HVMA: 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.
HVMA
Largest movements
- Tangible fixed assets +€6,022
new in 2025: €6,022
- Receivables within one year +€617
up €617 (+34.0%), from €1,814 to €2,431
of which Other amounts receivable: +€605
- Cash +€247
up €247 (+2.9%), from €8,407 to €8,654
mainly Trade debts (+€6,900) and Other debts (+€905)
- Deferred charges and accrued income +€206
new in 2025: €206
- Trade debts +€6,900
new in 2025: €6,900
- Tax, wage and social debts -€1,048
down €1,048 (-54.8%), from €1,911 to €863
- Other debts +€905
up €905 (+14.5%), from €6,243 to €7,148
- Profit (loss) carried forward +€335
up €335 (+17.0%), from €1,967 to €2,302
- Gross operating margin -€1,293
down €1,293 (-47.1%), from €2,742 to €1,450
- Taxes -€360
down €360 (-42.8%), from €840 to €480
- Financial charges +€80
up €80 (+100.3%), from €79 to €159
- Depreciation +€56
new in 2025: €56
- Other operating charges +€32
up €32 (+8.4%), from €387 to €420
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 | €10,221 | €17,313 | +€7,092 | +69.4% |
| Fixed assets | 21/28 | - | €6,022 | +€6,022 | |
| Tangible fixed assets | 22/27 | - | €6,022 | +€6,022 | |
| Furniture and vehicles | 24 | - | €6,022 | +€6,022 | |
| Current assets | 29/58 | €10,221 | €11,291 | +€1,070 | +10.5% |
| Amounts receivable within one year | 40/41 | €1,814 | €2,431 | +€617 | +34.0% |
| Trade receivables | 40 | - | €13 | +€13 | |
| Other amounts receivable | 41 | €1,814 | €2,419 | +€605 | +33.3% |
| Cash at bank and in hand | 54/58 | €8,407 | €8,654 | +€247 | +2.9% |
| Deferred charges and accrued income | 490/1 | - | €206 | +€206 | |
| Total equity and liabilities | 10/49 | €10,221 | €17,313 | +€7,092 | +69.4% |
| Equity | 10/15 | €2,067 | €2,402 | +€335 | +16.2% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,967 | €2,302 | +€335 | +17.0% |
| Amounts payable | 17/49 | €8,154 | €14,911 | +€6,757 | +82.9% |
| Amounts payable within one year | 42/48 | €8,154 | €14,911 | +€6,757 | +82.9% |
| Trade debts | 44 | - | €6,900 | +€6,900 | |
| Suppliers | 440/4 | - | €6,900 | +€6,900 | |
| Taxes, remuneration and social security | 45 | €1,911 | €863 | -€1,048 | -54.8% |
| Taxes | 450/3 | €1,911 | €863 | -€1,048 | -54.8% |
| Other amounts payable | 47/48 | €6,243 | €7,148 | +€905 | +14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €56 | +€56 | |
| Other operating charges | 640/8 | €387 | €420 | +€32 | +8.4% |
| Gross operating margin | 9900 | €2,742 | €1,450 | -€1,293 | -47.1% |
| Operating profit (loss) | 9901 | €2,355 | €974 | -€1,381 | -58.6% |
| Financial charges | 65/66B | €79 | €159 | +€80 | +100.3% |
| Recurring financial charges | 65 | €79 | €159 | +€80 | +100.3% |
| Profit (loss) for the period before taxes | 9903 | €2,275 | €815 | -€1,460 | -64.2% |
| Income taxes | 67/77 | €840 | €480 | -€360 | -42.8% |
| Profit (loss) for the period | 9904 | €1,435 | €335 | -€1,100 | -76.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,435 | €335 | -€1,100 | -76.7% |
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 8 October 2026 via checked.be.