Hvnv: 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.
What changed
Hvnv
NACE 61.100, Wired, wireless and satellite telecommunications
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€79,696
2024 · €103,839-€24,144
Equity
€472,065
2024 · €423,478+€48,587
Cash
€45,338
2024 · €47,144-€1,807
Balance sheet total
€996,469
2024 · €896,436+€100,033
Largest movements
Assets
- Current investments +€56,960
up €56,960 (+13.2%), from €432,564 to €489,524
- Receivables within one year +€52,260
up €52,260 (+32.6%), from €160,207 to €212,466
of which Other amounts receivable: +€27,359
Equity and liabilities
- Other debts +€71,587
up €71,587 (+33.0%), from €216,728 to €288,314
- Reserves +€48,587
up €48,587 (+12.0%), from €404,878 to €453,465
of which Distributable reserves: +€48,587
- Debts after one year -€14,512
down €14,512 (-10.7%), from €135,832 to €121,321
Income statement
- Financial charges +€26,036
up €26,036 (+48.9%), from €53,272 to €79,308
- Gross operating margin -€13,852
down €13,852 (-6.4%), from €216,212 to €202,360
- Taxes -€12,507
down €12,507 (-28.0%), from €44,590 to €32,082
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.
Result 2024
€103,839
Gross operating margin
-€13,852
Staff costs
+€48
Depreciation
+€2,017
Other operating charges
-€76
Financial income
+€1,247
Financial charges
-€26,036
Taxes
+€12,507
Result 2025
€79,696
raises the resultlowers the result
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.
From operations
+€117,941
Investment
-€72,631
Financing
-€47,117
Cash 2024
€47,144
From operations (derived)
+€117,941
Net result for the year
+€79,696
Depreciation
+€11,735
Stocks and contracts
+€9,175
Receivables within one year
-€52,260
Deferred charges and accrued income
+€2,141
Trade debts
-€4,864
Tax, wage and social debts
-€4,525
Other debts
+€71,587
Accrued charges and deferred income
+€5,256
Investment (derived)
-€72,631
Investment in fixed assets (net)
-€15,671
Current investments
-€56,960
Financing
-€47,117
Debts after one year
-€14,512
Current portion of long-term debt
+€141
Short-term financial debts
-€1,637
Contributions, distributions and other
-€31,108
Cash 2025
€45,338
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €896,436 | €996,469 | +€100,033 | +11.2% |
| Fixed assets | 21/28 | €217,613 | €221,549 | +€3,936 | +1.8% |
| Tangible fixed assets | 22/27 | €217,613 | €221,549 | +€3,936 | +1.8% |
| Land and buildings | 22 | €208,304 | €202,954 | -€5,350 | -2.6% |
| Plant, machinery and equipment | 23 | €569 | €14,273 | +€13,705 | +2,410% |
| Furniture and vehicles | 24 | €1,767 | €138 | -€1,629 | -92.2% |
| Other tangible fixed assets | 26 | €6,973 | €4,184 | -€2,789 | -40.0% |
| Current assets | 29/58 | €678,824 | €774,921 | +€96,097 | +14.2% |
| Stocks and contracts in progress | 3 | €28,054 | €18,879 | -€9,175 | -32.7% |
| Stocks | 30/36 | €28,054 | €18,879 | -€9,175 | -32.7% |
| Amounts receivable within one year | 40/41 | €160,207 | €212,466 | +€52,260 | +32.6% |
| Trade receivables | 40 | €159,764 | €184,665 | +€24,901 | +15.6% |
| Other amounts receivable | 41 | €443 | €27,801 | +€27,359 | +6,181% |
| Current investments | 50/53 | €432,564 | €489,524 | +€56,960 | +13.2% |
| Cash at bank and in hand | 54/58 | €47,144 | €45,338 | -€1,807 | -3.8% |
| Deferred charges and accrued income | 490/1 | €10,855 | €8,714 | -€2,141 | -19.7% |
| Total equity and liabilities | 10/49 | €896,436 | €996,469 | +€100,033 | +11.2% |
| Equity | 10/15 | €423,478 | €472,065 | +€48,587 | +11.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €404,878 | €453,465 | +€48,587 | +12.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,304 | €19,304 | = | 0.0% |
| Distributable reserves | 133 | €383,714 | €432,301 | +€48,587 | +12.7% |
| Amounts payable | 17/49 | €472,959 | €524,404 | +€51,446 | +10.9% |
| Amounts payable after more than one year | 17 | €135,832 | €121,321 | -€14,512 | -10.7% |
| Financial debts | 170/4 | €135,832 | €121,321 | -€14,512 | -10.7% |
| Amounts payable within one year | 42/48 | €326,266 | €386,968 | +€60,702 | +18.6% |
| Current portion of amounts payable after more than one year | 42 | €14,371 | €14,512 | +€141 | +1.0% |
| Financial debts | 43 | €4,783 | €3,145 | -€1,637 | -34.2% |
| Credit institutions | 430/8 | €4,783 | €3,145 | -€1,637 | -34.2% |
| Trade debts | 44 | €48,410 | €43,546 | -€4,864 | -10.0% |
| Suppliers | 440/4 | €48,410 | €43,546 | -€4,864 | -10.0% |
| Taxes, remuneration and social security | 45 | €41,975 | €37,450 | -€4,525 | -10.8% |
| Taxes | 450/3 | €35,798 | €34,344 | -€1,454 | -4.1% |
| Remuneration and social security | 454/9 | €6,177 | €3,106 | -€3,070 | -49.7% |
| Other amounts payable | 47/48 | €216,728 | €288,314 | +€71,587 | +33.0% |
| Accrued charges and deferred income | 492/3 | €10,860 | €16,116 | +€5,256 | +48.4% |
| Non-recurring operating income | 76A | €4,891 | €927 | -€3,964 | -81.0% |
| Remuneration, social security and pensions | 62 | €48 | - | -€48 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,752 | €11,735 | -€2,017 | -14.7% |
| Other operating charges | 640/8 | €2,846 | €2,922 | +€76 | +2.7% |
| Gross operating margin | 9900 | €216,212 | €202,360 | -€13,852 | -6.4% |
| Operating profit (loss) | 9901 | €199,566 | €187,703 | -€11,863 | -5.9% |
| Financial income | 75/76B | €2,135 | €3,383 | +€1,247 | +58.4% |
| Recurring financial income | 75 | €2,135 | €3,383 | +€1,247 | +58.4% |
| Financial charges | 65/66B | €53,272 | €79,308 | +€26,036 | +48.9% |
| Recurring financial charges | 65 | €53,272 | €79,308 | +€26,036 | +48.9% |
| Profit (loss) for the period before taxes | 9903 | €148,429 | €111,778 | -€36,651 | -24.7% |
| Income taxes | 67/77 | €44,590 | €32,082 | -€12,507 | -28.0% |
| Profit (loss) for the period | 9904 | €103,839 | €79,696 | -€24,144 | -23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €103,839 | €79,696 | -€24,144 | -23.3% |
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 30 October 2026 via checked.be.