HVH MANAGEMENT: 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 MANAGEMENT
Largest movements
- Current investments +€57,599
up €57,599 (+8.9%), from €650,500 to €708,099
- Tangible fixed assets -€27,921
down €27,921 (-6.6%), from €420,101 to €392,180
of which Land and buildings: -€21,247
- Reserves +€28,408
up €28,408 (+2.3%), from €1.2m to €1.3m
of which Distributable reserves: +€28,408
- Financial income +€30,336
up €30,336 (+175%), from €17,307 to €47,643
- Depreciation -€10,310
down €10,310 (-25.3%), from €40,719 to €30,408
- Taxes +€6,833
up €6,833 (+2,954%), from €231 to €7,064
- Financial charges -€1,203
down €1,203 (-15.7%), from €7,682 to €6,479
- Gross operating margin -€586
down €586 (-1.8%), from €32,481 to €31,895
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 | €1,389,514 | €1,412,935 | +€23,421 | +1.7% |
| Fixed assets | 21/28 | €721,705 | €693,784 | -€27,921 | -3.9% |
| Tangible fixed assets | 22/27 | €420,101 | €392,180 | -€27,921 | -6.6% |
| Land and buildings | 22 | €398,634 | €377,387 | -€21,247 | -5.3% |
| Furniture and vehicles | 24 | €21,466 | €14,793 | -€6,673 | -31.1% |
| Financial fixed assets | 28 | €301,604 | €301,604 | = | 0.0% |
| Current assets | 29/58 | €667,809 | €719,151 | +€51,342 | +7.7% |
| Amounts receivable within one year | 40/41 | €5,626 | €1,021 | -€4,605 | -81.9% |
| Trade receivables | 40 | €2,758 | €276 | -€2,482 | -90.0% |
| Other amounts receivable | 41 | €2,868 | €745 | -€2,123 | -74.0% |
| Current investments | 50/53 | €650,500 | €708,099 | +€57,599 | +8.9% |
| Cash at bank and in hand | 54/58 | €11,417 | €9,754 | -€1,663 | -14.6% |
| Deferred charges and accrued income | 490/1 | €266 | €277 | +€11 | +4.1% |
| Total equity and liabilities | 10/49 | €1,389,514 | €1,412,935 | +€23,421 | +1.7% |
| Equity | 10/15 | €1,297,909 | €1,326,317 | +€28,408 | +2.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,235,909 | €1,264,317 | +€28,408 | +2.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,229,709 | €1,258,117 | +€28,408 | +2.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €91,605 | €86,618 | -€4,987 | -5.4% |
| Amounts payable within one year | 42/48 | €91,605 | €85,852 | -€5,752 | -6.3% |
| Trade debts | 44 | €588 | €1,474 | +€886 | +151% |
| Suppliers | 440/4 | €588 | €1,474 | +€886 | +151% |
| Taxes, remuneration and social security | 45 | €2,903 | €2,594 | -€309 | -10.6% |
| Taxes | 450/3 | €2,903 | €2,594 | -€309 | -10.6% |
| Other amounts payable | 47/48 | €88,113 | €81,784 | -€6,329 | -7.2% |
| Accrued charges and deferred income | 492/3 | - | €765 | +€765 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,719 | €30,408 | -€10,310 | -25.3% |
| Other operating charges | 640/8 | €4,719 | €4,896 | +€178 | +3.8% |
| Gross operating margin | 9900 | €32,481 | €31,895 | -€586 | -1.8% |
| Operating profit (loss) | 9901 | -€12,956 | -€3,409 | +€9,547 | +73.7% |
| Financial income | 75/76B | €17,307 | €47,643 | +€30,336 | +175% |
| Recurring financial income | 75 | €17,307 | €47,643 | +€30,336 | +175% |
| Financial charges | 65/66B | €7,682 | €6,479 | -€1,203 | -15.7% |
| Recurring financial charges | 65 | €7,682 | €6,479 | -€1,203 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | -€3,331 | €37,754 | +€41,085 | |
| Income taxes | 67/77 | €231 | €7,064 | +€6,833 | +2,954% |
| Profit (loss) for the period | 9904 | -€3,562 | €30,690 | +€34,252 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,562 | €30,690 | +€34,252 |
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.