HVDST: 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.
HVDST
Largest movements
- Receivables within one year -€20,046
down €20,046 (-9.5%), from €210,148 to €190,102
- Other debts -€84,216
down €84,216 (-32.4%), from €260,040 to €175,824
- Reserves +€50,499
up €50,499 (+3.3%), from €1.5m to €1.6m
- Financial income -€87,371
down €87,371 (-74.7%), from €116,900 to €29,529
- Gross operating margin -€28,360
down €28,360 (-6.1%), from €468,061 to €439,701
- Financial charges -€22,373
down €22,373 (-90.0%), from €24,850 to €2,477
- Taxes -€12,448
down €12,448 (-8.1%), from €154,163 to €141,716
- Depreciation -€6,148
down €6,148 (-28.0%), from €21,937 to €15,789
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 | €1,940,768 | €1,904,389 | -€36,378 | -1.9% |
| Fixed assets | 21/28 | €109,262 | €100,622 | -€8,641 | -7.9% |
| Tangible fixed assets | 22/27 | €109,162 | €100,522 | -€8,641 | -7.9% |
| Plant, machinery and equipment | 23 | €266 | €0 | -€266 | -100.0% |
| Furniture and vehicles | 24 | €89,444 | €70,731 | -€18,713 | -20.9% |
| Other tangible fixed assets | 26 | €19,452 | €29,791 | +€10,338 | +53.1% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €1,831,505 | €1,803,768 | -€27,738 | -1.5% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €210,148 | €190,102 | -€20,046 | -9.5% |
| Other amounts receivable | 41 | €210,148 | €190,102 | -€20,046 | -9.5% |
| Current investments | 50/53 | €1,498,502 | €1,498,476 | -€26 | 0.0% |
| Cash at bank and in hand | 54/58 | €105,456 | €106,490 | +€1,034 | +1.0% |
| Deferred charges and accrued income | 490/1 | €17,400 | €8,700 | -€8,700 | -50.0% |
| Total equity and liabilities | 10/49 | €1,940,768 | €1,904,389 | -€36,378 | -1.9% |
| Equity | 10/15 | €1,529,094 | €1,579,592 | +€50,499 | +3.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,516,694 | €1,567,192 | +€50,499 | +3.3% |
| Distributable reserves | 133 | €1,516,694 | €1,567,192 | +€50,499 | +3.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €411,674 | €324,797 | -€86,877 | -21.1% |
| Amounts payable within one year | 42/48 | €330,189 | €227,873 | -€102,316 | -31.0% |
| Trade debts | 44 | €0 | €71 | +€71 | |
| Suppliers | 440/4 | €0 | €71 | +€71 | |
| Taxes, remuneration and social security | 45 | €70,149 | €51,978 | -€18,171 | -25.9% |
| Taxes | 450/3 | €70,149 | €51,978 | -€18,171 | -25.9% |
| Other amounts payable | 47/48 | €260,040 | €175,824 | -€84,216 | -32.4% |
| Accrued charges and deferred income | 492/3 | €81,485 | €96,924 | +€15,438 | +18.9% |
| Non-recurring operating income | 76A | €0 | €1,137 | +€1,137 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,937 | €15,789 | -€6,148 | -28.0% |
| Other operating charges | 640/8 | €1,636 | €1,368 | -€268 | -16.4% |
| Gross operating margin | 9900 | €468,061 | €439,701 | -€28,360 | -6.1% |
| Operating profit (loss) | 9901 | €444,488 | €422,544 | -€21,944 | -4.9% |
| Financial income | 75/76B | €116,900 | €29,529 | -€87,371 | -74.7% |
| Recurring financial income | 75 | €116,900 | €29,529 | -€87,371 | -74.7% |
| Financial charges | 65/66B | €24,850 | €2,477 | -€22,373 | -90.0% |
| Recurring financial charges | 65 | €24,850 | €2,477 | -€22,373 | -90.0% |
| Profit (loss) for the period before taxes | 9903 | €536,538 | €449,596 | -€86,941 | -16.2% |
| Income taxes | 67/77 | €154,163 | €141,716 | -€12,448 | -8.1% |
| Profit (loss) for the period | 9904 | €382,374 | €307,881 | -€74,494 | -19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €382,374 | €307,881 | -€74,494 | -19.5% |
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 3 October 2026 via checked.be.