NVS Projects
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-04-2026 PDF all 6 filings
Turnover
≈ €1.0m
Estimated: probably between €720,000 and €1.6m
Total assets
€606,223▲ 10.9%
2024 · €546,405
Net result
€83,749▲ 2.2%
2024 · €81,946
Working capital
€111,949▼ 33.1%
2024 · €167,303
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€115,707
▲ 2.7%
2025
20202025
Net result
€83,749
▲ 2.2%
2025
highest quarter of the sector
20202025
Equity
€299,786
▼ 10.2%
2025
highest quarter of the sector
20202025
Total assets
€606,223
▲ 10.9%
2025
highest quarter of the sector
20202025
Debt
€306,437
▲ 44.1%
2025
20202025
Working capital
€111,949
▼ 33.1%
2025
highest quarter of the sector
20202025
Solvency
49.5%
▼ 11.6pp
2025
middle half of the sector
20202025
Current ratio
1.48
▼ 0.60
2025
middle half of the sector
20202025
Return on assets (ROA)
13.8%
▼ 1.2pp
2025
middle half of the sector
20202025
Staff (FTE)
5.7
▼ 20.8%
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€110,841-€79,246▼ 28.5%€98,148▲ 23.9%€41,128▼ 58.1%€112,703▲ 174%€115,707▲ 2.7%
Net result€81,544above the sector's middle half-€62,281above the sector's middle half▼ 23.6%€85,176above the sector's middle half▲ 36.8%€28,467above the sector's middle half▼ 66.6%€81,946above the sector's middle half▲ 188%€83,749above the sector's middle half▲ 2.2%
Equity€93,944within the sector's middle half-€156,225above the sector's middle half▲ 66.3%€241,401above the sector's middle half▲ 54.5%€275,268above the sector's middle half▲ 14.0%€333,684above the sector's middle half▲ 21.2%€299,786above the sector's middle half▼ 10.2%
Total assets€275,816within the sector's middle half-€308,747above the sector's middle half▲ 11.9%€455,141above the sector's middle half▲ 47.4%€490,728above the sector's middle half▲ 7.8%€546,405above the sector's middle half▲ 11.3%€606,223above the sector's middle half▲ 10.9%
Debt€181,873-€152,522▼ 16.1%€213,740▲ 40.1%€215,460▲ 0.8%€212,721▼ 1.3%€306,437▲ 44.1%
Working capital€77,957above the sector's middle half-€154,944above the sector's middle half▲ 98.8%€144,556above the sector's middle half▼ 6.7%€152,971above the sector's middle half▲ 5.8%€167,303above the sector's middle half▲ 9.4%€111,949above the sector's middle half▼ 33.1%
Solvency34.1%within the sector's middle half-50.6%within the sector's middle half▲ 16.5pp53.0%within the sector's middle half▲ 2.4pp56.1%within the sector's middle half▲ 3.1pp61.1%within the sector's middle half▲ 5.0pp49.5%within the sector's middle half▼ 11.6pp
Current ratio1.88within the sector's middle half-3.24above the sector's middle half▲ 1.362.39within the sector's middle half▼ 0.842.34within the sector's middle half▼ 0.052.07within the sector's middle half▼ 0.271.48within the sector's middle half▼ 0.60
Return on assets (ROA)29.6%above the sector's middle half-20.2%above the sector's middle half▼ 9.4pp18.7%above the sector's middle half▼ 1.5pp5.8%within the sector's middle half▼ 12.9pp15.0%within the sector's middle half▲ 9.2pp13.8%within the sector's middle half▼ 1.2pp
Staff (FTE)3.9above the sector's middle half-5.9▲ 51.3%5.6▼ 5.1%7▲ 25.0%7.2▲ 2.9%5.7▼ 20.8%
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 3% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €606,223
Fixed assets
€259,471 ▲ 16.2%
Current assets
€346,753 ▲ 7.3%
Equity and liabilities €606,223
Equity
€299,786 ▼ 10.2%
Debt
€306,437 ▲ 44.1%
Debt's share of the balance-sheet total rises from 38.9% to 50.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€186,353▲
2024 · €176,815
Cash flow
€154,395▲
2024 · €146,057
Quick ratio
1.35▼
2024 · 1.78
Debt to equity
1.02▲
2024 · 0.64
ROE
27.9%▲
2024 · 24.6%
Interest coverage
56.33▼
2024 · 59.69
Debt ≤ 1 year
€234,804▲
2024 · €155,826
Debt > 1 year
€70,000▲
2024 · €56,188
Income taxes
€29,816▲
2024 · €27,975
Staff costs
€341,250▼
2024 · €342,091
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 7 | 7 | 9 | 6 | 6 |
| full-time | 6 | 6 | 9 | 6 | 6 |
| part-time | 1 | 1 | - | - | - |
| in full-time equivalents | 6.8 | 6.6 | 9 | 6 | 6 |
| Average over the year, in full-time equivalents | 5.9 | 5.6 | 7 | 7.2 | 5.7 |
| On a permanent contract | 7 | 7 | 9 | 6 | 6 |
| Joined | 4 | 3 | 3 | 0 | 1 |
| Left | 2 | 3 | 1 | 3 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €12,262 | €180,888 | €71,789 | €63,780 | €132,939 |
| Depreciation and write-downs of the year | €36,701 | €37,796 | €55,071 | €64,111 | €70,646 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 3 entries · €680 awarded · €878 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €490 | €490 |
| 2023 | 1 | €0 | €198 |
| 2022 | 1 | €190 | €190 |
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €246,670 | €255,532 | €321,401 | €342,091 | €341,250 | ▼ 0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €63,217 | €36,701 | €37,796 | €55,071 | €64,111 | €70,646 | ▲ 10.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €633 | €929 | ▲ 46.9% |
| Other operating charges640/8 | - | €1,665 | €1,439 | €2,868 | €2,727 | €3,131 | ▲ 14.8% |
| Gross operating margin9900 | €422,865 | €364,283 | €392,915 | €420,467 | €522,264 | €531,664 | ▲ 1.8% |
| Operating profit (loss)9901 | €110,841 | €79,246 | €98,148 | €41,128 | €112,703 | €115,707 | ▲ 2.7% |
| Financial income75/76B | - | €1,777 | €10 | €212 | €179 | €1,166 | ▲ 551% |
| Recurring financial income75 | €656 | €1,777 | €10 | €212 | €179 | €1,166 | ▲ 551% |
| Financial charges65/66B | - | €3,613 | €2,207 | €2,510 | €2,962 | €3,309 | ▲ 11.7% |
| Recurring financial charges65 | €2,280 | €3,613 | €2,207 | €2,510 | €2,962 | €3,309 | ▲ 11.7% |
| Profit (loss) for the period before taxes9903 | €109,217 | €77,410 | €95,950 | €38,830 | €109,920 | €113,565 | ▲ 3.3% |
| Income taxes67/77 | €27,673 | €15,129 | €10,774 | €10,364 | €27,975 | €29,816 | ▲ 6.6% |
| Profit (loss) for the period9904 | €81,544 | €62,281 | €85,176 | €28,467 | €81,946 | €83,749 | ▲ 2.2% |
| Profit (loss) for the period to be appropriated9905 | €81,544 | €62,281 | €85,176 | €28,467 | €81,946 | €83,749 | ▲ 2.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €275,816 | €308,747 | €455,141 | €490,728 | €546,405 | €606,223 | ▲ 10.9% |
| Fixed assets21/28 | €109,015 | €84,576 | €206,889 | €223,608 | €223,276 | €259,471 | ▲ 16.2% |
| Intangible fixed assets21 | €1,528 | €1,058 | €588 | €118 | - | - | - |
| Tangible fixed assets22/27 | €107,488 | €83,518 | €206,302 | €223,490 | €223,276 | €259,471 | ▲ 16.2% |
| Plant, machinery and equipment23 | - | €14,880 | €20,044 | €24,095 | €19,857 | €19,559 | ▼ 1.5% |
| Furniture and vehicles24 | - | €68,638 | €155,502 | €171,864 | €126,812 | €138,358 | ▲ 9.1% |
| Other tangible fixed assets26 | - | - | €30,756 | €27,531 | €76,607 | €101,554 | ▲ 32.6% |
| Current assets29/58 | €166,801 | €224,171 | €248,252 | €267,120 | €323,128 | €346,753 | ▲ 7.3% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €1,146 | - |
| Other amounts receivable291 | - | - | - | - | - | €1,146 | - |
| Stocks and contracts in progress3 | €5,000 | €10,200 | €39,651 | €28,937 | €45,000 | €29,200 | ▼ 35.1% |
| Stocks30/36 | - | €8,700 | €37,151 | €23,937 | €20,000 | €23,500 | ▲ 17.5% |
| Contracts in progress37 | - | €1,500 | €2,500 | €5,000 | €25,000 | €5,700 | ▼ 77.2% |
| Amounts receivable within one year40/41 | €63,437 | €116,877 | €42,490 | €67,096 | €131,858 | €186,487 | ▲ 41.4% |
| Trade receivables40 | - | €116,877 | €35,012 | €62,342 | €99,991 | €126,250 | ▲ 26.3% |
| Other amounts receivable41 | - | - | €7,477 | €4,754 | €31,867 | €60,237 | ▲ 89.0% |
| Cash at bank and in hand54/58 | €88,377 | €92,694 | €154,571 | €155,996 | €138,031 | €122,600 | ▼ 11.2% |
| Deferred charges and accrued income490/1 | - | €4,400 | €11,541 | €15,090 | €8,239 | €7,320 | ▼ 11.2% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €275,816 | €308,747 | €455,141 | €490,728 | €546,405 | €606,223 | ▲ 10.9% |
| Equity10/15 | €93,944 | €156,225 | €241,401 | €275,268 | €333,684 | €299,786 | ▼ 10.2% |
| Contributions10/11 | - | €12,400 | €12,400 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €81,544 | €143,825 | €229,001 | €256,668 | €315,084 | €281,186 | ▼ 10.8% |
| Distributable reserves133 | - | €143,825 | €229,001 | €256,668 | €315,084 | €281,186 | ▼ 10.8% |
| Amounts payable17/49 | €181,873 | €152,522 | €213,740 | €215,460 | €212,721 | €306,437 | ▲ 44.1% |
| Amounts payable after more than one year17 | €92,871 | €80,400 | €106,985 | €100,114 | €56,188 | €70,000 | ▲ 24.6% |
| Financial debts170/4 | - | €80,400 | €106,985 | €100,114 | €56,188 | €70,000 | ▲ 24.6% |
| Amounts payable within one year42/48 | €88,844 | €69,227 | €103,695 | €114,149 | €155,826 | €234,804 | ▲ 50.7% |
| Current portion of amounts payable after more than one year42 | - | €12,471 | €39,241 | €47,789 | €43,926 | €45,874 | ▲ 4.4% |
| Trade debts44 | €24,293 | €35,180 | €41,814 | €37,291 | €56,581 | €40,602 | ▼ 28.2% |
| Suppliers440/4 | - | €35,180 | €41,814 | €37,291 | €56,581 | €40,602 | ▼ 28.2% |
| Advances received on contracts in progress46 | - | - | - | - | - | €310 | - |
| Taxes, remuneration and social security45 | - | €19,013 | €18,438 | €24,402 | €25,741 | €23,036 | ▼ 10.5% |
| Taxes450/3 | - | €9,200 | €9,195 | €10,070 | €14,762 | €11,375 | ▼ 22.9% |
| Remuneration and social security454/9 | - | €9,813 | €9,243 | €14,332 | €10,979 | €11,661 | ▲ 6.2% |
| Other amounts payable47/48 | - | €2,563 | €4,203 | €4,667 | €29,578 | €124,982 | ▲ 323% |
| Accrued charges and deferred income492/3 | - | €2,895 | €3,059 | €1,197 | €707 | €1,634 | ▲ 131% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €81,544 | €62,281 | €85,176 | €28,467 | €81,946 | €83,749 | ▲ 2.2% |
| + Depreciation and write-downs630 | €63,217 | €36,701 | €37,796 | €55,071 | €64,111 | €70,646 | ▲ 10.2% |
| Operating cash flow (approximation) | €144,760 | €98,982 | €122,972 | €83,537 | €146,057 | €154,395 | ▲ 5.7% |
| Investment in fixed assets (approximation) | - | -€12,262 | -€160,110 | -€71,789 | -€63,780 | -€106,840 | ▼ 67.5% |
| Change in cash | - | €4,317 | €61,877 | €1,426 | -€17,965 | -€15,432 | ▲ 14.1% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 26,972 companies had the same profile as NVS Projects has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of NVS Projects itself is lower: 0.1% within 12 months. It rests on far more data about NVS Projects than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 26,972 companies, not a prediction for NVS Projects. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 15-04-2026 | 2026-00080164 | |
| 30-09-2024 | micro format | 07-04-2025 | 2025-00065010 | |
| 30-09-2023 | micro format | 23-04-2024 | 2024-00067250 | |
| 30-09-2022 | micro format | 10-04-2023 | 2023-00056269 | |
| 30-09-2021 | micro format | 14-04-2022 | 2022-20003736 | |
| 30-09-2020 | micro format | 30-03-2021 | 2021-09000067 |