HVR: 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.
HVR
Largest movements
- Tangible fixed assets +€20,603
up €20,603 (+1272.3%), from €1,619 to €22,223
of which Furniture and vehicles: +€19,808
- Financial fixed assets +€3,300
up €3,300 (+23.7%), from €13,950 to €17,250
- Tax, wage and social debts +€77,686
up €77,686 (+43.5%), from €178,443 to €256,129
of which Taxes: +€39,770
- Profit (loss) carried forward -€76,540
down €76,540 (-61.2%), from -€125,018 to -€201,559
- Trade debts +€18,426
up €18,426 (+14.3%), from €129,284 to €147,710
- Staff costs -€121,157
down €121,157 (-16.0%), from €756,476 to €635,319
- Gross operating margin -€79,124
down €79,124 (-12.1%), from €655,203 to €576,079
- Financial charges -€7,886
down €7,886 (-36.1%), from €21,845 to €13,960
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 | €188,858 | €209,280 | +€20,422 | +10.8% |
| Fixed assets | 21/28 | €15,569 | €39,473 | +€23,903 | +153.5% |
| Tangible fixed assets | 22/27 | €1,619 | €22,223 | +€20,603 | +1272.3% |
| Plant, machinery and equipment | 23 | €1,619 | €2,415 | +€796 | +49.1% |
| Furniture and vehicles | 24 | - | €19,808 | +€19,808 | |
| Financial fixed assets | 28 | €13,950 | €17,250 | +€3,300 | +23.7% |
| Current assets | 29/58 | €173,289 | €169,807 | -€3,481 | -2.0% |
| Stocks and contracts in progress | 3 | €17,909 | €17,386 | -€523 | -2.9% |
| Stocks | 30/36 | €17,909 | €17,386 | -€523 | -2.9% |
| Amounts receivable within one year | 40/41 | €110,674 | €109,054 | -€1,621 | -1.5% |
| Trade receivables | 40 | €5,875 | €8,669 | +€2,794 | +47.6% |
| Other amounts receivable | 41 | €104,799 | €100,385 | -€4,414 | -4.2% |
| Cash at bank and in hand | 54/58 | €42,436 | €40,984 | -€1,452 | -3.4% |
| Deferred charges and accrued income | 490/1 | €2,269 | €2,383 | +€114 | +5.0% |
| Total equity and liabilities | 10/49 | €188,858 | €209,280 | +€20,422 | +10.8% |
| Equity | 10/15 | -€123,018 | -€199,559 | -€76,540 | -62.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€125,018 | -€201,559 | -€76,540 | -61.2% |
| Amounts payable | 17/49 | €311,876 | €408,839 | +€96,962 | +31.1% |
| Amounts payable within one year | 42/48 | €311,876 | €408,839 | +€96,962 | +31.1% |
| Trade debts | 44 | €129,284 | €147,710 | +€18,426 | +14.3% |
| Suppliers | 440/4 | €129,284 | €147,710 | +€18,426 | +14.3% |
| Taxes, remuneration and social security | 45 | €178,443 | €256,129 | +€77,686 | +43.5% |
| Taxes | 450/3 | €57,713 | €97,483 | +€39,770 | +68.9% |
| Remuneration and social security | 454/9 | €120,730 | €158,645 | +€37,916 | +31.4% |
| Other amounts payable | 47/48 | €4,150 | €5,000 | +€850 | +20.5% |
| Remuneration, social security and pensions | 62 | €756,476 | €635,319 | -€121,157 | -16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €554 | €2,250 | +€1,696 | +306.4% |
| Other operating charges | 640/8 | €1,364 | €1,115 | -€249 | -18.2% |
| Gross operating margin | 9900 | €655,203 | €576,079 | -€79,124 | -12.1% |
| Operating profit (loss) | 9901 | -€103,191 | -€62,605 | +€40,586 | +39.3% |
| Financial income | 75/76B | €18 | €25 | +€7 | +37.1% |
| Recurring financial income | 75 | €18 | €25 | +€7 | +37.1% |
| Financial charges | 65/66B | €21,845 | €13,960 | -€7,886 | -36.1% |
| Recurring financial charges | 65 | €21,845 | €13,960 | -€7,886 | -36.1% |
| Profit (loss) for the period before taxes | 9903 | -€125,018 | -€76,540 | +€48,478 | +38.8% |
| Profit (loss) for the period | 9904 | -€125,018 | -€76,540 | +€48,478 | +38.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€125,018 | -€76,540 | +€48,478 | +38.8% |
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 30 September 2026 via checked.be.