HVL MANAGEMENT: what changed
What changed
HVL MANAGEMENT
NACE 68.321, Property management for co-owned buildings (syndics)
filed annual accounts (NBB)
Net result for the year
-€77,973
2024 · -€178,733+€100,760
Equity
€734,510
2024 · €532,287+€202,223
Cash
€8,144
2024 · €46,972-€38,827
Balance sheet total
€1.8m
2024 · €2.0m-€224,519
Largest movements
Assets
- Tangible fixed assets -€1.9m
down €1.9m (-97.9%), from €1.9m to €41,178
of which Land and buildings: -€1.9m
- Receivables within one year +€1.7m
new in 2025: €1.7m
- Cash -€38,827
down €38,827 (-82.7%), from €46,972 to €8,144
mainly Receivables within one year (-€1.7m) and Provisions (-€280,196)
Equity and liabilities
- Profit (loss) carried forward +€1.0m
up €1.0m (+64.4%), from -€1.6m to -€563,031
- Reserves -€816,457
down €816,457 (-93.9%), from €869,241 to €52,784
of which Tax-exempt reserves: -€816,457
- Provisions -€280,196
no longer reported in 2025 (was €280,196)
- Other debts -€148,357
down €148,357 (-88.7%), from €167,195 to €18,838
Income statement
- Depreciation -€67,375
down €67,375 (-98.0%), from €68,754 to €1,379
- Gross operating margin +€38,943
up €38,943 (+53.7%), from -€72,571 to -€33,629
- Taxes -€4,636
down €4,636 (-17.5%), from €26,534 to €21,898
- Financial income +€3,444
new in 2025: €3,444
- Staff costs +€742
up €742 (+4.6%), from €15,974 to €16,716
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€178,733
Gross operating margin
+€38,943
Staff costs
-€742
Depreciation
+€67,375
Other operating charges
-€486
Financial income
+€3,444
Financial charges
-€2
Taxes
+€4,636
Deferred taxes and other
-€12,409
Result 2025
-€77,973
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€2.2m
Investment
+€1.9m
Financing
+€280,196
Cash 2024
€46,972
From operations (derived)
-€2.2m
Net result for the year
-€77,973
Depreciation
+€1,379
Receivables within one year
-€1.7m
Smaller working-capital items
+€1,894
Provisions
-€280,196
Other debts
-€148,357
Investment (derived)
+€1.9m
Investment in fixed assets (net)
+€1.9m
Financing
+€280,196
Contributions, distributions and other
+€280,196
Cash 2025
€8,144
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,035,014 | €1,810,495 | -€224,519 | -11.0% |
| Fixed assets | 21/28 | €1,915,787 | €41,178 | -€1.9m | -97.9% |
| Tangible fixed assets | 22/27 | €1,915,787 | €41,178 | -€1.9m | -97.9% |
| Land and buildings | 22 | €1,873,229 | - | -€1.9m | |
| Plant, machinery and equipment | 23 | €42,557 | €41,178 | -€1,379 | -3.2% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Current assets | 29/58 | €119,228 | €1,769,317 | +€1.7m | +1,384% |
| Stocks and contracts in progress | 3 | €70,477 | €70,477 | = | 0.0% |
| Stocks | 30/36 | €70,477 | €70,477 | = | 0.0% |
| Amounts receivable within one year | 40/41 | - | €1,689,000 | +€1.7m | |
| Other amounts receivable | 41 | - | €1,689,000 | +€1.7m | |
| Cash at bank and in hand | 54/58 | €46,972 | €8,144 | -€38,827 | -82.7% |
| Deferred charges and accrued income | 490/1 | €1,779 | €1,696 | -€83 | -4.7% |
| Total equity and liabilities | 10/49 | €2,035,014 | €1,810,495 | -€224,519 | -11.0% |
| Equity | 10/15 | €532,287 | €734,510 | +€202,223 | +38.0% |
| Contributions | 10/11 | €1,244,756 | €1,244,756 | = | 0.0% |
| Capital | 10 | €1,244,756 | €1,244,756 | = | 0.0% |
| Issued capital | 100 | €1,244,756 | €1,244,756 | = | 0.0% |
| Reserves | 13 | €869,241 | €52,784 | -€816,457 | -93.9% |
| Non-distributable reserves | 130/1 | €19,350 | €19,350 | = | 0.0% |
| Legal reserve | 130 | - | €19,350 | +€19,350 | |
| Reserves not available under the articles | 1311 | €19,350 | - | -€19,350 | |
| Tax-exempt reserves | 132 | €818,514 | €2,057 | -€816,457 | -99.7% |
| Distributable reserves | 133 | €31,377 | €31,377 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,581,711 | -€563,031 | +€1.0m | +64.4% |
| Provisions and deferred taxes | 16 | €280,196 | - | -€280,196 | |
| Deferred taxes | 168 | €280,196 | - | -€280,196 | |
| Amounts payable | 17/49 | €1,222,531 | €1,075,985 | -€146,546 | -12.0% |
| Amounts payable after more than one year | 17 | €1,048,000 | €1,048,000 | = | 0.0% |
| Financial debts | 170/4 | €1,048,000 | €1,048,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €174,531 | €27,985 | -€146,546 | -84.0% |
| Trade debts | 44 | €298 | €768 | +€471 | +158% |
| Suppliers | 440/4 | €298 | €768 | +€471 | +158% |
| Taxes, remuneration and social security | 45 | €7,038 | €8,378 | +€1,340 | +19.0% |
| Taxes | 450/3 | €2,032 | €3,144 | +€1,112 | +54.7% |
| Remuneration and social security | 454/9 | €5,006 | €5,234 | +€229 | +4.6% |
| Other amounts payable | 47/48 | €167,195 | €18,838 | -€148,357 | -88.7% |
| Non-recurring operating income | 76A | €2,239 | €176,771 | +€174,531 | +7,795% |
| Remuneration, social security and pensions | 62 | €15,974 | €16,716 | +€742 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,754 | €1,379 | -€67,375 | -98.0% |
| Other operating charges | 640/8 | €1,916 | €2,402 | +€486 | +25.4% |
| Gross operating margin | 9900 | -€72,571 | -€33,629 | +€38,943 | +53.7% |
| Operating profit (loss) | 9901 | -€159,215 | -€54,126 | +€105,089 | +66.0% |
| Financial income | 75/76B | - | €3,444 | +€3,444 | |
| Recurring financial income | 75 | - | €3,444 | +€3,444 | |
| Financial charges | 65/66B | €5,392 | €5,393 | +€2 | 0.0% |
| Recurring financial charges | 65 | €5,392 | €5,393 | +€2 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€164,607 | -€56,075 | +€108,532 | +65.9% |
| Transfer from deferred taxes | 780 | €12,409 | - | -€12,409 | |
| Income taxes | 67/77 | €26,534 | €21,898 | -€4,636 | -17.5% |
| Profit (loss) for the period | 9904 | -€178,733 | -€77,973 | +€100,760 | +56.4% |
| Transfer from tax-exempt reserves | 789 | €34,438 | €1,096,654 | +€1.1m | +3,084% |
| Profit (loss) for the period to be appropriated | 9905 | -€144,294 | €1,018,680 | +€1.2m |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.