N.V.D.V.: 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.
N.V.D.V.
Largest movements
- Receivables within one year +€106,757
up €106,757 (+922%), from €11,581 to €118,339
of which Trade receivables: +€107,149
- Current investments -€19,772
down €19,772 (-56.9%), from €34,724 to €14,951
- Cash -€17,533
down €17,533 (-43.7%), from €40,156 to €22,623
mainly Receivables within one year (-€106,757) and Investment in fixed assets (net) (-€16,164)
- Intangible fixed assets +€8,051
new in 2025: €8,051
- Deferred charges and accrued income -€5,003
down €5,003 (-75.6%), from €6,618 to €1,615
- Other debts +€46,629
up €46,629 (+83.0%), from €56,179 to €102,808
- Reserves +€11,447
up €11,447 (+20.9%), from €54,726 to €66,173
of which Distributable reserves: +€11,447
- Current portion of long-term debt +€5,748
up €5,748 (+35.6%), from €16,131 to €21,879
- Other operating charges +€25,401
up €25,401 (+1,227%), from €2,070 to €27,472
- Gross operating margin +€22,848
up €22,848 (+50.5%), from €45,230 to €68,078
- Financial income +€3,636
up €3,636 (+492%), from €740 to €4,376
- Financial charges +€1,778
up €1,778 (+19.7%), from €9,019 to €10,797
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.
Derived cash bridge
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 | €398,951 | €470,127 | +€71,176 | +17.8% |
| Fixed assets | 21/28 | €305,872 | €312,599 | +€6,727 | +2.2% |
| Intangible fixed assets | 21 | - | €8,051 | +€8,051 | |
| Tangible fixed assets | 22/27 | €305,872 | €304,548 | -€1,324 | -0.4% |
| Land and buildings | 22 | €305,872 | €300,173 | -€5,699 | -1.9% |
| Furniture and vehicles | 24 | - | €4,375 | +€4,375 | |
| Current assets | 29/58 | €93,079 | €157,528 | +€64,449 | +69.2% |
| Amounts receivable within one year | 40/41 | €11,581 | €118,339 | +€106,757 | +922% |
| Trade receivables | 40 | €9,778 | €116,928 | +€107,149 | +1,096% |
| Other amounts receivable | 41 | €1,803 | €1,411 | -€392 | -21.7% |
| Current investments | 50/53 | €34,724 | €14,951 | -€19,772 | -56.9% |
| Cash at bank and in hand | 54/58 | €40,156 | €22,623 | -€17,533 | -43.7% |
| Deferred charges and accrued income | 490/1 | €6,618 | €1,615 | -€5,003 | -75.6% |
| Total equity and liabilities | 10/49 | €398,951 | €470,127 | +€71,176 | +17.8% |
| Equity | 10/15 | €73,326 | €84,773 | +€11,447 | +15.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €54,726 | €66,173 | +€11,447 | +20.9% |
| Tax-exempt reserves | 132 | €2,355 | €2,355 | = | 0.0% |
| Distributable reserves | 133 | €52,371 | €63,818 | +€11,447 | +21.9% |
| Amounts payable | 17/49 | €325,625 | €385,354 | +€59,729 | +18.3% |
| Amounts payable after more than one year | 17 | €225,802 | €230,454 | +€4,652 | +2.1% |
| Financial debts | 170/4 | €225,802 | €230,454 | +€4,652 | +2.1% |
| Amounts payable within one year | 42/48 | €99,823 | €154,900 | +€55,077 | +55.2% |
| Current portion of amounts payable after more than one year | 42 | €16,131 | €21,879 | +€5,748 | +35.6% |
| Trade debts | 44 | €14,154 | €13,362 | -€792 | -5.6% |
| Suppliers | 440/4 | €14,154 | €13,362 | -€792 | -5.6% |
| Taxes, remuneration and social security | 45 | €13,359 | €16,852 | +€3,493 | +26.1% |
| Taxes | 450/3 | €13,359 | €16,852 | +€3,493 | +26.1% |
| Other amounts payable | 47/48 | €56,179 | €102,808 | +€46,629 | +83.0% |
| Non-recurring operating income | 76A | €2,336 | - | -€2,336 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,692 | €9,437 | -€254 | -2.6% |
| Other operating charges | 640/8 | €2,070 | €27,472 | +€25,401 | +1,227% |
| Gross operating margin | 9900 | €45,230 | €68,078 | +€22,848 | +50.5% |
| Operating profit (loss) | 9901 | €33,468 | €31,169 | -€2,299 | -6.9% |
| Financial income | 75/76B | €740 | €4,376 | +€3,636 | +492% |
| Recurring financial income | 75 | €740 | €4,376 | +€3,636 | +492% |
| Financial charges | 65/66B | €9,019 | €10,797 | +€1,778 | +19.7% |
| Recurring financial charges | 65 | €9,019 | €10,797 | +€1,778 | +19.7% |
| Profit (loss) for the period before taxes | 9903 | €25,189 | €24,748 | -€440 | -1.7% |
| Income taxes | 67/77 | €7,612 | €8,289 | +€677 | +8.9% |
| Profit (loss) for the period | 9904 | €17,576 | €16,459 | -€1,117 | -6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €17,576 | €16,459 | -€1,117 | -6.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.