HVR ORTHO: 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.
HVR ORTHO
Largest movements
- Cash +€305,732
up €305,732 (+110%), from €279,083 to €584,815
mainly Net result for the year (+€224,526) and Current investments (+€47,003)
- Current investments -€47,003
down €47,003 (-10.4%), from €450,000 to €402,997
- Tangible fixed assets -€30,248
down €30,248 (-24.2%), from €125,203 to €94,956
of which Furniture and vehicles: -€22,188
- Receivables within one year -€23,163
down €23,163 (-21.3%), from €108,982 to €85,820
of which Trade receivables: -€12,436
- Reserves +€204,526
up €204,526 (+21.9%), from €935,758 to €1.1m
of which Distributable reserves: +€288,726
- Taxes +€13,416
up €13,416 (+13.2%), from €101,855 to €115,271
- Financial income +€8,558
up €8,558 (+131%), from €6,555 to €15,113
- Gross operating margin -€8,454
down €8,454 (-2.3%), from €375,607 to €367,154
- Depreciation +€7,645
up €7,645 (+26.6%), from €28,764 to €36,409
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 | €964,712 | €1,170,430 | +€205,718 | +21.3% |
| Fixed assets | 21/28 | €126,403 | €96,156 | -€30,248 | -23.9% |
| Tangible fixed assets | 22/27 | €125,203 | €94,956 | -€30,248 | -24.2% |
| Plant, machinery and equipment | 23 | €1,332 | €648 | -€684 | -51.3% |
| Furniture and vehicles | 24 | €77,478 | €55,290 | -€22,188 | -28.6% |
| Other tangible fixed assets | 26 | €46,393 | €39,017 | -€7,376 | -15.9% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €838,308 | €1,074,274 | +€235,966 | +28.1% |
| Amounts receivable within one year | 40/41 | €108,982 | €85,820 | -€23,163 | -21.3% |
| Trade receivables | 40 | €75,239 | €62,803 | -€12,436 | -16.5% |
| Other amounts receivable | 41 | €33,743 | €23,017 | -€10,726 | -31.8% |
| Current investments | 50/53 | €450,000 | €402,997 | -€47,003 | -10.4% |
| Cash at bank and in hand | 54/58 | €279,083 | €584,815 | +€305,732 | +110% |
| Deferred charges and accrued income | 490/1 | €243 | €643 | +€400 | +165% |
| Total equity and liabilities | 10/49 | €964,712 | €1,170,430 | +€205,718 | +21.3% |
| Equity | 10/15 | €954,358 | €1,158,884 | +€204,526 | +21.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €935,758 | €1,140,284 | +€204,526 | +21.9% |
| 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 | €252,600 | €168,400 | -€84,200 | -33.3% |
| Distributable reserves | 133 | €681,298 | €970,024 | +€288,726 | +42.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €10,353 | €11,546 | +€1,193 | +11.5% |
| Amounts payable within one year | 42/48 | €10,353 | €11,546 | +€1,193 | +11.5% |
| Trade debts | 44 | €2,184 | €110 | -€2,075 | -95.0% |
| Suppliers | 440/4 | €2,184 | €110 | -€2,075 | -95.0% |
| Taxes, remuneration and social security | 45 | €2,429 | €1,000 | -€1,429 | -58.8% |
| Taxes | 450/3 | €2,158 | €1,000 | -€1,158 | -53.7% |
| Remuneration and social security | 454/9 | €271 | €0 | -€271 | -100% |
| Other amounts payable | 47/48 | €5,740 | €10,437 | +€4,696 | +81.8% |
| Remuneration, social security and pensions | 62 | €2,510 | €2,041 | -€468 | -18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,764 | €36,409 | +€7,645 | +26.6% |
| Other operating charges | 640/8 | €3,101 | €3,189 | +€88 | +2.8% |
| Gross operating margin | 9900 | €375,607 | €367,154 | -€8,454 | -2.3% |
| Operating profit (loss) | 9901 | €341,232 | €325,514 | -€15,719 | -4.6% |
| Financial income | 75/76B | €6,555 | €15,113 | +€8,558 | +131% |
| Recurring financial income | 75 | €6,555 | €15,113 | +€8,558 | +131% |
| Financial charges | 65/66B | €954 | €830 | -€124 | -13.0% |
| Recurring financial charges | 65 | €954 | €830 | -€124 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €346,833 | €339,796 | -€7,037 | -2.0% |
| Income taxes | 67/77 | €101,855 | €115,271 | +€13,416 | +13.2% |
| Profit (loss) for the period | 9904 | €244,978 | €224,526 | -€20,452 | -8.3% |
| Transfer from tax-exempt reserves | 789 | - | €168,400 | +€168,400 | |
| Transfer to tax-exempt reserves | 689 | €84,200 | €84,200 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €160,778 | €308,726 | +€147,948 | +92.0% |
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 28 October 2026 via checked.be.