HVLMan: 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.
HVLMan
Largest movements
- Receivables within one year +€795,350
up €795,350 (+18,130%), from €4,387 to €799,737
of which Trade receivables: +€585,280
- Reserves +€499,197
new in 2025: €499,197
- Tax, wage and social debts +€299,106
up €299,106 (+2,697,076%), from €11 to €299,117
- Gross operating margin +€657,546
up €657,546 (+25,117%), from €2,618 to €660,164
- Taxes +€159,706
up €159,706 (+1,440,094%), from €11 to €159,718
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 | €6,287 | €801,868 | +€795,582 | +12,655% |
| Formation expenses | 20 | €1,876 | €1,297 | -€580 | -30.9% |
| Current assets | 29/58 | €4,410 | €800,572 | +€796,161 | +18,053% |
| Amounts receivable within one year | 40/41 | €4,387 | €799,737 | +€795,350 | +18,130% |
| Trade receivables | 40 | €3,600 | €588,880 | +€585,280 | +16,258% |
| Other amounts receivable | 41 | €787 | €210,857 | +€210,070 | +26,697% |
| Cash at bank and in hand | 54/58 | €23 | €835 | +€812 | +3,489% |
| Total equity and liabilities | 10/49 | €6,287 | €801,868 | +€795,582 | +12,655% |
| Equity | 10/15 | €3,044 | €502,197 | +€499,153 | +16,396% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €499,197 | +€499,197 | |
| Distributable reserves | 133 | - | €499,197 | +€499,197 | |
| Profit (loss) carried forward | 14 | €44 | €0 | -€44 | -100% |
| Amounts payable | 17/49 | €3,242 | €299,671 | +€296,429 | +9,143% |
| Amounts payable within one year | 42/48 | €3,203 | €299,671 | +€296,468 | +9,256% |
| Trade debts | 44 | €133 | €554 | +€422 | +317% |
| Suppliers | 440/4 | €133 | €554 | +€422 | +317% |
| Taxes, remuneration and social security | 45 | €11 | €299,117 | +€299,106 | +2,697,076% |
| Taxes | 450/3 | €11 | €299,117 | +€299,106 | +2,697,076% |
| Other amounts payable | 47/48 | €3,059 | €0 | -€3,059 | -100% |
| Accrued charges and deferred income | 492/3 | €39 | €0 | -€39 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €580 | €580 | = | 0.0% |
| Other operating charges | 640/8 | €529 | €576 | +€48 | +9.0% |
| Gross operating margin | 9900 | €2,618 | €660,164 | +€657,546 | +25,117% |
| Operating profit (loss) | 9901 | €1,510 | €659,007 | +€657,498 | +43,555% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €77 | €137 | +€60 | +78.0% |
| Recurring financial charges | 65 | €77 | €137 | +€60 | +78.0% |
| Profit (loss) for the period before taxes | 9903 | €1,432 | €658,870 | +€657,438 | +45,895% |
| Income taxes | 67/77 | €11 | €159,718 | +€159,706 | +1,440,094% |
| Profit (loss) for the period | 9904 | €1,421 | €499,153 | +€497,731 | +35,017% |
| Profit (loss) for the period to be appropriated | 9905 | €1,421 | €499,153 | +€497,731 | +35,017% |
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 16 October 2026 via checked.be.