HVG & Partners: 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 & Partners
Largest movements
- Tangible fixed assets +€3.5m
up €3.5m (+146%), from €2.4m to €5.9m
of which Land and buildings: +€3.4m
- Receivables within one year -€2.9m
down €2.9m (-97.8%), from €3.0m to €67,068
of which Other amounts receivable: -€2.9m
- Intangible fixed assets -€181,097
down €181,097 (-11.4%), from €1.6m to €1.4m
- Cash +€95,889
up €95,889 (+558%), from €17,171 to €113,059
mainly Receivables within one year (+€2.9m) and Debts after one year (+€2.6m)
- Debts after one year +€2.6m
new in 2025: €2.6m
- Short-term financial debts -€1.5m
down €1.5m (-83.4%), from €1.8m to €300,000
of which Other loans: -€1.8m
- Reserves -€468,699
down €468,699 (-13.4%), from €3.5m to €3.0m
of which Distributable reserves: -€441,585
- Other debts -€130,000
down €130,000 (-28.9%), from €450,000 to €320,000
- Turnover -€944,893
down €944,893 (-78.7%), from €1.2m to €255,107
- Gross operating margin +€100,546
up €100,546 (+2,790%), from €3,604 to €104,149
- Financial income -€89,685
down €89,685 (-68.6%), from €130,712 to €41,027
- Depreciation +€84,429
up €84,429 (+34.4%), from €245,782 to €330,211
- Purchases and services -€29,842
down €29,842 (-16.3%), from €182,568 to €152,726
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 | €8,613,305 | €9,100,436 | +€487,131 | +5.7% |
| Fixed assets | 21/28 | €5,542,681 | €8,904,037 | +€3.4m | +60.6% |
| Intangible fixed assets | 21 | €1,584,603 | €1,403,505 | -€181,097 | -11.4% |
| Tangible fixed assets | 22/27 | €2,399,674 | €5,904,276 | +€3.5m | +146% |
| Land and buildings | 22 | €2,344,039 | €5,789,328 | +€3.4m | +147% |
| Plant, machinery and equipment | 23 | €5,966 | €60,587 | +€54,621 | +915% |
| Furniture and vehicles | 24 | €49,669 | €41,054 | -€8,615 | -17.3% |
| Other tangible fixed assets | 26 | - | €13,307 | +€13,307 | |
| Financial fixed assets | 28 | €1,558,405 | €1,596,256 | +€37,851 | +2.4% |
| Current assets | 29/58 | €3,070,624 | €196,400 | -€2.9m | -93.6% |
| Amounts receivable within one year | 40/41 | €3,013,662 | €67,068 | -€2.9m | -97.8% |
| Trade receivables | 40 | €11,050 | €11,436 | +€386 | +3.5% |
| Other amounts receivable | 41 | €3,002,612 | €55,632 | -€2.9m | -98.1% |
| Current investments | 50/53 | - | €99 | +€99 | |
| Cash at bank and in hand | 54/58 | €17,171 | €113,059 | +€95,889 | +558% |
| Deferred charges and accrued income | 490/1 | €39,792 | €16,173 | -€23,618 | -59.4% |
| Total equity and liabilities | 10/49 | €8,613,305 | €9,100,436 | +€487,131 | +5.7% |
| Equity | 10/15 | €4,466,112 | €3,998,413 | -€467,699 | -10.5% |
| Contributions | 10/11 | €975,358 | €976,358 | +€1,000 | +0.1% |
| Reserves | 13 | €3,490,754 | €3,022,055 | -€468,699 | -13.4% |
| Tax-exempt reserves | 132 | €1,188,577 | €1,161,463 | -€27,113 | -2.3% |
| Distributable reserves | 133 | €2,302,177 | €1,860,592 | -€441,585 | -19.2% |
| Provisions and deferred taxes | 16 | €378,354 | €369,316 | -€9,038 | -2.4% |
| Deferred taxes | 168 | €378,354 | €369,316 | -€9,038 | -2.4% |
| Amounts payable | 17/49 | €3,768,839 | €4,732,707 | +€963,868 | +25.6% |
| Amounts payable after more than one year | 17 | - | €2,550,767 | +€2.6m | |
| Financial debts | 170/4 | - | €2,550,767 | +€2.6m | |
| Amounts payable within one year | 42/48 | €3,765,443 | €2,165,011 | -€1.6m | -42.5% |
| Current portion of amounts payable after more than one year | 42 | €1,500,000 | €1,500,000 | = | 0.0% |
| Financial debts | 43 | €1,806,162 | €300,000 | -€1.5m | -83.4% |
| Credit institutions | 430/8 | - | €300,000 | +€300,000 | |
| Other loans | 439 | €1,806,162 | - | -€1.8m | |
| Trade debts | 44 | €9,164 | €7,093 | -€2,071 | -22.6% |
| Suppliers | 440/4 | €9,164 | €7,093 | -€2,071 | -22.6% |
| Taxes, remuneration and social security | 45 | €117 | €37,918 | +€37,801 | +32,259% |
| Taxes | 450/3 | €117 | €37,918 | +€37,801 | +32,259% |
| Other amounts payable | 47/48 | €450,000 | €320,000 | -€130,000 | -28.9% |
| Accrued charges and deferred income | 492/3 | €3,396 | €16,929 | +€13,533 | +399% |
| Turnover | 70 | €1,200,000 | €255,107 | -€944,893 | -78.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €182,568 | €152,726 | -€29,842 | -16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €245,782 | €330,211 | +€84,429 | +34.4% |
| Other operating charges | 640/8 | €11,784 | €16,525 | +€4,741 | +40.2% |
| Non-recurring operating charges | 66A | €1,293 | - | -€1,293 | |
| Gross operating margin | 9900 | €3,604 | €104,149 | +€100,546 | +2,790% |
| Operating profit (loss) | 9901 | -€255,255 | -€242,586 | +€12,669 | +5.0% |
| Financial income | 75/76B | €130,712 | €41,027 | -€89,685 | -68.6% |
| Recurring financial income | 75 | €130,712 | €41,027 | -€89,685 | -68.6% |
| Financial charges | 65/66B | €125,951 | €106,635 | -€19,316 | -15.3% |
| Recurring financial charges | 65 | €125,951 | €106,635 | -€19,316 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | -€250,494 | -€308,195 | -€57,701 | -23.0% |
| Transfer from deferred taxes | 780 | €7,759 | €9,036 | +€1,276 | +16.4% |
| Profit (loss) for the period | 9904 | -€242,735 | -€299,159 | -€56,425 | -23.2% |
| Transfer from tax-exempt reserves | 789 | €23,278 | €27,113 | +€3,835 | +16.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€219,456 | -€272,046 | -€52,590 | -24.0% |
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 24 October 2026 via checked.be.