HVDW: 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.
HVDW
Largest movements
- Receivables within one year -€5,486
down €5,486 (-29.8%), from €18,432 to €12,946
- Cash +€1,898
up €1,898 (+342.2%), from €555 to €2,453
mainly Receivables within one year (+€5,486) and Other debts (+€2,467)
- Tangible fixed assets -€705
down €705 (-78.3%), from €900 to €195
- Deferred charges and accrued income +€363
up €363 (+23.8%), from €1,525 to €1,887
- Tax, wage and social debts -€8,104
down €8,104 (-72.5%), from €11,185 to €3,081
of which Remuneration and social security: -€4,500
- Other debts +€2,467
up €2,467 (+62.1%), from €3,976 to €6,443
- Reserves +€944
up €944 (+43.8%), from €2,155 to €3,100
- Trade debts +€763
up €763 (+56.7%), from €1,345 to €2,108
- Gross operating margin +€722
up €722 (+15.3%), from €4,710 to €5,433
- Financial charges -€459
down €459 (-23.3%), from €1,968 to €1,509
- Taxes +€286
up €286 (+20.4%), from €1,398 to €1,683
- Other operating charges +€78
up €78 (+15.1%), from €513 to €591
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 | €21,411 | €17,481 | -€3,930 | -18.4% |
| Fixed assets | 21/28 | €900 | €195 | -€705 | -78.3% |
| Tangible fixed assets | 22/27 | €900 | €195 | -€705 | -78.3% |
| Furniture and vehicles | 24 | €900 | €195 | -€705 | -78.3% |
| Current assets | 29/58 | €20,511 | €17,286 | -€3,225 | -15.7% |
| Amounts receivable within one year | 40/41 | €18,432 | €12,946 | -€5,486 | -29.8% |
| Trade receivables | 40 | €18,432 | €12,946 | -€5,486 | -29.8% |
| Cash at bank and in hand | 54/58 | €555 | €2,453 | +€1,898 | +342.2% |
| Deferred charges and accrued income | 490/1 | €1,525 | €1,887 | +€363 | +23.8% |
| Total equity and liabilities | 10/49 | €21,411 | €17,481 | -€3,930 | -18.4% |
| Equity | 10/15 | €3,655 | €4,600 | +€944 | +25.8% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €2,155 | €3,100 | +€944 | +43.8% |
| Distributable reserves | 133 | €2,155 | €3,100 | +€944 | +43.8% |
| Amounts payable | 17/49 | €17,756 | €12,881 | -€4,874 | -27.5% |
| Amounts payable within one year | 42/48 | €16,506 | €11,631 | -€4,874 | -29.5% |
| Trade debts | 44 | €1,345 | €2,108 | +€763 | +56.7% |
| Suppliers | 440/4 | €1,345 | €2,108 | +€763 | +56.7% |
| Taxes, remuneration and social security | 45 | €11,185 | €3,081 | -€8,104 | -72.5% |
| Taxes | 450/3 | €6,685 | €3,081 | -€3,604 | -53.9% |
| Remuneration and social security | 454/9 | €4,500 | - | -€4,500 | |
| Other amounts payable | 47/48 | €3,976 | €6,443 | +€2,467 | +62.1% |
| Accrued charges and deferred income | 492/3 | €1,250 | €1,250 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €705 | €705 | = | 0.0% |
| Other operating charges | 640/8 | €513 | €591 | +€78 | +15.1% |
| Gross operating margin | 9900 | €4,710 | €5,433 | +€722 | +15.3% |
| Operating profit (loss) | 9901 | €3,493 | €4,137 | +€644 | +18.5% |
| Financial income | 75/76B | €0 | €0 | +€0 | +100.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +100.0% |
| Financial charges | 65/66B | €1,968 | €1,509 | -€459 | -23.3% |
| Recurring financial charges | 65 | €1,968 | €1,509 | -€459 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | €1,524 | €2,628 | +€1,103 | +72.4% |
| Income taxes | 67/77 | €1,398 | €1,683 | +€286 | +20.4% |
| Profit (loss) for the period | 9904 | €127 | €944 | +€818 | +644.7% |
| Profit (loss) for the period to be appropriated | 9905 | €127 | €944 | +€818 | +644.7% |
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.