HVE: what changed
Two financial 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.
HVE
Largest movements
- Tangible fixed assets -€79,319
down €79,319 (-40.7%), from €195,109 to €115,790
- Receivables within one year +€78,497
up €78,497 (+131.6%), from €59,633 to €138,129
of which Trade receivables: +€58,452
- Cash -€37,404
down €37,404 (-97.4%), from €38,405 to €1,000
mainly Receivables within one year (-€78,497) and Debts after one year (-€53,269)
- Debts after one year -€53,269
down €53,269 (-27.8%), from €191,741 to €138,472
- Other debts +€27,649
up €27,649 (+124.0%), from €22,307 to €49,956
- Tax, wage and social debts -€8,795
down €8,795 (-21.7%), from €40,494 to €31,698
of which Taxes: -€17,795
- Short-term financial debts +€6,731
new in 2025: €6,731
- Gross operating margin -€28,506
down €28,506 (-30.1%), from €94,670 to €66,165
- Depreciation -€12,118
down €12,118 (-17.8%), from €68,177 to €56,059
- Taxes -€4,599
no longer reported in 2025 (was €4,599)
- Financial charges +€2,335
up €2,335 (+30.3%), from €7,714 to €10,049
- Financial income -€2,170
down €2,170 (-100.0%), from €2,171 to €1
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 | €558,925 | €522,396 | -€36,529 | -6.5% |
| Fixed assets | 21/28 | €195,244 | €115,925 | -€79,319 | -40.6% |
| Tangible fixed assets | 22/27 | €195,109 | €115,790 | -€79,319 | -40.7% |
| Plant, machinery and equipment | 23 | €55,418 | €20,011 | -€35,407 | -63.9% |
| Furniture and vehicles | 24 | €115,598 | €83,917 | -€31,681 | -27.4% |
| Leasing and similar rights | 25 | €24,093 | €11,862 | -€12,231 | -50.8% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €363,681 | €406,471 | +€42,790 | +11.8% |
| Amounts receivable after more than one year | 29 | €265,000 | €265,000 | = | 0.0% |
| Other amounts receivable | 291 | €265,000 | €265,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €59,633 | €138,129 | +€78,497 | +131.6% |
| Trade receivables | 40 | €59,633 | €118,084 | +€58,452 | +98.0% |
| Other amounts receivable | 41 | - | €20,045 | +€20,045 | |
| Cash at bank and in hand | 54/58 | €38,405 | €1,000 | -€37,404 | -97.4% |
| Deferred charges and accrued income | 490/1 | €643 | €2,341 | +€1,698 | +263.8% |
| Total equity and liabilities | 10/49 | €558,925 | €522,396 | -€36,529 | -6.5% |
| Equity | 10/15 | €238,317 | €236,968 | -€1,349 | -0.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €232,117 | €230,768 | -€1,349 | -0.6% |
| Distributable reserves | 133 | €232,117 | €230,768 | -€1,349 | -0.6% |
| Amounts payable | 17/49 | €320,608 | €285,428 | -€35,180 | -11.0% |
| Amounts payable after more than one year | 17 | €191,741 | €138,472 | -€53,269 | -27.8% |
| Financial debts | 170/4 | €191,741 | €138,472 | -€53,269 | -27.8% |
| Amounts payable within one year | 42/48 | €128,867 | €146,956 | +€18,089 | +14.0% |
| Current portion of amounts payable after more than one year | 42 | €55,772 | €53,269 | -€2,503 | -4.5% |
| Financial debts | 43 | - | €6,731 | +€6,731 | |
| Credit institutions | 430/8 | - | €6,731 | +€6,731 | |
| Trade debts | 44 | €10,295 | €5,302 | -€4,993 | -48.5% |
| Suppliers | 440/4 | €10,295 | €5,302 | -€4,993 | -48.5% |
| Taxes, remuneration and social security | 45 | €40,494 | €31,698 | -€8,795 | -21.7% |
| Taxes | 450/3 | €40,494 | €22,698 | -€17,795 | -43.9% |
| Remuneration and social security | 454/9 | - | €9,000 | +€9,000 | |
| Other amounts payable | 47/48 | €22,307 | €49,956 | +€27,649 | +124.0% |
| Non-recurring operating income | 76A | - | €4,815 | +€4,815 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,177 | €56,059 | -€12,118 | -17.8% |
| Other operating charges | 640/8 | €1,433 | €1,407 | -€26 | -1.8% |
| Gross operating margin | 9900 | €94,670 | €66,165 | -€28,506 | -30.1% |
| Operating profit (loss) | 9901 | €25,060 | €8,699 | -€16,361 | -65.3% |
| Financial income | 75/76B | €2,171 | €1 | -€2,170 | -100.0% |
| Recurring financial income | 75 | €2,171 | €1 | -€2,170 | -100.0% |
| Financial charges | 65/66B | €7,714 | €10,049 | +€2,335 | +30.3% |
| Recurring financial charges | 65 | €7,714 | €10,049 | +€2,335 | +30.3% |
| Profit (loss) for the period before taxes | 9903 | €19,518 | -€1,349 | -€20,867 | |
| Income taxes | 67/77 | €4,599 | - | -€4,599 | |
| Profit (loss) for the period | 9904 | €14,919 | -€1,349 | -€16,268 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,919 | -€1,349 | -€16,268 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.