HLVC: 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.
HLVC
Largest movements
- Cash -€94,141
down €94,141 (-83.1%), from €113,222 to €19,081
mainly Debts after one year (-€150,000) and Net result for the year (-€37,590)
- Receivables within one year -€74,359
down €74,359 (-36.7%), from €202,849 to €128,490
of which Trade receivables: -€75,262
- Tangible fixed assets -€31,427
down €31,427 (-100%), from €31,427 to €0
of which Plant, machinery and equipment: -€27,737
- Receivables after one year -€15,010
down €15,010 (-100%), from €15,010 to €0
- Debts after one year -€150,000
down €150,000 (-75.0%), from €200,000 to €50,000
- Profit (loss) carried forward -€37,590
down €37,590 (-3.1%), from -€1.2m to -€1.3m
- Trade debts -€22,630
down €22,630 (-9.9%), from €229,348 to €206,717
- Financial charges -€265,291
down €265,291 (-96.2%), from €275,821 to €10,530
of which Non-recurring financial charges: -€245,000
- Gross operating margin -€178,086
down €178,086 (-87.3%), from €203,913 to €25,826
- Write-downs -€148,427
down €148,427 (-86.3%), from €171,905 to €23,478
- Financial income -€43,608
down €43,608 (-98.0%), from €44,506 to €898
- Depreciation -€10,119
down €10,119 (-100%), from €10,119 to €0
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,119,839 | €903,275 | -€216,564 | -19.3% |
| Fixed assets | 21/28 | €786,427 | €755,000 | -€31,427 | -4.0% |
| Tangible fixed assets | 22/27 | €31,427 | €0 | -€31,427 | -100% |
| Plant, machinery and equipment | 23 | €27,737 | €0 | -€27,737 | -100% |
| Furniture and vehicles | 24 | €3,690 | €0 | -€3,690 | -100% |
| Financial fixed assets | 28 | €755,000 | €755,000 | = | 0.0% |
| Current assets | 29/58 | €333,412 | €148,275 | -€185,137 | -55.5% |
| Amounts receivable after more than one year | 29 | €15,010 | €0 | -€15,010 | -100% |
| Other amounts receivable | 291 | €15,010 | €0 | -€15,010 | -100% |
| Amounts receivable within one year | 40/41 | €202,849 | €128,490 | -€74,359 | -36.7% |
| Trade receivables | 40 | €87,991 | €12,729 | -€75,262 | -85.5% |
| Other amounts receivable | 41 | €114,858 | €115,761 | +€903 | +0.8% |
| Cash at bank and in hand | 54/58 | €113,222 | €19,081 | -€94,141 | -83.1% |
| Deferred charges and accrued income | 490/1 | €2,332 | €704 | -€1,627 | -69.8% |
| Total equity and liabilities | 10/49 | €1,119,839 | €903,275 | -€216,564 | -19.3% |
| Equity | 10/15 | €520,454 | €482,864 | -€37,590 | -7.2% |
| Contributions | 10/11 | €906,156 | €906,156 | = | 0.0% |
| Revaluation surpluses | 12 | €720,860 | €720,860 | = | 0.0% |
| Reserves | 13 | €117,321 | €117,321 | = | 0.0% |
| Distributable reserves | 133 | €117,321 | €117,321 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,223,883 | -€1,261,473 | -€37,590 | -3.1% |
| Amounts payable | 17/49 | €599,385 | €420,411 | -€178,974 | -29.9% |
| Amounts payable after more than one year | 17 | €200,000 | €50,000 | -€150,000 | -75.0% |
| Financial debts | 170/4 | €200,000 | €50,000 | -€150,000 | -75.0% |
| Amounts payable within one year | 42/48 | €399,346 | €369,493 | -€29,853 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €41,413 | €34,190 | -€7,223 | -17.4% |
| Trade debts | 44 | €229,348 | €206,717 | -€22,630 | -9.9% |
| Suppliers | 440/4 | €229,348 | €206,717 | -€22,630 | -9.9% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €128,585 | €128,585 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €39 | €919 | +€880 | +2,274% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €169 | €19 | -€150 | -88.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,119 | €0 | -€10,119 | -100% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €171,905 | €23,478 | -€148,427 | -86.3% |
| Other operating charges | 640/8 | €5,915 | €3,060 | -€2,855 | -48.3% |
| Non-recurring operating charges | 66A | €0 | €27,227 | +€27,227 | |
| Gross operating margin | 9900 | €203,913 | €25,826 | -€178,086 | -87.3% |
| Operating profit (loss) | 9901 | €15,805 | -€27,958 | -€43,763 | |
| Financial income | 75/76B | €44,506 | €898 | -€43,608 | -98.0% |
| Recurring financial income | 75 | €44,506 | €898 | -€43,608 | -98.0% |
| Financial charges | 65/66B | €275,821 | €10,530 | -€265,291 | -96.2% |
| Recurring financial charges | 65 | €30,821 | €10,530 | -€20,291 | -65.8% |
| Non-recurring financial charges | 66B | €245,000 | €0 | -€245,000 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€215,511 | -€37,590 | +€177,921 | +82.6% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€215,511 | -€37,590 | +€177,921 | +82.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€215,511 | -€37,590 | +€177,921 | +82.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.