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
- Cash -€21,371
down €21,371 (-96.7%), from €22,089 to €718
mainly Investment in fixed assets (net) (-€29,926) and Other debts (-€20,112)
- Tangible fixed assets +€18,949
up €18,949 (+75.1%), from €25,232 to €44,181
of which Furniture and vehicles: +€24,064
- Receivables within one year +€14,809
up €14,809 (+654%), from €2,264 to €17,072
of which Other amounts receivable: +€8,224
- Stocks and contracts -€8,300
down €8,300 (-64.8%), from €12,800 to €4,500
- Intangible fixed assets -€1,500
down €1,500 (-25.0%), from €6,000 to €4,500
- Debts after one year +€21,427
up €21,427 (+321%), from €6,680 to €28,106
- Other debts -€20,112
down €20,112 (-100%), from €20,112 to €0
- Profit (loss) carried forward -€3,194
down €3,194, from €0 to -€3,194
- Tax, wage and social debts +€2,680
up €2,680 (+57.1%), from €4,689 to €7,369
of which Remuneration and social security: +€2,675
- Current portion of long-term debt +€2,381
up €2,381 (+45.7%), from €5,210 to €7,591
- Gross operating margin -€7,112
down €7,112 (-36.8%), from €19,326 to €12,214
- Depreciation -€1,920
down €1,920 (-13.3%), from €14,397 to €12,477
- Taxes -€647
down €647 (-100%), from €647 to €0
- Other operating charges +€617
up €617 (+54.0%), from €1,142 to €1,758
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 | €69,595 | €70,972 | +€1,377 | +2.0% |
| Fixed assets | 21/28 | €31,232 | €48,681 | +€17,449 | +55.9% |
| Intangible fixed assets | 21 | €6,000 | €4,500 | -€1,500 | -25.0% |
| Tangible fixed assets | 22/27 | €25,232 | €44,181 | +€18,949 | +75.1% |
| Plant, machinery and equipment | 23 | €9,239 | €4,124 | -€5,115 | -55.4% |
| Furniture and vehicles | 24 | €15,994 | €40,058 | +€24,064 | +150% |
| Current assets | 29/58 | €38,363 | €22,290 | -€16,072 | -41.9% |
| Stocks and contracts in progress | 3 | €12,800 | €4,500 | -€8,300 | -64.8% |
| Contracts in progress | 37 | €12,800 | €4,500 | -€8,300 | -64.8% |
| Amounts receivable within one year | 40/41 | €2,264 | €17,072 | +€14,809 | +654% |
| Trade receivables | 40 | €2,264 | €8,849 | +€6,585 | +291% |
| Other amounts receivable | 41 | - | €8,224 | +€8,224 | |
| Cash at bank and in hand | 54/58 | €22,089 | €718 | -€21,371 | -96.7% |
| Deferred charges and accrued income | 490/1 | €1,210 | €0 | -€1,210 | -100% |
| Total equity and liabilities | 10/49 | €69,595 | €70,972 | +€1,377 | +2.0% |
| Equity | 10/15 | €28,304 | €25,111 | -€3,194 | -11.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €8,304 | €8,304 | = | 0.0% |
| Distributable reserves | 133 | €8,304 | €8,304 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€3,194 | -€3,194 | |
| Amounts payable | 17/49 | €41,290 | €45,861 | +€4,570 | +11.1% |
| Amounts payable after more than one year | 17 | €6,680 | €28,106 | +€21,427 | +321% |
| Financial debts | 170/4 | €6,680 | €28,106 | +€21,427 | +321% |
| Amounts payable within one year | 42/48 | €34,611 | €17,405 | -€17,206 | -49.7% |
| Current portion of amounts payable after more than one year | 42 | €5,210 | €7,591 | +€2,381 | +45.7% |
| Trade debts | 44 | €4,599 | €2,444 | -€2,155 | -46.8% |
| Suppliers | 440/4 | €4,599 | €2,444 | -€2,155 | -46.8% |
| Taxes, remuneration and social security | 45 | €4,689 | €7,369 | +€2,680 | +57.1% |
| Taxes | 450/3 | €4,689 | €4,694 | +€5 | +0.1% |
| Remuneration and social security | 454/9 | - | €2,675 | +€2,675 | |
| Other amounts payable | 47/48 | €20,112 | €0 | -€20,112 | -100% |
| Accrued charges and deferred income | 492/3 | - | €350 | +€350 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,397 | €12,477 | -€1,920 | -13.3% |
| Other operating charges | 640/8 | €1,142 | €1,758 | +€617 | +54.0% |
| Gross operating margin | 9900 | €19,326 | €12,214 | -€7,112 | -36.8% |
| Operating profit (loss) | 9901 | €3,787 | -€2,022 | -€5,809 | |
| Financial income | 75/76B | - | €114 | +€114 | |
| Recurring financial income | 75 | - | €114 | +€114 | |
| Financial charges | 65/66B | €1,149 | €1,287 | +€138 | +12.0% |
| Recurring financial charges | 65 | €1,149 | €1,287 | +€138 | +12.0% |
| Profit (loss) for the period before taxes | 9903 | €2,638 | -€3,194 | -€5,832 | |
| Income taxes | 67/77 | €647 | €0 | -€647 | -100% |
| Profit (loss) for the period | 9904 | €1,991 | -€3,194 | -€5,185 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,991 | -€3,194 | -€5,185 |
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 16 October 2026 via checked.be.