HVG: 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.
HVG
Largest movements
- Cash -€182,680
down €182,680 (-61.1%), from €298,762 to €116,082
mainly Current investments (-€150,000) and Contributions, distributions and other (-€139,887)
- Current investments +€150,000
up €150,000, from €0 to €150,000
- Financial fixed assets +€125,000
new in 2025: €125,000
- Receivables within one year +€48,619
up €48,619 (+175.0%), from €27,785 to €76,403
of which Trade receivables: +€48,615
- Tangible fixed assets -€8,551
down €8,551 (-34.0%), from €25,180 to €16,628
of which Furniture and vehicles: -€5,548
- Other debts +€138,441
up €138,441 (+509.8%), from €27,158 to €165,599
- Reserves -€30,566
down €30,566 (-10.4%), from €294,324 to €263,758
- Tax, wage and social debts +€27,905
up €27,905 (+268.8%), from €10,380 to €38,285
- Gross operating margin +€59,240
up €59,240 (+54.0%), from €109,744 to €168,984
- Taxes +€17,319
up €17,319 (+56.3%), from €30,779 to €48,099
- Financial income -€4,111
down €4,111 (-99.9%), from €4,115 to €5
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 | €354,484 | €486,420 | +€131,936 | +37.2% |
| Fixed assets | 21/28 | €25,180 | €141,628 | +€116,449 | +462.5% |
| Tangible fixed assets | 22/27 | €25,180 | €16,628 | -€8,551 | -34.0% |
| Furniture and vehicles | 24 | €12,879 | €7,331 | -€5,548 | -43.1% |
| Other tangible fixed assets | 26 | €12,301 | €9,297 | -€3,004 | -24.4% |
| Financial fixed assets | 28 | - | €125,000 | +€125,000 | |
| Current assets | 29/58 | €329,304 | €344,792 | +€15,487 | +4.7% |
| Amounts receivable within one year | 40/41 | €27,785 | €76,403 | +€48,619 | +175.0% |
| Trade receivables | 40 | €24,324 | €72,939 | +€48,615 | +199.9% |
| Other amounts receivable | 41 | €3,461 | €3,464 | +€4 | +0.1% |
| Current investments | 50/53 | €0 | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €298,762 | €116,082 | -€182,680 | -61.1% |
| Deferred charges and accrued income | 490/1 | €2,758 | €2,307 | -€451 | -16.3% |
| Total equity and liabilities | 10/49 | €354,484 | €486,420 | +€131,936 | +37.2% |
| Equity | 10/15 | €312,924 | €282,358 | -€30,566 | -9.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €294,324 | €263,758 | -€30,566 | -10.4% |
| Distributable reserves | 133 | €294,324 | €263,758 | -€30,566 | -10.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €41,560 | €204,062 | +€162,502 | +391.0% |
| Amounts payable within one year | 42/48 | €41,560 | €204,062 | +€162,502 | +391.0% |
| Trade debts | 44 | €4,022 | €179 | -€3,843 | -95.6% |
| Suppliers | 440/4 | €4,022 | €179 | -€3,843 | -95.6% |
| Taxes, remuneration and social security | 45 | €10,380 | €38,285 | +€27,905 | +268.8% |
| Taxes | 450/3 | €10,380 | €38,285 | +€27,905 | +268.8% |
| Other amounts payable | 47/48 | €27,158 | €165,599 | +€138,441 | +509.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,970 | €10,947 | -€23 | -0.2% |
| Other operating charges | 640/8 | €658 | €536 | -€122 | -18.5% |
| Gross operating margin | 9900 | €109,744 | €168,984 | +€59,240 | +54.0% |
| Operating profit (loss) | 9901 | €98,116 | €157,501 | +€59,384 | +60.5% |
| Financial income | 75/76B | €4,115 | €5 | -€4,111 | -99.9% |
| Recurring financial income | 75 | €4,115 | €5 | -€4,111 | -99.9% |
| Financial charges | 65/66B | €84 | €85 | +€1 | +1.6% |
| Recurring financial charges | 65 | €84 | €85 | +€1 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €102,148 | €157,420 | +€55,272 | +54.1% |
| Income taxes | 67/77 | €30,779 | €48,099 | +€17,319 | +56.3% |
| Profit (loss) for the period | 9904 | €71,368 | €109,321 | +€37,953 | +53.2% |
| Profit (loss) for the period to be appropriated | 9905 | €71,368 | €109,321 | +€37,953 | +53.2% |
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 6 October 2026 via checked.be.