HVL: 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.
HVL
Largest movements
- Receivables within one year +€64,315
up €64,315 (+55.9%), from €115,089 to €179,404
of which Trade receivables: +€63,356
- Tangible fixed assets +€54,346
up €54,346 (+1,308%), from €4,155 to €58,501
of which Leasing and similar rights: +€46,498
- Intangible fixed assets -€12,500
down €12,500 (-12.0%), from €104,332 to €91,832
- Cash +€10,282
up €10,282 (+218%), from €4,723 to €15,005
mainly Net result for the year (+€136,748) and Other debts (+€85,949)
- Financial fixed assets -€4,050
no longer reported in 2024 (was €4,050)
- Other debts +€85,949
up €85,949 (+237%), from €36,283 to €122,231
- Current portion of long-term debt +€10,618
up €10,618 (+72.3%), from €14,693 to €25,311
- Trade debts +€10,251
up €10,251 (+43.5%), from €23,568 to €33,820
- Reserves +€8,348
up €8,348 (+20.6%), from €40,511 to €48,859
- Advances received +€6,650
new in 2024: €6,650
- Gross operating margin +€99,102
up €99,102 (+156%), from €63,482 to €162,584
- Depreciation +€3,710
up €3,710 (+22.3%), from €16,604 to €20,313
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €242,714 | €353,707 | +€110,993 | +45.7% |
| Fixed assets | 21/28 | €112,537 | €150,333 | +€37,796 | +33.6% |
| Intangible fixed assets | 21 | €104,332 | €91,832 | -€12,500 | -12.0% |
| Tangible fixed assets | 22/27 | €4,155 | €58,501 | +€54,346 | +1,308% |
| Plant, machinery and equipment | 23 | €2,133 | €12,003 | +€9,870 | +463% |
| Furniture and vehicles | 24 | €2,022 | - | -€2,022 | |
| Leasing and similar rights | 25 | - | €46,498 | +€46,498 | |
| Financial fixed assets | 28 | €4,050 | - | -€4,050 | |
| Current assets | 29/58 | €130,177 | €203,374 | +€73,198 | +56.2% |
| Stocks and contracts in progress | 3 | €9,320 | €7,925 | -€1,395 | -15.0% |
| Stocks | 30/36 | €9,320 | €7,925 | -€1,395 | -15.0% |
| Amounts receivable within one year | 40/41 | €115,089 | €179,404 | +€64,315 | +55.9% |
| Trade receivables | 40 | €101,179 | €164,535 | +€63,356 | +62.6% |
| Other amounts receivable | 41 | €13,910 | €14,869 | +€959 | +6.9% |
| Cash at bank and in hand | 54/58 | €4,723 | €15,005 | +€10,282 | +218% |
| Deferred charges and accrued income | 490/1 | €1,044 | €1,040 | -€4 | -0.4% |
| Total equity and liabilities | 10/49 | €242,714 | €353,707 | +€110,993 | +45.7% |
| Equity | 10/15 | €45,511 | €53,859 | +€8,348 | +18.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €40,511 | €48,859 | +€8,348 | +20.6% |
| Distributable reserves | 133 | €40,511 | €48,859 | +€8,348 | +20.6% |
| Amounts payable | 17/49 | €197,203 | €299,848 | +€102,645 | +52.1% |
| Amounts payable after more than one year | 17 | €114,164 | €109,547 | -€4,616 | -4.0% |
| Financial debts | 170/4 | €76,198 | €94,329 | +€18,132 | +23.8% |
| Other amounts payable | 178/9 | €37,966 | €15,218 | -€22,748 | -59.9% |
| Amounts payable within one year | 42/48 | €83,039 | €190,300 | +€107,261 | +129% |
| Current portion of amounts payable after more than one year | 42 | €14,693 | €25,311 | +€10,618 | +72.3% |
| Trade debts | 44 | €23,568 | €33,820 | +€10,251 | +43.5% |
| Suppliers | 440/4 | €23,568 | €33,820 | +€10,251 | +43.5% |
| Advances received on contracts in progress | 46 | - | €6,650 | +€6,650 | |
| Taxes, remuneration and social security | 45 | €8,495 | €2,288 | -€6,207 | -73.1% |
| Taxes | 450/3 | €8,495 | €2,288 | -€6,207 | -73.1% |
| Other amounts payable | 47/48 | €36,283 | €122,231 | +€85,949 | +237% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,604 | €20,313 | +€3,710 | +22.3% |
| Other operating charges | 640/8 | €184 | €1,067 | +€883 | +480% |
| Gross operating margin | 9900 | €63,482 | €162,584 | +€99,102 | +156% |
| Operating profit (loss) | 9901 | €46,694 | €141,204 | +€94,510 | +202% |
| Financial income | 75/76B | €138 | €4 | -€135 | -97.5% |
| Recurring financial income | 75 | €138 | €4 | -€135 | -97.5% |
| Financial charges | 65/66B | €3,733 | €4,459 | +€726 | +19.5% |
| Recurring financial charges | 65 | €3,733 | €4,459 | +€726 | +19.5% |
| Profit (loss) for the period before taxes | 9903 | €43,099 | €136,748 | +€93,649 | +217% |
| Income taxes | 67/77 | €377 | - | -€377 | |
| Profit (loss) for the period | 9904 | €42,722 | €136,748 | +€94,026 | +220% |
| Profit (loss) for the period to be appropriated | 9905 | €42,722 | €136,748 | +€94,026 | +220% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.