HVcon: 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.
HVcon
Largest movements
- Cash +€28,738
up €28,738 (+13.2%), from €218,366 to €247,104
mainly Other debts (+€280,425) and Net result for the year (+€56,377)
- Tangible fixed assets +€11,864
up €11,864 (+41.5%), from €28,604 to €40,468
of which Furniture and vehicles: +€14,622
- Receivables within one year -€4,303
down €4,303 (-10.8%), from €39,739 to €35,436
of which Trade receivables: -€8,695
- Other debts +€280,425
up €280,425 (+45360.8%), from €618 to €281,043
- Reserves -€273,535
down €273,535 (-99.3%), from €275,395 to €1,860
- Debts after one year +€15,380
new in 2025: €15,380
- Tax, wage and social debts +€8,150
up €8,150 (+66.1%), from €12,328 to €20,479
- Current portion of long-term debt +€4,280
new in 2025: €4,280
- Gross operating margin -€7,972
down €7,972 (-7.7%), from €103,449 to €95,478
- Taxes -€4,056
down €4,056 (-21.0%), from €19,352 to €15,296
- Depreciation +€3,124
up €3,124 (+44.3%), from €7,058 to €10,182
- Financial charges +€2,456
up €2,456 (+85.2%), from €2,884 to €5,339
- Financial income +€1,303
up €1,303 (+521.1%), from €250 to €1,553
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 | €288,849 | €324,620 | +€35,771 | +12.4% |
| Fixed assets | 21/28 | €28,604 | €40,468 | +€11,864 | +41.5% |
| Tangible fixed assets | 22/27 | €28,604 | €40,468 | +€11,864 | +41.5% |
| Plant, machinery and equipment | 23 | €1,577 | €820 | -€757 | -48.0% |
| Furniture and vehicles | 24 | €9,618 | €24,240 | +€14,622 | +152.0% |
| Other tangible fixed assets | 26 | €17,408 | €15,408 | -€2,000 | -11.5% |
| Current assets | 29/58 | €260,245 | €284,152 | +€23,906 | +9.2% |
| Amounts receivable within one year | 40/41 | €39,739 | €35,436 | -€4,303 | -10.8% |
| Trade receivables | 40 | €38,962 | €30,267 | -€8,695 | -22.3% |
| Other amounts receivable | 41 | €777 | €5,169 | +€4,392 | +565.1% |
| Cash at bank and in hand | 54/58 | €218,366 | €247,104 | +€28,738 | +13.2% |
| Deferred charges and accrued income | 490/1 | €2,140 | €1,611 | -€529 | -24.7% |
| Total equity and liabilities | 10/49 | €288,849 | €324,620 | +€35,771 | +12.4% |
| Equity | 10/15 | €275,581 | €2,046 | -€273,535 | -99.3% |
| Contributions | 10/11 | €186 | €186 | = | 0.0% |
| Reserves | 13 | €275,395 | €1,860 | -€273,535 | -99.3% |
| Distributable reserves | 133 | €275,395 | €1,860 | -€273,535 | -99.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €13,268 | €322,574 | +€309,306 | +2331.2% |
| Amounts payable after more than one year | 17 | - | €15,380 | +€15,380 | |
| Financial debts | 170/4 | - | €15,380 | +€15,380 | |
| Amounts payable within one year | 42/48 | €13,268 | €306,464 | +€293,196 | +2209.8% |
| Current portion of amounts payable after more than one year | 42 | - | €4,280 | +€4,280 | |
| Financial debts | 43 | €224 | €3 | -€221 | -98.7% |
| Credit institutions | 430/8 | €224 | €3 | -€221 | -98.7% |
| Trade debts | 44 | €97 | €659 | +€562 | +579.2% |
| Suppliers | 440/4 | €97 | €659 | +€562 | +579.2% |
| Taxes, remuneration and social security | 45 | €12,328 | €20,479 | +€8,150 | +66.1% |
| Taxes | 450/3 | €12,328 | €20,479 | +€8,150 | +66.1% |
| Other amounts payable | 47/48 | €618 | €281,043 | +€280,425 | +45360.8% |
| Accrued charges and deferred income | 492/3 | - | €730 | +€730 | |
| Non-recurring operating income | 76A | €343 | €2,893 | +€2,549 | +742.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,058 | €10,182 | +€3,124 | +44.3% |
| Other operating charges | 640/8 | €661 | €994 | +€333 | +50.4% |
| Non-recurring operating charges | 66A | €426 | €8,842 | +€8,416 | +1976.2% |
| Gross operating margin | 9900 | €103,449 | €95,478 | -€7,972 | -7.7% |
| Operating profit (loss) | 9901 | €95,304 | €75,460 | -€19,844 | -20.8% |
| Financial income | 75/76B | €250 | €1,553 | +€1,303 | +521.1% |
| Recurring financial income | 75 | €250 | €1,553 | +€1,303 | +521.1% |
| Financial charges | 65/66B | €2,884 | €5,339 | +€2,456 | +85.2% |
| Recurring financial charges | 65 | €2,884 | €5,339 | +€2,456 | +85.2% |
| Profit (loss) for the period before taxes | 9903 | €92,671 | €71,673 | -€20,998 | -22.7% |
| Income taxes | 67/77 | €19,352 | €15,296 | -€4,056 | -21.0% |
| Profit (loss) for the period | 9904 | €73,319 | €56,377 | -€16,942 | -23.1% |
| Profit (loss) for the period to be appropriated | 9905 | €73,319 | €56,377 | -€16,942 | -23.1% |
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.