HVC: 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.
HVC
Largest movements
- Cash -€2.6m
down €2.6m (-95.4%), from €2.7m to €126,218
mainly Current investments (-€1.5m) and Stocks and contracts (-€746,592)
- Current investments +€1.5m
up €1.5m (+492.4%), from €300,000 to €1.8m
- Stocks and contracts +€746,592
up €746,592 (+26.1%), from €2.9m to €3.6m
- Reserves -€621,175
down €621,175 (-10.7%), from €5.8m to €5.2m
of which Distributable reserves: -€621,175
- Advances received +€157,970
new in 2025: €157,970
- Gross operating margin -€470,474
down €470,474 (-98.5%), from €477,402 to €6,928
- Financial income -€161,015
down €161,015 (-74.4%), from €216,440 to €55,425
- Taxes -€120,993
down €120,993 (-98.8%), from €122,505 to €1,512
- Staff costs -€62,904
down €62,904, from €62,102 to -€802
- Other operating charges -€5,872
down €5,872 (-77.4%), from €7,588 to €1,715
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 | €6,642,975 | €6,240,536 | -€402,440 | -6.1% |
| Fixed assets | 21/28 | €1,154 | €4,099 | +€2,945 | +255.2% |
| Tangible fixed assets | 22/27 | €1,154 | €4,099 | +€2,945 | +255.2% |
| Plant, machinery and equipment | 23 | €1,154 | - | -€1,154 | |
| Furniture and vehicles | 24 | - | €4,099 | +€4,099 | |
| Current assets | 29/58 | €6,641,821 | €6,236,437 | -€405,384 | -6.1% |
| Amounts receivable after more than one year | 29 | €103,571 | €70,755 | -€32,816 | -31.7% |
| Trade receivables | 290 | €103,571 | €70,755 | -€32,816 | -31.7% |
| Stocks and contracts in progress | 3 | €2,859,660 | €3,606,252 | +€746,592 | +26.1% |
| Stocks | 30/36 | €2,859,660 | €3,606,252 | +€746,592 | +26.1% |
| Amounts receivable within one year | 40/41 | €632,352 | €648,700 | +€16,348 | +2.6% |
| Trade receivables | 40 | €6,318 | €1,840 | -€4,478 | -70.9% |
| Other amounts receivable | 41 | €626,034 | €646,860 | +€20,826 | +3.3% |
| Current investments | 50/53 | €300,000 | €1,777,114 | +€1.5m | +492.4% |
| Cash at bank and in hand | 54/58 | €2,746,239 | €126,218 | -€2.6m | -95.4% |
| Deferred charges and accrued income | 490/1 | - | €7,399 | +€7,399 | |
| Total equity and liabilities | 10/49 | €6,642,975 | €6,240,536 | -€402,440 | -6.1% |
| Equity | 10/15 | €6,639,272 | €6,018,096 | -€621,175 | -9.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,802,043 | €5,180,867 | -€621,175 | -10.7% |
| Non-distributable reserves | 130/1 | €40,715 | €40,715 | = | 0.0% |
| Reserves not available under the articles | 1311 | €40,715 | €40,715 | = | 0.0% |
| Tax-exempt reserves | 132 | €27,678 | €27,678 | = | 0.0% |
| Distributable reserves | 133 | €5,733,650 | €5,112,474 | -€621,175 | -10.8% |
| Profit (loss) carried forward | 14 | €818,629 | €818,629 | = | 0.0% |
| Amounts payable | 17/49 | €3,703 | €222,439 | +€218,736 | +5906.4% |
| Amounts payable within one year | 42/48 | €3,703 | €222,439 | +€218,736 | +5906.4% |
| Trade debts | 44 | €2,902 | €5,321 | +€2,420 | +83.4% |
| Suppliers | 440/4 | €2,902 | €5,321 | +€2,420 | +83.4% |
| Advances received on contracts in progress | 46 | - | €157,970 | +€157,970 | |
| Taxes, remuneration and social security | 45 | €802 | - | -€802 | |
| Remuneration and social security | 454/9 | €802 | - | -€802 | |
| Other amounts payable | 47/48 | - | €59,148 | +€59,148 | |
| Remuneration, social security and pensions | 62 | €62,102 | -€802 | -€62,904 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,302 | €2,055 | +€754 | +57.9% |
| Other operating charges | 640/8 | €7,588 | €1,715 | -€5,872 | -77.4% |
| Non-recurring operating charges | 66A | €233,847 | - | -€233,847 | |
| Gross operating margin | 9900 | €477,402 | €6,928 | -€470,474 | -98.5% |
| Operating profit (loss) | 9901 | €172,563 | €3,959 | -€168,604 | -97.7% |
| Financial income | 75/76B | €216,440 | €55,425 | -€161,015 | -74.4% |
| Recurring financial income | 75 | €216,440 | €55,425 | -€161,015 | -74.4% |
| Financial charges | 65/66B | €4,589 | €4,608 | +€19 | +0.4% |
| Recurring financial charges | 65 | €1,789 | €4,608 | +€2,819 | +157.5% |
| Non-recurring financial charges | 66B | €2,800 | - | -€2,800 | |
| Profit (loss) for the period before taxes | 9903 | €384,414 | €54,776 | -€329,638 | -85.8% |
| Income taxes | 67/77 | €122,505 | €1,512 | -€120,993 | -98.8% |
| Profit (loss) for the period | 9904 | €261,909 | €53,264 | -€208,645 | -79.7% |
| Profit (loss) for the period to be appropriated | 9905 | €261,909 | €53,264 | -€208,645 | -79.7% |
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 5 October 2026 via checked.be.