HVP: 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.
HVP
Largest movements
- Tangible fixed assets -€937,727
down €937,727 (-79.6%), from €1.2m to €240,027
of which Land and buildings: -€904,371
- Receivables within one year +€406,784
up €406,784 (+13.1%), from €3.1m to €3.5m
of which Other amounts receivable: +€410,414
- Current investments -€271,026
no longer reported in 2025 (was €271,026)
- Stocks and contracts +€217,800
new in 2025: €217,800
- Cash -€82,622
down €82,622 (-30.9%), from €267,386 to €184,764
mainly Debts after one year (-€684,578) and Receivables within one year (-€406,784)
- Debts after one year -€684,578
down €684,578 (-96.0%), from €712,788 to €28,210
- Reserves +€67,200
up €67,200 (+3.2%), from €2.1m to €2.1m
- Financial income -€651,507
down €651,507 (-94.6%), from €688,735 to €37,228
- Taxes -€48,710
down €48,710 (-63.4%), from €76,791 to €28,081
- Gross operating margin +€36,217
up €36,217 (+54.5%), from €66,490 to €102,707
- Financial charges -€35,210
down €35,210 (-75.8%), from €46,458 to €11,248
- Depreciation -€16,635
down €16,635 (-41.1%), from €40,464 to €23,829
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 | €5,033,886 | €4,367,388 | -€666,498 | -13.2% |
| Fixed assets | 21/28 | €1,377,754 | €440,027 | -€937,727 | -68.1% |
| Tangible fixed assets | 22/27 | €1,177,754 | €240,027 | -€937,727 | -79.6% |
| Land and buildings | 22 | €1,089,364 | €184,993 | -€904,371 | -83.0% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | €88,390 | €55,034 | -€33,356 | -37.7% |
| Financial fixed assets | 28 | €200,000 | €200,000 | = | 0.0% |
| Current assets | 29/58 | €3,656,132 | €3,927,361 | +€271,229 | +7.4% |
| Stocks and contracts in progress | 3 | - | €217,800 | +€217,800 | |
| Stocks | 30/36 | - | €217,800 | +€217,800 | |
| Amounts receivable within one year | 40/41 | €3,114,255 | €3,521,039 | +€406,784 | +13.1% |
| Trade receivables | 40 | €3,630 | - | -€3,630 | |
| Other amounts receivable | 41 | €3,110,625 | €3,521,039 | +€410,414 | +13.2% |
| Current investments | 50/53 | €271,026 | - | -€271,026 | |
| Cash at bank and in hand | 54/58 | €267,386 | €184,764 | -€82,622 | -30.9% |
| Deferred charges and accrued income | 490/1 | €3,465 | €3,758 | +€293 | +8.5% |
| Total equity and liabilities | 10/49 | €5,033,886 | €4,367,388 | -€666,498 | -13.2% |
| Equity | 10/15 | €4,195,194 | €4,262,586 | +€67,392 | +1.6% |
| Contributions | 10/11 | €1,745,100 | €1,745,100 | = | 0.0% |
| Reserves | 13 | €2,077,300 | €2,144,500 | +€67,200 | +3.2% |
| Distributable reserves | 133 | €2,077,300 | €2,144,500 | +€67,200 | +3.2% |
| Profit (loss) carried forward | 14 | €372,794 | €372,986 | +€192 | +0.1% |
| Amounts payable | 17/49 | €838,692 | €104,803 | -€733,889 | -87.5% |
| Amounts payable after more than one year | 17 | €712,788 | €28,210 | -€684,578 | -96.0% |
| Financial debts | 170/4 | €712,788 | €28,210 | -€684,578 | -96.0% |
| Amounts payable within one year | 42/48 | €124,403 | €76,593 | -€47,810 | -38.4% |
| Current portion of amounts payable after more than one year | 42 | €63,838 | €28,517 | -€35,321 | -55.3% |
| Trade debts | 44 | €14,364 | €9,425 | -€4,939 | -34.4% |
| Suppliers | 440/4 | €14,364 | €9,425 | -€4,939 | -34.4% |
| Taxes, remuneration and social security | 45 | €44,577 | €35,976 | -€8,601 | -19.3% |
| Taxes | 450/3 | €36,505 | €27,905 | -€8,600 | -23.6% |
| Remuneration and social security | 454/9 | €8,072 | €8,072 | -€0 | 0.0% |
| Other amounts payable | 47/48 | €1,624 | €2,675 | +€1,051 | +64.7% |
| Accrued charges and deferred income | 492/3 | €1,501 | - | -€1,501 | |
| Non-recurring operating income | 76A | - | €217,590 | +€217,590 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,464 | €23,829 | -€16,635 | -41.1% |
| Other operating charges | 640/8 | €5,844 | €7,881 | +€2,037 | +34.9% |
| Non-recurring operating charges | 66A | - | €1,505 | +€1,505 | |
| Gross operating margin | 9900 | €66,490 | €102,707 | +€36,217 | +54.5% |
| Operating profit (loss) | 9901 | €20,182 | €69,492 | +€49,310 | +244% |
| Financial income | 75/76B | €688,735 | €37,228 | -€651,507 | -94.6% |
| Recurring financial income | 75 | €688,735 | €37,228 | -€651,507 | -94.6% |
| Financial charges | 65/66B | €46,458 | €11,248 | -€35,210 | -75.8% |
| Recurring financial charges | 65 | €46,458 | €11,248 | -€35,210 | -75.8% |
| Profit (loss) for the period before taxes | 9903 | €662,459 | €95,473 | -€566,986 | -85.6% |
| Income taxes | 67/77 | €76,791 | €28,081 | -€48,710 | -63.4% |
| Profit (loss) for the period | 9904 | €585,668 | €67,391 | -€518,277 | -88.5% |
| Profit (loss) for the period to be appropriated | 9905 | €585,668 | €67,391 | -€518,277 | -88.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.