HVG IMMO: 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 IMMO
Largest movements
- Tangible fixed assets +€317,749
up €317,749 (+273.2%), from €116,318 to €434,068
of which Land and buildings: +€311,411
- Stocks and contracts -€20,475
no longer reported in 2025 (was €20,475)
- Debts after one year +€331,285
new in 2025: €331,285
- Current portion of long-term debt -€88,538
down €88,538 (-73.4%), from €120,625 to €32,087
- Profit (loss) carried forward +€35,039
up €35,039 (+9.6%), from -€365,112 to -€330,073
- Other debts +€11,034
up €11,034 (+14.3%), from €77,358 to €88,393
- Trade debts +€5,156
up €5,156 (+25.7%), from €20,033 to €25,189
- Gross operating margin +€279,104
up €279,104, from -€219,926 to €59,178
- Staff costs -€16,762
down €16,762 (-91.9%), from €18,231 to €1,469
- Financial charges +€6,232
up €6,232 (+73.5%), from €8,481 to €14,713
- Financial income +€4,754
up €4,754 (+1961.9%), from €242 to €4,996
- Other operating charges -€3,930
down €3,930 (-37.5%), from €10,480 to €6,550
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 | €146,305 | €441,899 | +€295,595 | +202.0% |
| Fixed assets | 21/28 | €116,636 | €434,068 | +€317,432 | +272.2% |
| Tangible fixed assets | 22/27 | €116,318 | €434,068 | +€317,749 | +273.2% |
| Land and buildings | 22 | €111,056 | €422,467 | +€311,411 | +280.4% |
| Plant, machinery and equipment | 23 | €3,664 | €10,542 | +€6,877 | +187.7% |
| Furniture and vehicles | 24 | €1,598 | €1,059 | -€539 | -33.7% |
| Financial fixed assets | 28 | €318 | - | -€318 | |
| Current assets | 29/58 | €29,669 | €7,832 | -€21,837 | -73.6% |
| Stocks and contracts in progress | 3 | €20,475 | - | -€20,475 | |
| Stocks | 30/36 | €20,475 | - | -€20,475 | |
| Amounts receivable within one year | 40/41 | €2,982 | €2,808 | -€174 | -5.8% |
| Trade receivables | 40 | €1,413 | €2,808 | +€1,396 | +98.8% |
| Other amounts receivable | 41 | €1,570 | - | -€1,570 | |
| Cash at bank and in hand | 54/58 | €6,212 | €3,379 | -€2,833 | -45.6% |
| Deferred charges and accrued income | 490/1 | - | €1,644 | +€1,644 | |
| Total equity and liabilities | 10/49 | €146,305 | €441,899 | +€295,595 | +202.0% |
| Equity | 10/15 | -€72,387 | -€37,348 | +€35,039 | +48.4% |
| Contributions | 10/11 | €163,684 | €163,684 | = | 0.0% |
| Reserves | 13 | €129,041 | €129,041 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,630 | - | -€6,630 | |
| Reserves not available under the articles | 1311 | €6,630 | - | -€6,630 | |
| Tax-exempt reserves | 132 | €32,529 | €32,529 | = | 0.0% |
| Distributable reserves | 133 | €89,882 | €96,512 | +€6,630 | +7.4% |
| Profit (loss) carried forward | 14 | -€365,112 | -€330,073 | +€35,039 | +9.6% |
| Amounts payable | 17/49 | €218,692 | €479,247 | +€260,556 | +119.1% |
| Amounts payable after more than one year | 17 | - | €331,285 | +€331,285 | |
| Financial debts | 170/4 | - | €331,285 | +€331,285 | |
| Amounts payable within one year | 42/48 | €218,540 | €146,712 | -€71,828 | -32.9% |
| Current portion of amounts payable after more than one year | 42 | €120,625 | €32,087 | -€88,538 | -73.4% |
| Trade debts | 44 | €20,033 | €25,189 | +€5,156 | +25.7% |
| Suppliers | 440/4 | €20,033 | €25,189 | +€5,156 | +25.7% |
| Taxes, remuneration and social security | 45 | €523 | €1,043 | +€520 | +99.3% |
| Taxes | 450/3 | €523 | €1,043 | +€520 | +99.3% |
| Other amounts payable | 47/48 | €77,358 | €88,393 | +€11,034 | +14.3% |
| Accrued charges and deferred income | 492/3 | €152 | €1,250 | +€1,098 | +724.0% |
| Non-recurring operating income | 76A | €4,916 | €3,559 | -€1,357 | -27.6% |
| Remuneration, social security and pensions | 62 | €18,231 | €1,469 | -€16,762 | -91.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,594 | €5,383 | +€3,789 | +237.8% |
| Other operating charges | 640/8 | €10,480 | €6,550 | -€3,930 | -37.5% |
| Non-recurring operating charges | 66A | €868 | - | -€868 | |
| Gross operating margin | 9900 | -€219,926 | €59,178 | +€279,104 | |
| Operating profit (loss) | 9901 | -€251,099 | €45,776 | +€296,874 | |
| Financial income | 75/76B | €242 | €4,996 | +€4,754 | +1961.9% |
| Recurring financial income | 75 | €242 | €4,996 | +€4,754 | +1961.9% |
| Financial charges | 65/66B | €8,481 | €14,713 | +€6,232 | +73.5% |
| Recurring financial charges | 65 | €8,481 | €14,713 | +€6,232 | +73.5% |
| Profit (loss) for the period before taxes | 9903 | -€259,338 | €36,059 | +€295,396 | |
| Income taxes | 67/77 | €523 | €1,020 | +€497 | +94.9% |
| Profit (loss) for the period | 9904 | -€259,861 | €35,039 | +€294,900 | |
| Profit (loss) for the period to be appropriated | 9905 | -€259,861 | €35,039 | +€294,900 |
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 9 October 2026 via checked.be.