HVND: 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.
HVND
Largest movements
- Receivables within one year +€545,516
up €545,516 (+19904.9%), from €2,741 to €548,257
of which Other amounts receivable: +€545,076
- Tangible fixed assets -€26,319
down €26,319 (-6.6%), from €399,714 to €373,395
of which Land and buildings: -€26,774
- Other debts +€520,302
up €520,302 (+187.9%), from €276,941 to €797,243
- Profit (loss) carried forward -€15,265
down €15,265 (-31.7%), from -€48,218 to -€63,484
- Gross operating margin -€15,304
down €15,304 (-48.0%), from €31,869 to €16,565
- Depreciation -€1,974
down €1,974 (-6.2%), from €32,031 to €30,057
- Write-downs -€365
down €365 (-65.2%), from €560 to €195
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 | €433,716 | €941,534 | +€507,817 | +117.1% |
| Fixed assets | 21/28 | €408,303 | €374,395 | -€33,908 | -8.3% |
| Intangible fixed assets | 21 | €589 | €0 | -€589 | -100.0% |
| Tangible fixed assets | 22/27 | €399,714 | €373,395 | -€26,319 | -6.6% |
| Land and buildings | 22 | €393,103 | €366,329 | -€26,774 | -6.8% |
| Plant, machinery and equipment | 23 | €859 | €1,116 | +€258 | +30.0% |
| Furniture and vehicles | 24 | €5,752 | €5,950 | +€198 | +3.4% |
| Financial fixed assets | 28 | €8,000 | €1,000 | -€7,000 | -87.5% |
| Current assets | 29/58 | €25,413 | €567,139 | +€541,726 | +2131.7% |
| Amounts receivable within one year | 40/41 | €2,741 | €548,257 | +€545,516 | +19904.9% |
| Trade receivables | 40 | €2,736 | €3,177 | +€441 | +16.1% |
| Other amounts receivable | 41 | €5 | €545,080 | +€545,076 | +12059200.2% |
| Cash at bank and in hand | 54/58 | €20,918 | €17,053 | -€3,865 | -18.5% |
| Deferred charges and accrued income | 490/1 | €1,755 | €1,829 | +€74 | +4.2% |
| Total equity and liabilities | 10/49 | €433,716 | €941,534 | +€507,817 | +117.1% |
| Equity | 10/15 | €152,492 | €137,226 | -€15,265 | -10.0% |
| Contributions | 10/11 | €200,710 | €200,710 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€48,218 | -€63,484 | -€15,265 | -31.7% |
| Amounts payable | 17/49 | €281,225 | €804,307 | +€523,083 | +186.0% |
| Amounts payable within one year | 42/48 | €279,805 | €802,460 | +€522,655 | +186.8% |
| Trade debts | 44 | €262 | €2,929 | +€2,667 | +1018.1% |
| Suppliers | 440/4 | €262 | €2,929 | +€2,667 | +1018.1% |
| Advances received on contracts in progress | 46 | €73 | €0 | -€73 | -100.0% |
| Taxes, remuneration and social security | 45 | €2,529 | €2,288 | -€241 | -9.5% |
| Taxes | 450/3 | €2,529 | €2,288 | -€241 | -9.5% |
| Other amounts payable | 47/48 | €276,941 | €797,243 | +€520,302 | +187.9% |
| Accrued charges and deferred income | 492/3 | €1,420 | €1,848 | +€428 | +30.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,031 | €30,057 | -€1,974 | -6.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €560 | €195 | -€365 | -65.2% |
| Other operating charges | 640/8 | €1,525 | €1,573 | +€48 | +3.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €31,869 | €16,565 | -€15,304 | -48.0% |
| Operating profit (loss) | 9901 | -€2,247 | -€15,260 | -€13,013 | -579.2% |
| Financial income | 75/76B | €136 | €40 | -€96 | -70.6% |
| Recurring financial income | 75 | €136 | €40 | -€96 | -70.6% |
| Financial charges | 65/66B | €67 | €45 | -€22 | -32.5% |
| Recurring financial charges | 65 | €67 | €45 | -€22 | -32.5% |
| Profit (loss) for the period before taxes | 9903 | -€2,178 | -€15,265 | -€13,088 | -601.0% |
| Profit (loss) for the period | 9904 | -€2,178 | -€15,265 | -€13,088 | -601.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,178 | -€15,265 | -€13,088 | -601.0% |
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 3 October 2026 via checked.be.