HVW FinCo: 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.
HVW FinCo
Largest movements
- Tangible fixed assets -€29,452
down €29,452 (-39.7%), from €74,163 to €44,711
of which Leasing and similar rights: -€25,522
- Cash +€24,051
up €24,051 (+34.3%), from €70,099 to €94,150
mainly Net result for the year (+€32,730) and Tax, wage and social debts (+€19,740)
- Receivables within one year +€20,277
up €20,277 (+26.2%), from €77,337 to €97,614
of which Trade receivables: +€19,162
- Reserves +€32,730
up €32,730 (+101%), from €32,352 to €65,082
- Debts after one year -€23,460
down €23,460 (-62.4%), from €37,578 to €14,119
- Other debts -€20,000
down €20,000 (-100%), from €20,000 to €0
- Tax, wage and social debts +€19,740
up €19,740 (+69.0%), from €28,606 to €48,346
- Current portion of long-term debt +€8,423
new in 2025: €8,423
- Gross operating margin -€23,991
down €23,991 (-26.0%), from €92,380 to €68,389
- Other operating charges +€6,089
up €6,089 (+1,824%), from €334 to €6,423
- Financial income +€5,883
new in 2025: €5,883
- Taxes -€4,317
down €4,317 (-22.1%), from €19,541 to €15,224
- Financial charges -€1,539
down €1,539 (-54.0%), from €2,853 to €1,314
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 | €221,599 | €237,853 | +€16,254 | +7.3% |
| Fixed assets | 21/28 | €74,163 | €44,711 | -€29,452 | -39.7% |
| Tangible fixed assets | 22/27 | €74,163 | €44,711 | -€29,452 | -39.7% |
| Plant, machinery and equipment | 23 | €5,950 | €4,221 | -€1,729 | -29.1% |
| Furniture and vehicles | 24 | €11,652 | €9,451 | -€2,201 | -18.9% |
| Leasing and similar rights | 25 | €56,560 | €31,039 | -€25,522 | -45.1% |
| Current assets | 29/58 | €147,436 | €193,143 | +€45,706 | +31.0% |
| Amounts receivable within one year | 40/41 | €77,337 | €97,614 | +€20,277 | +26.2% |
| Trade receivables | 40 | €8,833 | €27,995 | +€19,162 | +217% |
| Other amounts receivable | 41 | €68,504 | €69,619 | +€1,115 | +1.6% |
| Cash at bank and in hand | 54/58 | €70,099 | €94,150 | +€24,051 | +34.3% |
| Deferred charges and accrued income | 490/1 | - | €1,379 | +€1,379 | |
| Total equity and liabilities | 10/49 | €221,599 | €237,853 | +€16,254 | +7.3% |
| Equity | 10/15 | €133,634 | €166,364 | +€32,730 | +24.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €32,352 | €65,082 | +€32,730 | +101% |
| Distributable reserves | 133 | €32,352 | €65,082 | +€32,730 | +101% |
| Profit (loss) carried forward | 14 | €96,283 | €96,283 | = | 0.0% |
| Amounts payable | 17/49 | €87,965 | €71,489 | -€16,476 | -18.7% |
| Amounts payable after more than one year | 17 | €37,578 | €14,119 | -€23,460 | -62.4% |
| Financial debts | 170/4 | €37,578 | €14,119 | -€23,460 | -62.4% |
| Amounts payable within one year | 42/48 | €50,386 | €57,370 | +€6,984 | +13.9% |
| Current portion of amounts payable after more than one year | 42 | - | €8,423 | +€8,423 | |
| Trade debts | 44 | €1,781 | €602 | -€1,179 | -66.2% |
| Suppliers | 440/4 | €1,781 | €602 | -€1,179 | -66.2% |
| Taxes, remuneration and social security | 45 | €28,606 | €48,346 | +€19,740 | +69.0% |
| Taxes | 450/3 | €28,606 | €48,346 | +€19,740 | +69.0% |
| Other amounts payable | 47/48 | €20,000 | €0 | -€20,000 | -100% |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,300 | €18,581 | +€1,281 | +7.4% |
| Other operating charges | 640/8 | €334 | €6,423 | +€6,089 | +1,824% |
| Gross operating margin | 9900 | €92,380 | €68,389 | -€23,991 | -26.0% |
| Operating profit (loss) | 9901 | €74,746 | €43,385 | -€31,361 | -42.0% |
| Financial income | 75/76B | - | €5,883 | +€5,883 | |
| Recurring financial income | 75 | - | €5,883 | +€5,883 | |
| Financial charges | 65/66B | €2,853 | €1,314 | -€1,539 | -54.0% |
| Recurring financial charges | 65 | €2,853 | €1,314 | -€1,539 | -54.0% |
| Profit (loss) for the period before taxes | 9903 | €71,893 | €47,955 | -€23,938 | -33.3% |
| Income taxes | 67/77 | €19,541 | €15,224 | -€4,317 | -22.1% |
| Profit (loss) for the period | 9904 | €52,352 | €32,730 | -€19,621 | -37.5% |
| Profit (loss) for the period to be appropriated | 9905 | €52,352 | €32,730 | -€19,621 | -37.5% |
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 31 October 2026 via checked.be.