HVS MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year +€65,365
up €65,365 (+60.7%), from €107,735 to €173,100
of which Other amounts receivable: +€54,432
- Cash -€8,160
down €8,160 (-100.0%), from €8,160 to €0
mainly Receivables within one year (-€65,365)
- Tax, wage and social debts +€22,988
up €22,988 (+56.9%), from €40,409 to €63,396
- Profit (loss) carried forward +€18,463
up €18,463 (+53.0%), from €34,853 to €53,316
- Trade debts +€13,958
up €13,958 (+74.9%), from €18,633 to €32,590
- Financial charges +€3,748
up €3,748 (+132.0%), from €2,840 to €6,588
- Taxes +€2,860
up €2,860 (+37.7%), from €7,595 to €10,454
- Gross operating margin +€1,546
up €1,546 (+5.0%), from €30,744 to €32,290
- Financial income +€1,237
up €1,237 (+24.8%), from €4,995 to €6,232
- Other operating charges +€1,033
up €1,033 (+52.1%), from €1,984 to €3,017
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 | €118,000 | €174,995 | +€56,995 | +48.3% |
| Fixed assets | 21/28 | €1,895 | €1,895 | = | 0.0% |
| Financial fixed assets | 28 | €1,895 | €1,895 | = | 0.0% |
| Current assets | 29/58 | €116,105 | €173,100 | +€56,995 | +49.1% |
| Amounts receivable within one year | 40/41 | €107,735 | €173,100 | +€65,365 | +60.7% |
| Trade receivables | 40 | €11,691 | €22,624 | +€10,933 | +93.5% |
| Other amounts receivable | 41 | €96,044 | €150,476 | +€54,432 | +56.7% |
| Cash at bank and in hand | 54/58 | €8,160 | €0 | -€8,160 | -100.0% |
| Deferred charges and accrued income | 490/1 | €210 | €0 | -€210 | -100.0% |
| Total equity and liabilities | 10/49 | €118,000 | €174,995 | +€56,995 | +48.3% |
| Equity | 10/15 | €36,853 | €55,316 | +€18,463 | +50.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,853 | €53,316 | +€18,463 | +53.0% |
| Amounts payable | 17/49 | €81,147 | €119,679 | +€38,531 | +47.5% |
| Amounts payable within one year | 42/48 | €81,147 | €119,259 | +€38,112 | +47.0% |
| Financial debts | 43 | - | €4 | +€4 | |
| Credit institutions | 430/8 | - | €4 | +€4 | |
| Trade debts | 44 | €18,633 | €32,590 | +€13,958 | +74.9% |
| Suppliers | 440/4 | €18,633 | €32,590 | +€13,958 | +74.9% |
| Taxes, remuneration and social security | 45 | €40,409 | €63,396 | +€22,988 | +56.9% |
| Taxes | 450/3 | €40,409 | €63,396 | +€22,988 | +56.9% |
| Other amounts payable | 47/48 | €22,106 | €23,268 | +€1,162 | +5.3% |
| Accrued charges and deferred income | 492/3 | - | €420 | +€420 | |
| Other operating charges | 640/8 | €1,984 | €3,017 | +€1,033 | +52.1% |
| Gross operating margin | 9900 | €30,744 | €32,290 | +€1,546 | +5.0% |
| Operating profit (loss) | 9901 | €28,761 | €29,273 | +€513 | +1.8% |
| Financial income | 75/76B | €4,995 | €6,232 | +€1,237 | +24.8% |
| Recurring financial income | 75 | €4,995 | €6,232 | +€1,237 | +24.8% |
| Financial charges | 65/66B | €2,840 | €6,588 | +€3,748 | +132.0% |
| Recurring financial charges | 65 | €2,840 | €6,588 | +€3,748 | +132.0% |
| Profit (loss) for the period before taxes | 9903 | €30,916 | €28,918 | -€1,998 | -6.5% |
| Income taxes | 67/77 | €7,595 | €10,454 | +€2,860 | +37.7% |
| Profit (loss) for the period | 9904 | €23,322 | €18,463 | -€4,858 | -20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €23,322 | €18,463 | -€4,858 | -20.8% |
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 7 October 2026 via checked.be.