HVL CONSULTING: 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 CONSULTING
Largest movements
- Cash +€11,145
up €11,145 (+60.6%), from €18,381 to €29,527
mainly Net result for the year (+€42,223) and Depreciation (+€21,510)
- Tangible fixed assets -€4,477
down €4,477 (-1.5%), from €294,058 to €289,581
of which Land and buildings: -€19,391
- Receivables within one year -€4,029
down €4,029 (-10.8%), from €37,280 to €33,251
- Reserves +€21,689
up €21,689 (+11.5%), from €189,193 to €210,882
of which Distributable reserves: +€21,689
- Debts after one year -€17,000
down €17,000 (-30.0%), from €56,667 to €39,667
- Gross operating margin +€24,132
up €24,132 (+40.4%), from €59,771 to €83,903
- Taxes +€8,228
up €8,228 (+105%), from €7,837 to €16,064
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 | €351,394 | €354,040 | +€2,646 | +0.8% |
| Fixed assets | 21/28 | €294,058 | €289,581 | -€4,477 | -1.5% |
| Tangible fixed assets | 22/27 | €294,058 | €289,581 | -€4,477 | -1.5% |
| Land and buildings | 22 | €289,906 | €270,515 | -€19,391 | -6.7% |
| Plant, machinery and equipment | 23 | €166 | €3,253 | +€3,087 | +1,859% |
| Furniture and vehicles | 24 | €3,986 | €15,813 | +€11,827 | +297% |
| Current assets | 29/58 | €57,336 | €64,459 | +€7,123 | +12.4% |
| Amounts receivable within one year | 40/41 | €37,280 | €33,251 | -€4,029 | -10.8% |
| Trade receivables | 40 | €37,280 | €33,251 | -€4,029 | -10.8% |
| Cash at bank and in hand | 54/58 | €18,381 | €29,527 | +€11,145 | +60.6% |
| Deferred charges and accrued income | 490/1 | €1,675 | €1,682 | +€7 | +0.4% |
| Total equity and liabilities | 10/49 | €351,394 | €354,040 | +€2,646 | +0.8% |
| Equity | 10/15 | €273,818 | €295,507 | +€21,689 | +7.9% |
| Contributions | 10/11 | €6,400 | €6,400 | = | 0.0% |
| Reserves | 13 | €189,193 | €210,882 | +€21,689 | +11.5% |
| Non-distributable reserves | 130/1 | €3,477 | €3,477 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,477 | €3,477 | = | 0.0% |
| Distributable reserves | 133 | €185,716 | €207,405 | +€21,689 | +11.7% |
| Profit (loss) carried forward | 14 | €78,225 | €78,225 | = | 0.0% |
| Amounts payable | 17/49 | €77,576 | €58,533 | -€19,043 | -24.5% |
| Amounts payable after more than one year | 17 | €56,667 | €39,667 | -€17,000 | -30.0% |
| Financial debts | 170/4 | €56,667 | €39,667 | -€17,000 | -30.0% |
| Amounts payable within one year | 42/48 | €20,909 | €18,866 | -€2,043 | -9.8% |
| Trade debts | 44 | €1,627 | €3,396 | +€1,769 | +109% |
| Suppliers | 440/4 | €1,627 | €3,396 | +€1,769 | +109% |
| Taxes, remuneration and social security | 45 | €11,683 | €11,119 | -€564 | -4.8% |
| Taxes | 450/3 | €8,129 | €11,119 | +€2,989 | +36.8% |
| Remuneration and social security | 454/9 | €3,554 | - | -€3,554 | |
| Other amounts payable | 47/48 | €7,599 | €4,352 | -€3,248 | -42.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,493 | €21,510 | +€17 | +0.1% |
| Other operating charges | 640/8 | €2,105 | €2,337 | +€232 | +11.0% |
| Gross operating margin | 9900 | €59,771 | €83,903 | +€24,132 | +40.4% |
| Operating profit (loss) | 9901 | €36,174 | €60,057 | +€23,883 | +66.0% |
| Financial income | 75/76B | €6 | €1 | -€5 | -89.1% |
| Recurring financial income | 75 | €6 | €1 | -€5 | -89.1% |
| Financial charges | 65/66B | €1,301 | €1,769 | +€468 | +36.0% |
| Recurring financial charges | 65 | €1,301 | €1,769 | +€468 | +36.0% |
| Profit (loss) for the period before taxes | 9903 | €34,879 | €58,288 | +€23,409 | +67.1% |
| Income taxes | 67/77 | €7,837 | €16,064 | +€8,228 | +105% |
| Profit (loss) for the period | 9904 | €27,042 | €42,223 | +€15,182 | +56.1% |
| Profit (loss) for the period to be appropriated | 9905 | €27,042 | €42,223 | +€15,182 | +56.1% |
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 25 October 2026 via checked.be.