HVCO: 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.
HVCO
Largest movements
- Receivables within one year -€89,287
down €89,287 (-26.8%), from €333,432 to €244,145
of which Other amounts receivable: -€67,396
- Deferred charges and accrued income -€27,954
down €27,954 (-86.4%), from €32,366 to €4,412
- Cash +€24,594
up €24,594 (+31.7%), from €77,473 to €102,067
mainly Receivables within one year (+€89,287) and Depreciation (+€51,867)
- Tangible fixed assets -€19,580
down €19,580 (-5.0%), from €387,734 to €368,154
of which Land and buildings: -€22,544
- Tax, wage and social debts -€109,517
down €109,517 (-60.8%), from €180,171 to €70,654
of which Taxes: -€111,315
- Reserves +€39,629
up €39,629 (+11.4%), from €348,935 to €388,564
- Debts after one year -€34,931
down €34,931 (-19.7%), from €177,748 to €142,818
- Other debts -€19,319
down €19,319 (-70.5%), from €27,387 to €8,067
- Write-downs +€19,418
no longer reported in 2025 (was -€19,418)
- Gross operating margin +€16,777
up €16,777 (+2.7%), from €625,206 to €641,983
- Taxes -€16,657
down €16,657 (-64.3%), from €25,910 to €9,253
- Staff costs +€15,010
up €15,010 (+3.0%), from €507,206 to €522,215
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 | €896,005 | €784,028 | -€111,977 | -12.5% |
| Fixed assets | 21/28 | €387,734 | €368,404 | -€19,330 | -5.0% |
| Tangible fixed assets | 22/27 | €387,734 | €368,154 | -€19,580 | -5.0% |
| Land and buildings | 22 | €340,935 | €318,390 | -€22,544 | -6.6% |
| Plant, machinery and equipment | 23 | €4,907 | €18,238 | +€13,331 | +271.7% |
| Furniture and vehicles | 24 | €41,891 | €31,525 | -€10,366 | -24.7% |
| Financial fixed assets | 28 | - | €250 | +€250 | |
| Current assets | 29/58 | €508,271 | €415,624 | -€92,647 | -18.2% |
| Amounts receivable within one year | 40/41 | €333,432 | €244,145 | -€89,287 | -26.8% |
| Trade receivables | 40 | €213,899 | €192,008 | -€21,891 | -10.2% |
| Other amounts receivable | 41 | €119,533 | €52,137 | -€67,396 | -56.4% |
| Current investments | 50/53 | €65,000 | €65,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €77,473 | €102,067 | +€24,594 | +31.7% |
| Deferred charges and accrued income | 490/1 | €32,366 | €4,412 | -€27,954 | -86.4% |
| Total equity and liabilities | 10/49 | €896,005 | €784,028 | -€111,977 | -12.5% |
| Equity | 10/15 | €366,750 | €406,379 | +€39,629 | +10.8% |
| Contributions | 10/11 | €17,815 | €17,815 | = | 0.0% |
| Reserves | 13 | €348,935 | €388,564 | +€39,629 | +11.4% |
| Distributable reserves | 133 | €348,935 | €388,564 | +€39,629 | +11.4% |
| Provisions and deferred taxes | 16 | €16,387 | €16,387 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €16,387 | €16,387 | = | 0.0% |
| Other liabilities and charges | 164/5 | €16,387 | €16,387 | = | 0.0% |
| Amounts payable | 17/49 | €512,868 | €361,262 | -€151,606 | -29.6% |
| Amounts payable after more than one year | 17 | €177,748 | €142,818 | -€34,931 | -19.7% |
| Financial debts | 170/4 | €177,748 | €142,818 | -€34,931 | -19.7% |
| Amounts payable within one year | 42/48 | €331,070 | €206,553 | -€124,517 | -37.6% |
| Current portion of amounts payable after more than one year | 42 | €64,636 | €71,161 | +€6,526 | +10.1% |
| Financial debts | 43 | €5,000 | €10,100 | +€5,100 | +102.0% |
| Credit institutions | 430/8 | €5,000 | €10,100 | +€5,100 | +102.0% |
| Trade debts | 44 | €37,225 | €28,326 | -€8,899 | -23.9% |
| Suppliers | 440/4 | €37,225 | €28,326 | -€8,899 | -23.9% |
| Advances received on contracts in progress | 46 | €16,653 | €18,245 | +€1,592 | +9.6% |
| Taxes, remuneration and social security | 45 | €180,171 | €70,654 | -€109,517 | -60.8% |
| Taxes | 450/3 | €122,535 | €11,220 | -€111,315 | -90.8% |
| Remuneration and social security | 454/9 | €57,635 | €59,434 | +€1,798 | +3.1% |
| Other amounts payable | 47/48 | €27,387 | €8,067 | -€19,319 | -70.5% |
| Accrued charges and deferred income | 492/3 | €4,049 | €11,891 | +€7,842 | +193.7% |
| Remuneration, social security and pensions | 62 | €507,206 | €522,215 | +€15,010 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,749 | €51,867 | +€6,118 | +13.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€19,418 | - | +€19,418 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €2,902 | - | -€2,902 | |
| Other operating charges | 640/8 | €7,300 | €6,816 | -€484 | -6.6% |
| Gross operating margin | 9900 | €625,206 | €641,983 | +€16,777 | +2.7% |
| Operating profit (loss) | 9901 | €81,467 | €61,085 | -€20,382 | -25.0% |
| Financial income | 75/76B | €4,925 | €775 | -€4,150 | -84.3% |
| Recurring financial income | 75 | €4,925 | €775 | -€4,150 | -84.3% |
| Financial charges | 65/66B | €13,330 | €12,979 | -€351 | -2.6% |
| Recurring financial charges | 65 | €13,330 | €12,979 | -€351 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €73,063 | €48,881 | -€24,181 | -33.1% |
| Income taxes | 67/77 | €25,910 | €9,253 | -€16,657 | -64.3% |
| Profit (loss) for the period | 9904 | €47,153 | €39,629 | -€7,524 | -16.0% |
| Profit (loss) for the period to be appropriated | 9905 | €47,153 | €39,629 | -€7,524 | -16.0% |
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 10 October 2026 via checked.be.