HVN10: 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.
HVN10
Largest movements
- Cash -€14,050
down €14,050 (-33.5%), from €41,906 to €27,857
mainly Investment in fixed assets (net) (-€70,676) and Debts after one year (-€41,270)
- Tangible fixed assets -€13,703
down €13,703 (-2.6%), from €537,005 to €523,302
of which Furniture and vehicles: -€13,261
- Intangible fixed assets +€13,114
new in 2025: €13,114
- Other debts +€45,072
up €45,072 (+11.2%), from €400,957 to €446,029
- Debts after one year -€41,270
down €41,270 (-31.7%), from €130,000 to €88,730
of which Other amounts payable: -€50,000
- Profit (loss) carried forward -€32,276
new in 2025: -€32,276
- Trade debts +€30,097
up €30,097 (+121.0%), from €24,870 to €54,966
- Advances received -€19,396
down €19,396 (-90.2%), from €21,511 to €2,115
- Staff costs +€76,522
new in 2025: €76,522
- Gross operating margin +€64,052
up €64,052 (+116.7%), from €54,864 to €118,916
- Depreciation +€35,861
up €35,861 (+101.3%), from €35,403 to €71,264
- Taxes -€2,134
down €2,134 (-94.1%), from €2,267 to €134
- Financial charges +€1,589
up €1,589 (+117.4%), from €1,353 to €2,941
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 | €616,060 | €603,167 | -€12,893 | -2.1% |
| Fixed assets | 21/28 | €537,005 | €536,417 | -€588 | -0.1% |
| Intangible fixed assets | 21 | - | €13,114 | +€13,114 | |
| Tangible fixed assets | 22/27 | €537,005 | €523,302 | -€13,703 | -2.6% |
| Plant, machinery and equipment | 23 | €481,475 | €481,034 | -€441 | -0.1% |
| Furniture and vehicles | 24 | €55,530 | €42,268 | -€13,261 | -23.9% |
| Current assets | 29/58 | €79,055 | €66,750 | -€12,305 | -15.6% |
| Amounts receivable within one year | 40/41 | €36,967 | €38,893 | +€1,927 | +5.2% |
| Trade receivables | 40 | €27,125 | €15,528 | -€11,597 | -42.8% |
| Other amounts receivable | 41 | €9,842 | €23,365 | +€13,523 | +137.4% |
| Cash at bank and in hand | 54/58 | €41,906 | €27,857 | -€14,050 | -33.5% |
| Deferred charges and accrued income | 490/1 | €182 | - | -€182 | |
| Total equity and liabilities | 10/49 | €616,060 | €603,167 | -€12,893 | -2.1% |
| Equity | 10/15 | €35,558 | €3,282 | -€32,276 | -90.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €15,558 | €15,558 | = | 0.0% |
| Distributable reserves | 133 | €15,558 | €15,558 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€32,276 | -€32,276 | |
| Amounts payable | 17/49 | €580,502 | €599,885 | +€19,383 | +3.3% |
| Amounts payable after more than one year | 17 | €130,000 | €88,730 | -€41,270 | -31.7% |
| Financial debts | 170/4 | - | €8,730 | +€8,730 | |
| Other amounts payable | 178/9 | €130,000 | €80,000 | -€50,000 | -38.5% |
| Amounts payable within one year | 42/48 | €450,502 | €511,154 | +€60,653 | +13.5% |
| Current portion of amounts payable after more than one year | 42 | - | €2,772 | +€2,772 | |
| Trade debts | 44 | €24,870 | €54,966 | +€30,097 | +121.0% |
| Suppliers | 440/4 | €24,870 | €54,966 | +€30,097 | +121.0% |
| Advances received on contracts in progress | 46 | €21,511 | €2,115 | -€19,396 | -90.2% |
| Taxes, remuneration and social security | 45 | €3,165 | €5,272 | +€2,107 | +66.6% |
| Taxes | 450/3 | €2,267 | €134 | -€2,134 | -94.1% |
| Remuneration and social security | 454/9 | €897 | €5,139 | +€4,241 | +472.6% |
| Other amounts payable | 47/48 | €400,957 | €446,029 | +€45,072 | +11.2% |
| Remuneration, social security and pensions | 62 | - | €76,522 | +€76,522 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,403 | €71,264 | +€35,861 | +101.3% |
| Other operating charges | 640/8 | €283 | €659 | +€376 | +132.9% |
| Gross operating margin | 9900 | €54,864 | €118,916 | +€64,052 | +116.7% |
| Operating profit (loss) | 9901 | €19,178 | -€29,530 | -€48,708 | |
| Financial income | 75/76B | €0 | €329 | +€329 | +469628.6% |
| Recurring financial income | 75 | €0 | €329 | +€329 | +469628.6% |
| Financial charges | 65/66B | €1,353 | €2,941 | +€1,589 | +117.4% |
| Recurring financial charges | 65 | €1,353 | €2,941 | +€1,589 | +117.4% |
| Profit (loss) for the period before taxes | 9903 | €17,825 | -€32,142 | -€49,968 | |
| Income taxes | 67/77 | €2,267 | €134 | -€2,134 | -94.1% |
| Profit (loss) for the period | 9904 | €15,558 | -€32,276 | -€47,834 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,558 | -€32,276 | -€47,834 |
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 8 October 2026 via checked.be.