HVD GROUP: 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.
HVD GROUP
Largest movements
- Cash -€245,954
down €245,954 (-65.9%), from €373,254 to €127,299
mainly Current investments (-€244,999) and Accrued charges and deferred income (-€18,000)
- Current investments +€244,999
new in 2025: €244,999
No liability line moved by more than 1% of the balance sheet total.
- Depreciation -€2,689
down €2,689 (-100.0%), from €2,689 to €0
- Taxes +€643
up €643 (+41.8%), from €1,536 to €2,179
- Other operating charges -€477
down €477 (-100.0%), from €477 to €0
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 | €2,490,225 | €2,474,025 | -€16,200 | -0.7% |
| Fixed assets | 21/28 | €2,100,000 | €2,100,000 | = | 0.0% |
| Financial fixed assets | 28 | €2,100,000 | €2,100,000 | = | 0.0% |
| Current assets | 29/58 | €390,225 | €374,025 | -€16,200 | -4.2% |
| Amounts receivable within one year | 40/41 | €16,972 | €1,728 | -€15,244 | -89.8% |
| Trade receivables | 40 | €16,248 | €1,728 | -€14,520 | -89.4% |
| Other amounts receivable | 41 | €724 | €0 | -€724 | -100.0% |
| Current investments | 50/53 | - | €244,999 | +€244,999 | |
| Cash at bank and in hand | 54/58 | €373,254 | €127,299 | -€245,954 | -65.9% |
| Total equity and liabilities | 10/49 | €2,490,225 | €2,474,025 | -€16,200 | -0.7% |
| Equity | 10/15 | €1,524,674 | €1,533,388 | +€8,714 | +0.6% |
| Contributions | 10/11 | €457,257 | €457,257 | = | 0.0% |
| Reserves | 13 | €1,067,417 | €1,076,131 | +€8,714 | +0.8% |
| Distributable reserves | 133 | €1,067,417 | €1,076,131 | +€8,714 | +0.8% |
| Amounts payable | 17/49 | €965,551 | €940,637 | -€24,914 | -2.6% |
| Amounts payable after more than one year | 17 | €900,000 | €900,000 | = | 0.0% |
| Financial debts | 170/4 | €900,000 | €900,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €11,551 | €4,637 | -€6,914 | -59.9% |
| Taxes, remuneration and social security | 45 | €11,551 | €4,637 | -€6,914 | -59.9% |
| Taxes | 450/3 | €11,551 | €4,637 | -€6,914 | -59.9% |
| Accrued charges and deferred income | 492/3 | €54,000 | €36,000 | -€18,000 | -33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,689 | €0 | -€2,689 | -100.0% |
| Other operating charges | 640/8 | €477 | €0 | -€477 | -100.0% |
| Gross operating margin | 9900 | €46,933 | €47,314 | +€380 | +0.8% |
| Operating profit (loss) | 9901 | €43,767 | €47,314 | +€3,547 | +8.1% |
| Financial charges | 65/66B | €36,088 | €36,421 | +€334 | +0.9% |
| Recurring financial charges | 65 | €36,088 | €36,421 | +€334 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €7,679 | €10,893 | +€3,213 | +41.8% |
| Income taxes | 67/77 | €1,536 | €2,179 | +€643 | +41.8% |
| Profit (loss) for the period | 9904 | €6,143 | €8,714 | +€2,571 | +41.8% |
| Profit (loss) for the period to be appropriated | 9905 | €6,143 | €8,714 | +€2,571 | +41.8% |
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.