HVMZA: 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.
HVMZA
Largest movements
- Receivables within one year +€229,105
up €229,105 (+827%), from €27,693 to €256,798
of which Other amounts receivable: +€200,710
- Cash +€3,366
up €3,366 (+14.8%), from €22,781 to €26,147
mainly Net result for the year (+€173,225) and Tax, wage and social debts (+€58,295)
- Reserves +€173,225
up €173,225 (+419%), from €41,341 to €214,566
- Tax, wage and social debts +€58,295
up €58,295 (+418%), from €13,950 to €72,245
- Gross operating margin +€173,732
up €173,732 (+289%), from €60,023 to €233,754
- Taxes +€40,191
up €40,191 (+296%), from €13,577 to €53,768
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 | €56,291 | €287,999 | +€231,707 | +412% |
| Fixed assets | 21/28 | €5,293 | €4,623 | -€670 | -12.7% |
| Tangible fixed assets | 22/27 | €5,293 | €4,623 | -€670 | -12.7% |
| Plant, machinery and equipment | 23 | €4,036 | €3,896 | -€140 | -3.5% |
| Furniture and vehicles | 24 | €1,257 | €727 | -€530 | -42.2% |
| Current assets | 29/58 | €50,998 | €283,376 | +€232,377 | +456% |
| Amounts receivable within one year | 40/41 | €27,693 | €256,798 | +€229,105 | +827% |
| Trade receivables | 40 | €13,757 | €42,151 | +€28,394 | +206% |
| Other amounts receivable | 41 | €13,936 | €214,647 | +€200,710 | +1,440% |
| Cash at bank and in hand | 54/58 | €22,781 | €26,147 | +€3,366 | +14.8% |
| Deferred charges and accrued income | 490/1 | €525 | €431 | -€94 | -17.8% |
| Total equity and liabilities | 10/49 | €56,291 | €287,999 | +€231,707 | +412% |
| Equity | 10/15 | €42,341 | €215,566 | +€173,225 | +409% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €41,341 | €214,566 | +€173,225 | +419% |
| Distributable reserves | 133 | €41,341 | €214,566 | +€173,225 | +419% |
| Amounts payable | 17/49 | €13,950 | €72,432 | +€58,482 | +419% |
| Amounts payable within one year | 42/48 | €13,950 | €72,432 | +€58,482 | +419% |
| Trade debts | 44 | - | €187 | +€187 | |
| Suppliers | 440/4 | - | €187 | +€187 | |
| Taxes, remuneration and social security | 45 | €13,950 | €72,245 | +€58,295 | +418% |
| Taxes | 450/3 | €13,950 | €72,245 | +€58,295 | +418% |
| Remuneration, social security and pensions | 62 | €3,509 | €4,353 | +€844 | +24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €876 | €2,603 | +€1,727 | +197% |
| Other operating charges | 640/8 | €561 | €1,124 | +€564 | +100% |
| Gross operating margin | 9900 | €60,023 | €233,754 | +€173,732 | +289% |
| Operating profit (loss) | 9901 | €55,077 | €225,674 | +€170,597 | +310% |
| Financial income | 75/76B | €0 | €1,508 | +€1,508 | +7,538,150% |
| Recurring financial income | 75 | €0 | €1,508 | +€1,508 | +7,538,150% |
| Financial charges | 65/66B | €159 | €189 | +€30 | +18.9% |
| Recurring financial charges | 65 | €159 | €189 | +€30 | +18.9% |
| Profit (loss) for the period before taxes | 9903 | €54,918 | €226,993 | +€172,075 | +313% |
| Income taxes | 67/77 | €13,577 | €53,768 | +€40,191 | +296% |
| Profit (loss) for the period | 9904 | €41,341 | €173,225 | +€131,884 | +319% |
| Profit (loss) for the period to be appropriated | 9905 | €41,341 | €173,225 | +€131,884 | +319% |
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 18 October 2026 via checked.be.