HVK PRODUCTS: 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.
HVK PRODUCTS
Largest movements
- Cash -€22,201
down €22,201 (-10.2%), from €217,993 to €195,792
mainly Trade debts (-€32,479) and Tax, wage and social debts (-€10,750)
- Receivables within one year -€9,955
down €9,955 (-77.0%), from €12,935 to €2,980
of which Trade receivables: -€5,770
- Trade debts -€32,479
down €32,479 (-80.2%), from €40,478 to €7,999
- Tax, wage and social debts -€10,750
down €10,750 (-84.7%), from €12,691 to €1,941
of which Taxes: -€8,920
- Reserves +€7,641
up €7,641 (+4.7%), from €162,089 to €169,730
of which Distributable reserves: +€7,641
- Other debts +€2,906
up €2,906 (+19,373%), from €15 to €2,921
- Gross operating margin -€52,738
down €52,738 (-60.5%), from €87,143 to €34,405
- Taxes -€12,048
down €12,048 (-71.6%), from €16,833 to €4,785
- Financial income +€10,200
up €10,200 (+7,969%), from €128 to €10,328
- Staff costs -€7,344
down €7,344 (-19.7%), from €37,282 to €29,938
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 | €241,290 | €208,608 | -€32,682 | -13.5% |
| Fixed assets | 21/28 | €2,165 | €1,715 | -€450 | -20.8% |
| Tangible fixed assets | 22/27 | €2,165 | €1,715 | -€450 | -20.8% |
| Plant, machinery and equipment | 23 | €2,165 | €1,715 | -€450 | -20.8% |
| Current assets | 29/58 | €239,125 | €206,893 | -€32,232 | -13.5% |
| Stocks and contracts in progress | 3 | €6,928 | €7,053 | +€125 | +1.8% |
| Stocks | 30/36 | €6,928 | €7,053 | +€125 | +1.8% |
| Amounts receivable within one year | 40/41 | €12,935 | €2,980 | -€9,955 | -77.0% |
| Trade receivables | 40 | €7,988 | €2,218 | -€5,770 | -72.2% |
| Other amounts receivable | 41 | €4,947 | €762 | -€4,185 | -84.6% |
| Cash at bank and in hand | 54/58 | €217,993 | €195,792 | -€22,201 | -10.2% |
| Deferred charges and accrued income | 490/1 | €1,269 | €1,068 | -€201 | -15.8% |
| Total equity and liabilities | 10/49 | €241,290 | €208,608 | -€32,682 | -13.5% |
| Equity | 10/15 | €188,106 | €195,747 | +€7,641 | +4.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €162,089 | €169,730 | +€7,641 | +4.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,000 | €18,000 | = | 0.0% |
| Distributable reserves | 133 | €142,229 | €149,870 | +€7,641 | +5.4% |
| Profit (loss) carried forward | 14 | €7,417 | €7,417 | = | 0.0% |
| Amounts payable | 17/49 | €53,184 | €12,861 | -€40,323 | -75.8% |
| Amounts payable within one year | 42/48 | €53,184 | €12,861 | -€40,323 | -75.8% |
| Trade debts | 44 | €40,478 | €7,999 | -€32,479 | -80.2% |
| Suppliers | 440/4 | €40,478 | €7,999 | -€32,479 | -80.2% |
| Taxes, remuneration and social security | 45 | €12,691 | €1,941 | -€10,750 | -84.7% |
| Taxes | 450/3 | €8,991 | €71 | -€8,920 | -99.2% |
| Remuneration and social security | 454/9 | €3,700 | €1,870 | -€1,830 | -49.5% |
| Other amounts payable | 47/48 | €15 | €2,921 | +€2,906 | +19,373% |
| Remuneration, social security and pensions | 62 | €37,282 | €29,938 | -€7,344 | -19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85 | €450 | +€365 | +429% |
| Other operating charges | 640/8 | €1,864 | €1,264 | -€600 | -32.2% |
| Gross operating margin | 9900 | €87,143 | €34,405 | -€52,738 | -60.5% |
| Operating profit (loss) | 9901 | €47,912 | €2,753 | -€45,159 | -94.3% |
| Financial income | 75/76B | €128 | €10,328 | +€10,200 | +7,969% |
| Recurring financial income | 75 | €128 | €10,328 | +€10,200 | +7,969% |
| Financial charges | 65/66B | €67 | €655 | +€588 | +878% |
| Recurring financial charges | 65 | €67 | €655 | +€588 | +878% |
| Profit (loss) for the period before taxes | 9903 | €47,973 | €12,426 | -€35,547 | -74.1% |
| Income taxes | 67/77 | €16,833 | €4,785 | -€12,048 | -71.6% |
| Profit (loss) for the period | 9904 | €31,140 | €7,641 | -€23,499 | -75.5% |
| Profit (loss) for the period to be appropriated | 9905 | €31,140 | €7,641 | -€23,499 | -75.5% |
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 31 October 2026 via checked.be.