HVS INVEST: what changed
HVS INVEST
Largest movements
- Receivables within one year +€51,422
up €51,422 (+425%), from €12,100 to €63,522
- Cash +€49,875
up €49,875 (+204%), from €24,490 to €74,365
mainly Other debts (+€45,480) and Net result for the year (+€28,910)
- Deferred charges and accrued income +€25,437
up €25,437 (+289%), from €8,806 to €34,242
- Other debts +€45,480
up €45,480 (+455%), from €10,000 to €55,480
- Profit (loss) carried forward +€28,910
new in 2025: €28,910
- Debts after one year +€19,281
up €19,281 (+7.2%), from €266,398 to €285,678
of which Financial debts: +€19,281
- Tax, wage and social debts +€18,256
up €18,256 (+124%), from €14,763 to €33,019
of which Taxes: +€9,420
- Current portion of long-term debt +€14,010
up €14,010 (+87.6%), from €15,995 to €30,005
- Gross operating margin +€97,506
up €97,506 (+793%), from €12,293 to €109,799
- Staff costs +€45,113
up €45,113 (+572%), from €7,885 to €52,998
- Taxes +€10,551
up €10,551 (+3,166%), from €333 to €10,884
- Financial charges +€8,215
up €8,215 (+380%), from €2,160 to €10,375
- Other operating charges +€5,154
up €5,154 (+349%), from €1,478 to €6,631
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 | €330,396 | €457,129 | +€126,733 | +38.4% |
| Fixed assets | 21/28 | €285,000 | €285,000 | = | 0.0% |
| Financial fixed assets | 28 | €285,000 | €285,000 | = | 0.0% |
| Current assets | 29/58 | €45,396 | €172,129 | +€126,733 | +279% |
| Amounts receivable within one year | 40/41 | €12,100 | €63,522 | +€51,422 | +425% |
| Trade receivables | 40 | €12,100 | €63,522 | +€51,422 | +425% |
| Cash at bank and in hand | 54/58 | €24,490 | €74,365 | +€49,875 | +204% |
| Deferred charges and accrued income | 490/1 | €8,806 | €34,242 | +€25,437 | +289% |
| Total equity and liabilities | 10/49 | €330,396 | €457,129 | +€126,733 | +38.4% |
| Equity | 10/15 | €20,437 | €49,348 | +€28,910 | +141% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €437 | €437 | = | 0.0% |
| Distributable reserves | 133 | €437 | €437 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €28,910 | +€28,910 | |
| Amounts payable | 17/49 | €309,958 | €407,781 | +€97,823 | +31.6% |
| Amounts payable after more than one year | 17 | €266,398 | €285,678 | +€19,281 | +7.2% |
| Financial debts | 170/4 | €181,398 | €200,678 | +€19,281 | +10.6% |
| Other amounts payable | 178/9 | €85,000 | €85,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €43,561 | €121,698 | +€78,138 | +179% |
| Current portion of amounts payable after more than one year | 42 | €15,995 | €30,005 | +€14,010 | +87.6% |
| Trade debts | 44 | €2,803 | €1,694 | -€1,108 | -39.6% |
| Suppliers | 440/4 | €2,803 | €1,694 | -€1,108 | -39.6% |
| Advances received on contracts in progress | 46 | - | €1,500 | +€1,500 | |
| Taxes, remuneration and social security | 45 | €14,763 | €33,019 | +€18,256 | +124% |
| Taxes | 450/3 | €7,665 | €17,085 | +€9,420 | +123% |
| Remuneration and social security | 454/9 | €7,098 | €15,933 | +€8,836 | +124% |
| Other amounts payable | 47/48 | €10,000 | €55,480 | +€45,480 | +455% |
| Accrued charges and deferred income | 492/3 | - | €405 | +€405 | |
| Remuneration, social security and pensions | 62 | €7,885 | €52,998 | +€45,113 | +572% |
| Other operating charges | 640/8 | €1,478 | €6,631 | +€5,154 | +349% |
| Gross operating margin | 9900 | €12,293 | €109,799 | +€97,506 | +793% |
| Operating profit (loss) | 9901 | €2,931 | €50,170 | +€47,239 | +1,612% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,160 | €10,375 | +€8,215 | +380% |
| Recurring financial charges | 65 | €2,160 | €10,375 | +€8,215 | +380% |
| Profit (loss) for the period before taxes | 9903 | €771 | €39,794 | +€39,024 | +5,063% |
| Income taxes | 67/77 | €333 | €10,884 | +€10,551 | +3,166% |
| Profit (loss) for the period | 9904 | €437 | €28,910 | +€28,473 | +6,508% |
| Profit (loss) for the period to be appropriated | 9905 | €437 | €28,910 | +€28,473 | +6,508% |
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 5 November 2026 via checked.be.