HVS: 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.
HVS
Largest movements
- Receivables within one year +€49,284
up €49,284 (+262.3%), from €18,786 to €68,070
of which Other amounts receivable: +€47,670
- Tangible fixed assets -€2,365
down €2,365 (-33.7%), from €7,020 to €4,655
of which Leasing and similar rights: -€1,458
- Profit (loss) carried forward +€23,366
no longer reported in 2025 (was -€23,366)
- Reserves +€9,088
new in 2025: €9,088
- Debts after one year +€6,694
up €6,694 (+413.3%), from €1,619 to €8,313
- Tax, wage and social debts +€3,837
up €3,837 (+335.9%), from €1,142 to €4,979
- Current portion of long-term debt +€3,104
up €3,104 (+144.1%), from €2,154 to €5,259
- Gross operating margin +€12,597
up €12,597 (+51.8%), from €24,298 to €36,894
- Taxes +€2,995
new in 2025: €2,995
- Financial income +€1,427
up €1,427 (+1765.6%), from €81 to €1,508
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 | €28,834 | €75,676 | +€46,842 | +162.5% |
| Fixed assets | 21/28 | €7,020 | €4,655 | -€2,365 | -33.7% |
| Tangible fixed assets | 22/27 | €7,020 | €4,655 | -€2,365 | -33.7% |
| Plant, machinery and equipment | 23 | €3,029 | €2,122 | -€906 | -29.9% |
| Leasing and similar rights | 25 | €3,991 | €2,533 | -€1,458 | -36.5% |
| Current assets | 29/58 | €21,814 | €71,021 | +€49,207 | +225.6% |
| Amounts receivable within one year | 40/41 | €18,786 | €68,070 | +€49,284 | +262.3% |
| Trade receivables | 40 | €13,272 | €14,885 | +€1,614 | +12.2% |
| Other amounts receivable | 41 | €5,515 | €53,185 | +€47,670 | +864.4% |
| Cash at bank and in hand | 54/58 | €3,028 | €2,951 | -€77 | -2.5% |
| Total equity and liabilities | 10/49 | €28,834 | €75,676 | +€46,842 | +162.5% |
| Equity | 10/15 | €10,634 | €43,088 | +€32,454 | +305.2% |
| Contributions | 10/11 | €34,000 | €34,000 | = | 0.0% |
| Reserves | 13 | - | €9,088 | +€9,088 | |
| Distributable reserves | 133 | - | €9,088 | +€9,088 | |
| Profit (loss) carried forward | 14 | -€23,366 | - | +€23,366 | |
| Amounts payable | 17/49 | €18,200 | €32,588 | +€14,388 | +79.1% |
| Amounts payable after more than one year | 17 | €1,619 | €8,313 | +€6,694 | +413.3% |
| Financial debts | 170/4 | €1,619 | €8,313 | +€6,694 | +413.3% |
| Amounts payable within one year | 42/48 | €16,581 | €24,275 | +€7,694 | +46.4% |
| Current portion of amounts payable after more than one year | 42 | €2,154 | €5,259 | +€3,104 | +144.1% |
| Trade debts | 44 | €284 | €1,037 | +€753 | +264.9% |
| Suppliers | 440/4 | €284 | €1,037 | +€753 | +264.9% |
| Taxes, remuneration and social security | 45 | €1,142 | €4,979 | +€3,837 | +335.9% |
| Taxes | 450/3 | €1,142 | €4,979 | +€3,837 | +335.9% |
| Other amounts payable | 47/48 | €13,000 | €13,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,365 | €2,365 | = | 0.0% |
| Other operating charges | 640/8 | €515 | €359 | -€156 | -30.2% |
| Gross operating margin | 9900 | €24,298 | €36,894 | +€12,597 | +51.8% |
| Operating profit (loss) | 9901 | €21,418 | €34,170 | +€12,752 | +59.5% |
| Financial income | 75/76B | €81 | €1,508 | +€1,427 | +1765.6% |
| Recurring financial income | 75 | €81 | €1,508 | +€1,427 | +1765.6% |
| Financial charges | 65/66B | €330 | €229 | -€101 | -30.7% |
| Recurring financial charges | 65 | €330 | €229 | -€101 | -30.7% |
| Profit (loss) for the period before taxes | 9903 | €21,169 | €35,450 | +€14,281 | +67.5% |
| Income taxes | 67/77 | - | €2,995 | +€2,995 | |
| Profit (loss) for the period | 9904 | €21,169 | €32,454 | +€11,286 | +53.3% |
| Profit (loss) for the period to be appropriated | 9905 | €21,169 | €32,454 | +€11,286 | +53.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.