HVDH: 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.
HVDH
Largest movements
- Receivables within one year -€35,365
down €35,365 (-82.2%), from €43,020 to €7,655
of which Trade receivables: -€24,833
- Cash +€25,125
up €25,125 (+57.9%), from €43,415 to €68,540
mainly Net result for the year (+€59,855) and Depreciation (+€39,597)
- Deferred charges and accrued income +€21,184
up €21,184 (+1161.0%), from €1,825 to €23,009
- Intangible fixed assets -€18,333
down €18,333 (-20.8%), from €88,352 to €70,018
- Tangible fixed assets -€6,844
down €6,844 (-1.8%), from €381,845 to €375,001
of which Land and buildings: -€20,201
- Reserves -€22,364
down €22,364 (-5.1%), from €440,542 to €418,178
of which Distributable reserves: -€22,364
- Current portion of long-term debt +€19,178
up €19,178 (+81.0%), from €23,686 to €42,864
- Debts after one year -€13,696
no longer reported in 2025 (was €13,696)
- Staff costs -€26,200
down €26,200 (-70.9%), from €36,979 to €10,778
- Taxes +€9,839
up €9,839 (+68.4%), from €14,382 to €24,221
- Financial charges +€8,668
up €8,668 (+28.9%), from €30,023 to €38,691
- Gross operating margin +€2,653
up €2,653 (+1.5%), from €172,457 to €175,110
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 | €558,831 | €544,597 | -€14,234 | -2.5% |
| Fixed assets | 21/28 | €470,571 | €445,394 | -€25,177 | -5.4% |
| Intangible fixed assets | 21 | €88,352 | €70,018 | -€18,333 | -20.8% |
| Tangible fixed assets | 22/27 | €381,845 | €375,001 | -€6,844 | -1.8% |
| Land and buildings | 22 | €376,293 | €356,092 | -€20,201 | -5.4% |
| Furniture and vehicles | 24 | €5,551 | €18,908 | +€13,357 | +240.6% |
| Financial fixed assets | 28 | €375 | €375 | = | 0.0% |
| Current assets | 29/58 | €88,259 | €99,203 | +€10,944 | +12.4% |
| Amounts receivable within one year | 40/41 | €43,020 | €7,655 | -€35,365 | -82.2% |
| Trade receivables | 40 | €26,895 | €2,062 | -€24,833 | -92.3% |
| Other amounts receivable | 41 | €16,125 | €5,593 | -€10,532 | -65.3% |
| Cash at bank and in hand | 54/58 | €43,415 | €68,540 | +€25,125 | +57.9% |
| Deferred charges and accrued income | 490/1 | €1,825 | €23,009 | +€21,184 | +1161.0% |
| Total equity and liabilities | 10/49 | €558,831 | €544,597 | -€14,234 | -2.5% |
| Equity | 10/15 | €497,924 | €475,560 | -€22,364 | -4.5% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €440,542 | €418,178 | -€22,364 | -5.1% |
| Tax-exempt reserves | 132 | €2,989 | €2,989 | = | 0.0% |
| Distributable reserves | 133 | €437,553 | €415,189 | -€22,364 | -5.1% |
| Profit (loss) carried forward | 14 | €50,382 | €50,382 | = | 0.0% |
| Amounts payable | 17/49 | €60,906 | €69,037 | +€8,130 | +13.3% |
| Amounts payable after more than one year | 17 | €13,696 | - | -€13,696 | |
| Financial debts | 170/4 | €13,696 | - | -€13,696 | |
| Amounts payable within one year | 42/48 | €46,996 | €69,037 | +€22,041 | +46.9% |
| Current portion of amounts payable after more than one year | 42 | €23,686 | €42,864 | +€19,178 | +81.0% |
| Trade debts | 44 | €3,664 | €2,599 | -€1,065 | -29.1% |
| Suppliers | 440/4 | €3,664 | €2,599 | -€1,065 | -29.1% |
| Advances received on contracts in progress | 46 | - | €178 | +€178 | |
| Taxes, remuneration and social security | 45 | €16,140 | €16,029 | -€110 | -0.7% |
| Taxes | 450/3 | €12,407 | €16,029 | +€3,623 | +29.2% |
| Remuneration and social security | 454/9 | €3,733 | - | -€3,733 | |
| Other amounts payable | 47/48 | €3,505 | €7,365 | +€3,860 | +110.1% |
| Accrued charges and deferred income | 492/3 | €214 | - | -€214 | |
| Remuneration, social security and pensions | 62 | €36,979 | €10,778 | -€26,200 | -70.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,285 | €39,597 | +€312 | +0.8% |
| Other operating charges | 640/8 | €2,382 | €1,986 | -€396 | -16.6% |
| Gross operating margin | 9900 | €172,457 | €175,110 | +€2,653 | +1.5% |
| Operating profit (loss) | 9901 | €93,812 | €122,749 | +€28,937 | +30.8% |
| Financial income | 75/76B | €0 | €18 | +€18 | +30266.7% |
| Recurring financial income | 75 | €0 | €18 | +€18 | +30266.7% |
| Financial charges | 65/66B | €30,023 | €38,691 | +€8,668 | +28.9% |
| Recurring financial charges | 65 | €30,023 | €38,691 | +€8,668 | +28.9% |
| Profit (loss) for the period before taxes | 9903 | €63,789 | €84,076 | +€20,287 | +31.8% |
| Income taxes | 67/77 | €14,382 | €24,221 | +€9,839 | +68.4% |
| Profit (loss) for the period | 9904 | €49,407 | €59,855 | +€10,448 | +21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €49,407 | €59,855 | +€10,448 | +21.1% |
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 2 October 2026 via checked.be.