HVT: 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.
HVT
Largest movements
- Cash +€2,163
up €2,163 (+41.0%), from €5,273 to €7,436
mainly Depreciation (+€8,481) and Trade debts (+€1,535)
- Receivables within one year +€557
up €557 (+9.4%), from €5,946 to €6,503
of which Trade receivables: +€1,789
- Trade debts +€1,535
up €1,535 (+112%), from €1,370 to €2,905
- Tax, wage and social debts +€791
up €791 (+155%), from €510 to €1,300
- Profit (loss) carried forward +€725
up €725 (+26.2%), from -€2,767 to -€2,042
- Gross operating margin +€6,680
up €6,680 (+77.2%), from €8,658 to €15,338
- Other operating charges +€1,800
up €1,800 (+217%), from €831 to €2,632
- Depreciation -€1,134
down €1,134 (-11.8%), from €9,615 to €8,481
- Financial charges -€449
down €449 (-19.9%), from €2,251 to €1,803
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 | €46,953 | €49,681 | +€2,727 | +5.8% |
| Fixed assets | 21/28 | €33,595 | €33,399 | -€196 | -0.6% |
| Tangible fixed assets | 22/27 | €33,595 | €33,399 | -€196 | -0.6% |
| Plant, machinery and equipment | 23 | €3,773 | €3,843 | +€70 | +1.8% |
| Furniture and vehicles | 24 | €29,821 | €29,556 | -€265 | -0.9% |
| Current assets | 29/58 | €13,359 | €16,282 | +€2,923 | +21.9% |
| Amounts receivable within one year | 40/41 | €5,946 | €6,503 | +€557 | +9.4% |
| Trade receivables | 40 | €3,214 | €5,003 | +€1,789 | +55.7% |
| Other amounts receivable | 41 | €2,732 | €1,500 | -€1,232 | -45.1% |
| Cash at bank and in hand | 54/58 | €5,273 | €7,436 | +€2,163 | +41.0% |
| Deferred charges and accrued income | 490/1 | €2,139 | €2,342 | +€203 | +9.5% |
| Total equity and liabilities | 10/49 | €46,953 | €49,681 | +€2,727 | +5.8% |
| Equity | 10/15 | €22,309 | €23,034 | +€725 | +3.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €22,575 | €22,575 | = | 0.0% |
| Distributable reserves | 133 | €22,575 | €22,575 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,767 | -€2,042 | +€725 | +26.2% |
| Amounts payable | 17/49 | €24,645 | €26,647 | +€2,002 | +8.1% |
| Amounts payable within one year | 42/48 | €24,645 | €26,647 | +€2,002 | +8.1% |
| Trade debts | 44 | €1,370 | €2,905 | +€1,535 | +112% |
| Suppliers | 440/4 | €1,370 | €2,905 | +€1,535 | +112% |
| Taxes, remuneration and social security | 45 | €510 | €1,300 | +€791 | +155% |
| Taxes | 450/3 | €510 | €1,300 | +€791 | +155% |
| Other amounts payable | 47/48 | €22,765 | €22,442 | -€323 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,615 | €8,481 | -€1,134 | -11.8% |
| Other operating charges | 640/8 | €831 | €2,632 | +€1,800 | +217% |
| Non-recurring operating charges | 66A | - | €1,698 | +€1,698 | |
| Gross operating margin | 9900 | €8,658 | €15,338 | +€6,680 | +77.2% |
| Operating profit (loss) | 9901 | -€1,788 | €2,528 | +€4,316 | |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €2,251 | €1,803 | -€449 | -19.9% |
| Recurring financial charges | 65 | €2,251 | €1,803 | -€449 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | -€4,039 | €725 | +€4,763 | |
| Income taxes | 67/77 | -€129 | - | +€129 | |
| Profit (loss) for the period | 9904 | -€3,909 | €725 | +€4,634 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,909 | €725 | +€4,634 |
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 13 October 2026 via checked.be.