I.H.V.V.: what changed
What changed
I.H.V.V.
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€4,862
2024 · -€5,906+€1,044
Equity
€1.2m
2024 · €1.2m-€4,862
Cash
€11,301
2024 · €30,720-€19,418
Balance sheet total
€2.0m
2024 · €2.1m-€70,073
Largest movements
Assets
- Tangible fixed assets -€41,129
down €41,129 (-52.6%), from €78,178 to €37,049
Equity and liabilities
- Tax, wage and social debts -€22,712
down €22,712 (-23.5%), from €96,803 to €74,092
of which Remuneration and social security: -€29,935
Income statement
- Gross operating margin -€42,901
down €42,901 (-10.4%), from €412,248 to €369,347
- Staff costs -€39,606
down €39,606 (-10.4%), from €379,805 to €340,198
- Depreciation -€10,050
down €10,050 (-38.6%), from €26,054 to €16,004
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.
Result 2024
-€5,906
Gross operating margin
-€42,901
Staff costs
+€39,606
Depreciation
+€10,050
Other operating charges
+€63
Other operating items
-€6,494
Financial charges
+€640
Taxes
+€80
Result 2025
-€4,862
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€12,007
Investment
+€22,428
Financing
-€29,839
Cash 2024
€30,720
From operations (derived)
-€12,007
Net result for the year
-€4,862
Depreciation
+€16,004
Receivables within one year
+€11,941
Deferred charges and accrued income
+€282
Trade debts
-€12,660
Tax, wage and social debts
-€22,712
Investment (derived)
+€22,428
Investment in fixed assets (net)
+€22,428
Financing
-€29,839
Debts after one year
-€19,172
Current portion of long-term debt
-€10,668
Cash 2025
€11,301
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,079,245 | €2,009,172 | -€70,073 | -3.4% |
| Fixed assets | 21/28 | €2,017,449 | €1,979,018 | -€38,431 | -1.9% |
| Tangible fixed assets | 22/27 | €78,178 | €37,049 | -€41,129 | -52.6% |
| Furniture and vehicles | 24 | €78,178 | €37,049 | -€41,129 | -52.6% |
| Financial fixed assets | 28 | €1,939,271 | €1,941,968 | +€2,697 | +0.1% |
| Current assets | 29/58 | €61,796 | €30,154 | -€31,642 | -51.2% |
| Amounts receivable within one year | 40/41 | €30,794 | €18,853 | -€11,941 | -38.8% |
| Trade receivables | 40 | €30,794 | €18,849 | -€11,945 | -38.8% |
| Other amounts receivable | 41 | €0 | €4 | +€4 | |
| Cash at bank and in hand | 54/58 | €30,720 | €11,301 | -€19,418 | -63.2% |
| Deferred charges and accrued income | 490/1 | €282 | €0 | -€282 | -100% |
| Total equity and liabilities | 10/49 | €2,079,245 | €2,009,172 | -€70,073 | -3.4% |
| Equity | 10/15 | €1,185,641 | €1,180,779 | -€4,862 | -0.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,123,641 | €1,118,779 | -€4,862 | -0.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,117,441 | €1,112,579 | -€4,862 | -0.4% |
| Amounts payable | 17/49 | €893,604 | €828,393 | -€65,211 | -7.3% |
| Amounts payable after more than one year | 17 | €40,680 | €21,509 | -€19,172 | -47.1% |
| Financial debts | 170/4 | €40,680 | €21,509 | -€19,172 | -47.1% |
| Amounts payable within one year | 42/48 | €852,923 | €806,884 | -€46,039 | -5.4% |
| Current portion of amounts payable after more than one year | 42 | €25,080 | €14,413 | -€10,668 | -42.5% |
| Trade debts | 44 | €20,703 | €8,043 | -€12,660 | -61.2% |
| Suppliers | 440/4 | €20,703 | €8,043 | -€12,660 | -61.2% |
| Taxes, remuneration and social security | 45 | €96,803 | €74,092 | -€22,712 | -23.5% |
| Taxes | 450/3 | €33,721 | €40,945 | +€7,224 | +21.4% |
| Remuneration and social security | 454/9 | €63,082 | €33,147 | -€29,935 | -47.5% |
| Other amounts payable | 47/48 | €710,337 | €710,337 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €379,805 | €340,198 | -€39,606 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,054 | €16,004 | -€10,050 | -38.6% |
| Other operating charges | 640/8 | €1,595 | €1,532 | -€63 | -3.9% |
| Non-recurring operating charges | 66A | - | €6,494 | +€6,494 | |
| Gross operating margin | 9900 | €412,248 | €369,347 | -€42,901 | -10.4% |
| Operating profit (loss) | 9901 | €4,795 | €5,119 | +€324 | +6.8% |
| Financial charges | 65/66B | €3,100 | €2,461 | -€640 | -20.6% |
| Recurring financial charges | 65 | €3,100 | €2,461 | -€640 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | €1,695 | €2,659 | +€964 | +56.9% |
| Income taxes | 67/77 | €7,600 | €7,521 | -€80 | -1.1% |
| Profit (loss) for the period | 9904 | -€5,906 | -€4,862 | +€1,044 | +17.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,906 | -€4,862 | +€1,044 | +17.7% |
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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 2 November 2026 via checked.be.