HVM: what changed
Two fiscal 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.
HVM
Largest movements
- Receivables within one year -€43,857
down €43,857 (-37.0%), from €118,515 to €74,658
of which Trade receivables: -€26,457
- Cash -€20,031
down €20,031 (-92.0%), from €21,776 to €1,745
mainly Trade debts (-€47,059) and Net result for the year (-€14,008)
- Tangible fixed assets -€10,327
down €10,327 (-81.0%), from €12,750 to €2,422
- Trade debts -€47,059
down €47,059 (-88.6%), from €53,117 to €6,058
- Profit (loss) carried forward -€14,008
down €14,008 (-49.9%), from €28,095 to €14,088
- Tax, wage and social debts -€8,680
down €8,680 (-21.3%), from €40,733 to €32,053
of which Remuneration and social security: -€4,500
- Debts after one year -€6,291
down €6,291 (-67.7%), from €9,291 to €3,000
- Current portion of long-term debt +€1,822
up €1,822 (+89.1%), from €2,045 to €3,867
- Purchases and services -€86,980
down €86,980 (-39.1%), from €222,493 to €135,513
- Turnover -€85,493
down €85,493 (-37.7%), from €226,865 to €141,372
- Gross operating margin -€38,352
down €38,352 (-82.1%), from €46,711 to €8,359
- Other operating charges -€9,899
down €9,899 (-58.0%), from €17,054 to €7,154
- Staff costs -€8,971
no longer reported in 2025 (was €8,971)
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.
Cash bridge derived
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 | €153,195 | €78,980 | -€74,216 | -48.4% |
| Fixed assets | 21/28 | €12,750 | €2,422 | -€10,327 | -81.0% |
| Tangible fixed assets | 22/27 | €12,750 | €2,422 | -€10,327 | -81.0% |
| Furniture and vehicles | 24 | €12,750 | €2,422 | -€10,327 | -81.0% |
| Current assets | 29/58 | €140,446 | €76,557 | -€63,889 | -45.5% |
| Amounts receivable within one year | 40/41 | €118,515 | €74,658 | -€43,857 | -37.0% |
| Trade receivables | 40 | €74,441 | €47,983 | -€26,457 | -35.5% |
| Other amounts receivable | 41 | €44,074 | €26,674 | -€17,400 | -39.5% |
| Cash at bank and in hand | 54/58 | €21,776 | €1,745 | -€20,031 | -92.0% |
| Deferred charges and accrued income | 490/1 | €154 | €154 | = | 0.0% |
| Total equity and liabilities | 10/49 | €153,195 | €78,980 | -€74,216 | -48.4% |
| Equity | 10/15 | €48,009 | €34,002 | -€14,008 | -29.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,314 | €1,314 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,314 | €1,314 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,314 | €1,314 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,095 | €14,088 | -€14,008 | -49.9% |
| Amounts payable | 17/49 | €105,186 | €44,978 | -€60,208 | -57.2% |
| Amounts payable after more than one year | 17 | €9,291 | €3,000 | -€6,291 | -67.7% |
| Financial debts | 170/4 | €9,291 | €3,000 | -€6,291 | -67.7% |
| Amounts payable within one year | 42/48 | €95,896 | €41,978 | -€53,917 | -56.2% |
| Current portion of amounts payable after more than one year | 42 | €2,045 | €3,867 | +€1,822 | +89.1% |
| Trade debts | 44 | €53,117 | €6,058 | -€47,059 | -88.6% |
| Suppliers | 440/4 | €53,117 | €6,058 | -€47,059 | -88.6% |
| Taxes, remuneration and social security | 45 | €40,733 | €32,053 | -€8,680 | -21.3% |
| Taxes | 450/3 | €26,174 | €21,993 | -€4,180 | -16.0% |
| Remuneration and social security | 454/9 | €14,560 | €10,060 | -€4,500 | -30.9% |
| Turnover | 70 | €226,865 | €141,372 | -€85,493 | -37.7% |
| Non-recurring operating income | 76A | €42,338 | €2,500 | -€39,838 | -94.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €222,493 | €135,513 | -€86,980 | -39.1% |
| Remuneration, social security and pensions | 62 | €8,971 | - | -€8,971 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,327 | €10,327 | = | 0.0% |
| Other operating charges | 640/8 | €17,054 | €7,154 | -€9,899 | -58.0% |
| Non-recurring operating charges | 66A | €22,603 | - | -€22,603 | |
| Gross operating margin | 9900 | €46,711 | €8,359 | -€38,352 | -82.1% |
| Operating profit (loss) | 9901 | -€12,243 | -€9,122 | +€3,121 | +25.5% |
| Financial charges | 65/66B | €7,437 | €4,885 | -€2,551 | -34.3% |
| Recurring financial charges | 65 | €7,437 | €4,885 | -€2,551 | -34.3% |
| Profit (loss) for the period before taxes | 9903 | -€19,680 | -€14,008 | +€5,673 | +28.8% |
| Income taxes | 67/77 | €146 | - | -€146 | |
| Profit (loss) for the period | 9904 | -€19,826 | -€14,008 | +€5,819 | +29.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,826 | -€14,008 | +€5,819 | +29.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.