HVH: 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.
HVH
Largest movements
- Current investments -€250,000
no longer reported in 2025 (was €250,000)
- Cash +€218,111
up €218,111 (+395%), from €55,255 to €273,366
mainly Current investments (+€250,000) and Other debts (+€16,000)
- Receivables within one year -€9,032
down €9,032 (-65.7%), from €13,752 to €4,720
of which Trade receivables: -€9,856
- Tangible fixed assets -€3,802
down €3,802 (-28.6%), from €13,294 to €9,492
- Profit (loss) carried forward -€60,309
down €60,309 (-30.9%), from €195,479 to €135,170
- Other debts +€16,000
up €16,000 (+57.6%), from €27,760 to €43,760
- Purchases and services +€157,221
new in 2025: €157,221
- Gross operating margin -€88,766
down €88,766, from €29,540 to -€59,226
- Taxes -€60,579
down €60,579, from €52,850 to -€7,729
- Other operating charges -€5,711
down €5,711 (-78.8%), from €7,248 to €1,537
- Financial income -€2,848
down €2,848 (-61.4%), from €4,642 to €1,794
of which Financial income: -€3,031
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 | €342,362 | €297,639 | -€44,723 | -13.1% |
| Fixed assets | 21/28 | €13,294 | €9,492 | -€3,802 | -28.6% |
| Tangible fixed assets | 22/27 | €13,294 | €9,492 | -€3,802 | -28.6% |
| Furniture and vehicles | 24 | €13,294 | €9,492 | -€3,802 | -28.6% |
| Current assets | 29/58 | €329,069 | €288,147 | -€40,922 | -12.4% |
| Stocks and contracts in progress | 3 | €10,061 | €10,061 | +€0 | 0.0% |
| Stocks | 30/36 | €10,061 | €10,061 | +€0 | 0.0% |
| Amounts receivable within one year | 40/41 | €13,752 | €4,720 | -€9,032 | -65.7% |
| Trade receivables | 40 | €10,480 | €624 | -€9,856 | -94.0% |
| Other amounts receivable | 41 | €3,272 | €4,096 | +€824 | +25.2% |
| Current investments | 50/53 | €250,000 | - | -€250,000 | |
| Cash at bank and in hand | 54/58 | €55,255 | €273,366 | +€218,111 | +395% |
| Total equity and liabilities | 10/49 | €342,362 | €297,639 | -€44,723 | -13.1% |
| Equity | 10/15 | €314,079 | €253,770 | -€60,309 | -19.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €100,000 | €100,000 | = | 0.0% |
| Distributable reserves | 133 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €195,479 | €135,170 | -€60,309 | -30.9% |
| Amounts payable | 17/49 | €28,283 | €43,869 | +€15,586 | +55.1% |
| Amounts payable within one year | 42/48 | €28,283 | €43,869 | +€15,586 | +55.1% |
| Trade debts | 44 | €523 | €88 | -€435 | -83.2% |
| Suppliers | 440/4 | €523 | €88 | -€435 | -83.2% |
| Taxes, remuneration and social security | 45 | - | €21 | +€21 | |
| Taxes | 450/3 | - | €21 | +€21 | |
| Other amounts payable | 47/48 | €27,760 | €43,760 | +€16,000 | +57.6% |
| Goods, raw materials, services and sundry goods | 60/61 | - | €157,221 | +€157,221 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,621 | €8,811 | -€810 | -8.4% |
| Other operating charges | 640/8 | €7,248 | €1,537 | -€5,711 | -78.8% |
| Gross operating margin | 9900 | €29,540 | -€59,226 | -€88,766 | |
| Operating profit (loss) | 9901 | €12,670 | -€69,574 | -€82,244 | |
| Financial income | 75/76B | €4,642 | €1,794 | -€2,848 | -61.4% |
| Recurring financial income | 75 | €4,642 | €1,611 | -€3,031 | -65.3% |
| Non-recurring financial income | 76B | - | €183 | +€183 | |
| Financial charges | 65/66B | €86 | €258 | +€172 | +199% |
| Recurring financial charges | 65 | €86 | €258 | +€172 | +199% |
| Profit (loss) for the period before taxes | 9903 | €17,226 | -€68,038 | -€85,264 | |
| Income taxes | 67/77 | €52,850 | -€7,729 | -€60,579 | |
| Profit (loss) for the period | 9904 | -€35,624 | -€60,309 | -€24,685 | -69.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,624 | -€60,309 | -€24,685 | -69.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.