HVV: what changed
HVV
Largest movements
- Receivables within one year -€38,300
down €38,300 (-38.8%), from €98,800 to €60,500
of which Trade receivables: -€36,300
- Cash +€6,112
up €6,112 (+137%), from €4,456 to €10,568
mainly Receivables within one year (+€38,300) and Other debts (+€20,360)
- Tangible fixed assets -€1,219
down €1,219 (-45.2%), from €2,695 to €1,476
of which Furniture and vehicles: -€947
- Profit (loss) carried forward -€40,876
down €40,876 (-6,625%), from -€617 to -€41,493
- Other debts +€20,360
up €20,360 (+29.3%), from €69,579 to €89,938
- Tax, wage and social debts -€11,787
down €11,787 (-89.5%), from €13,177 to €1,390
- Trade debts -€1,104
down €1,104 (-21.0%), from €5,262 to €4,159
- Gross operating margin -€51,824
down €51,824, from €12,605 to -€39,220
- Taxes -€2,186
down €2,186, from €2,000 to -€186
- Depreciation -€572
down €572 (-31.9%), from €1,791 to €1,219
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €105,951 | €72,544 | -€33,407 | -31.5% |
| Fixed assets | 21/28 | €2,695 | €1,476 | -€1,219 | -45.2% |
| Tangible fixed assets | 22/27 | €2,695 | €1,476 | -€1,219 | -45.2% |
| Plant, machinery and equipment | 23 | €1,095 | €823 | -€272 | -24.8% |
| Furniture and vehicles | 24 | €1,600 | €653 | -€947 | -59.2% |
| Current assets | 29/58 | €103,256 | €71,068 | -€32,188 | -31.2% |
| Amounts receivable within one year | 40/41 | €98,800 | €60,500 | -€38,300 | -38.8% |
| Trade receivables | 40 | €96,800 | €60,500 | -€36,300 | -37.5% |
| Other amounts receivable | 41 | €2,000 | - | -€2,000 | |
| Cash at bank and in hand | 54/58 | €4,456 | €10,568 | +€6,112 | +137% |
| Total equity and liabilities | 10/49 | €105,951 | €72,544 | -€33,407 | -31.5% |
| Equity | 10/15 | €17,933 | -€22,943 | -€40,876 | |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€617 | -€41,493 | -€40,876 | -6,625% |
| Amounts payable | 17/49 | €88,018 | €95,487 | +€7,469 | +8.5% |
| Amounts payable within one year | 42/48 | €88,018 | €95,487 | +€7,469 | +8.5% |
| Trade debts | 44 | €5,262 | €4,159 | -€1,104 | -21.0% |
| Suppliers | 440/4 | €5,262 | €4,159 | -€1,104 | -21.0% |
| Taxes, remuneration and social security | 45 | €13,177 | €1,390 | -€11,787 | -89.5% |
| Taxes | 450/3 | €13,177 | €1,390 | -€11,787 | -89.5% |
| Other amounts payable | 47/48 | €69,579 | €89,938 | +€20,360 | +29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,791 | €1,219 | -€572 | -31.9% |
| Other operating charges | 640/8 | - | €384 | +€384 | |
| Gross operating margin | 9900 | €12,605 | -€39,220 | -€51,824 | |
| Operating profit (loss) | 9901 | €10,814 | -€40,823 | -€51,637 | |
| Financial charges | 65/66B | €206 | €238 | +€32 | +15.5% |
| Recurring financial charges | 65 | €206 | €238 | +€32 | +15.5% |
| Profit (loss) for the period before taxes | 9903 | €10,607 | -€41,062 | -€51,669 | |
| Income taxes | 67/77 | €2,000 | -€186 | -€2,186 | |
| Profit (loss) for the period | 9904 | €8,607 | -€40,876 | -€49,483 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,607 | -€40,876 | -€49,483 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.