HVG ADMINIS: 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.
HVG ADMINIS
Largest movements
- Cash -€97,822
down €97,822 (-86.6%), from €112,982 to €15,160
mainly Contributions, distributions and other (-€100,000) and Debts after one year (-€83,322)
- Financial fixed assets -€39,508
down €39,508 (-6.7%), from €585,643 to €546,135
- Current investments +€24,766
up €24,766 (+21.1%), from €117,363 to €142,129
- Debts after one year -€83,322
down €83,322 (-17.8%), from €467,682 to €384,359
- Reserves -€43,754
down €43,754 (-4.2%), from €1.0m to €1.0m
- Other debts +€24,737
up €24,737 (+39.5%), from €62,612 to €87,349
- Financial income -€567,973
down €567,973 (-99.8%), from €569,068 to €1,095
of which Non-recurring financial income: -€569,040
- Gross operating margin -€47,083
down €47,083 (-32.8%), from €143,609 to €96,525
- Taxes -€10,162
down €10,162 (-33.9%), from €29,944 to €19,782
- Financial charges -€9,413
down €9,413 (-41.7%), from €22,562 to €13,148
- Depreciation +€1,743
up €1,743 (+50.0%), from €3,485 to €5,228
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.
Derived cash bridge
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 | €1,712,416 | €1,595,190 | -€117,226 | -6.8% |
| Fixed assets | 21/28 | €1,189,420 | €1,144,684 | -€44,736 | -3.8% |
| Tangible fixed assets | 22/27 | €603,777 | €598,549 | -€5,228 | -0.9% |
| Land and buildings | 22 | €596,806 | €596,806 | = | 0.0% |
| Furniture and vehicles | 24 | €6,971 | €1,743 | -€5,228 | -75.0% |
| Financial fixed assets | 28 | €585,643 | €546,135 | -€39,508 | -6.7% |
| Current assets | 29/58 | €522,995 | €450,506 | -€72,490 | -13.9% |
| Amounts receivable within one year | 40/41 | €291,560 | €292,103 | +€543 | +0.2% |
| Other amounts receivable | 41 | €291,560 | €292,103 | +€543 | +0.2% |
| Current investments | 50/53 | €117,363 | €142,129 | +€24,766 | +21.1% |
| Cash at bank and in hand | 54/58 | €112,982 | €15,160 | -€97,822 | -86.6% |
| Deferred charges and accrued income | 490/1 | €1,091 | €1,114 | +€23 | +2.1% |
| Total equity and liabilities | 10/49 | €1,712,416 | €1,595,190 | -€117,226 | -6.8% |
| Equity | 10/15 | €1,064,749 | €1,020,995 | -€43,754 | -4.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,044,749 | €1,000,995 | -€43,754 | -4.2% |
| Distributable reserves | 133 | €1,044,749 | €1,000,995 | -€43,754 | -4.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €647,667 | €574,194 | -€73,472 | -11.3% |
| Amounts payable after more than one year | 17 | €467,682 | €384,359 | -€83,322 | -17.8% |
| Financial debts | 170/4 | €467,682 | €384,359 | -€83,322 | -17.8% |
| Amounts payable within one year | 42/48 | €172,007 | €187,798 | +€15,790 | +9.2% |
| Current portion of amounts payable after more than one year | 42 | €99,629 | €90,854 | -€8,775 | -8.8% |
| Trade debts | 44 | €1,601 | €378 | -€1,223 | -76.4% |
| Suppliers | 440/4 | €1,601 | €378 | -€1,223 | -76.4% |
| Taxes, remuneration and social security | 45 | €8,166 | €9,217 | +€1,051 | +12.9% |
| Taxes | 450/3 | €8,166 | €9,217 | +€1,051 | +12.9% |
| Other amounts payable | 47/48 | €62,612 | €87,349 | +€24,737 | +39.5% |
| Accrued charges and deferred income | 492/3 | €7,978 | €2,037 | -€5,940 | -74.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,485 | €5,228 | +€1,743 | +50.0% |
| Other operating charges | 640/8 | €3,764 | €3,216 | -€549 | -14.6% |
| Gross operating margin | 9900 | €143,609 | €96,525 | -€47,083 | -32.8% |
| Operating profit (loss) | 9901 | €136,359 | €88,081 | -€48,277 | -35.4% |
| Financial income | 75/76B | €569,068 | €1,095 | -€567,973 | -99.8% |
| Recurring financial income | 75 | €28 | €1,095 | +€1,067 | +3,869% |
| Non-recurring financial income | 76B | €569,040 | €0 | -€569,040 | -100% |
| Financial charges | 65/66B | €22,562 | €13,148 | -€9,413 | -41.7% |
| Recurring financial charges | 65 | €22,562 | €13,148 | -€9,413 | -41.7% |
| Profit (loss) for the period before taxes | 9903 | €682,865 | €76,028 | -€606,837 | -88.9% |
| Income taxes | 67/77 | €29,944 | €19,782 | -€10,162 | -33.9% |
| Profit (loss) for the period | 9904 | €652,921 | €56,246 | -€596,675 | -91.4% |
| Profit (loss) for the period to be appropriated | 9905 | €652,921 | €56,246 | -€596,675 | -91.4% |
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 15 October 2026 via checked.be.