Remuneration, social security and pensions | 62 | €239,706 | €310,400 | +€70,695 | +29.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,166 | €53,424 | -€3,742 | -6.5% |
| Other operating charges | 640/8 | €10,288 | €11,680 | +€1,392 | +13.5% |
| Non-recurring operating charges | 66A | - | €18,683 | +€18,683 | |
| Gross operating margin | 9900 | €512,990 | €433,533 | -€79,457 | -15.5% |
| Operating profit (loss) | 9901 | €205,831 | €39,346 | -€166,485 | -80.9% |
| Financial income | 75/76B | €1,030 | €180 | -€850 | -82.5% |
| Recurring financial income | 75 | €1,030 | €180 | -€850 | -82.5% |
| Financial charges | 65/66B | €35,657 | €19,699 | -€15,958 | -44.8% |
| Recurring financial charges | 65 | €35,657 | €19,699 | -€15,958 | -44.8% |
| Profit (loss) for the period before taxes | 9903 | €171,205 | €19,827 | -€151,378 | -88.4% |
| Income taxes | 67/77 | €43,057 | €2,716 | -€40,341 | -93.7% |
| Profit (loss) for the period | 9904 | €128,148 | €17,111 | -€111,037 | -86.6% |
| Profit (loss) for the period to be appropriated | 9905 | €128,148 | €17,111 | -€111,037 | -86.6% |
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 29 October 2026 via checked.be.