HZVet: 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.
HZVet
Largest movements
- Cash +€110,502
up €110,502 (+74.5%), from €148,328 to €258,829
mainly Net result for the year (+€146,798) and Depreciation (+€6,863)
- Receivables within one year +€16,064
up €16,064 (+11.7%), from €137,540 to €153,604
- Tangible fixed assets -€6,005
down €6,005 (-43.8%), from €13,710 to €7,705
of which Furniture and vehicles: -€6,575
- Reserves +€146,798
up €146,798 (+115%), from €127,989 to €274,787
- Tax, wage and social debts -€29,640
down €29,640 (-32.4%), from €91,362 to €61,721
of which Taxes: -€29,640
- Gross operating margin +€29,706
up €29,706 (+15.7%), from €189,461 to €219,166
- Taxes +€8,874
up €8,874 (+16.7%), from €53,061 to €61,936
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 | €304,479 | €426,370 | +€121,891 | +40.0% |
| Fixed assets | 21/28 | €13,710 | €7,705 | -€6,005 | -43.8% |
| Tangible fixed assets | 22/27 | €13,710 | €7,705 | -€6,005 | -43.8% |
| Plant, machinery and equipment | 23 | €560 | €1,130 | +€570 | +102% |
| Furniture and vehicles | 24 | €13,150 | €6,575 | -€6,575 | -50.0% |
| Current assets | 29/58 | €290,769 | €418,665 | +€127,896 | +44.0% |
| Amounts receivable within one year | 40/41 | €137,540 | €153,604 | +€16,064 | +11.7% |
| Trade receivables | 40 | €137,540 | €153,604 | +€16,064 | +11.7% |
| Cash at bank and in hand | 54/58 | €148,328 | €258,829 | +€110,502 | +74.5% |
| Deferred charges and accrued income | 490/1 | €4,901 | €6,231 | +€1,330 | +27.1% |
| Total equity and liabilities | 10/49 | €304,479 | €426,370 | +€121,891 | +40.0% |
| Equity | 10/15 | €177,989 | €324,787 | +€146,798 | +82.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €127,989 | €274,787 | +€146,798 | +115% |
| Distributable reserves | 133 | €127,989 | €274,787 | +€146,798 | +115% |
| Amounts payable | 17/49 | €126,491 | €101,583 | -€24,907 | -19.7% |
| Amounts payable within one year | 42/48 | €126,210 | €101,012 | -€25,198 | -20.0% |
| Trade debts | 44 | €24,843 | €26,230 | +€1,387 | +5.6% |
| Suppliers | 440/4 | €24,843 | €26,230 | +€1,387 | +5.6% |
| Taxes, remuneration and social security | 45 | €91,362 | €61,721 | -€29,640 | -32.4% |
| Taxes | 450/3 | €57,126 | €27,485 | -€29,640 | -51.9% |
| Remuneration and social security | 454/9 | €34,236 | €34,236 | = | 0.0% |
| Other amounts payable | 47/48 | €10,006 | €13,060 | +€3,055 | +30.5% |
| Accrued charges and deferred income | 492/3 | €281 | €572 | +€291 | +104% |
| Remuneration, social security and pensions | 62 | €619 | €867 | +€248 | +40.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,855 | €6,863 | +€8 | +0.1% |
| Other operating charges | 640/8 | €535 | €1,788 | +€1,253 | +234% |
| Gross operating margin | 9900 | €189,461 | €219,166 | +€29,706 | +15.7% |
| Operating profit (loss) | 9901 | €181,452 | €209,649 | +€28,197 | +15.5% |
| Financial charges | 65/66B | €402 | €915 | +€513 | +127% |
| Recurring financial charges | 65 | €402 | €915 | +€513 | +127% |
| Profit (loss) for the period before taxes | 9903 | €181,050 | €208,734 | +€27,684 | +15.3% |
| Income taxes | 67/77 | €53,061 | €61,936 | +€8,874 | +16.7% |
| Profit (loss) for the period | 9904 | €127,989 | €146,798 | +€18,810 | +14.7% |
| Profit (loss) for the period to be appropriated | 9905 | €127,989 | €146,798 | +€18,810 | +14.7% |
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 19 October 2026 via checked.be.