HVP: what changed
HVP
Largest movements
- Receivables within one year +€93,715
up €93,715 (+335%), from €28,010 to €121,726
of which Trade receivables: +€94,501
- Deferred charges and accrued income -€36,538
down €36,538 (-99.1%), from €36,883 to €344
- Tangible fixed assets +€27,615
up €27,615 (+7.4%), from €370,903 to €398,518
of which Land and buildings: +€20,694
- Cash -€8,448
down €8,448 (-41.0%), from €20,614 to €12,167
mainly Receivables within one year (-€93,715) and Investment in fixed assets (net) (-€65,664)
- Reserves +€62,184
up €62,184 (+47.4%), from €131,280 to €193,464
- Trade debts +€29,026
up €29,026 (+220%), from €13,200 to €42,226
- Debts after one year -€17,636
down €17,636 (-6.2%), from €283,477 to €265,842
- Gross operating margin +€19,455
up €19,455 (+16.1%), from €120,985 to €140,440
- Depreciation +€8,183
up €8,183 (+27.4%), from €29,866 to €38,049
- Taxes +€7,648
up €7,648 (+35.0%), from €21,866 to €29,514
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €457,410 | €533,755 | +€76,344 | +16.7% |
| Fixed assets | 21/28 | €370,903 | €398,518 | +€27,615 | +7.4% |
| Tangible fixed assets | 22/27 | €370,903 | €398,518 | +€27,615 | +7.4% |
| Land and buildings | 22 | €332,150 | €352,844 | +€20,694 | +6.2% |
| Plant, machinery and equipment | 23 | €32,399 | €43,314 | +€10,915 | +33.7% |
| Furniture and vehicles | 24 | €6,355 | €2,361 | -€3,994 | -62.9% |
| Current assets | 29/58 | €86,507 | €135,237 | +€48,729 | +56.3% |
| Stocks and contracts in progress | 3 | €1,000 | €1,000 | = | 0.0% |
| Stocks | 30/36 | €1,000 | €1,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €28,010 | €121,726 | +€93,715 | +335% |
| Trade receivables | 40 | €3,380 | €97,881 | +€94,501 | +2,796% |
| Other amounts receivable | 41 | €24,630 | €23,845 | -€786 | -3.2% |
| Cash at bank and in hand | 54/58 | €20,614 | €12,167 | -€8,448 | -41.0% |
| Deferred charges and accrued income | 490/1 | €36,883 | €344 | -€36,538 | -99.1% |
| Total equity and liabilities | 10/49 | €457,410 | €533,755 | +€76,344 | +16.7% |
| Equity | 10/15 | €143,680 | €205,864 | +€62,184 | +43.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €131,280 | €193,464 | +€62,184 | +47.4% |
| Distributable reserves | 133 | €131,280 | €193,464 | +€62,184 | +47.4% |
| Amounts payable | 17/49 | €313,730 | €327,891 | +€14,161 | +4.5% |
| Amounts payable after more than one year | 17 | €283,477 | €265,842 | -€17,636 | -6.2% |
| Financial debts | 170/4 | €283,477 | €265,842 | -€17,636 | -6.2% |
| Amounts payable within one year | 42/48 | €30,222 | €61,930 | +€31,708 | +105% |
| Current portion of amounts payable after more than one year | 42 | €17,022 | €17,636 | +€614 | +3.6% |
| Trade debts | 44 | €13,200 | €42,226 | +€29,026 | +220% |
| Suppliers | 440/4 | €13,200 | €42,226 | +€29,026 | +220% |
| Taxes, remuneration and social security | 45 | - | €2,068 | +€2,068 | |
| Taxes | 450/3 | - | €2,068 | +€2,068 | |
| Accrued charges and deferred income | 492/3 | €31 | €120 | +€89 | +291% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,866 | €38,049 | +€8,183 | +27.4% |
| Other operating charges | 640/8 | €505 | €640 | +€134 | +26.6% |
| Gross operating margin | 9900 | €120,985 | €140,440 | +€19,455 | +16.1% |
| Operating profit (loss) | 9901 | €90,613 | €101,751 | +€11,138 | +12.3% |
| Financial income | 75/76B | €1,161 | €890 | -€271 | -23.3% |
| Recurring financial income | 75 | €1,161 | €890 | -€271 | -23.3% |
| Financial charges | 65/66B | €11,788 | €10,943 | -€845 | -7.2% |
| Recurring financial charges | 65 | €11,788 | €10,943 | -€845 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €79,986 | €91,698 | +€11,712 | +14.6% |
| Income taxes | 67/77 | €21,866 | €29,514 | +€7,648 | +35.0% |
| Profit (loss) for the period | 9904 | €58,120 | €62,184 | +€4,063 | +7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €58,120 | €62,184 | +€4,063 | +7.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.