What changed?
Two fiscal 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.
HVSE Services
Largest movements
- Receivables within one year +€152,458
up €152,458 (+50.9%), from €299,585 to €452,043
of which Trade receivables: +€140,018
- Cash -€128,723
down €128,723 (-45.8%), from €281,360 to €152,637
mainly Receivables within one year (-€152,458) and Other debts (-€43,013)
- Financial fixed assets +€11,958
up €11,958 (+1024.3%), from €1,167 to €13,125
- Reserves +€116,229
up €116,229 (+47.5%), from €244,689 to €360,917
of which Distributable reserves: +€118,229
- Other debts -€43,013
down €43,013 (-86.0%), from €50,036 to €7,024
- Debts after one year -€17,631
down €17,631 (-32.4%), from €54,335 to €36,704
- Tax, wage and social debts -€11,513
down €11,513 (-16.3%), from €70,604 to €59,091
of which Taxes: -€8,920
- Other operating charges -€224,722
down €224,722 (-89.9%), from €249,932 to €25,210
- Write-downs +€190,231
up €190,231 (+78.4%), from -€242,773 to -€52,542
- Gross operating margin -€116,508
down €116,508 (-38.5%), from €302,226 to €185,718
- Taxes +€22,778
up €22,778 (+73.2%), from €31,099 to €53,877
- Financial charges -€8,472
down €8,472 (-33.7%), from €25,158 to €16,686
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.
Cash bridge derived
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 | €670,174 | €710,507 | +€40,334 | +6.0% |
| Fixed assets | 21/28 | €84,011 | €98,187 | +€14,176 | +16.9% |
| Tangible fixed assets | 22/27 | €82,843 | €85,061 | +€2,218 | +2.7% |
| Plant, machinery and equipment | 23 | €1,875 | €26,198 | +€24,323 | +1297.0% |
| Furniture and vehicles | 24 | €80,440 | €58,599 | -€21,841 | -27.2% |
| Other tangible fixed assets | 26 | €528 | €264 | -€264 | -50.0% |
| Financial fixed assets | 28 | €1,167 | €13,125 | +€11,958 | +1024.3% |
| Current assets | 29/58 | €586,163 | €612,321 | +€26,158 | +4.5% |
| Amounts receivable within one year | 40/41 | €299,585 | €452,043 | +€152,458 | +50.9% |
| Trade receivables | 40 | €263,882 | €403,901 | +€140,018 | +53.1% |
| Other amounts receivable | 41 | €35,703 | €48,142 | +€12,439 | +34.8% |
| Cash at bank and in hand | 54/58 | €281,360 | €152,637 | -€128,723 | -45.8% |
| Deferred charges and accrued income | 490/1 | €5,218 | €7,641 | +€2,423 | +46.4% |
| Total equity and liabilities | 10/49 | €670,174 | €710,507 | +€40,334 | +6.0% |
| Equity | 10/15 | €264,689 | €380,917 | +€116,229 | +43.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €244,689 | €360,917 | +€116,229 | +47.5% |
| Non-distributable reserves | 130/1 | €2,000 | - | -€2,000 | |
| Reserves not available under the articles | 1311 | €2,000 | - | -€2,000 | |
| Distributable reserves | 133 | €242,689 | €360,917 | +€118,229 | +48.7% |
| Amounts payable | 17/49 | €405,485 | €329,590 | -€75,895 | -18.7% |
| Amounts payable after more than one year | 17 | €54,335 | €36,704 | -€17,631 | -32.4% |
| Financial debts | 170/4 | €54,335 | €36,704 | -€17,631 | -32.4% |
| Amounts payable within one year | 42/48 | €351,086 | €292,820 | -€58,266 | -16.6% |
| Current portion of amounts payable after more than one year | 42 | €16,663 | €17,631 | +€968 | +5.8% |
| Trade debts | 44 | €213,783 | €209,075 | -€4,708 | -2.2% |
| Suppliers | 440/4 | €213,783 | €209,075 | -€4,708 | -2.2% |
| Taxes, remuneration and social security | 45 | €70,604 | €59,091 | -€11,513 | -16.3% |
| Taxes | 450/3 | €64,211 | €55,291 | -€8,920 | -13.9% |
| Remuneration and social security | 454/9 | €6,393 | €3,800 | -€2,593 | -40.6% |
| Other amounts payable | 47/48 | €50,036 | €7,024 | -€43,013 | -86.0% |
| Accrued charges and deferred income | 492/3 | €64 | €66 | +€2 | +3.0% |
| Non-recurring operating income | 76A | €3,629 | - | -€3,629 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,933 | €28,032 | +€7,099 | +33.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€242,773 | -€52,542 | +€190,231 | +78.4% |
| Other operating charges | 640/8 | €249,932 | €25,210 | -€224,722 | -89.9% |
| Non-recurring operating charges | 66A | €16,603 | €702 | -€15,901 | -95.8% |
| Gross operating margin | 9900 | €302,226 | €185,718 | -€116,508 | -38.5% |
| Operating profit (loss) | 9901 | €257,532 | €184,317 | -€73,215 | -28.4% |
| Financial income | 75/76B | €3,669 | €2,475 | -€1,194 | -32.5% |
| Recurring financial income | 75 | €3,669 | €2,475 | -€1,194 | -32.5% |
| Financial charges | 65/66B | €25,158 | €16,686 | -€8,472 | -33.7% |
| Recurring financial charges | 65 | €25,158 | €16,686 | -€8,472 | -33.7% |
| Profit (loss) for the period before taxes | 9903 | €236,043 | €170,105 | -€65,937 | -27.9% |
| Income taxes | 67/77 | €31,099 | €53,877 | +€22,778 | +73.2% |
| Profit (loss) for the period | 9904 | €204,944 | €116,229 | -€88,715 | -43.3% |
| Profit (loss) for the period to be appropriated | 9905 | €204,944 | €116,229 | -€88,715 | -43.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 September 2026 via checked.be.