HVML: 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.
HVML
Largest movements
- Receivables within one year +€12,334
up €12,334 (+20.3%), from €60,737 to €73,071
of which Other amounts receivable: +€12,914
- Tangible fixed assets -€8,061
down €8,061 (-3.2%), from €249,031 to €240,970
of which Land and buildings: -€11,330
- Cash +€6,235
up €6,235 (+54.2%), from €11,506 to €17,740
mainly Depreciation (+€14,362) and Net result for the year (+€6,134)
- Profit (loss) carried forward +€6,134
up €6,134 (+4.4%), from €138,009 to €144,143
- Trade debts +€3,885
up €3,885 (+196.5%), from €1,977 to €5,862
- Gross operating margin -€5,129
down €5,129 (-15.4%), from €33,234 to €28,106
- Taxes -€1,978
down €1,978 (-56.3%), from €3,512 to €1,534
- Depreciation +€1,640
up €1,640 (+12.9%), from €12,722 to €14,362
- Other operating charges +€401
up €401 (+7.3%), from €5,492 to €5,893
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 | €325,062 | €336,013 | +€10,951 | +3.4% |
| Fixed assets | 21/28 | €249,031 | €240,970 | -€8,061 | -3.2% |
| Tangible fixed assets | 22/27 | €249,031 | €240,970 | -€8,061 | -3.2% |
| Land and buildings | 22 | €246,641 | €235,311 | -€11,330 | -4.6% |
| Furniture and vehicles | 24 | €2,389 | €5,659 | +€3,270 | +136.9% |
| Current assets | 29/58 | €76,031 | €95,043 | +€19,012 | +25.0% |
| Amounts receivable within one year | 40/41 | €60,737 | €73,071 | +€12,334 | +20.3% |
| Trade receivables | 40 | €579 | €0 | -€579 | -100.0% |
| Other amounts receivable | 41 | €60,157 | €73,071 | +€12,914 | +21.5% |
| Cash at bank and in hand | 54/58 | €11,506 | €17,740 | +€6,235 | +54.2% |
| Deferred charges and accrued income | 490/1 | €3,789 | €4,232 | +€443 | +11.7% |
| Total equity and liabilities | 10/49 | €325,062 | €336,013 | +€10,951 | +3.4% |
| Equity | 10/15 | €321,408 | €327,542 | +€6,134 | +1.9% |
| Contributions | 10/11 | €12,687 | €12,687 | = | 0.0% |
| Reserves | 13 | €170,712 | €170,712 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,308 | €9,308 | = | 0.0% |
| Distributable reserves | 133 | €161,404 | €161,404 | = | 0.0% |
| Profit (loss) carried forward | 14 | €138,009 | €144,143 | +€6,134 | +4.4% |
| Amounts payable | 17/49 | €3,654 | €8,471 | +€4,817 | +131.8% |
| Amounts payable within one year | 42/48 | €3,654 | €8,471 | +€4,817 | +131.8% |
| Financial debts | 43 | €1,677 | €1,690 | +€13 | +0.8% |
| Credit institutions | 430/8 | €1,677 | €1,690 | +€13 | +0.8% |
| Trade debts | 44 | €1,977 | €5,862 | +€3,885 | +196.5% |
| Suppliers | 440/4 | €1,977 | €5,862 | +€3,885 | +196.5% |
| Taxes, remuneration and social security | 45 | - | €919 | +€919 | |
| Taxes | 450/3 | - | €919 | +€919 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,722 | €14,362 | +€1,640 | +12.9% |
| Other operating charges | 640/8 | €5,492 | €5,893 | +€401 | +7.3% |
| Gross operating margin | 9900 | €33,234 | €28,106 | -€5,129 | -15.4% |
| Operating profit (loss) | 9901 | €15,020 | €7,851 | -€7,170 | -47.7% |
| Financial income | 75/76B | €58 | €0 | -€58 | -100.0% |
| Recurring financial income | 75 | €58 | €0 | -€58 | -100.0% |
| Financial charges | 65/66B | €166 | €183 | +€16 | +9.9% |
| Recurring financial charges | 65 | €166 | €183 | +€16 | +9.9% |
| Profit (loss) for the period before taxes | 9903 | €14,912 | €7,668 | -€7,244 | -48.6% |
| Income taxes | 67/77 | €3,512 | €1,534 | -€1,978 | -56.3% |
| Profit (loss) for the period | 9904 | €11,400 | €6,134 | -€5,266 | -46.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,400 | €6,134 | -€5,266 | -46.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.