HVH Systems: 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 Systems
Largest movements
- Tangible fixed assets -€46,794
down €46,794 (-14.2%), from €330,074 to €283,281
- Receivables within one year -€10,472
down €10,472 (-14.3%), from €73,209 to €62,737
of which Trade receivables: -€17,979
- Cash -€7,502
down €7,502 (-54.8%), from €13,696 to €6,194
mainly Net result for the year (-€105,067) and Debts after one year (-€31,762)
- Profit (loss) carried forward -€105,067
down €105,067 (-60.5%), from -€173,646 to -€278,713
- Other debts +€48,307
up €48,307 (+65.6%), from €73,641 to €121,947
- Debts after one year -€31,762
down €31,762 (-19.8%), from €160,637 to €128,875
- Trade debts +€23,488
up €23,488 (+57.0%), from €41,196 to €64,684
- Short-term financial debts +€20,266
new in 2025: €20,266
- Gross operating margin -€109,597
down €109,597 (-57.3%), from €191,192 to €81,595
- Staff costs +€2,755
up €2,755 (+2.3%), from €117,284 to €120,039
- Depreciation +€2,667
up €2,667 (+4.9%), from €54,192 to €56,858
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 | €435,745 | €378,158 | -€57,587 | -13.2% |
| Fixed assets | 21/28 | €330,074 | €283,281 | -€46,794 | -14.2% |
| Tangible fixed assets | 22/27 | €330,074 | €283,281 | -€46,794 | -14.2% |
| Land and buildings | 22 | €256,736 | €234,409 | -€22,327 | -8.7% |
| Plant, machinery and equipment | 23 | €59,816 | €45,112 | -€14,704 | -24.6% |
| Furniture and vehicles | 24 | €13,522 | €3,760 | -€9,763 | -72.2% |
| Current assets | 29/58 | €105,671 | €94,877 | -€10,793 | -10.2% |
| Stocks and contracts in progress | 3 | €15,979 | €19,770 | +€3,791 | +23.7% |
| Stocks | 30/36 | €15,979 | €19,770 | +€3,791 | +23.7% |
| Amounts receivable within one year | 40/41 | €73,209 | €62,737 | -€10,472 | -14.3% |
| Trade receivables | 40 | €70,362 | €52,383 | -€17,979 | -25.6% |
| Other amounts receivable | 41 | €2,847 | €10,354 | +€7,508 | +264% |
| Current investments | 50/53 | €44 | €0 | -€44 | -100% |
| Cash at bank and in hand | 54/58 | €13,696 | €6,194 | -€7,502 | -54.8% |
| Deferred charges and accrued income | 490/1 | €2,742 | €6,176 | +€3,434 | +125% |
| Total equity and liabilities | 10/49 | €435,745 | €378,158 | -€57,587 | -13.2% |
| Equity | 10/15 | €109,614 | €4,547 | -€105,067 | -95.9% |
| Contributions | 10/11 | €77,000 | €77,000 | = | 0.0% |
| Reserves | 13 | €206,260 | €206,260 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €206,260 | €206,260 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€173,646 | -€278,713 | -€105,067 | -60.5% |
| Amounts payable | 17/49 | €326,131 | €373,611 | +€47,479 | +14.6% |
| Amounts payable after more than one year | 17 | €160,637 | €128,875 | -€31,762 | -19.8% |
| Financial debts | 170/4 | €160,637 | €128,875 | -€31,762 | -19.8% |
| Amounts payable within one year | 42/48 | €165,494 | €244,736 | +€79,242 | +47.9% |
| Current portion of amounts payable after more than one year | 42 | €36,317 | €31,762 | -€4,555 | -12.5% |
| Financial debts | 43 | - | €20,266 | +€20,266 | |
| Credit institutions | 430/8 | - | €20,266 | +€20,266 | |
| Trade debts | 44 | €41,196 | €64,684 | +€23,488 | +57.0% |
| Suppliers | 440/4 | €41,196 | €64,684 | +€23,488 | +57.0% |
| Taxes, remuneration and social security | 45 | €14,340 | €6,076 | -€8,264 | -57.6% |
| Taxes | 450/3 | €9,520 | €923 | -€8,597 | -90.3% |
| Remuneration and social security | 454/9 | €4,820 | €5,153 | +€333 | +6.9% |
| Other amounts payable | 47/48 | €73,641 | €121,947 | +€48,307 | +65.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €117,284 | €120,039 | +€2,755 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,192 | €56,858 | +€2,667 | +4.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €430 | €0 | -€430 | -100% |
| Other operating charges | 640/8 | €3,388 | €3,765 | +€376 | +11.1% |
| Non-recurring operating charges | 66A | €1,049 | €0 | -€1,049 | -100% |
| Gross operating margin | 9900 | €191,192 | €81,595 | -€109,597 | -57.3% |
| Operating profit (loss) | 9901 | €14,850 | -€99,066 | -€113,916 | |
| Financial income | 75/76B | €77 | €7 | -€70 | -91.5% |
| Recurring financial income | 75 | €77 | €7 | -€70 | -91.5% |
| Financial charges | 65/66B | €5,842 | €5,261 | -€580 | -9.9% |
| Recurring financial charges | 65 | €5,842 | €5,261 | -€580 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €9,085 | -€104,321 | -€113,406 | |
| Income taxes | 67/77 | €1,026 | €746 | -€280 | -27.3% |
| Profit (loss) for the period | 9904 | €8,059 | -€105,067 | -€113,126 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,059 | -€105,067 | -€113,126 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.